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Year end report for New Wave Group AB (publ)JANuArY–DecemBer 2008

The Period 1 October–31 December 2008• SalesamountedtoMSEK1227whichwas8%lowerthanthepreviousyear(1331).• TheresultaftertaxdecreasedbyMSEK88.8toMSEK2.4(91.2).• TheresultpershareinparentcompanyamountedtoSEK-0.01(1.37).• Theoperatingmarginamountedto5.0(11.4)%.• TheresultafterfinancenetdecreasedbyMSEK88.9toMSEK33.2(122.1).• Equityratioamountedto34.1(29.9)%.• Netdebt-Equityratioamountedto140.5(163.9)%.

The Period 1 January–31 December 2008• Salesincreasedby10%toMSEK4604(4194),organicgrowthamountedto1%.• TheresultaftertaxdecreasedbyMSEK83.4toMSEK147.9(231.3).• TheresultpershareinparentcompanyamountedtoSEK2.18(3.46).• Theoperatingmarginamountedto8.0(9.7)%.• TheresultafterfinancenetdecreasedbyMSEK82.2toMSEK232.8(315.0).

Dividend• TheBoardofDirectorshasdecidedtosuggesttheannualshareholdersmeetingadividendofSEK0.18(1.00)persharetotallingMSEK11.9.

Significant events after the Quarter• AnewsavingspackageincludingactionsforimprovementinefficiencyandprofitabilityhasbeenintroducedatOrreforsKostaBoda.

Views on 2009• Marketconditionsaredifficulttopredictduetouncertaintyintheeconomy,for2009NewWaveisexpectingaprofitbeforetaxwhichisinlinewith 2008,butthattheturnoverwillnotbeonthesamelevelaspreviousyear

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SALeSOctober–DecemberTheturnoverfortheperiodwasMSEK1227(1331),whichwas8%lowerthanthepreviousyear.ExchangerateshavehadapositiveeffectonsalesbyMSEK76.

ThedecreaseismainlyrelatedtothebusinessareasPromo10%togetherwithGifts&Homefurnishing9%.However,Sports&Leisurealsodecreasedby4%(seenewsegments/businessareasunderheadlineReportofthecorporateseg-ments/businessareas).

ThesalesduringthefourthquarterdecreasedintheNordiccountries,USAandmid-Europe.SouthernEuropewasslightlyhigherthanthepreviousyearandinpar-ticularSwitzerland.ApositivecurrencyeffecthasarisenwithintheeurocountriesandtheUSA.Thedecreaseisrelatedtothegenerallyweakereconomy.

January–DecemberTheturnoverfortheperiodincreasedby10%toMSEK4604(4194).ExchangerateshavehadapositiveeffectonsalesbyMSEK73.Theorganicgrowthwas1%.

BusinessareaPromotogetherwithSports&Leisureincreasedby2%and32%respectively.Sport&LeisureincludesCutter&Buckwhichwasacquiredduring2007.Thegrowthwas18%excludingthisacquisition.Gifts&Homefurnishinghasdecreasedby7%.

ThesalesintheNordiccountriesareatthesamelevelasthepreviousyear,whileEuropehasanincrease.TheAmericanunits,particularlyCutter&BuckandOrreforsKostaBoda,havebeenaffectednegativelybytheweakereconomicsituationintheUSA.OthercountriessuchasChinaandRussiahavedevelopedpositivelywithinGifts&HomefurnishingandPromorespectively.

PrOFIT AFTer FINANce NeTOctober–DecemberTheresultafterfinancenetdecreasedbyMSEK88.9toMSEK33.2(122,1).

Grossmargindecreasedduringthequarterandamountedto46.0(47.7)%.ThedecreaseismainlyrelatedtoahigherprovisionforobsoletegoodswhichhashadanegativeeffectbyMSEK24.Earlierintroducedpriceincreaseshavegiventheexpectedeffect,butthegroupsunitsintheUSAhavebeenaffectedbytheweakerAmericaneconomy.

OtherincomeincreasedbyMSEK10.7to20.7(10.0).Theincreaseisrelatedtocurrencyexchangegainsandshouldbeviewedtogetherwiththerow“Othercosts”wherethegroup’scurrencyexchangelossesarereported.ThenetresultfromthesetwoitemsisagainofMSEK3,8.

Theexternalcostsaspartofsalesincreasedandamountedto24.3(20.6)%.Thisincreaseismainlyrelatedcurrencyeffectsandincreasedprovisionforbaddebts.Per-sonnelcostsaspartofsalesincreasedandamountedto16.1(15.0)%.Thepersonnelcostsareinabsolutenumbersatthesamelevel.

Theoperatingmarginamountedto5.0(11.4)%wherethedecreaseismainlyrelatedtolowerturnoverandgrossmargin.

DepreciationamountedtoMSEK18.5(16.7).

NetfinancialitemsamountedtoMSEK-28.4(-29.4).Thedecreaseisduetolowerinterestrates.Thegroup’spolicyistohaveashortduration,whichhasaswifteffectonthecostswhentheinterestratechanges.

Thetaxforthegroupamountedto30.8(30.9).Theperiodhasmainlybeeneffectedbychangesindeferredtaxassets.ResultaftertaxdecreasedbyMSEK88.8toMSEK2.4(91.2)andtheresultpershareinparentcompanyamountedtoSEK-0.01(1.37).

January–DecemberTheresultafterfinancenetdecreasedbyMSEK82.2toMSEK232.8(315.0).

Cutter&Buck’seffectontheresultafterfinancenetamountedtoMSEK27.1(41.2),anditsacquisitioninterestamountedtoMSEK41.9(25.0).Previousyear’snumbersarefromtheacquisitiondate8June2007.

Grossmarginamountedto48.5(47.6)%.Underlyingtrendisthatthemarginisincreasingduetopriceincreases.However,OrreforsKostaBoda’sAmericancom-panyhashadanegativeimpactonthemarginbecausethefirstthreequartersweakerUSDhasgivenahighercostofgoodssoldduetoitspurchasinginSEK.TheUSDhasstrengthenedduringthefourthquarter,butthishasnotyetgivenanymaterialeffect.

TheweakAmericanmarkethasaffectedCutter&Buck’smarginnegatively.ThegrouphasalsoincreaseditsprovisionforobsoletegoodsbyMSEK24.Theexternalcostsaspartofsalesincreasedandamountedto24.0(22.0)%.Thisincreaseismainlyrelatedtotheacquiredunits.Increasedmarketing-andsalescostshasalsoaffectedtheresultwheretheNewWave/CliqueconceptintheUSAandCutter&BuckinEuropeisincluded.Personnelcostsaspartofsalesisslightlyhigherthanthepreviousyearandamountedto15.9(15.4)%.Theincreaseisrelatedtofullyeareffectfromtheacquiredunits.

DepreciationincreasedtoMSEK64.2(53.9)andthisincreasemainlyrelatestoacquiredunits.

