NWG // FINANCIAL INFORMATION // THE GROUP
Note 23 - Accrued expenses and prepaid income
Note 25 - Classification of equity
SEK million 2020 2019 Salaries and payroll fees 138.6 149.6
Repayment liabilities for accrued bonuses , |
|
|
kick-backs , rebates |
53.1 |
47.9 |
Prepaid income |
13.5 |
6.0 |
Sales commissions |
11.4 |
15.2 |
Accrued royalty costs |
11.2 |
13.4 |
Marketing costs |
9.9 |
13.5 |
Electricity and rental costs |
8.0 |
8.1 |
Audit fees |
5.6 |
5.5 |
Consultancy fees |
3.9 |
7.0 |
Freight costs |
2.4 |
4.6 |
Interest |
0.1 |
2.1 |
Other items |
14.6 |
11.9 |
Total |
272.5 |
285.1 |
Note 24 - Adjustment for items not included in cash flow
Accounting policies
The cash flow statement is prepared in accordance with the indirect method .
SEK million 2020 2019
Amortizations , depreciations and write-downs |
|
|
of tangible and intangible fixed assets |
229.5 |
233.1 |
Depreciation as a part of production |
|
|
costs / goods for resale |
13.9 |
16.4 |
Result from business combinations 0.0 -11.4 Currency effects 27.4 -4.0 Other items -6.2 -2.2
Total 264.5 231.9
Share capital
Share capital includes the registered share capital for the Parent company . Share capital consists of 19,707,680 ( 19,707,680 ) class A shares ( quoted value SEK 3.00 ) and 46,635,863 ( 46,635,863 ) class B shares ( quoted value SEK 3.00 ). The total number of outstanding shares amounts to 66,343,543 ( 66,343,543 ).
Other capital contributions
Other capital contributions include the total transactions that New Wave Group AB has had with the shareholders . Transactions that have taken place are premium share issues . The amount that is included in other capital contributions is therefore fully equivalent to capital received in addition to the nominal amount from the share issue
Reserves
Reserves consist of translation differences in foreign subsidiaries and fair value changes regarding financial instruments which are a part of cash flow hedge .
Retained earnings
Retained earnings are equivalent to the accumulated profits and losses generated by the Group in total , after the deduction of paid dividends .
Capital management
Group equity amounted to SEK 3,855.5 ( 3,770.7 ) million at the end of the year . New Wave Group ’ s financial strategy is to create safe financial conditions for the Group ’ s operations and development . The return on equity is highly significant . At the end of 2020 , the return on equity amounted to 9.5 ( 10.3 )% with an equity ratio of 53.4 ( 44.9 )%.
The Group ’ s dividend policy is that 40 % of the Group ’ s net result will be distributed over a business cycle , but in light of the ongoing pandemic and its difficult-to-assess consequences in 2021 , the Board has decided to propose to the AGM that no dividend shall be paid . With respect to the Group ’ s continued strong financial position , the Board ’ s assessment is that there are good opportunities for a dividend during the latter part of 2021 and the Board will return in the interim report for the third quarter , which is scheduled to be published on November 5 2021 , with proposal on when a resumption of dividend can take place .
No dividend was paid during 2020 .
ANNUAL REPORT // 103