NWG // FINANCIAL INFORMATION //
THE GROUP
Note 26 - Disclosures related to COVID-19
Accounting policies
During 2020 the Group has received grants from governments around the world related to actions that have been introduced due to the outbreak of COVID-19 . New Wave Group has during 2020 also received government loans related to the actions that have been introduced due to the outbreak of COVID-19 . A government loan is initially measured at fair value less transaction costs and after the initial valuation measured at amortized cost by applying the effective interest method . If there is a possibility to receive loan forgiveness , an assessment is performed to determine whether it is reasonable certain that the Group will meet the requirements to receive a loan forgiveness . If the assessment is that there is reasonable assurance that the Group will meet the requirements , the government loan will be recognized as other operating income in the Group ยด s consolidated income statement .
During the year , some Group companies have received rent concessions and in those cases the Group has applied the rent concession practical expedient introduced in IFRS 16 in response to the COVID-19 pandemic . The rent concessions are recorded as variable leasing payments .
Disclosures related to COVID-19
In connection with the COVID-19 crisis , companies within the Group have taken part of the support packages that governments around the world have issued . This note contains information about the government support that the Group has received and their financial impact . In several countries , the Group has also taken part in support packages where employees reduce their working hours and receive compensation directly from the government . The financial impact from this is reduced personnel costs , but is not defined as a government grant .
Government grants
The table below contains information on total received grants that are recorded as other operating income and grants that are received , but recorded as other liabilities as they relate to costs that have not yet occurred .
Deferment of payment of taxes and social charges
In some countries , the Group has been granted a deferral of payment of taxes and social charges . In Sweden , for example , it is possible to get a deferral for three periods and for a maximum of 12 months . The table below contains information on total liabilities for which the Group has been granted a deferral . All liabilities fall due within 12 months .
Government loans
The Group has chosen to use the opportunity to obtain government loans in the US ( so-called PPP loans ), France and the UK . The table below contains information on the government loans received . The loans in the US , which accounts for SEK 44.1 million , can be forgiven if certain conditions are met . The Group ' s assessment is that it is currently not reasonably certain that the Group will meet the conditions and thus the loans are reported as liabilities .
2020
Other operating income |
75.7 |
Other liabilities |
1.3 |
2020 Other liabilities 20.2
During 2020 the Group has received government grants , mainly related to temporary lay-offs , in several countries . Employees reduce their working hours , but can keep main part of their salary and the employer temporary receives government grants to cover main part of the personnel costs for the employees .
2020 |
Long-term interest-bearing liabilities |
36.8 |
Short-term interest-bearing liabilities |
12.9 |
49.7
104 // ANNUAL REPORT