NetfinancialitemsamountedtoMSEK-136.0(-90.8).TheincreaseismainlyduetohighernetdebtwhichrelatestotheacquisitionofCutter&Buck2007,butalsotoanincreaseintheinterestrateduringtheyeartogetherwithincreasedworkingcapital.Thegroup’spolicyistohaveashortduration,whichhasaswifteffectonthecostswhentheinterestratechanges.

Theoperatingmarginwas8.0(9.7)%andreturnoncapitalemployedamountedto6.6(12.8)%.

Thetaxrateamountedto36.5%againstthepreviousyear26.6%,whichrelatestochangesindeferredtaxassets.TheresultaftertaxdecreasedbyMSEK83.4andamountedtoMSEK147.9(231.3)andresultpershareamountedtoSEK2.18(3.46).

rePOrT OF THe cOrPOrATe SeGmeNTS / BuSINeSS AreA’SAsfromthefourthquarterNewWaveGroupABisinadvanceapplyingthenewdemandinIFRS8oncorporatesegments/businessarea’sthatwillapplyasfrom1January2009.ThepromobusinessareaandtheretailingbusinessareaaredividedintonewareassuchasPromo,Sport&Leisure,Gifts&HomeFurnishing.Thenewclassificationmeansthateachbrandisclassifiedintothebusinessareatowhichitrelates(seeattachmentforclassificationofbrands).Thegroupisfollowingthearea’sandbrandssalestogetherwithitsresult(EBITDA),whichwasearlierpresentedasthepromobusinessareaandtheretailbusinessarea.Thenewbusinessareasarebasedonhowthegroupisoperationallymanaged.

NewWavehaschosentopresenttheresultsforbothbusinessareasonEBITDA-level(EarningsBeforeInterest,TaxandDepreciation),thatistheoperatingresultadjustedfordepreciation.

THe PrOmO BuSINeSS AreAFortheperiodOctober–December,thesalesdecreasedby10%toMSEK614(679)andprofitonEBITDA-leveldecreasedbyMSEK26.1toMSEK83.6(109.7).SalesandresultwerelowerbothintheNordiccountriesaswellasinEurope.

FortheperiodJanuary–December,thesalesincreasedby2%toMSEK2216(2172)andprofitonEBITDA-levelincreasedbyMSEK39.4toMSEK316.9(277.5).SalesandresultimprovementsaremainlyrelatedtoregionsoutsideSweden.

THe SPOrT & LeISure BuSINeSS AreAFortheperiodOctober–December,thesalesdecreasedby4%toMSEK395(413)andprofitonEBITDA-leveldecreasedbyMSEK40.1toMSEK2.5(42.6).Theturno-verhasmainlybeennegativelyaffectedbytheweakAmericanmarket.EBITDAhasbeenaffectednegativelybythevolumedecreasebutalsobyhighermarketingcostsandcostsinconnectionwiththenewsportscompany,NewWaveSportsAB.

FortheperiodJanuary–December,thesalesincreasedby32%toMSEK1714(1300)andprofitonEBITDA-levelincreasedbyMSEK10.7toMSEK160.3(149.6).ThebusinessareacontainsCutter&Buckwhichwasacquiredduringthe2007.Growthwas18%excludingthisacquisitionandrelatestoagrowthforthebrandCraftintheNordiccountriesandinEurope.TheareasbusinessintheAmericanmarkethasbeenaffectednegatively.Cutter&BuckssalesamountedtoMSEK807(533)andresult(EBITDA)toMSEK39.6(49.6),wherethepreviousyear’snumbersareasfromacquisitiondate8June2007.

THe GIFT & HOme FurNISHING BuSINeSS AreAFortheperiodOctober–December,thesalesdecreasedby9%toMSEK217(238)andprofitonEBITDA-leveldecreasedbyMSEK21.8toMSEK-6.0(15.8).Theturno-verandprofitdecreaseisrelatedtoOrreforsKostaBoda.

FortheperiodJanuary–December,thesalesdecreasedby7%toMSEK674(721)andprofitonEBITDA-leveldecreasedbyMSEK76.8toMSEK-44.2(32.6).Theresultisaffectedbythefirstquarter’shigherproductioncostsforenergyandpersonnelinOrreforsKostaBoda.OrreforsKostaBoda’sAmericancompanyhashadanegativeimpactonthemarginbecausethefirstthreequartersweakerUSDhasgivenahighercostofgoodssoldduetoitspurchasinginSEK.TheUSDhasstrengthened

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duringthefourthquarter,butthishasnotyetgivenanymaterialeffect.

ThebrandsOrreforsandKostaBodaestablishmentinChinacontinues.Duringthequarter3additionalstoreshavebeenopenedandNewWavenowhasatotalof23shopsinthecountry.

GeOGrAPHIcAL DISTrIBuTIONAtableshowingthesalesperregionNordic,Mid-Europe,SouthernEurope,USAandOtherregionsispresentedonpage16.

October–DecemberDuringtheperiodOctober-DecembertheNordicregiondecreasedby19%,whichismainlyrelatedtoSwedenandNorway.Mid-Europehadapositivecurrencyef-fectbutsalesdecreasedslightlyinlocalcurrency.EvenSouthernEuropehasbeenpositivelyaffectedbythecurrencybuthasalsohadgrowth,particularlySwitzerland.USAdecreasedby13%.Thecurrencydevelopmenthadapositiveeffectwhilesalesinlocalcurrencydecreasedintheregionby26%.TheincreaseinothercountriesismainlyrelatedtoChina.

January–DecemberTheNordicregionwasinlinewiththepreviousyear.CountriesoutsideSwedenincreasedbuttheSwedishmarketwasweaker.Mid-EuropeincreasedinGermanybutalsothepreviousyear’sacquisitioninPolandincreased.SouthernEuropehasapositivedevelopment,particularlyinSwitzerland.ThesalesgrowthinUSAisrelatedtotheacquiredcompanyCutter&Buck,whichwasacquired8June2007.TheincreaseinothermarketsismainlyrelatedtoRussiaandChina.

cAPITAL TIeD uPCapitaltiedupinstockdecreasedduringtheperiodOctober–DecemberbyMSEK25toMSEK2200.TheweakerSwedishkronahasduringtheperiodincreasedthevaluebyMSEK111,whichmeansthatthedecreasewithunchangedcurrencyrateswasMSEK136.

CapitaltiedupincreasedduringtheperiodJanuary-DecemberbyMSEK338toMSEK2200(1862).TheincreaseintheperiodismainlyrelatedtoOrreforsKostaBodaandtheintroductionoftheNewWave/CliqueconceptinUSAandCutter&BuckinEurope.ThecurrencyeffectgaveanincreaseofMSEK144duetoaweakerSwedishkrona.TheprovisionforobsolescenceincreasedbyMSEK24andamountedtoMSEK109(85)or5%ofthereportedstockasper31December2008.

Thecapitaltiedupishighandtheworktoreduceithasintensified.Amongtheac-tionstakenareanewpurchaseorganization,incentiveprograms,analysesregardinganewwarehousestructuretogetherwithimprovedanalyticaltools.Thisisexpectedtogiveresultsin2009.

