New Wave Group AB Announces Interim Report for January-September 2001.Business Editors STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--Nov. 1, 2001 New Wave Group -- For the period July - September 2001 the New Wave Group of companies increased its sales by 25 percent and amounted to SEK 314.2 (251.2) millions. -- For the period July - September 2001 the result after financial items decreased with SEK 15.5 to 0.7 (16.2) millions. -- For the period January - September 2001 the New Wave Group of companies increased its sales by 17 percent to SEK 911.6 (782.1) millions. -- The sales during September were extremly weak, but it recovered during October. -- The result after financial items in comparative figures for the period January - September 2001 decreased by 6 percent to SEK 54.5 (57.9) millions. The result after financial items, including previous years refund from SPP of SEK 8.0 million,decreased by 17 percent to SEK 54.5 (65.9) millions. -- The net result in comparative figures for the period January - September 2001 increased by 31 percent to SEK 50.5 (38.6) millions. The net result for the period January - September 2001, including previous years refund from SPP of SEK 8 millions, increased by 15 percent to SEK 50.5 (44.0) millions. -- For the period January - September 2001 the Profiling business area increased it's sales by 12 percent to SEK 588.0 (527.0) millions. The result after financial items in comparative figures decreased by 15 percent to SEK 45.8 (51.0) millions. The result after financial items, including previous years refund from SPP of SEK 3.6 millions, decreased by 9 percent to SEK 45.8 (50.4) millions. -- For the period January - September 2001 the Retailing business area increased its sales by 27 percent to SEK 323.6 (255.1) millions. The result after financial items in comparative figures decreased to SEK 8.7 (11.9) millions. The result after financial items, including previous years refund from SPP of SEK 4.4 millions, increased by 16 percent to SEK 8.7 (7.5) millions. -- The result after financial items in comparative figures for the period October - September 2001 increased by 16 percent to SEK 83.7 (72.2) millions. The result after financial items including previous years refund from SPP of SEK 8 millions, increased by 4 percent to SEK 83.7 (80.2) millions. -- The result after financial items for the period January - September 2001 has been negatively affected by the subsidiaries in United Kingdom, Spain, France and the establishment of Make Your Own Design in Scandinavia AB with an amount of SEK 21.1 millions. -- The result after financial items for the period July - September 2001 has been positively effected through the aquisition of Seger Group AB and Sagaform AB with an amount of SEK 1.6 millions. -- The increase in the balance sheet amounting to SEK 347.0 millions is mainly due to the aquired companies Sagaform AB and Segerkoncernen AB, which stands for 51 percent of the increase and, as part of the total balance sheet, 14 percent. At the same time, the two companies stands for 6 percent of the total turnover. These two companies are temporarly heavily detoriation New Wave Groups key figures. Third quarter During July July: see month. - September September: see month. 2001, the sales increased by 25 percent to SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 314.2 (251,2) millions, wherof the sales in Segerkoncernen AB and Sagaform AB amounted to SEK 32.9 millions. During July - September 2001 the result after finanial items decreased by SEK 15.5 millions to SEK 0.7 (16.2) millions. The result after financial items has also been negatively affected by poor results in the subsidiaries in United Kingdom, France, Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , Make Your Own Design in Scandinavia Scandinavia (skăn'dĭnā`vēə), region of N Europe. It consists of the kingdoms of Sweden, Norway, and Denmark; Finland and Iceland are usually considered part of Scandinavia. AB and Textwear A/S in Norway During the third quarter 2001, the gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. decreased to 33.6 (38.1) percent. This decrease is mainly due to more badly gross margins in the subsidiaries in Spain, Sko Team AB and negative currency impact on goods sold. Period January - September Sales During January - September 2001, the sales increased by 17 percent to SEK 911.6 (782.1) millions. Sales for the Profiling business area increased by 12 percent and sales for the Retailing business area increased by 27 percent. Sales on the Swedish market increased by 7 percent to SEK 551.4 (514.3) millions. Sales in the foreign markets increased by 34 percent to SEK 360.2 (269.7) millions. Financial results During January - September 2001, the result after financial items in comparative figures decreased by 6 percent to SEK 54.5 (57.9) millions. The result after financial items, including previous years refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies from SPP (1) (Scalable Parallel Processor) A multiprocessing computer that can be upgraded by adding more CPUs. (2) (Standard Parallel Port) The Centronics parallel port that was used on the first PCs. of SEK 8.0 millions, decreased by 17 percent to SEK 54.5 (65.9) millions. The result after financial items has been negatively affected by the Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. subsidiary with an amount of SEK -9.6 million. The negative result after financial items has been affected both by the economic irregularities and the time needed to form a new organisation who focus on sales again. The result after financial items has also been negatively affected by the newly established companies in United Kingdom, France, Make Your