Boozt

Interim / Quarterly Report • Aug 21, 2020

Half year report

JANUARY 1 – JUNE 30 2020

Second Quarter highlights

Year-to-date financial highlights

• Net revenue of SEK 1,228.2 million and a net revenue growth of 36.7% (local currency ~39%). Net revenue growth for Boozt.com of 28.6% and Booztlet.com of 168%
• Gross margin of 41.5% (40.7%)
• Adjusted EBIT margin of 11.5% (5.2%)
• Earnings per share of SEK 1.58 (0.58) and after dilution SEK 1.56 (0.58)
• Free cash flow of SEK 470.6 million (72.0)

Financials Significant events

• Updated 2020 outlook of 20-25% net revenue growth in trading update in June. Adjusted EBIT margin outlook now upgraded to 3.5-4.5% (3-4% previously).
• Agreement with current fulfilment staff provider for Boozt to take over all staff at fulfilment centre on January 1, 2021
• Further expansion of automation capacity at fulfilment centre initiated and expected operational during the fourth quarter

• Net revenue of SEK 1,994.2 million and a net revenue growth of 23.8% (local currency ~25%). Net revenue growth for

• Adjusted EBIT margin of 4.0% (2.2%)

• Earnings per share of SEK 0.19 (0.23) and after dilution of SEK 0.19 (0.22)
• Free cash flow of SEK 447.9 million (4.5)

Change
23.8%
18.6%
16.2%
124%
-14.7%
9,894%
-3.4 pp
-1.6 pp
-0.1 pp
1.8 pp
CEO Hermann Haraldsson says: "Over the last couple of months we have been in a privileged position as we have gained from the

CEO Hermann Haraldsson says: "Over the last couple of months we have been in a privileged position as we have gained from the acceleration in change of consumer behaviour caused by the coronavirus. The migration from offline to online has accelerated and we have worked hard to strengthen our market position and maximize this opportunity. All our teams have performed securing a strong new customer intake, a great inventory composition and a high customer satisfaction. We welcomed more than 300,000 new Nordic customers to our platforms during the second quarter and they, as well as our returning customers, have increasingly shopped in our adjacent categories to fashion, such as kids, sport, and beauty. Men also increased its share of revenue, further demonstrating progress on our strategic ambition to strengthen our relevance to the Nordic fashion and lifestyle customer." Net revenue growth 23.0% 20-25% 20-25% Adjusted EBIT margin 3.2% 3-4% 3.5-4.5%

Outlook for 2020	Realized 2019	Prior outlook	New outlook as of 21 August

The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year.

CEO comment

While we have experienced tailwind from the acceleration in online shopping, the fashion industry has had some very difficult months. We strive to build strong mutual beneficial partnerships with our brand partners and during these last months a key focus area has been to be a safe harbour for our brand partners to reach their Nordic target customer, as parts of their traditional distribution has fallen away. So, we have been very active in the market buying excess inventory to supply our many customers and support the brands. A prerequisite for this extensive inseason buying was the extraordinary write-down of prior season items we did in March. It allowed us to focus solely on the inseason items on Boozt.com reaching a very strong sell-through and thus freeing up capacity and enabling the extensive buying of excess inventory from our brand partners. As we have been fully operational during the pandemic, we have chosen to donate the corona-related sick leave compensation from the Swedish authorities to charity.

We grew the business 37% in the quarter with a 29% growth on Boozt.com. Excluding the negative impact from currencies, the implementation of the "fair use" policy and the change to a consignment agreement with a large brand partner net revenue growth was more than 40% in the second quarter. Growth was strong throughout the quarter, although June was impacted by limited availability of some of the high performing styles due to the strong sell-through. This is partly being mitigated with the inflow of more campaign goods. Booztlet.com further accelerated with 168% growth as the relevance of our offering is well-suited for the higher level of price-sensitivity during economic uncertainty. A stronger marketing footprint that now includes offline media also contributed to the acceleration in growth.