Stockturnoverfortheperiodamountedto1.2(1.3),andismainlyrelatedtoOrreforsKostaBodaandnewintroductions.

AccountsreceivabledecreasedbyMSEK47toMSEK836(883).

ImmATerIAL ASSeTS AND ImPAIrmeNT TeSTThegroupiscontrollingitsoperationsonbusinessareas.Asfromthefourthquartertherearethefollowingbusinessareas;Promo,Sport&Leisure,Gifts&Homefurnishing.

Allocationoftheimmaterialassetsbetweensegmentshasbeenbasedonthecondi-tionsattheacquisitionforeachcompany/brandandbeenallocatedtothebusinessareathatitrelatesto.NewWavegroupfollowsthecashflowonbusinessarealevel.Goodwillisbasedonlocalcurrencywhichgivestranslationdifferencesonthegroupaccounts.Thevalueongoodwillistestedannuallyinordertosecurethatthevalueisnotdeviatingnegativelyfromthebookedvalue,butcanbetestedmoreofteniftheindicationsarethatthevaluehasdecreased.Write-downrequirementsforthebusinessareascontaininggoodwillandtrademarksarebasedoncalculationoftheusefulvalue.Itsvalueisbasedonthecashflowforecastsforthecomingfiveyearsandaterminalperiod.Thebusinessareascashflowisaffectedbycommercialfactorssuchasmarketgrowth,competition,costdevelopment,investmentlevelsandcapi-taltiedup.Whencalculatingthepresentvalue,judgmentonfinancialfactorssuchasinterestrate,financecosts,marketrisk,betavalueandtaxrateisadded.

Theestimatesmadeinconnectionwiththetest,isbasedongroupmanagementsbestjudgmentofthecurrentmarketandeconomicsituationduringtheassetsusefulperiod.Thefinancialturbulenceanditsinfluenceonthemarketconditionsandeconomy,makesthecurrentjudgementofthefuturedifficult.Thefirstfiveyears,2009-2013,arebasedontheinternalforecastsdecidedbytheboardandfortheperiodthereafteranaveragegrowthof3%fortheterminalperiod.Sensitivityanalyseshavebeendoneinallbusinessareas.

Whencalculatingthepresentvalueoftheanticipatedfuturecashflow,theweight-

edcapitalcost(WACC)is12%beforetax.Thediscountedcashflowiscomparedwiththebookvaluepercashflowgeneratingentity.2008yearsanalysisshowsthatnowrite-downisrequired.

Belowaresomeshortcommentstoeachbusinessarea:

Business area PromoThecalculationincludesthebusinessareascashflowthatisbasedontheinternalforecasts.Itisbasedonaturnoverslightlyhigherthaninflationandthatthecapitaltiedupattheendoftheinternalforecastperiod(2009-2013)willreturntothesamelevelasin2003-2004.Marginsareexpectedtobeapproximatelyonthesamelevelaspreviousyears.

Business area Sport & leisureThecalculationincludesthebusinessareascashflowthatisbasedontheinternalforecasts.RegardingtheareasessentialcompanyCutter&Buck,itincludestheestimatedmarginandprofitimprovementsthattheimplementedactivitieswillgive.Theactivitiesalsoincludethattheturnoverandcapitaltiedupwillreturntolevelsthatthecompanyhadduring2002-2004..

Business area Gifts & home furnishingThecalculationincludesthebusinessareascashflowthatisbasedontheinternalforecasts.RegardingtheareasessentialcompanyOrreforsKostaBoda,itincludestheactionsforimprovementinefficiencyandprofitabilitythathasbeenintroduced.Thecalculationincludestheestimatedmarginandprofitimprovementsthattheseactivitieswillgive.Theexpectationsarethatthestockwilldecreaseandthattheturnoverandcapitaltiedupwillreturntolevelsthatthecompanyhadduring2005.

INVeSTmeNTS, FINANcING AND LIQuIDITYThegroup’scashflowfromoperationsamountedtoMSEK-268(83)andafterinvestmentsforMSEK-333(-1083).Thegroupscash-effectingnetinvestmentsamountedtoMSEK-65(-1166).Inthepreviousyear’snumberstheacquisitionofCutter&BuckInc.andTexetPolandSpz.o.o.isincludedandamountedtoMSEK1087.InaccordancewithIFRS3,informationaboutpreviousyearsacquisitionsareshownseparatelyinanotetothisreport.

NetdebtincreasedduringJanuary–DecemberbyMSEK219andamountedtoMSEK2576(2357),wherebythecurrencyhasincreasedthedebtbyMSEK70.0.Netdebtinrelationtoequitydecreasedandamountedto140(164)%.NewWaveGroup’screditlimitswereapproximatelyMSEK3355asof31December2008andexpiresApril2011.InterestisbasedonSTIBORwithafixedmargin.Thegroup’spolicyistohaveashortduration,whichhasaswifteffectonthecostswhentheinterestratechanges.Thefinancinghasseveralcovenantsthatmustbefulfilled.

Thegroup’scovenantsareasfromDecember2008fixedfortheperiod31december2008until31december2009,andareasfollows;

-Interestcoverduring2008-12-31to2009-06-30shalleachtimebeabove2.5andforthetimethereafterbeabove3.0calculatedonthefourlatestquarters.

-NetdebtinrelationtoEBITDA,calculatedonarolling12monthsperiod,at2008-12-31,2009-03-31,2009-09-30and2009-12-31shallnotbeabove6.5times.

-Stockturnover,calculatedonarolling12monthsperiod,shallat2008-12-31notbebelow1.09times,2009-03-31notbebelow1.05,2009-09-30notbebelow1.07and2009-12-31notbebelow1.13.

-Equityratioshallat2008-12-31notbebelow25%andthequartersthereafternotbebelow30%.

Withtheexistingforecast,thegroupexpectstomeetthesefinancialcovenants.

AsfromOctober,thegrouphasestablishedanewlegalstructureontheAmericanmarket.Inconnectionwiththis,approximatelyMSEK650oftheoriginalfinancingofMSEK1085hasbeentransferredtoanewholdingcompanyintheUSA.ThispartofthefinancinghasthereforechangedfromSEKtoUSD.ThegrouptherebydecreasesitscurrencyexposureofassetsinUSD.

PerSONNeL AND OrGANIZATIONThenumberofemployeesasof31December2008was2671(2350),ofwhich46%werefemaleand54%weremale.Atotalof811employeeswereemployedwithinproductionunits.TheproductionownedbyNewWavebelongstoOrreforsKostaBoda,Seger,Dahetra,ToppointandCutter&Buck(embroidery).

TrANSAcTIONS WITH reLATeD PArTYOrreforsKostaBodaABhasduringtheyearsoldpartofthepropertyLesseboKosta13:13toTorstenJansson,mainshareholderandChairmanoftheBoardinNewWave

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GroupAB(publ).ThepurchasepricewasMSEK2.7andwasbasedonavaluationundertakenbyanindependentvaluationfirm.

