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New Wave announces interim report from Jan-June
26 Aug '08
5 min read
The tax rate for the group amounted to 23.7 (26.4) % which relates to an increase in deferred tax assets. Tax rate for the first 6 months is in line with the previous year.
The operating margin was 11.9 (12.3) % which relates to a lower margin in the acquired units.
January – June The result after finance net decreased by MSEK 16.3 to MSEK 96.0 (112.3) and acquired units affected by MSEK -17. In previous year's result a capital gain of MSEK 12.5 in connection with the sale of property is included. The result after tax decreased by MSEK 11.9 to MSEK 70.8 (82.7) and result per share amounted to SEK 1.07 (1.25).
Gross margin increased during the first half year and amounted to 48.7 (47.8) %, which is in line with expectations. Orrefors Kosta Boda's American company has had negative impact on the margin since the weaker USD gave a higher cost of goods sold due to the fact that they are purchased in SEK. The external costs as part of sales increased and amounted to 24.2 (22.7) %.
This increase is mainly related to the acquired units. Higher marketing costs during the first quarter in relation to the introduction of New Wave/Clique concept in the USA and Cutter & Buck in Europe has also affected the result. Personnel costs as part of sales is slightly better than the previous year and amounted to 16.2 (16.4) %.
Depreciation increased to MSEK 29.2 (20.8). The increase mainly relates to acquired units.
Net financial items amounted to MSEK -68.4 (-34.3). The increase is mainly due to higher net debt which relates to the acquisition of Cutter & Buck, but also to an increase in the interest rate level during the first six months. The group's policy is to have a short duration, which has a swift effect on the costs when the interest rate changes.
The tax rate amounted to 26.3 % which is in line with the previous year.
The operating margin was 7.3 (8.4) % and return on capital employed amounted to 8.6 (9.2) %.
Report Of The Corporate Segments
The Promo Business Area and The Retailing Business Area are primary segments. The channel of distribution is the basis, not the product or the geographical market. Many products are common for both segments, with common stock and assets.
This makes the split of depreciation and finance net difficult. Therefore, New Wave has chosen to present the results for both business areas on EBITDA-level (Earning Before Interest, Tax and Depreciation), with the operating result adjusted for depreciation.
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The operating margin was 11.9 (12.3) % which relates to a lower margin in the acquired units.
January – June The result after finance net decreased by MSEK 16.3 to MSEK 96.0 (112.3) and acquired units affected by MSEK -17. In previous year's result a capital gain of MSEK 12.5 in connection with the sale of property is included. The result after tax decreased by MSEK 11.9 to MSEK 70.8 (82.7) and result per share amounted to SEK 1.07 (1.25).
Gross margin increased during the first half year and amounted to 48.7 (47.8) %, which is in line with expectations. Orrefors Kosta Boda's American company has had negative impact on the margin since the weaker USD gave a higher cost of goods sold due to the fact that they are purchased in SEK. The external costs as part of sales increased and amounted to 24.2 (22.7) %.
This increase is mainly related to the acquired units. Higher marketing costs during the first quarter in relation to the introduction of New Wave/Clique concept in the USA and Cutter & Buck in Europe has also affected the result. Personnel costs as part of sales is slightly better than the previous year and amounted to 16.2 (16.4) %.
Depreciation increased to MSEK 29.2 (20.8). The increase mainly relates to acquired units.
Net financial items amounted to MSEK -68.4 (-34.3). The increase is mainly due to higher net debt which relates to the acquisition of Cutter & Buck, but also to an increase in the interest rate level during the first six months. The group's policy is to have a short duration, which has a swift effect on the costs when the interest rate changes.
The tax rate amounted to 26.3 % which is in line with the previous year.
The operating margin was 7.3 (8.4) % and return on capital employed amounted to 8.6 (9.2) %.
Report Of The Corporate Segments
The Promo Business Area and The Retailing Business Area are primary segments. The channel of distribution is the basis, not the product or the geographical market. Many products are common for both segments, with common stock and assets.
This makes the split of depreciation and finance net difficult. Therefore, New Wave has chosen to present the results for both business areas on EBITDA-level (Earning Before Interest, Tax and Depreciation), with the operating result adjusted for depreciation.
Click here to view more:
New Wave Group AB
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