Our key performance indicators look good. Customer satisfaction remains at a high level and sequentially we have seen a slight increase in the net promoter score in the first part of the third quarter. The average order value increased during the second quarter due to the lower return rate from a sales mix skewed more towards our strategically important categories Kids, Sport and Beauty and from an increasing share of Men as well as the implementation of our "fair use" policy. New customer intake was record high for both Boozt.com and Booztlet.com and this new cohort are showing the same characteristics as previous new cohorts, which bodes well for turning many of them into returning customers. It is also positive to see the true frequency (excluding the "fair use" customers) slightly increase.

The financial performance in the second quarter was very strong. We have been able to lower our operational costs, most noticeable the fulfilment costs from operational improvements, driving the improved adjusted EBIT margin. But the positive development was also supported by the improving gross margin, despite elevated promotional activity. Supporting the gross margin was tailwind from the extraordinary stock write-down done in the first quarter but also contractual improvements and a high share of campaign stock improving the gross margin during the summer sales. The strong operational performance coupled with a positive working capital effect from the high sell-through also led to a very strong cash flow generation. This further strengthened our balance sheet as we now have a cash position of almost SEK 900 million, whereof SEK 200 million is from our revolving credit facility.

Our new Beauty by Boozt store in Malmö and the temporary Booztlet store in Copenhagen are now open. Both have performed well since they opened, which bodes well for eliminating the losses of the Other segment.

Earlier this year we took the decision to insource the staff at our fulfilment centre with clear benefits on both performance and costs. We will run our own fulfilment staff operation from January 1, 2021, and we have now reached an agreement with the current staff provider to take over all the current staff. This is a positive step and de-risks the insourcing considerably. Along with the existing fulfilment management team we are in control to secure a smooth handover process.

We strive to build a business that at scale can generate a doubledigit operating margin. A key fundamental for this is our high average order value and I am excited that we in this quarter have demonstrated the earnings potential of our business model with an adjusted EBIT margin of 11.5%. Coupled with our improving operational costs we are in the driving seat to secure that we can, in time, reach a strong profitability level. For this year we have upgraded our expectations for adjusted EBIT margin to between 3.5% and 4.5%. This is based on the strong margin momentum during the summer as well as the continuing operational improvements. As always, our main priority is to grow the business. We will continue to invest in increasing our relevance to our Nordic target customer and pursue the growth opportunities that fit with our strategic ambition of being the leading Nordic destination for fashion and lifestyle shopping.

Group - Key performance indicators (KPIs)

	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019		Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019		Rolling 12 months
SEK million unless otherwise indicated			Change			Change
GROUP
Net revenue	1,228.2	898.7	36.7%	1,994.2	1,611.0	23.8%	3,808.0
Net revenue growth (%)	36.7%	25.7%	10.9 pp	23.8%	27.2%	-3.4 pp	21.7%
Gross margin (%)*	41.5%	40.7%	0.8 pp	37.8%	39.4%	-1.6 pp	38.8%
Fulfilment cost ratio (%)*	-11.1%	-13.7%	2.6 pp	-12.0%	-14.2%	2.2 pp	-12.6%
Marketing cost ratio (%)*	-8.0%	-8.6%	0.6 pp	-8.9%	-9.4%	0.5 pp	-9.7%
Admin & other cost ratio (%)*	-10.1%	-9.7%	-0.4 pp	-10.3%	-10.8%	0.5 pp	-10.1%
Depreciation cost ratio (%)*	-2.4%	-3.2%	0.8 pp	-4.9%	-3.3%	-1.6 pp	-4.0%
Adjusted admin & other cost ratio (%)*	-8.4%	-10.2%	1.8 pp	-9.6%	-10.6%	0.9 pp	-9.5%
Adjusted depreciation cost ratio (%)*	-2.4%	-2.8%	0.4 pp	-3.2%	-3.1%	-0.1 pp	-3.1%
EBIT	120.3	48.9	146%	32.5	27.9	16.2%	96.3
EBIT margin (%)	9.8%	5.4%	4.4 pp	1.6%	1.7%	-0.1 pp	2.5%
Adjusted EBIT*	141.0	47.1	199%	80.1	35.8	124%	153.3
Adjusted EBIT margin (%)*	11.5%	5.2%	6.2 pp	4.0%	2.2%	1.8 pp	4.0%
Earnings for the period	91.0	33.1	57.8	11.0	12.9	-1.9	52.9
Earnings per share (SEK)*	1.58	0.58	0.99	0.19	0.23	-0.04	0.92
Earnings per share after dilution (SEK)*	1.56	0.58	0.99	0.19	0.22	-0.03	0.91
Cash flow from operating activities	493.8	99.7	394.1	486.9	44.9	442.0	518.5
Cash flow from investments	-23.2	-27.7	4.5	-39.0	-40.4	1.4	0.3
Free cash flow*	470.6	72.0	398.6	447.9	4.5	443.4	86.5
Net working capital*	86.5	349.0	-262.4	86.5	349.0	-262.4	86.5
Net debt / -net cash*	-191.8	204.5	-396.3	-191.8	204.5	-396.3	-191.8
Equity / asset ratio (%)*	36.2%	40.8%	-4.6 pp	36.2%	40.8%	-4.6 pp	36.2%
Number of employees end of period	391	359	32	391	359	32	391
Rounding differences may affect the summations.

