PERSONNEL AND ORGANISATION
The number of employees as of 30 June 2018 amounted to
2,558 (2,451) of whom 52 % were female and 48 % male. Of
the total number of employees 658 (675) work in the production.
The production contained within New Wave Group is attributable
to Ahead (embroidery), Cutter & Buck (embroidery), Dahetra,
Orrefors Kosta Boda, Paris Glove, Seger, Termo and Toppoint.
RELATED PARTY TRANSACTIONS
There are lease agreements with related companies. Related
companies to the Managing Director have bought merchandise
and received payments for consulting services performed. There
are transactions with related parties for insignificant amounts.
All transactions are on market terms.
INVESTMENTS, FINANCING
AND LIQUIDITY
THE PARENT COMPANY
Total income for the period January-June amounted to SEK
63.0 (52.2) million. Profit before appropriations and taxes
amounted to SEK 53.9 (241.7 million). The lower profit is related
to lower dividends from subsidiaries. Net debt amounted to
SEK 1,649.5 (1,681.1) million. The parent company's net financing
to subsidiaries amounted to SEK 1,487.1 (1,956.8) million.
Cash flow from investment activities amounted to
SEK -2.1 (-57.4) million. Last year included capital contri-
butions to subsidiaries of SEK 56.4 million. The balance
sheet total amounted to SEK 3,876.1 (3,720.2) million and
shareholders' equity, including 78 % of untaxed reserves, to
SEK 1,804.7 (1,742.0) million.
Cash flo w from operations increased compared with last year and
amounted to SEK 124.6 (50.1) million. The higher cash flow is
partly attributable to improved operating results and partly that
the Group has had a higher influx of goods, which resulted in
increased credit from suppliers. Cash flow from investment acti-
vities amounted to SEK -41.6 (-16,0) million. The increase is
primarily related to investments in warehouses as well as IT.
Cash flow from operations for the first six months of this year
amounted to SEK 131.2 (83.7) million. The improvement is
mainly attributable to the fact that the Group has had a higher
influx of goods during the period, which resulted in increased
credit from suppliers.
CALENDAR
Net debt increased by SEK 84.6 million and amounted to SEK
1,798.5 (1,713.9) million. However net debt in relation to share-
holders' equity and working capital has decreased and amounted
to 55.8 (61.7) % and 58.6 (63.7) % respectively.
Interim report for the third quarter
8 NOV
The equity ratio improved by 1.1 percentage points compared to
last year and amounted to 49.7 (48.6) %.
The Group signed a new funding agreement as of 11 April. The
total credit line of this agreement as of 30 June amounted to
SEK 2,790 million, of which SEK 2,000 million runs until
March 2022 and USD 32 million has a term extending January
2024. The other 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 agreement.
Based on the present forecast, management estimates that the
Group will be able to meet these covenants with sufficient margin.
9
7 FEB Year-end report 2018
25 APR Interim report for the first quarter
17 MAY Annual General Meeting 2019