NWG // FINANCIAL INFORMATION //
THE GROUP
Note 26 - Disclosures related to COVID-19
Accounting policies
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 . Grants received are not recognized until there is reasonable assurance that the Group will be able to meet the conditions associated with the grants , and that the grants will be able to be received . 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 ´ 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 .
Government grants
The Group has received government grants , mainly related to temporary lay-offs , in several countries . 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 . During the year , the Group received confirmation that the so-called PPP loans the Group ' s American companies had previously received had been forgiven . The loan forgiveness is considered a government grant and is therefore recognized as other operating income . The total loan forgiveness amounts to SEK 44.2 million .
2021 2020
Other operating income |
61.9 |
75.7 |
Other liabilities |
0.3 |
1.3 |
Deferment of payment of taxes and social charges 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 USA ( PPP ), in France and UK . The Group has received notice that all of the previously granted government loans in the USA has been forgiven . The loan forgiveness is recognized as other operating income . For the government loans in France and UK , there are no forgiveness options . The table below contains information on the remaining government loans received .
Note 27 - Important events after the financial period
The conflict between Russia and Ukraine has significantly increased geopolitical tensions , which in turn has a major impact on world trade . In this context , New Wave Group has marginal business with both Ukraine and Russia . Furthermore , the war also means increased uncertainty about economic developments . Group management and each company management closely monitor developments and work closely with suppliers and customers . Strategies and activities are continuously adapted as the situation develops .
No other events that are to be regarded as significant have occurred after the financial period until the signing of this annual report .
2021 2020 Other liabilities 0.0 20.2
|
2021 |
2020 |
Long-term interest-bearing liabilities |
4.6 |
36.8 |
Short-term interest-bearing liabilities |
0.6 |
12.9 |
5.2 49.7
In some countries , the Group has been granted a deferral of payment of taxes and social charges . The table below contains
108 // ANNUAL REPORT