SuBScrIPTION OPTIONS IN NeW WAVe GrOuP AB (PuBL)NewWavehasthreeoutstandingprogramsforsubscriptionoptions.OnewasintroducedduringJuly2007andconsistsof1653250options.ItwillexpireJune2010andhasanexercisepriceofSEK102.50.TheseoptionsweresubscribedwithapremiumofSEK7.00.Theoriginalnumberofoptionswas2000000ofwhich346750havebeencancelled.

ThetwootherprogramswereintroducedinJuly2008andwereissuedpartlytowardskeypersonnelandpartlytotheBoardofDirectors.Theoptionprogramtowardsthekeypersonnelconsistof1800000andwillexpireJune2011.IthasanexercisepriceofSEK64.05.TheoptionsweresubscribedwithapremiumofSEK1.11peroption.Theoptionstowardstheboardofdirectorsconsistsof200000optionsandwillexpireJune2013.TheyhaveanexercisepriceofSEK85.40.TheseoptionsweresubscribedwithapremiumofSEK0.88peroption.Thepriceforthepremiumwasbasedonmarketvalue.

SIGNIFIcANT eVeNTS AFTer THe QuArTerAsavingspackageincludingactionsforimprovementinefficiencyandprofitabilityhasbeenintroducedatOrreforsKostaBoda,anditconcerns200employees.

VIeWS ON 2009Marketconditionsaredifficulttopredictduetotheuncertaintywithintheeconomy,for2009NewWaveisexpectingaprofitbeforetaxwhichisinlinewith2008,butthattheturnoverwillnotbeonthesamelevelaspreviousyear

THe PAreNT cOmPANYSalesamountedtoMSEK133.0(87.0).ProfitafterfinancialitemsamountedtoMSEK274.6(81.5).NetborrowingsamountedtoMSEK1731(1611),ofwhichMSEK1200(313)refertofinancingofsubsidiaries.NetinvestmentsamountedtoMSEK-124(-1126).ThetotalassetsamountstoMSEK3408(3041)andtheequityamountstoMSEK1046(812).

rISK AND rISK cONTrOLNewWaveis,withitsinternationaloperations,continuouslyexposedtodifferentfinancialrisks.Thesefinancialrisksarecurrency,borrowingsandinterestexposureaswellasliquidityandcreditexposure.Thegrouphasafinancialpolicyinordertodealwiththefinancialrisksmentioned.Forfurtherexplanationsregardingthegroup’sfinancialexposures,seeAnnualReport2007;www.nwg.se.

DuringOctoberthegroupchangedMSEK650ofitsoriginalfinancingofMSEK1085concerningpreviousyearsacquisitionofCutter&BuckfromSEKtoUSD.Theacquisitionwascompleted8June2007andgaveintangibleassetsinUSD.DuetothischangeinfinancingthegroupdecreaseditscurrencyexposureofassetsinUSD.

Thegroup’spolicyistohaveashortduration,whichhasaswifteffectonthecostswhentheinterestratechanges.

ThegrouphasduringDecembersignedanewcreditfacilitythatexpiresApril2011,whichdemandsthatcertaincovenantsarefulfilled(seeabovesectionInvestments,financingandliquidity).

Theaccountedexposuresareinallmaterialaspectsunchanged.Themarketcondi-tionsandfinancialturbulencehashowevercreatedanuncertainty,whichmeansthatthefinancialriskinthemarketasawholehasincreased.

AccOuNTING PrINcIPLeSThisreporthasbeenpreparedaccordingtoIAS34InterimReportandtheAnnualReportLawaswellastheSwedishFinancialAccountingStandardsCouncil’sstandardsFRF2regardingtheparentcompany.AppliedaccountingprinciplesareinaccordancewiththeAnnualReportfor2007.

ANNuAL SHAreHOLDerS meeTINGTheannualshareholdersmeetingwilltakeplacethe19thofMayat10.00amattheheadofficeinGothenburg.TheAnnualreportisexpectedtobeavailable6thofMayattheheadoffice.

DIVIDeNDTheaimistodistribute30%ofthegroup’snetprofitoverabusinesscycle.TheBoardhasdecidedtoproposetotheAnnualShareholdersmeetingadividendofSEK0.18(1.00)pershare,whichisequaltoMSEK11.9.Theproposalcorrespondsto8%ofnetprofit.

cALeNDAr• 24April,2009 InterimreportforQ1• 19May,2009 AnnualShareholdersMeeting2009• 25August,2009 InterimreportforQ2• 12november,2009(newdate,earlier5november) InterimreportforQ3

TheboardandCEOassurethattheyearendreportgivesatrueandfairviewofthecompanyandgroup’soperations,positionandresultanddescribesthematerialrisksanduncertaintiesthatthecompanyandgroupfaces.

Gothenburg20February,2009NewWaveGroupAB(publ)BoardofDirectorsandCEO

FOr mOre INFOrmATION, PLeASe cONTAcT:CEO,GöranHärstedtPhone:+46317128902E-mail:goran.harstedt@nwg.seCFO,LarsJönssonPhone:+46317128912E-mail:lars.jonsson@nwg.se

TheinformationinthisreportisthatwhichNewWaveisrequiredtodiscloseundertheSecuritiesExchangeandclearingOperationsActand/ortheFinancialInstru-mentsTradingAct.Itwasreleasedforpublicationat07.00CETon20February,2009.

TorstenJanssonChairmanoftheBoard

HansJohansson

MatsÅrjes

MariaAndark

PeterNilsson

GöranHärstedtCEO

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Income Statements – Group

mSeK

12 monthsJan–Dec

2008

12 monthsJan–Dec

2007

12 monthsJan–Dec

2006

12 monthsJan–Dec

2005Netsales 4604.2 4194.0 3530.5 3059.0Goodsforresale -2371.8 -2196.1 -1839.6 -1638.7Gross profit 2 232.4 1 997.9 1 690.9 1 420.3

Otherincome* 56.5 37.7 23.1 25.8Externalcosts -1105.6 -921.3 -793.4 -653.9Personnelcosts -731.0 -647.2 -522.2 -461.5Depreciationoftangibleandintangiblefixedassets -64.2 -53.9 -40.1 -31.5Othercosts -20.4 -7.4 -13.6 -3.5Shareofassociatedcompaniesresult 1.1 0,0 0.1 -0.1Operating profit 368.8 405.8 344.8 295.6

Interestincome 12.4 15.0 9.4 6.9Interestexpenses -148.4 -105.8 -64.0 -48.5Net financial items -136.0 -90.8 -54.6 -41.6

Profit after financial items 232.8 315.0 290.2 254.0

Taxonprofitfortheperiod -84.9 -83.7 -63.1 -47.3Profit/loss for the period 147.9 231.3 227.1 206.7

Relatedto:Equityholdersoftheparentcompany 144.6 229.3 225.7 203.0Minorityinterest 3.3 2.0 1.4 3.7