Segment - Key performance indicators (KPIs)

SEK million unless otherwise indicated	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Change	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Change	Rolling 12 months
Boozt.com
Net revenue	1,069.6	831.7	28.6%	1,734.8	1,492.2	16.3%	3,393.2
EBIT	101.6	50.1	103%	60.7	30.5	98.9%	116.8
EBIT margin (%)	9.5%	6.0%	3.5 pp	3.5%	2.0%	1.5 pp	3.4%
Adjusted EBIT*	120.1	43.8	174%	71.7	33.3	115%	136.4
Adjusted EBIT margin (%)*	11.2%	5.3%	6.0 pp	4.1%	2.2%	1.9 pp	4.0%
Site visits (000)*	39,247	32,438	21.0%	73,414	63,467	15.7%	145,265
No. of orders (000)*	1,317	1,042	26.4%	2,171	1,896	14.5%	4,192
Conversion rate (%)*	3.36%	3.21%	0.14 pp	2.96%	2.99%	-0.03 pp	2.89%
True frequency*	7.3	7.7	-4.8%	7.3	7.7	-4.8%	7.3
Average order value (SEK)*	821	801	2.5%	807	789	2.3%	816
Active customers (000)*	1,774	1,512	17.3%	1,774	1,512	17.3%	1,774
No. of orders per active customer*	2.36	2.43	-2.8%	2.36	2.43	-2.8%	2.4
Booztlet.com
Net revenue	155.7	58.0	168%	252.3	103.5	144%	395.4
EBIT	20.0	7.4	169%	16.7	11.0	51.5%	31.3
EBIT margin (%)	12.9%	12.8%	0.0 pp	6.6%	10.7%	-4.0 pp	7.9%
Adjusted EBIT*	22.6	7.0	221%	18.2	11.2	63.1%	33.7
Adjusted EBIT margin (%)*	14.5%	12.1%	2.4 pp	7.2%	10.8%	-3.6 pp	8.5%
Site visits (000)*	8,652	3,777	129%	14,860	6,667	123%	24,490
No. of orders (000)*	233	96	144%	377	166	127%	602
Conversion rate (%)*	2.69%	2.53%	0.16 pp	2.54%	2.49%	0.05 pp	2.46%
Average order value (SEK)*	682	615	11.0%	684	630	8.7%	671
Other
Net revenue	2.9	9.0	-67.7%	7.1	15.3	-53.8%	19.4
EBIT	-1.4	-8.6	84.2%	-44.9	-13.6	-230%	-51.8
EBIT margin (%)	-46.5%	-95.2%	48.8 pp	-635%	-89.0%	-546.5 pp	-266%
Adjusted EBIT*	-1.6	-3.7	55.3%	-9.9	-8.7	-13.2%	-16.7
Adjusted EBIT margin (%)*	-56.4%	-40.8%	-15.6 pp	-139%	-57.0%	-82.5 pp	-86.1%

