SUBSEQUENT EVENTS
Accumulated write-down of inventory amounted to SEK 106.0
(112.5) million, of which SEK 0 (6.5) million relates to raw mate-
rials. Write-down related to merchandise in stock amounted to
3.9 (4.2) %.
On 11 A pril, the Group signed a new credit facility agreement.
The total credit facility amount to SEK 2,782 million of which
SEK 2,000 million runs until March 2022, USD 34 million has
a term that extends to January 2024. The remaining SEK 500
million has a term of between three months and six years. The
credit facility amount is limited to and dependent on the value
of some underlying assets. The funding agreement means that
financial ratios (covenants) must be fulfilled in order to maintain
the credit facility.
Accounts receivable amounted to SEK 856.5 (800.4) million and
the increase is related to higher turnover.
INVESTMENTS, FINANCING
AND LIQUIDITY
Based on the present forecast, management estimates that the
group will be able to meet these ratios with a satisfactory margin.
Due to the lower operating result, cash flow from operating acti-
vities decreased by SEK 27.0 million and amounted to SEK 6.6
(33.6) million. The cash net investments amounted to SEK -39.8
(-19.9) million. The increase is related to investments in our ware-
houses and production sites.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held on 16 May at 13.00 in
Kosta. The annual report is available at the company's head office
in Gothenburg and on its website www.nwg.se.
Net debt decreased somewhat compared to the same period last
year and amounted to SEK 1,692.2 (1,714.3) million. Our net
debt to equity ratio and our net debt in relation to working capital
have decreased and amounted to 54.5 (60.6) % and 57.7 (63.6)
% respectively.
DIVIDEND
The Group's dividend policy is that 40% of the Group's net profit
will be distributed over a business cycle. The Board has decided
to propose a dividend of SEK 1.70 (1.35) per share, amounting to
SEK 112.8 (89.6) million. This proposal corresponds to 32 (32) %
of the year’s net result.
The equity ratio has improved by 1.9 percentage points in relation
to last year and amounted to 51.3 (49.4) %.
The Group's total credit facility as of 31 March amounted to
SEK 2,532 million. The credit facility amount is limited to and
dependent on the value of some underlying assets. The funding
agreement means that financial ratios (covenants) must be fulfilled
in order to maintain the credit facility.
NOMINATION COMMITTEE
The nomination committee for the board election at the 2018
Annual General Meeting is:
On April 11, the Group signed a new credit facility. For more
information, see section: Subsequent events.
Arne Lööw, representative of Fjärde AP-fonden and
Chairman of the Nomination Committee
Torsten Jansson, CEO and representative of Torsten Jansson
Förvaltnings AB
Johan Ståhl, representative of Lannebo Fonder
PERSONNEL AND ORGANISATION
The number of employees amounted to 2,527 (2,419), of whom
52% were female and 48% male. Of the total number of employees
656 (658) work in production. The production contained within
the New Group is attributable to Ahead (embroidery), Cutter &
Buck (embroidery), Dahetra, Orrefors Kosta Boda, Paris Glove,
Victory, Thermo and Toppoint.
For more information about the nomination committee and its
work, please visit www.nwg.se.
CALENDAR
RELATED PARTY TRANSACTIONS
There are lease agreements with related companies. Related
companies to the CEO have bought merchandise and received
payments for consulting services performed. In addition, there are
transactions with related parties to immaterial values. All transac-
tions are on market terms.
16 MAY Annual General Meeting 2018
16 AUG Interim report for the second quarter
8 NOV Interim report for the third quarter
THE PARENT COMPANY
Total income in the first quarter of the year amounted to SEK
31.9 (28.0) million. Result before appropriations and tax
amounted to SEK 2.6 (-0.4) million. Net debt amounted to SEK
1,578.4 (1,670.9) million. The parent company's net financing
to subsidiaries amounted to SEK 1,434.8 (1,847.3) million. Net
investments amounted to SEK -1.9 (-0.4) million. The balance
sheet total amounted to SEK 3,846.8 (3,753.0) million and share-
holders' equity, including 78% of untaxed reserves, SEK 1,866.2
(1,589.5) million.
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