147.9 231.3 227.1 206.7

Profit per shareProfitpersharebeforedilution 2.18 3.46 3.45 3.16Profitpershareafterdilution 2.10 3.33 3.44 3.11

Weightednumberofsharesbeforedilution 66343543 66343543 65430660 64210410Weightednumberofsharesafterdilution 68996793 68843543 65681234 65306999*Rateofexchangeprofitandcapitalgain

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Quarterly Income Statements – GroupmSeK 2008 2007 2006Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Netsales 1015.0 1245.4 1117.3 1226.5 760.4 977.5 1124.7 1331.4 755.3 896.7 799.6 1078.9Goodsforresale -532.3 -626.8 -549.8 -662.9 -399.5 -508.3 -591.8 -696.5 -407.7 -468.8 -424.0 -539.1Gross profit 482.7 618.6 567.5 563.6 360.9 469.2 532.9 634.9 347.6 427.9 375.6 539.8Gross profit % 47.6 49.7 50.8 46.0 47.5 48.0 47.4 47.7 46.0 47.7 47.0 50.0

Otherincome 6.2 6.4 23.2 20.7 2.3 18.6 6.8 10.0 1.8 5.5 5.7 10.1Externalcosts -277.4 -270.6 -259.9 -297.7 -189.7 -204.7 -252.6 -274.3 -199.9 -184.4 -186.2 -222.9Personnelcosts -178.6 -186.9 -167.5 -198.0 -134.1 -150.2 -163.2 -199.7 -129.4 -132.3 -116.8 -143.7Depreciations -12.5 -16.7 -16.5 -18.5 -10.7 -10.1 -16.4 -16.7 -9.4 -9.3 -10.2 -11.2Othercosts -4.8 -2.0 -4.0 -9.6 -2.0 -2.9 0.3 -2.7 -0.8 -3.7 -5.3 -3.8Shareofassociatedcompaniesresult 0,0 0,0 0,0 1.1 0,0 0,0 0,0 0,0 0,0 0,0 -0.1 0.2Operating profit/loss 15.6 148.8 142.8 61.6 26.7 119.9 107.8 151.5 9.9 103.7 62.7 168.5

Interestincome 2.6 2.6 2.6 4.6 1.4 2.0 4.1 7.5 2.0 4.2 1.7 1.5Interestexpenses -34.7 -38.9 -41.8 -33.0 -16.3 -21.4 -31.3 -36.9 -14.8 -18.8 -16.5 -13.9result after financial items -16.5 112.5 103.6 33.2 11.8 100.5 80.6 122.1 -2.9 89.1 47.9 156.1

Tax 1.5 -26.7 -28.9 -30.8 -3.1 -26.5 -23.2 -30.9 0.8 -23.4 -10.7 -29.8Profit/loss for the period -15.0 85.8 74.7 2.4 8.7 74.0 57.4 91.2 -2.1 65.7 37.2 126.3

related to:Groupshareholder -15.1 81.2 78.9 -0.4 8.6 74.0 55.8 90.8 -2.8 66.2 35.5 126.8Shareholdersminority 0.1 4.6 -4.2 2.8 0.1 0,0 1.6 0.4 0.7 -0.5 1.7 -0.5

-15.0 85.8 74.7 2.4 8.7 74.0 57.4 91.2 -2.1 65.7 37.2 126.3

Profit per shareProfitpersharebeforedilution -0.23 1.22 1.19 -0.01 0.13 1.12 0.84 1.37 -0.04 1.03 0.54 1.91

Profitpershareafterdilution -0.22 1.17 1.15 -0.01 0.13 1.09 0.84 1.27 -0.04 1.00 0.52 1.96

Weightednumberofsharesbeforedilution 66343543 66343544 66343545 66343543 66343543 66343543 66343543 66343543 64517776 64517776 66343543 66343543

Weightednumberofsharesafterdilution 68996793 69496793 68446793 68996793 67843543 67843543 66448692 68843543 66003728 66040365 67719546 66553928

7

Balance Sheets – Group

mSeK31 Dec

200831 Dec

200731 Dec

200631 Dec

2005ASSeTSIntangiblefixedassets 444.6 387.9 136.1 138.3Goodwill 831.1 764.7 375.6 371.8Fixedassets 415.3 380.8 345.0 319.9Otherlong-termreceivables 190.6 186.7 105.8 95.8Total fixed assets 1 881.6 1 720.1 962.5 925.8

Stock 2200.3 1862.1 1519.3 1466.8Accountsreceivable 835.8 883.0 745.2 708.5Othershort-termreceivables 261.8 229.0 138.3 147.5Liquidfunds 191.2 115.5 114.2 133.8Total current assets 3 489.1 3 089.6 2 517.0 2 456.6

TOTAL ASSeTS 5 370.7 4 809.7 3 479.5 3 382.4

SHAreHOLDerS’ eQuITY AND LIABILITIeSShareholders’ equity 1 833.8 1 438.2 1 310.7 1 144.0

Longtermloans 2716.5 2414.9 1373.5 1540.3Otherlongtermliabilities 203.0 210.0 109.7 104.4Total long term liabilities 2 919.5 2 624.9 1 483.2 1 644.7

Shorttermloans 51.0 57.6 57.1 82.2Otherliabilities 566.4 689.0 628.5 511.5Total short term liabilities 617.4 746.6 685.6 593.7

Total liabilies 3 536.9 3 371.5 2 168.8 2 238.4

TOTAL SHAreHOLDerS’ eQuITY AND LIABILITIeS 5 370.7 4 809.7 3 479.5 3 382.4

8

changes in equity – Group

Translation difference

Year2008

Year2007

Year2006

Balancebroughtforward -80.2 -32.6 21.1Changefortheyear 285.9 -47.6 -53.7Balance at end of period 205.7 -80.2 -32.6

mSeKShare

capitalOther capital

contributedOther

reserves

retained earnings incl. profit/loss

the year Totalminority

interest Total equityOpening balance 2007-01-01 199.1 217.1 -37.8 922.3 1 300.7 10.0 1 310.7

Translationdifference,changefortheyear - - -47.6 - -47.6 - -47.6Cashflowhedges - - -1.3 - -1.3 - -1.3Equitychangeinminority - - - - - -0.1 -0.1Total change in net assets recognized 0 0 -48.9 0 -48.9 -0.1 -49.0directly in equity, excluding transactionswith shareholders

Profit/lossfortheyear - - - 229.3 229.3 2.0 231.3Total change in net assets, excluding 0 0 0 229.3 229.3 2.0 231.3transactions with shareholders

Dividend - - - -66.3 -66.3 - -66.3Optionpremiums - - - 11.5 11.5 - 11.5Balance at year end 2007-12-31 199.1 217.1 -86.7 1 096.8 1 426.3 11.9 1 438.2

mSeKShare

capitalOther capital

contributedOther

reserves

retained earnings incl. profit/loss

the year Totalminority

interest Total equityOpening balance 2008-01-01 199.1 217.1 -86.7 1 096.8 1 426.3 11.9 1 438.2