Group Development

Net revenue

Second quarter

Net revenue in the second quarter increased with 36.7% to SEK 1,228.2 million (898.7). Currency had a negative impact on net revenue growth in the quarter of around 2 percentage points and relates primarily to the weakening of NOK compared to SEK. Net revenue growth came in at the middle of the pre-announced 35-40% range. Towards the end of the quarter the sales mix was more skewed towards higher return categories such as women's dresses leading to a slight negative effect on net revenue.

Positively affecting net revenue growth was lower returns due to a different sales mix with very strong growth in Men, Kids, Sport and Beauty, which all have a lower return rate than Women's fashion. The net revenue growth was negatively impacted by the change to a consignment-like agreement with a large brand partner effective from October 1, 2019 and the introduction of a 'fair use' policy in November 2019. Combined with the impact from currency the net revenue growth was negatively impacted with around 5%-points.

Net revenue – geographical split

Other net revenue is revenue not directly linked to the product such as marketing income from Boozt Media Partnership, freight income and breakage from gift cards.

Year-to-date

For the first six months of 2020 net revenue increased with 23.8% to SEK 1,994.2 million (1,611.0). Currency had a negative impact on net revenue growth of around 1 percentage points and relates to the weakening of NOK compared to SEK, partly offset by the strengthening of DKK and EUR compared to SEK.

The net revenue growth was negatively impacted by the change to a consignment-like agreement with a large brand partner effective from October 1, 2019 and the introduction of a 'fair use' policy in November 2019.

Net revenue geographical split

Second quarter

Year-to-date

net revenue growth was negatively impacted by the change to a consignment-like agreement with a large brand partner effective from October 1, 2019 and the introduction of a 'fair use' policy in November					Other net revenue increased to SEK 25.6 million (19.5) in the first six months driven by higher freight income and marketing income.
2019. Combined with the impact from currency the net revenue growth was negatively impacted with around 5%-points.				Net revenue geographical split
The net revenue increase was supported by 28.6% growth for Boozt.com and 168% growth for Booztlet.com. The structural growth towards online in the Nordics accelerated during the quarter following the coronavirus pandemic as consumers increasingly have preferred to shop online. The overall spending on fashion & apparel has been negatively impacted by the current economic uncertainty		Second quarter Net revenue in the Nordics increased with 36.4% during the second quarter driven by Denmark and Finland. Sweden grew slightly below the average while the growth in Norway was negatively impacted by the depreciation of the NOK. Rest of Europe increased 40.4%. Year-to-date For the first six months net revenue in the Nordics increased with 24.8% driven Denmark and Finland. Sweden grew slightly below the
as well as people working from home and fewer social occasions leading to a lower demand.
Other net revenue (included in net revenue) increased to SEK 11.9 million (9.9) in the second quarter driven by higher marketing income and freight income compared to the same period last year.		average while the growth in Norway was negatively impacted by the depreciation of the NOK. Rest of Europe increased 12.3% impacted by less marketing spend outside the Nordics.
Net revenue – geographical split
SEK million	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Change	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Change
Nordics	1,132.3	830.4	36.4%	1,843.8	1,477.1	24.8%
Rest of Europe	95.9	68.3	40.4%	150.4	133.9	12.3%
TOTAL Net revenue	1,228.2	898.7	36.7%	1,994.2	1,611.0	23.8%
Rounding differences may affect the summations. Income statement and cash flow items are compared with the corresponding year-earlier period. Balance sheet items refer to the position at the end of the period and compared with the corresponding year-earlier period, meaning June 30, 2019. The second quarter refers to the period April – June 2020.

Gross profit

Second quarter

The gross profit increased with 39.3% to SEK 509.3 million (365.5) during the quarter. The gross margin increased to 41.5% (40.7%).

