NWG // 2021 |
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Last year ' s implemented cost savings have also had an effect this year and contributed to an improved operating profit and a higher operating margin . |
2021 |
Despite the improved net sales , Sports & Leisure has been negatively affected by COVID-19 due to canceled sports events with reduced sales as a result . The investment in Craft continued during the year and the brand is developing well . Among other things , the brand ' s sales for the autumn and winter season increased by 42 %. Last year , the US market was hit hard by the pandemic , which contributed to major cost savings . During the year , these savings contributed to the strong earnings trend of the segment .
Gifts & Home Furnishings increased their net sales by 16 % and this despite the fact that several businesses such as retail , hotels , restaurants , etc . in Kosta were hit hard by the pandemic . Net sales increased in the segment due to Kosta Boda , Orrefors , Sagaform and others having very good growth . Sales increased in both sales channels . The higher net sales are mainly related to Sweden , but all regions improved their net sales . The operating margin was 10.4 %, which is a clear improvement over last year .
The Group ' s gross profit margin was higher than the previous year and amounted to 48.1 ( 43.2 )%. The higher margin is mainly related to the fact that last year had a high share of trading operations in the Corporate segment . This business has a lower percentage gross profit margin than the Group in general .
During the previous year , the Group ' s companies were quick to take measures and implement cost savings , as well as to switch operations to a lower volume . Last year ' s implemented
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cost savings have also had an effect this year and contributed to an improved operating profit and a higher operating margin . However , external costs increased during the year , which is attributable to volume-related costs . Personnel costs also increased compared with last year . The increase took place mainly during the second half of the year and is related to the Group returning to more normal operations after last year ' s sharp savings in the workforce . In addition to the measures implemented by the companies themselves , a number of companies received government support at the beginning of the year . These are reported as other income and are reported in Note 26 .
Cash flow from operating activities was on a par with the previous year and amounted to SEK 1,207.4 ( 1,206.6 ) million . Capital tied up in inventories has not increased as much as was desired , which has been difficult due to disruptions in the production and logistics chains . However , the supply of goods has functioned relatively well , even though a slightly larger inventory at the end of the year would have been preferred in order to be able to meet the demand we see ahead with full service to our customers . Investment operations increased and amounted to SEK 114.2 ( 57.5 ) million .
The equity ratio improved and amounted to 59.6 ( 53.4 )% and the Group ' s net debt decreased by SEK 748.8 million and amounted to SEK 1,068.8 ( 1,817.6 ) million as of December 31 .
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