Translationdifference,changefortheyear - - 285.9 - 285.9 - 285.9Cashflowhedges - - 10.1 - 10.1 - 10.1Equitychangeinminority - - - - - 15.9 15.9Total change in net assets recognized 0 0 296.0 0 296.0 15.9 311.9directly in equity, excluding transactionswith shareholders

Profit/lossfortheyear - - - 144.6 144.6 3.3 147.9Total change in net assets, excluding 0 0 0 144.6 144.6 3.3 147.9transactions with shareholders

Dividend - - - -66.3 -66.3 - -66.3Optionpremiums - - - 2.1 2.1 - 2.1Balance at end of period 2008-12-31 199.1 217.1 209.3 1 177.2 1 802.7 31.1 1 833.8

9

cash Flow Analysis – Group

mSeK1 Jan–31 Dec

20081 Jan–31 Dec

20071 Jan–31 Dec

20061 Jan–31 Dec

2005current operationProfit/lossbeforefinancialitems 368.9 405.8 344.8 295.6Itemsnotincludedincashflow 29.1 60.5 41.8 17.9Receivedinterest 12.4 15.0 9.4 6.9Paidinterest -148.4 -105.8 -63.9 -48.5Paidincometax -98.9 -116.2 -32.4 -53.7cash flow from current operations before changes in working capital 163.1 259.3 299.7 218.2

cash flow from changes in working capitalIncreaseofstock -194.2 -119.0 -48.7 -244.7Increase/decreaseofcurrentreceivables 153.0 -26.5 -27.0 -90.1Increase/decreaseofaccountspayables -389.9 -30.8 57.3 19.2cash flow from operation -268.0 83.0 281.3 -97.4

Investing activitiesInvestmentsinmaterialassets -61.3 -64.9 -41.9 -79.6Salesofmaterialassets 8.5 8.5 3.1 0.4Investmentsinimmaterialassets -0.1 0,0 3.3 -8.9Acquisitionofsubsidiaries* -0.6 -1087.3 -6.4 -88.3Investmentsinfinancialassets -11.7 -22.0 -7.4 -45.0Salesoffinancialassets 0,0 0,0 0,0 1.2cash flow from investing activities -65.2 -1 165.7 -49.3 -220.2

cash flow after investing activities -333.2 -1 082.7 232.0 -317.6

Financial activitiesNewshareissue 0,0 0,0 53.5 44.0Loanraised 441.0 1136.3 0,0 365.2Amortizationofloan 0.4 0,0 -241.8 0,0Optionpremium 2.1 11.5 0,0 0,0Dividend -66.3 -66.3 -58.1 -47.5cash flow from financial activities 377.2 1 081.5 -246.4 361.7

Cashflowfortheyear 44.0 -1.2 -14.4 44.1Openingcashbalance 115.5 114.2 133.8 84.1Currencytranslation 31.7 2.5 -5.2 5.6closing cash balance 191.2 115.5 114.2 133.8

*Theitemincludes:Goodwill 0.1 -403.2 -4.9 -46.1Trademarks - -251.0 - -112.0Customerrelations - -15.0 - -Workingcapital -0.7 -223.7 -6.2 -192.2Fixedassets - -23.1 -0.1 -87.7Transferredloans - -171.3 4.8 361.8Paidthroughnon-cashissue - - - -12.1effect on the cash flow -0.6 -1 087.3 -6.4 -88.3

10

Definitionsreturn on shareholders’ equityProfit/lossafterfulltaxasapercentageoftheaverageshareholders’equity.

return on capital employedProfit/lossafternetfinancialitemsplusfinancialcostsinpercentofcapitalemployedinaverage.

Gross marginSalesfortheperiod,lessproductcosts,asapercentageofsales.

eBITDAOperatingprofitbeforedepreciation.

rate of capital turnoverSalesdividedbytheaverageBalanceSheettotal.

Net marginNetresultasapercentageofsales.

Net debt/equity ratioInterest-bearingliabilities,lessinterestbearingassets,asapercentageofshareholders’equity.

Interest cover ratioProfitafterfinancialitemsplusinterestexpensesdividedbyinterestexpenses.

Operating marginOperatingprofit/lossafterdepreciationasapercentageofsales.

equity ratioEquityincludingminorityinpercentofbalancesheettotal.

capital employedBalanceSheettotalreducedbyinterest-freeliabilitiesandinterest-freeprovisions.

Profit marginProfil/lossafterfinancialitemsasapercentageofsales.

Financial highlights – Group1 Jan–31 Dec

20081 Jan–31 Dec

20071 Jan–31 Dec

20061 Jan–31 Dec

2005

Salesgrowth% 9.8 18.8 15.4 32.9Numberofemployees 2671 2350 2207 2032

Grossprofitmargin% 48.5 47.6 47.9 46.4Operatingmarginbeforedepreciation% 9.4 11.0 10.9 10.7Operatingmargin% 8.0 9.7 9.8 9.7Profitmargin% 5.1 7.5 8.2 8.3Netmargin% 3.2 5.5 6.4 6.8

Returnonshareholders’equity% 9.2 17.1 18.7 20.3Returnoncapitalemployed% 6.6 12.8 12.9 13.0

Equityratio% 34.1 29.9 37.7 33.8Netdebt-Equityratio% 140.5 163.9 100.4 130.1NetliabilitiesSEKM 2576.4 2357.0 1316.4 1488.7Interestcoverratiotimes 2.1 4.0 5.5 6.2Capitalturnovertimes 0.9 1.1 1.0 1.2Stockturnovertimes 1.2 1.3 1.2 1.5

CashflowbeforeinvestmentsSEKM -268.0 83.0 281.3 -97.4NetinvestmentsSEKM -65.2 -1165.7 -49.3 -220.2CashflowafterinvestmentsSEKM -333.2 -1082.7 232.0 -317.6

Shareholders’equitypershareSEK 27.64 21.68 20.03 17.82Shareh.equitypershareafterdilutionSEK 26.58 20.89 19.96 17.38Share31decemberSEK 6.25 67.50 77.25 88.00Dividend/shareSEK 0.18 1.00 1.00 0.90P/E-ratio 2.80 19.36 22.26 27.33P/S-ratio 0.09 1.07 1.43 1.85Rate/Shareholders’equity 0.23 3.11 3.86 4.94

11

Income Statements – Parent company

mSeK

12 monthsJan–Dec

2008

12 monthsJan–Dec

2007

12 monthsJan–Dec

2006

12 monthsJan–Dec

2005Netsales 133.0 87.0 83.4 76.3Otheroperatingincome* 16.8 5.0 0.0 0.7Total income 149.8 92.0 83.4 77.0

