NWG // THE GROUP
Note 8 - Disclosures related to COVID-19
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 . Accounting principles related to the grants can be found in note 1 . In several countries , 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 reduce their working hours , but can keep main part of their salary and the employer temporary receives government grants 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 received , but recorded as other liabilities as they relate to costs that have not yet occurred .
3 months Jul - Sep
2020
9 months Jan - Sep
2020
Other operating income 15.4 63.3
30 Sep 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 Sep 2020
Other liabilities 51.3
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 , and 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 Sep 2020
Long-term interest-bearing liabilities 19.2 Short-term interest-bearing liabilities 29.4
48.6
Other liabilities 5.2
31 // Q3