The increase was driven by a higher product margin supported by a high share of campaign stock following a strong sell-through and contractual improvements including the change of agreement structure with a large brand. Also, the extraordinary write-down of prior season items in the first quarter positively affected the gross margin in the second quarter.

Year-to-date

For the first six months the gross profit increased with 18.6% to SEK 753.6 million (635.3). The gross margin decreased to 37.8% (39.4%).

The decrease in the gross margin was driven by an extraordinary write-down of SEK 57.8 million in the first quarter relating to the Spring/Summer 19 stock, but also selected parts of the pre-Autumn/Winter 19 stock. It allowed to Boozt.com to focus on the in-season stock securing a strong sell-through while Booztlet.com are selling the written-down items. The gross margin was positively affected by a higher product margin and contractual improvements including the change of agreement structure with a large brand.

Operating costs

Second quarter

The fulfilment cost ratio decreased to 11.1% (13.7%). The decrease was driven by operational improvements and positive effects from our new internally developed robot management system. Further, a slight improvement in overall distribution costs from contractual improvements and optimized allocation between distributors impacted the fulfilment cost ratio positively.

The marketing cost ratio decreased to 8.0% (8.6%). The decrease was driven by lower customer acquisition costs as many advertisers reduced marketing spend during the quarter and general leverage on offline marketing spend.

The admin & other cost ratio increased to 10.1% (9.7%), negatively affected by changes in social charges and share-based compensation related to the Group's long-term incentive programs.

The adjusted admin & other cost ratio decreased to 8.4% (10.2%). The adjustment in the quarter consists of share-based payments related to the Group's LTI Program 2015/2025 and LTI Program 2019/2022 of SEK -21.0 million (6.7) related to social charges and IFRS 2 costs. Adjustment has also been made for a reversal of a part of the provision made in the first quarter for the closure of the Beauty by Boozt store in Copenhagen affecting the quarter with SEK 0.3 million.

The decrease in the adjusted admin & other cost ratio was driven by leverage on staff and other fixed cost from as well as a lower loss in the physical stores compared to the same quarter last year following the closing of the Beauty by Boozt store in Copenhagen.

The depreciation cost ratio decreased to 2.4% (3.2%). The adjusted depreciation cost ratio decreased to 2.4% (2.8%) as the second quarter last year was impacted by the closing of the Beauty by Boozt store in Roskilde, Denmark.

Year-to-date

For the first six months the fulfilment cost ratio decreased to 12.0% (14.2%). The decrease was driven by operational improvements and positive effects from our new internally developed robot management system. Further, a slight improvement in overall distribution costs from contractual improvements and optimized allocation between distributors impacted the fulfilment cost ratio positively.

The marketing cost ratio decreased to 8.9% (9.4%). The decrease was driven by lower customer acquisition costs and general leverage on offline marketing spend.

The admin & other cost ratio decreased to 10.3% (10.8%) driven by general scale effects. It was negatively affected by changes in social charges and share-based compensation related to the Group's long-term incentive programs.

The adjusted admin & other cost ratio decreased to 9.6% (10.6%). The adjustment for the period consists of share-based payments related to the Group's LTI Program 2015/2025 and LTI Program 2019/2022 of SEK -12.5 million (-2.9) related to social charges and IFRS 2 costs. Adjusted admin & other cost also include closing cost from the Beauty by Boozt store in Copenhagen of SEK 0.8 million.

The decrease in the adjusted admin & other cost ratio was driven by general scale effects as well as a lower loss in the physical stores compared to the same quarter last year following the closing of the Beauty by Boozt store in Copenhagen at the end of the first quarter.

The depreciation cost ratio increased to 4.9% (3.3%). The increase is due to one-off costs including write-downs of SEK 34.2 million related to the closure of the Beauty by Boozt store in Copenhagen at the end of the first quarter, as well as a negatively impact from the revaluation of the lease contract of SEK 5.5 million to include an 18-month penalty fee for using the exitclause.