Own Design in Scandinavia AB and Textwear A/S in Norway with an amount of SEK -11.5 (1.4) millions. From a general point of view all the companies above have a weeker position in the market and have therefore more heavily affected of the decrease in sales in September 2001 than other companies within the group. The acquired companies Sagaform AB and Segerkoncernen AB have contributed positively to the result after financial items with an amount of SEK 1.6 millions. Other companies, i.e excluding the companies mentioned above, where of all, excluding the subsidiary in Spain, shall be regarded as investments in the markets were they operate, have increased their result after financial items during January - September 2001 by 15 percent or SEK 9.7 million. The result after financial items in these companies is estimated to grow substantially during 2002. The gross profit margin increased, compared with previous year, to 38.5 (37.9) percent. External costs increased to 16.2 (16.1) percent of the Group's sales. The costs for personnel increased to 12.1 (10.4) percent of the total turnover. The increased share of invoiced sales for personel costs is mainly due to the decided investments in the United Kingdom, Holland, France, Cyberwave AB (4yourlogo.com), Make Your Own Design in Scandinavia AB, as well as the acquisitions of Textwear A/S and Sagaform AB. Result after financial items for the period October 2000 - September 2001 in comparative figures increased by 16 percent and amounted to SEK 83.7 (72.2) millions. Result after financial items, including previous year's refund from SPP of SEK 8.0 millions, increased by 4 percent to SEK 83.7 (80.2) millions. Profiling Business Area During January - September 2001, the Profiling business area's sales increased by 12 percent to SEK 588.0 (527.9) millions. The result after financial items in comparative figures decreased by 15 percent to SEK 45.8 (50.4) millions. Result after financial items, including previous year's refund from SPP of SEK 3.6 millions, decreased by 9 percent to SEK 45.8 (54.0) millions. Retailing Business Area For the period January - September 2001, the Business area's sales increased by 27 percent to SEK 323.6 (255.1) millions. Result after financial items in comparative figures decreased to SEK 8.7 (11.9) millions. The result after financial items, including previous year's refund from SPP of SEK 4.4 millions, increased by 16 percent to SEK 8.7 (7.5) millions. Tax The calculations is done with consideration of the deficit deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. that comes with the acquisition of Dressmart AB. Sagaform AB As of April 1st, 2001, Sagaform AB made a new issue of shares to New Wave. Through this issue, New Wave holds 50.1 percent of the shares in the company. Sagaform has affected the result for the third quarter in 2001 negatively, but is estimated to contribute positively to result during the fourth quarter of 2001. 4yourlogo.com The e-trading site 4yourlogo.com on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the has been launched on the Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears market during the third quarter. The system is previously launched on Swedish market. The e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. system will be launched in all countries where New Wave Group has Profiling Business activities. Segerkoncernen AB New Wave Group has acquired all the shares in Segerkoncernen AB . The day of taking the shares in possession was 1 September 2001. The company is consolidated as per 1 September 2001. In connection with the acquire goodwill amounted to 23.8 SEK millions comes up. Futhermore additional goodwill can come up connected to future additional purchare. The purchase-sum for the shares amounts to SEK 48 millions of which SEK 24 million is paid in cash and the rest by a directed new issue of 150 000 shares at a rate of 160 SEK per share. An additional purchase-sum will be paid during 2003 if the results for 2001 and 2002 in Segerkoncernen AB and its subsidiaries Seger Europe AB and Seger United AB meet certain criterias. For 2002, Segerkoncernen is expected to have a turnover of approximately SEK 150 million with good profitability. New Wave Group intends to integrate Segerkoncernen by letting Seger Europe's assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. complete the assortment of New Wave Group within its Profile Business area which should lead to an increase of sales with regard to the completing products. Seger United will furthermore be a part of New Wave Group's Retail Business area where New Wave Group will become one of the largest suppliers in Sweden with an annual turnover of approximately 500 million SEK. New Wave Group believes that the acquisition will result in extensive positive synergetic synergetic /syn·er·get·ic/ (sin?er-jet´ik) synergic. syn·er·get·ic adj. Synergistic. effects, mainly within sales, logistics and buyings. The synergetic effects will be presented more closely during the first quarter of 2002. Minority interest The legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. regarding the compulsory purchase compulsory purchase Noun the enforced purchase of a property by a local authority or government department compulsory purchase n → expropiación f of the remaining shares in Texet AB has been completed and New Wave is now the owner of all shares in Texet AB. Compulsory purchase of the remaining shares in Dressmart AB is in process and the arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the court is expected to announce its decision during the fourth quarter of 2001. Buying and logistics New Wave is always working to improve the buying and logistics and as