Goodsforresale 0,0 0,0 -1.1 -8.5Externalexpenses -101.2 -73.1 -57.3 -42.0Personnelcosts -26.7 -24.7 -17.1 -17.0Depreciationoftangibleandintangiblefixedassets -2.7 -3.1 -1.2 -1.1Othercosts -11.1 -3.0 0,0 0,0Operating profit/loss 8.1 -11.9 6.7 8.4

Profit/lossfromfinancialinvestments 302.7 115.2 89.0 12.3Interestincome 150.5 99.3 42.4 27.8Interestexpenses -186.7 -121.1 -38.4 -28.7Net financial items 266.5 93.4 93.0 11.4

Profit/loss after financial items 274.6 81.5 99.7 19.8

Disposals 24.0 -5.0 -9.7 -10.4

Taxonnetprofit/lossfortheperiod -0.1 10.4 -0.6 0.7Profit for the period 298.5 86.9 89.4 10.1

*Rateofexchangeprofitandcapitalgain

12

Balance Sheet – Parent company

mSeK31 Dec

200831 Dec

200731 Dec

200631 Dec

2005ASSeTSFixed assetsIntangiblefixedassets 2.4 5.6 3.5 4.4Tangiblefixedassets 1.3 1.8 1.0 0.7Financial fixed assets SharesinGroupcompanies 1485.2 2117.0 1016.9 927.7 Sharesinassociatedcompanies 51.2 37.7 15.7 8.3 ReceivablesonGroupcompanies 788.8 0,0 0,0 0,0Total financial fixed assets 2 325.2 2 154.7 1 032.6 936.0

Total fixed assets 2 328.9 2 162.1 1 037.1 941.1

current assetsShort-term receivables Accountsreceivable 0.6 0.2 0.6 0.7 ReceivablesonGroupcompanies 984.3 833.5 977.6 875.7 Taxreceivable 36.0 0,0 0,0 0,0 Otherreceivables 52.2 27.1 10.4 9.7 Prepaidexpensesandaccruedincome 6.0 17.9 3.2 3.8Total short-term receivables 1 079.1 878.7 991.8 889.9

Cashandbank 0.0 0.0 0.1 2.5Total current assets 1 079.1 878.7 991.9 892.4

TOTAL ASSeTS 3 408.0 3 040.8 2 029.0 1 833.5

SHAreHOLDerS’ eQuITY AND LIABILITIeSShareholders’ equityRestricted shareholders’ equitySharecapital 199.1 199.1 199.1 193.6Restrictedreserves 249.4 249.4 249.4 249.4

448.5 448.5 448.5 443.0Unrestricted shareholders’ equityRetainedprofits 250.6 228.4 157.9 173.5Sharepremiumreserve 48.0 48.0 48.0 0,0Profit/lossfortheyear 298.5 86.9 89.4 10.1

597.1 363.3 295.3 183.6

Total shareholders’ equity 1 045.6 811.8 743.8 626.6

untaxed reserves 33.4 57.3 52.3 42.6

Long-term liabilitiesOverdraftfacilities 1731.1 1610.9 903.5 1008.3Otherliabilities 0,0 0,0 0,0 17.1Total long-term liabilities 1 731.1 1 610.9 903.5 1 025.4

Short-term liabilitiesAccountspayable 15.7 27.7 8.5 18.3LiabilitiestoGroupcompanies 573.2 520.3 277.7 105.6Taxliabilities 0,0 0.6 7.4 3.1Otherliabilities 0,0 0.7 29.9 7.3Accruedexpensesandprepaidincome 9.0 11.5 5.9 4.6Total short-term liabilities 597.9 560.8 329.4 138.9

TOTAL SHAreHOLDerS’ eQuITY AND LIABILITIeS 3 408.0 3 040.8 2 029.0 1 833.5

13

changes in equity for the parent company

mSeK Share capitalrestricted

reserves retained profitsShare premium

reserveProfit/loss for the

year 2007 Total equityOpening balance 2007-01-01 199.1 249.4 157.9 48.0 89.4 743.8Transfer according to General meeting 89.4 -89.4 0.0Groupcontribution 47.4 47.4Profit/lossfortheyear 86.9 86.9Total change in net assets excluding 0 0 47.4 0 86.9 134.3transactions with shareholders

Dividend -66.3 -66.3Balance at year end 2007-12-31 199.1 249.4 228.4 48.0 86.9 811.8

GroupcontributionofMSEK47.4concernsreceivedcontributionofMSEK65.8withacalculatedtaxeffectofMSEK-18.4

mSeK Share capitalrestricted

reserves retained profitsShare premium

reserveProfit/loss for the

year 2008 Total equityOpening balance 2008-01-01 199.1 249.4 228.4 48.0 86.9 811.8Transfer according to General meeting 86.9 -86.9 0.0Groupcontribution 1.6 1.6Profit/lossfortheyear 298.5 298.5Total change in net assets excluding 0 0 1.6 0 298.5 300.1transactions with shareholders

Dividend -66.3 -66.3Balance at end of period 2008-12-31 199.1 249.4 250.6 48.0 298.5 1 045.6

GroupcontributionofMSEK1.6concernsreceivedcontributionofMSEK2.2withacalculatedtaxeffectofMSEK-0.6

14

cash Flow Analysis – Parent companymSeK 2008 2007 2006 2005current operationsOperatingprofitbeforefinancialitems 8.1 -11.9 6.7 8.4Adjustmentsfornon-cashitems 1.3 0.4 3.5 1.1Receiveddividends 266.5 115.2 112.2 12.3Interestreceived 150.5 99.3 42.4 27.8Interestpaid -186.7 -121.0 -38.4 -28.7Taxpaid -37.3 -14.7 -8.9 -13.3cash flow before change in working capital 202.4 67.3 117.5 7.6

cash flow from change in working capitalDecrease/increaseinshorttermreceivables -164.4 113.1 -101.9 -372.5Decrease/increaseonshort-termliabilities 30.4 238.3 186.1 -50.4cash flow from operating activities 68.4 418.7 201.7 -415.3

Investing activitiesShareholderscontributiontosubsidiaries -48.6 -8.8 -12.5 -51.5Intra-grouptransaction 725.4 7.1 0,0 0,0Aquisitionoftangibleassets -0.7 -2.1 -0.6 -0.2Aquisitionofintangibleassets 1.7 -3.9 -0.1 -1.3Aquisitionsubsidiaries 0.6 -1118.2 -109.3 -130.0Aquisitionoffinancialassets -802.8 0,0 0,0 0,0cash-flow from investing activities -124.4 -1 125.9 -122.5 -183.2

cash-flow after investing activities -56.0 -707.2 79.2 -598.5

Financial activitiesNewshareissue 0,0 0,0 53.5 44.0Loanraised 120.1 707.4 0,0 562.6Amortizationofloan 0,0 0,0 -121.9 0,0Dividendpaidtoshareholdersoftheparentcompany -66.3 -66.3 -58.1 -47.5Received/paidGroupcontribution 2.2 65.8 45.1 41.9cash-flow from financial activities 56.0 706.9 -81.4 601.0

Cashflowfortheperiod 0,0 -0.3 -2.2 2.5Liquidfundsatthebeginningoftheyear 0,0 0.3 2.5 0,0Liquid funds at the end of the period 0,0 0,0 0.3 2.5

15

Note Acquisitions On8June2007thecompanyacquired100percentofthesharecapitalinCutter&BuchInc,acompanylocatedwithintheUSA.ThecorporationwaslistedontheNASDAQstockexchangeandoneoftheleadingactorswithinthefieldofgolfandsportsclothing.Cutter&Buckcurrentlyhas380employee’sandduringtheirlastofficialfinancialyear(1May2005–30April2006)aturnoverofMUSD131andnetincomeofMUSD6.3.