The adjusted depreciation cost ratio increased to 3.2% (3.1%). The increase was driven by the revaluation effect of SEK 5.5 million of the Beauty by Boozt store lease contract.

Adjusted EBIT

Second quarter

Adjusted EBIT amounted to SEK 141.0 million (47.1) in the second quarter. The adjusted EBIT margin increased 6.2 percentage points to 11.5% (5.2%) driven by the higher gross margin and lower operating cost ratios. Primarily the improved fulfilment cost ratio and adjusted admin & other cost ratio.

The adjustment in the quarter consists of share-based payments related to the Group's LTI Program 2015/2025 and LTI Program 2019/2022 of SEK -21.0 million (6.7) and constitute of social charges and IFRS 2 costs. Share-based payments fluctuates between periods since the probability of number of vested options under the program are changed, as well as the provision for social charges are determined by the company´s share price.

Year-to-date

Adjusted EBIT amounted to SEK 80.1 million (35.8) in the first six months. The adjusted EBIT margin increased 1.8 percentage points to 4.0% (2.2%) driven by the improved operating cost ratios partly offset by the lower gross margin resulting from the extraordinary write-down of prior season stock of SEK 57.8 million in the first quarter.

The adjustment in the first six months consists of one-off costs including write-downs of SEK 35.1 million related to the closing of the Beauty by Boozt store in Copenhagen. The one-off costs for closing the Beauty by Boozt store consist of a write-down of SEK 25.7 million related to the remaining right-of-use asset of the Beauty by Boozt store. The other part of the one-off costs relates to the closure of the store such as write-down of fixtures and inventory as well as terminated staff. The adjustment also consists of share-based payments related to the Group's LTI Program 2015/2025 and LTI Program 2019/2022 of SEK -12.5 million (-2.9) and constitute of social charges and IFRS 2 costs.

For a reconciliation of adjusted EBIT, please see page 33.

EBIT

Second quarter

EBIT increased to SEK 120.3 million (48.9) in the second quarter, while the EBIT margin increased 4.4 percentage points to 9.8% (5.4%).

Negatively impacting EBIT compared to adjusted EBIT is a negative effect of SEK 21.0 million from share-based payments.

Year-to-date

EBIT increased to SEK 32.5 million (27.9) in the first six months, while the EBIT margin decreased 0.1 percentage point to 1.6% (1.7%).

Negatively impacting EBIT compared to adjusted EBIT are oneoff costs related to the closure of the Beauty by Boozt store in Copenhagen at the end of the first quarter of SEK 35.1 million, and a negative effect of SEK 12.5 million from share-based payments.

Financial items

Second quarter

The Group's financial costs amounted to SEK -3.4 million (-2.6) and financial income amounted to SEK 0.0 million (0.0) in the quarter.

The financial items are attributable to interests on interest bearing loans and lease liabilities.

Year-to-date

The Group's financial costs amounted to SEK -5.3 million (-5.0) and financial income amounted to SEK 0.0 million (0.0) in the first six months.

Tax

Second quarter

Tax amounted to SEK -25.9 million compared to SEK -13.2 million in the second quarter last year. Tax for the period consisted of a decrease in the deferred tax asset related to tax losses carried forward. Deferred tax assets for tax losses carried forward are reported to the extent that it is likely they will be utilised.

The Group expects to utilise the deferred tax assets recognised within the coming two years. There is no time limitation for the deferred tax asset relating to tax losses carried forward.

Year-to-date

Tax amounted to SEK -16.2 million compared to SEK -10.0 million in the first six months last year.

Net profit

Second quarter

The net result for the quarter totalled SEK 91.0 million (33.1). Earnings per share before dilution amounted to SEK 1.58 (0.58). Earnings per share after dilution amounted to SEK 1.56 (0.58).

Year-to-date

The net result for the period totalled SEK 11.0 million (12.9). Earnings per share before dilution amounted to SEK 0.19 (0.23). Earnings per share after dilution amounted to SEK 0.19 (0.22).