part of that New Wave will build a logistic lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation centre in the municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. of Munkedal during 2001/2002. The first activities with the building will start during the first quarter 2002, by the latest. Capital tied up On September 30th, 2001, compared with September 30th, 2000, the capital tied up in stock and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying increased with 31 percent to SEK 933.4 (714.3) millions. Establishments abroad and the acquisitions of Sagaform AB, Segerkoncernen AB and Textwear A/S mainly caused the increase. The increase of capital tied up in stock and accounts receivable for the above mentioned companies and the acquired companies amounts to SEK 197.0 millions. Investments The Group's net investments in fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → for the period January- September 2001 amounted to SEK 66.5 (18.8) millions. The net investments for the period is mainly caused by the acquisitions of Sagaform AB and Segerkoncernen AB Financing and Liquidity Cash flow after investments and acquisitions for the period January - September 2001 amounted to SEK -90.5 (-196.2) millions. Liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. at the end of September 2001 amounted to SEK 78.0 million compared to SEK 7.8 millions for the same period in 2000. Net borrowing amounted to SEK 705.0 millions compared to SEK 486.2 millions for the corresponding period in 2000, an increase of SEK 218.8 millions. Personnel The number of employees as an average of the last twelve-months is 468 persons (October 2000 - September 2001), compared to 305 last year (July 1999 - June 2000). The increase is mainly due to the establishments abroad, acquired companies Sagaform AB, Textwear A/S and Segervaror AB. CFO See Chief Financial Officer. Jorgen Bender resigns from the company, and in connection herewith here·with adv. 1. Along with this. 2. By this means; hereby. herewith Adverb Formal together with this: Torsten Jansson has bought Jorgen Benders The Benders were a Sydney jazz band who existed from 1983 to 1985. The band comprised Chris Abrahams (keyboards), Dale Barlow (sax on E), Jason Morphett (sax on False Laughter & Distance), Lloyd Swanton (bass) and Andrew Gander (drums). 17.900 B shares in the company. Views for 2001 The sales during 2001 have been unstable unstable, adj 1. not firm or fixed in one place; likely to move. 2. capable of undergoing spontaneous change. A nuclide in an unstable state is called radioactive. An atom in an unstable state is called excited. , and during September 2001 the sales was extremely weak. Orders recevied during October 2001 seems to be more normal. New Wave therefore witholds its prognosis prognosis /prog·no·sis/ (prog-no´sis) a forecast of the probable course and outcome of a disorder.prognos´tic prog·no·sis n. pl. prog·no·ses 1. to exceed previous years result exkluding the refund from SPP Aquired companies The aquired companies Segerkoncernen AB and Sagaform AB contributes positively to the result after financial items with SEK 1.6 million. Consolidation of Sagaform AB is done as per 1 april 2001 and for Segerkoncernen AB as per 1 september 2001. This means that a big part of the aquired companies sales and result are not included in the groups income statement but in the fund statement both companies are fully consolidated. The increase in the balance sheet amounting to SEK 347.0 millions is mainly due to the aquired companies Sagaform AB and Segerkoncernen AB, which stands for 51 percent of the increase and as part of the total balance sheet 14 percent. At the same time the two companies stands for 6 percent of the total turnover. These two companies are temporarly heavly detoriation, New Wave Groups key figures. The Parent Company For the period January - September 2001, the sales increased by 79 percent amounting to SEK 75.9 (42.5) millions. The profit after financial items amounted to SEK 41.7 (17.0) millions. For the period January - September 2001, net borrowing increased by SEK 125.2 millions and investments by SEK 67.9 (1.1) millions. Account and valuation principles Same principles and valution are used as in the latest annual report. Forthcoming information Report for the period January - December 2001 will be published on February 19, 2001. Report for the period January - March 2001 will be published on April 23, 2001. General shareholder meeting is intended to be held on May 13, 2001. Auditor's Report Auditor's Report Recorded in the annual report, the auditor's report tests to see that a corporation's financial statements comply with GAAP. This is sometimes referred to as the clean opinion. Notes: Most auditor's reports consist of three paragraphs. We have carried out a general review of this interim report, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the recommendation issued by the Swedish Institute The Swedish Institute (Svenska Institutet, SI) is a Swedish government agency with the responsibility to spread information about Sweden abroad, to promote Swedish interests, and to organise exchanges with other countries in different areas of public life, in particular in of Public Authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Accountants (FAR). A general review is considerably limited in comparison with an audit. Based on our review nothing came to our attention that indicates that the report does not comply with the requirements given in the Swedish Stock Exchange Act or the Swedish Annual Accounts Act. Note to Editors: This press release is also accessible online at www.Waymaker.net. |
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