Specification of acquired net assets and goodwillPurchasepriceincl.acquisitioncosts 1085.6Marketvalueofacquirednetassets -682.7Goodwill 402.9

Thegoodwillisrelatedtothehighprofitabilityintheacquiredcompanytogetherwithexpectedsynergiesduetotheacquisition.

Specification of assets and liabilities in the aquired companymarket value

Book value in cutter & Buck

Intangibleassets 266.0 0,0

Tangibleassets 22.8 22.8

Stockandreceivables 457.5 457.5

Liquidfunds 171.3 171.3

Total assets 917.6 651.6

Otherallowancesanddebts -234.9 -160.4

Total acquired net assets 682.7 491.2

Cashpayment -1085.6

Liquidfundsintheacquiredcompany 171.3

change in group liquid funds -914.3

TheGrouphasduringtheyearalsoacquired51%ofTexetPolandSp.zo.o.forMSEK1.9,correspondingnetassetsofMSEK2.1.

effect on cash flow 2007

Goodwill -403.2

Trademarks -251.0

Customerrelations -15.0

Workingcapital -223.7

Fixedassets -23.1

Liquidfunds -171.3

Loanstakenover -

Total -1 087.3

16

2003 2004 2005 2006 2007 2008

Q1 Q2 Q3 Q4

0

300

600

900

1200

1500

2003 2004 2005 2006 2007 2008

Q1 Q2 Q3 Q4-50

-25

0

25

50

75

100

125

150

175

200

Sales per area

Sales and result per business area

Sales Profit

Jan–Dec2008

Part ofturnover

Jan–Dec2007

Part ofturnover

changemSeK

change %

Nordiccountries 2075 45% 2061 49% 14 1Mid-Europe 859 19% 797 19% 63 8SouthernEurope 560 12% 511 12% 49 10USA 929 20% 689 16% 240 35Othercountries 180 4% 136 3% 44 32Total 4 604 100% 4 194 100% 410 10

Okt-Dec2008

Part ofturnover

Okt-Dec2007

Part ofturnover

changemSeK

change %

Nordiccountries 509 42% 630 47% -121 -19Mid-Europe 260 21% 247 18% 14 6SouthernEurope 182 15% 157 12% 25 16USA 214 17% 245 18% -31 -13Othercountries 61 5% 54 4% 6 12Total 1 226 100% 1 333 100% -106 -8

Business Area corporate PromoOkt–Dec

2008Okt–Dec

2007change

mSeKJan–Dec

2008Jan–Dec

2007change

mSeKNetsales 613.5 678.9 -65.4 2216.2 2172.3 43.9ResultEBITDA 83.6 109.7 -26.1 316.9 277.5 39.4

Business Area Sports and LeisureNetsales 395.6 413.4 -17.8 1714.2 1300.4 413.8ResultEBITDA 2.5 42.6 -40.1 160.3 149.6 10.7

Business Area Gifts and Home furnishingNetsales 217.4 238.7 -21.3 673.8 721.3 -47.5ResultEBITDA -6.0 15.8 -21.8 -44.2 32.6 -76.8

Total net sales 1 226.5 1 331.0 104.5 4 604.2 4194.0 410.2Total result eBITDA 80.1 168.1 -88.0 433.0 459.7 -26.7

17

New Wave Groups’s share

New Wave Group’s ten major shareholders 2008-12-31

Shareholder Number of shares Number of votes capital % Votes %TorstenJanssonthroughcompanies 21462505 207831625 32.4% 81.7%AFAFörsäkringar 6628100 6628100 10.0% 2.6%FjärdeAP-Fonden 5280026 5280026 8.0% 2.1%Robur 3833420 3833420 5.8% 1.5%HomeCapital 2677000 2677000 4.0% 1.1%SvenskaHandelsbanken 1959950 1959950 3.0% 0.8%SvensktNäringsliv 1500000 1500000 2.3% 0.6%AndraAP-Fonden 1203783 1203783 1.8% 0.5%DanskeFonder 836200 836200 1.3% 0.3%DomaniAB 603960 603960 0.9% 0.2%

45 984 944 232 354 064 69.3% 91.3%

Shareholder distribution in New Wave Group 2008-12-31 Number of shares Number of votes capital % Votes %Sweden 59056105 245425225 89.0% 96.4%OutsideSweden,exclUSA 6835247 8635247 10.3% 3.4%USA 452191 452191 0.7% 0.2%Total 66 343 543 254 512 663 100.0% 100.0%

ThesharecapitalinNewWaveamountedtoSEK199030629distributedamongatotalof66343543shares,eachwithaquotavalueofSEK3.00.ThesharescarryidenticalrightstotheCompany’sassetsandprofits.EachSeriesAshareisentitledtotenvotesandeachSeriesBshareisentitledtoonevote.NewWave’sSeriesBshareshavesinceDecember11,1997,beenlistedattheStockholmStockExchangeandarenowlistedontheMidCaplist.Atradinglotamountsto100shares.

DividendTheBoard’saimisthatthedividendwillaccountforatleast30%oftheGroup’sprofitaftertaxesoveratradecycle.

ShareholdersThenumberofshareholdersamountedto12786(11824)onDecember31th.Institutionalinvestorsaccountedfor41%ofthecapitaland11%ofthevotes.Atthesametime,thetenlargestshareholdersheld69%ofthecapitaland91%ofthevotes.Non-Swedishshareholdersaccountedfor12%ofthecapitaland4%ofthevotes.

New Wave Group in briefNewWaveGroupisagrowthcompanythatcreates,acquiresanddevelopsbrandarticlesfortheCorporatePromobusinessmarketandthesports,giftsandinteriordecorationmarket.TheGroupshallachievesynergiesbycoordinatingdesign,purchasing,marketinganddistributionoftheGroup’scollections,andbymakinguseofcoordinationadvantagesbetweentheGroup’strademarks.TheGroupshalloperateintheCorporatePromobusinessareaandtheRetailbusinessareainordertoobtaingoodriskdiversification.

NewWaveGroupAB(publ)Orgnr556350-0916OrrekullaIndustrigata61,SE-42536HisingsKärraPhone+46(0)317128900Fax+46(0)317128999info@nwg.sewww.nwg.se

Brands per business areaBusinessAreaCorporatePromo

BusinessAreaSportsandLeisure

BusinessAreaGiftsandHomefurnishing