NWG // THE GROUP AND THE PARENT COMPANY
Note 8 - Disclosures related to COVID-19
In connection with the COVID-19 crisis companies within the
Group has 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. Accounting principles related to the
grants can be found in note 1. The Group has also taken part in
support packages where employees reduce their working hours
and receive compensation directly from the government. The
financial impact from this is reduced personnel costs, but is not
defined as a government grant.
Government grants
During 2020 the Group has received government grants mainly
related to temporary lay-offs in several countries. Employees
reduces their working hours but can keep main part of their
salary and the employer temporary receives government grant to
cover main part of the personnel costs for the employees. The
table below contains information on total received grants that are
recorded as other operating income and grants that are receieved
but recorded as other liabilities as they relate to costs that have
not yet occurred.
3 months
Apr - Jun
2020
6 months
Jan - Jun
2020
Other operating income 44.1 47.9
30 Jun
2020
Deferment of payment of taxes and social charges
In some countries, the Group has been granted a deferral of
payment of taxes and social charges. In Sweden, for example, it is
possible to get a deferral for three periods and for a maximum of
12 months. The table below contains information on total liabilities
for which the Group has been granted a deferral. All liabilities
fall due within 12 months
30 Jun
2020
Other liabilities 75.4
Government loans
In the US there is a possibility of obtaining a government loan
via so-called PPP loans. The Group has chosen to use this opportunity.
The table below contains information on government
loans received. The loans can be forgiven if certain conditions are
met, the Group’s assessment is that it is currently not reasonably
certain that the Group will meet the conditions and thus the loans
are reported as liabilities.
30 Jun
2020
Long-term interest-bearing liabilities 36.4
Short-term interest-bearing liabilities 26.5
62.9
Other liabilities 10.9
29 // Q2