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2011 will be a good year, New Wave CEO
28 Apr '11
5 min read
Operating profit amounted to SEK 17.7 million (SEK 16.9 million).
Profit after tax amounted to SEK 5.7 million which is somewhat lower than last year (SEK 7.6 million) and mainly due to lower gross profit together with higher interest rates.
Cash flow from operating activities amounted to SEK -143 million (SEK 65 million). The effluent is seasonal and mainly related to incoming goods for the next quarter. Stock value amounted to SEK 1 687 million as of 31 March, which is an increase by SEK 92 million since the turn of the year. Net debt amounted to SEK 1 527 million and the debt-to-equity ration to 81.1% (93.8%).
January – March
Sales
Sales amounted to SEK 928 million (SEK 915 million), which is 1% better than last year. Exchange rates affected sales negatively by SEK 62 million and sales in local currencies increased by 8%.
The Corporate Promo business area increased sales by 3% during the quarter and we can see increased activity in most of our regions. Sports & Leisure increased sales by 2%, mainly in the North American and Swedish markets and the promo sales channel grew more than the retail sales channel. Gifts & Home Furnishings decreased sales by 7%. The business area increased sales in the promo sales channel but are decreasing in the retail sales channel, mainly in the Swedish market.
Sales increased by 3% in Sweden. There were no changes in the U.S. compared to last year. However, sales have been negatively affected when converting to SEK and the region has a growth of 10% in local currency. The rest of the Nordic countries increased by 4%, which is mainly due to the Finnish and Norwegian markets. We see improvements in most of the European countries and both regions are showing growth in local currencies, but currency exchange rates have had a negative effect on the sales figures.
Gross Profit
Gross profit margin amounted to 46.8% (47.8%), which is mainly attributable to lower margins in the retail sales channel.
Other Operating Income and Other Expenses
Other operating income increased by SEK 7.5 million to SEK 12.6 million (SEK 5.1 million). Other operating income is mainly attributable to operating exchange gains and results should be compared to the line “Other expenses” in which, primarily, the company's foreign exchange losses are reported. Other expenses increased by SEK 4.0 million to SEK -7.9 million (SEK -3.9 million). The net of above items amounted to SEK 4.7 million (SEK 1.2 million). The increase is mainly attributable to increased expenses associated with implemented marketing activities.
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Profit after tax amounted to SEK 5.7 million which is somewhat lower than last year (SEK 7.6 million) and mainly due to lower gross profit together with higher interest rates.
Cash flow from operating activities amounted to SEK -143 million (SEK 65 million). The effluent is seasonal and mainly related to incoming goods for the next quarter. Stock value amounted to SEK 1 687 million as of 31 March, which is an increase by SEK 92 million since the turn of the year. Net debt amounted to SEK 1 527 million and the debt-to-equity ration to 81.1% (93.8%).
January – March
Sales
Sales amounted to SEK 928 million (SEK 915 million), which is 1% better than last year. Exchange rates affected sales negatively by SEK 62 million and sales in local currencies increased by 8%.
The Corporate Promo business area increased sales by 3% during the quarter and we can see increased activity in most of our regions. Sports & Leisure increased sales by 2%, mainly in the North American and Swedish markets and the promo sales channel grew more than the retail sales channel. Gifts & Home Furnishings decreased sales by 7%. The business area increased sales in the promo sales channel but are decreasing in the retail sales channel, mainly in the Swedish market.
Sales increased by 3% in Sweden. There were no changes in the U.S. compared to last year. However, sales have been negatively affected when converting to SEK and the region has a growth of 10% in local currency. The rest of the Nordic countries increased by 4%, which is mainly due to the Finnish and Norwegian markets. We see improvements in most of the European countries and both regions are showing growth in local currencies, but currency exchange rates have had a negative effect on the sales figures.
Gross Profit
Gross profit margin amounted to 46.8% (47.8%), which is mainly attributable to lower margins in the retail sales channel.
Other Operating Income and Other Expenses
Other operating income increased by SEK 7.5 million to SEK 12.6 million (SEK 5.1 million). Other operating income is mainly attributable to operating exchange gains and results should be compared to the line “Other expenses” in which, primarily, the company's foreign exchange losses are reported. Other expenses increased by SEK 4.0 million to SEK -7.9 million (SEK -3.9 million). The net of above items amounted to SEK 4.7 million (SEK 1.2 million). The increase is mainly attributable to increased expenses associated with implemented marketing activities.
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New Wave Group AB
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