Working capital

The Group realised a net working capital of SEK 86.5 million (349.0) equivalent to 2.3% (11.2%) of the net revenue for the last twelve months. The decrease to 2.3% was primarily driven by a lower inventory level and higher accounts payable. This is a consequence of the strong sell-through in the Spring/Summer 20 season and the following high level of campaign stock purchased. As they are bought at high discount during the season, they have a positive impact on both inventory and accounts payables.

The Group has a receivable of approximately SEK 33 million in reverse customs from returns in Norway. During the quarter SEK 25 million have been received.

Cash flow

Second quarter

Cash flow from operating activities amounted to SEK 493.8 million (99.7) in the quarter. The improvement compared with last year was driven by improved operating profit and working capital. Cash flow from changes in working capital amounted to SEK 326.8 million (31.5).

Cash flow from investing activities amounted to SEK -23.2 million (-27.7).

Cash flow from financing activities amounted to SEK -4.2 million (-9.6) in the quarter.

Cash flow for the quarter amounted to SEK 466.4 million (62.4). Cash and cash equivalents end of period amounted to SEK 899.4 million (335.3).

Year-to-date

Cash flow from operating activities amounted to SEK 486.9 million (44.9) in the first six months. The improvement compared with last year was driven by improved working capital. Cash flow from changes in working capital amounted to SEK 349.0 million (-34.2).

Cash flow from investing activities amounted to SEK -39.0 million (-40.4).

Cash flow from financing activities amounted to SEK 112.5 million (-37.6) and was attributable to the new revolving credit facility agreement with Danske Bank. This was partly offset by repayments according to plan related to the automation of the fulfilment centre.

Cash flow for the period amounted to SEK 560.4 million (-33.1).

Financial position

Total assets increased to SEK 2,634.0 million (2,166.1) driven by a higher cash position from the increased cash flow generation.

Fixed assets decreased to SEK 566.4 million (617.9). The decrease was driven by a lower right of use asset following the reassessment of the remaining lease period and future leasing costs of the Beauty by Boozt store in Copenhagen performed in the first quarter. This implied an adjustment of the right-of-use asset and corresponding lease liability of approximately SEK 44.4 million. Following the revaluation of the contract an impairment test of the contract was performed leading to a write-down of the remaining value of the asset of SEK 25.7 million. The write-down of the right-of-use asset for the Beauty by Boozt store was partly offset by an increase in equipment from the phase 3 expansion of AutoStore in the fulfilment centre in the second half of 2019.

The Group's assets increased with SEK 9.8 million in goodwill from the acquisition of Touchlogic finalized in the fourth quarter of 2019.

Deferred tax assets decreased to SEK 30.8 million (63.5) and consist of capitalised tax losses carried forward.

Inventory decreased with 5% driven by a high sell-through of Spring/Summer 20 items.

Total equity and liabilities increased to SEK 2,634.0 million (2,166.1) driven primarily by the increase in current liabilities from higher account payables and access to the revolving credit facility of SEK 200 million.

Development by segment

Boozt.com

				Half year report – January 1 – June 30, 2020
Boozt.com
	Apr 1 - Jun 30,	Apr 1 - Jun 30,		Jan 1 - Jun 30,	Jan 1 - Jun 30,
SEK million unless otherwise indicated	2020	2019	Change	2020	2019	Change
Net revenue	1,069.6	831.7	28.6%	1,734.8	1,492.2	16.3%
EBIT	101.6	50.1	103%	60.7		30.5 98.9%
EBIT margin (%)	9.5%	6.0%	3.5 pp	3.5%	2.0%	1.5 pp
Adjusted EBIT	120.1	43.8	174%	71.7		33.3 115%
Adjusted EBIT margin (%)	11.2%	5.3%	6.0 pp	4.1%	2.2%	1.9 pp
Site visits (000)	39,247	32,438	21.0%	73,414	63,467	15.7%
No. of orders (000)	1,317	1,042	26.4%	2,171	1,896	14.5%
Conversion rate (%)	3.36%	3.21%	0.14 pp	2.96%	2.99%	-0.03 pp
True frequency	7.3	7.7	-4.8%	7.3	7.7	-4.8%
Average order value (SEK)	821	801	2.5%	807		789 2.3%
Active customers (000)	1,774	1,512	17.3%	1,774	1,512	17.3%
No. of orders per active customer	2.36	2.43	-2.8%	2.36	2.43	-2.8%

Rounding differences may affect the summations. See Note 2 for additional information.

