NWG // FINANCIAL INFORMATION
debt is kept , as New Wave Group ’ s goal is to achieve an equity ratio in excess of 30 %.
The Group is exposed to credit risk from its operating activities , primarily accounts receivable , and from its financing activities which include deposits at banks and financial institutions , currency futures and other financial instruments . The Group ’ s total exposure to credit risk amounted , at year-end , to SEK 2,260.5 ( 1,781.0 ) million .
For a more extensive description of the Group ’ s risk exposures and risk management see Note 16 .
Environment
New Wave Group ' s sustainability work is based on the vision of maximizing our contribution to globally agreed goals for sustainable development . The global goals guide how New Wave Group tackles climate change , depletion of natural resources and social inequalities – some of the risks to our business , the planet and the people connected to a global value chain .
The systematic work includes , among other things , supplier review , follow-up and dialogue to ensure that our business operations are conducted in as responsible a manner as possible with regard to people and the environment . A major focus is also on the development of more sustainable and circular products .
The Group ’ s subsidiary Orrefors Kosta Boda AB conducts licensed operations under the Swedish Environmental code .
For additional information see our Sustainability report and our section CSR and the sustainability on pages 42-43 .
The Parent company
Total revenue for the year amounted to SEK 161.7 ( 108.4 ) million . Result before year-end appropriations and tax amounted to SEK 257.0 ( 474.7 ) million . The deterioration in earnings is attributable to lower dividends from foreign subsidiaries .
The cash flow from investment activities amounted to SEK -408.9 ( 285.8 ) million . This year ' s figure includes the acquisition of B . T . C Activewear Ltd , while last year ' s figure includes a larger amortization related to long-term receivables from group companies . The net debt amounted to SEK 1,861.0 ( 552.2 ) million . The parent company ' s net financing to subsidiaries amounted to SEK 2,533.9 ( 1,192.5 ) million .
The balance sheet total amounted to SEK 5,754.8 ( 3,875.0 ) million and the equity , including the equity share of untaxed reserves , to SEK 2,663.3 ( 2,557.6 ) million .
New Wave Group ' s share
The number of shares in New Wave Group AB amounts to 66,343,543 with a quota value of SEK 3.00 . The shares have equal rights to the Company ’ s assets and profits . Each Series A share carries ten votes and each Series B share carries one vote . The offer of first refusal is in place for Series A shareholders in accordance with paragraph 14 of the articles of association .
As per 31 December , Torsten Jansson through companies owns 34.1 ( 33.9 ) % of the capital and 82.1 ( 82.0 ) % of the votes .
# To , on one or more occasions , decide on the new issue of a maximum of 4 000 000 Series B shares . The authorization includes the right to decide to deviate from the shareholders ’ preferential rights , unless the decision refers to a new issue in which consideration is comprised only of cash . Through decisions supported by the authorization , share capital will be allowed to increase by a total maximum of SEK 12 000 000 . The authorization will also include the right to decide on new issues with a dominance in kind , or that shares shall be subscribed with a right of set-off or otherwise with conditions as stated in chapter 13 , section 5 , point 6 of the Companies Act .
The reason for the deviation from the shareholders ’ preferential rights is that the new issue of shares shall be used for the acquisition of companies and for financing continued expansion . The basis of the issue price will be the share ’ s market value at the time of issue .
For a valid decision under this item , the meeting ' s decision must be supported by shareholders who represent at least two-thirds of both the votes cast and the shares represented at the meeting .
# To , on one or more occasions , decide to raise financing of a kind that is covered by the provisions in chapter 11 , section 11 of the Companies Act . Such financing will take place on market terms . The reason for this authorization is that the Company should have the opportunity to raise financing on attractive terms for the Company in which the interest rate may depend on the Company ’ s result or financial position , for example .
For additional information about the share , see pages 54-57 .
Growth target and dividend policy
The growth target over one business cycle is 10-20 % per year , of which 5-10 % should be organic growth and 15 % operating margin . The dividend policy is that the dividend will account for 40 % of the Group ’ s result after taxes over a business cycle .
In general
A report on the Group ’ s governance and the work of the Board is presented in the section on Corporate Governance .
ANNUAL REPORT // 069