For the first six months of the year, cash flow from operating acti-
vities was SEK -56.1 (131.2) million. The lower cash flow is mainly
related to the timing of payments of the Group's merchandise
purchases. Cash flow from investing activities was slightly lower
than last year and amounted to SEK -73.9 (-81.4) million.
THE PARENT COMPANY
Total income for the quarter amounted to SEK 39.1 (31.2) million.
Result before appropriations and tax amounted to SEK 162.8 (51.3)
million. The improved result is attributable to dividends from
subsidiaries. Net debt amounted to SEK 2,016.7 (1,649.5) million.
The Parent company's net financing for subsidiaries amounted
to SEK 1,898.4 (1,487.1) million. Cash flow from investing acti-
vities amounted to SEK 0.3 (-0.2) million. The balance sheet total
amounted to SEK 4,485.6 (3,876.1) million and equity, including
the equity portion of untaxed reserves, amounted to SEK 1,991.7
(1,804.7) million.
Net debt increased by SEK 985.2 million, of which SEK 615.1
million is related to IFRS 16, and amounted to SEK 2,783.7
(1,798.5) million. The net debt to equity ratio and net debt in
relation to working capital amounted to 79.2 (55.8)% and 78.2
(58.6)% respectively, see also note regarding IFRS 16 on page 27.
The equity ratio decreased by 5.0 percentage points compared to the
previous year and amounted to 44.7 (49.7)%, where 3.8 percentage
points of the decrease is attributable to IFRS 16.
Total income for the period January-June amounted to SEK 71.3
(63.0) million. Result before appropriations and tax amounted to
SEK 165.3 (53.9) million. The improved result is attributable to
dividends from subsidiaries. Cash flow from investing activities
amounted to SEK -2.7 (-2.1) million.
As of June 30, the Group's total credit limit was SEK 2,748 million,
of which SEK 2,000 million runs through March 2022 and USD
27 million has a maturity that extends through January 2024.
The remaining SEK 500 million has a maturity of between three
months and six years. The credit limit is limited in amount to and
dependent on the value of certain underlying assets. The financing
agreement means that key ratios (covenants) must be met for main-
tenance of the credit limit.
CALENDAR
7 NOV
Interim report for the third quarter
Based on the current forecast, the management estimates that the
Group will be able to meet these key figures with a satisfactory
margin. 2020 6 FEB
Year-end report 2019
PERSONNEL AND ORGANISATION
22 APR Interim report for the first quarter
13 MAY Annual General Meeting
The number of employees as of June 30 amounted to 2,597
(2,558) of whom 51 % were women and 49 % were men. Of the
total number of employees 604 (604) work in production. The
production contained within New Wave Group is attributable to
AHEAD (embroidery), Cutter & Buck (embroidery), Dahetra,
Kosta Boda, Orrefors, Paris Glove, Seger, Termo and Toppoint.
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.
9