NWG // CEO COMMENTS
" We are entering 2022 stronger than ever ."
- Torsten Jansson CEO
T o r s t e n J a n s s o n comments
Despite the continued pandemic , 2021 was a fantastic year for New Wave . I am both happy and proud of this year ’ s performance .
Net sales increased , despite the continuation of the pandemic , by SEK 619.8 million or 13 % in local currencies . Regarding our three segments , Corporate decreased by 4 %, Gifts & Home Furnishings grew by 16 % and Sports & Leisure by 29 %. It is also worth noting that net sales continued to improve with each passing quarter .
Operating result
Operating result increased by SEK 460 million and amounted to SEK 1,005.9 million . It is a historic event to pass SEK 1 billion . As we said earlier , the focus was on the operating margin and it is reassuring that we were able to achieve 15.0 % this year which was sooner than anticipated considering the pandemic . From 7.7 % in 2019 to 9.0 % in 2020 and now 15.0 % is an outstanding improvement .
Cash flow and balance sheet
Cash flow from operating activities amounted to SEK 1,207.4 million and cash flow after investing activities to SEK 1,093.2 million . The strong cash flow has further strengthened our already solid balance sheet . At the beginning of the year , net debt to credit institutions was down to SEK 375.1 million , equity amounted to SEK 4,567.6 million and the equity ratio was 59.6 %. These are strong figures that provide great possibilities going forward for both acquisitions and organic expansion , and at the same time provide substantial security .
The future
We are entering 2022 stronger than ever and have taken market share in virtually all areas during the pandemic as shown by our performance . I am optimistic about our future performance given last year ' s development and knowing that we have record sales at Craft for spring & autumn .
As the pandemic hopefully continues to diminish , we believe that the market will recover . Just think of all the running , cycling and skiing competitions , matches and events that have been canceled or gone without an audience , as well as all conferences and fairs that have not taken place . So my assessment is that we will see a significant recovery . In that recovery , we stand stronger than ever ! There may certainly be a single quarter that is weaker , but overall I am very optimistic going forward and I am convinced of good and profitable growth in the coming years . My only wish that has not been fulfilled is that we should have ended 2021 with a higher stock .
Thank you all for a fantastic effort in 2021 , now we are confident to make New Wave even better in 2022 !
Torsten Jansson CEO
008 // ANNUAL REPORT