New Wave Group AB Q1_2018_EN | Page 7

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. 7