Net revenue

Net revenue increased with 28.6% to SEK 1,069.6 million (831.7) in the quarter.

After an initially sharp decline in net revenue following the outbreak of the coronavirus in March, demand returned in April. With many physical stores closed and consumers preferring to stay at home we consequently experienced a strong tailwind. The very positive development in April continued throughout the quarter as the re-opening of physical stores had limited effect on the strong momentum.

Positively affecting net revenue growth was lower returns due to a different sales mix with very strong growth in Men, Kids, Sport and Beauty, which all have a lower return rate than Women's fashion.

Customer satisfaction remained at a high level as shown by a Trustpilot score of 4.6 (4.6) and a Net Promoter Score of 69 (72). The NPS was slightly negative impacted by coronavirus-induced supply chain bottlenecks in the first part of the quarter.

For the first six months net revenue increased with 16.3% to SEK 1,734.8 million (1,492.2).

Adjusted EBIT & EBIT

Adjusted EBIT increased to SEK 120.1 million (43.8), while the adjusted EBIT margin increased to 11.2% (5.3%).

The increase in adjusted EBIT was driven by a higher gross margin and lower operational costs.

The higher gross margin was driven by a higher product margin supported by a high share of campaign stock following a strong sell-through and contractual improvements including the change of agreement structure with a large brand.

frequency slightly increased. SEK million Boozt.com - Net revenue	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Change	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Change
use' customers, who had a very high frequency, the true
True frequency decreased 0.5 point to 7.3 (7.8). Excluding 'fair				while the EBIT margin increased to 3.5% (2.0%).
retain many of them in line with historical performance.					For the first six months EBIT increased to SEK 60.7 million (30.5),
similar to previous new customers indicating a good possibility to					For the first six months adjusted EBIT increased to SEK 71.7 million (33.3), while the adjusted EBIT margin increased to 4.1% (2.2%).
the quarter. Initial analysis of the new customers suggest they are
New customer intake was strong and remained high throughout			EBIT margin increased to 9.5% (6.0%).
use' policy implementation.					EBIT increased to SEK 101.6 million (50.1) for the quarter, while the
Average order value increased 2.5% to SEK 821 (801) for the quarter driven by lower returns due to the sales mix and the 'fair			charges and IFRS 2 costs.
					2015/2025 and LTI Program 2019/2022 and constitute of social
of a 'fair use' policy in November 2019.					The adjustment relates to a negative impact of SEK 18.5 million from share-based payments for the Group's LTI Program
the change to a consignment-like agreement with a large brand partner effective from October 1, 2019 as well as the introduction
				of agreement structure with a large brand.	sell-through and contractual improvements including the change
The net revenue growth was negatively impacted by currency,

Booztlet.com

					Half year report – January 1 – June 30, 2020
Booztlet.com
SEK million unless otherwise indicated	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Change	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Change
Net revenue	155.7		58.0 168%	252.3	103.5	144%
EBIT	20.0	7.4	169%	16.7	11.0	51.5%
EBIT margin (%)	12.9%	12.8%	0.0 pp	6.6%	10.7%	-4.0 pp
Adjusted EBIT	22.6	7.0	221%	18.2	11.2	63.1%
Adjusted EBIT margin (%)	14.5%	12.1%	2.4 pp	7.2%	10.8%	-3.6 pp
Site visits (000)	8,652	3,777	129%	14,860	6,667	123%
No. of orders (000)	233	96	144%	377	166	127%
Conversion rate (%)	2.69%	2.53%	0.16 pp	2.54%	2.49%	0.05 pp
Average order value (SEK)	682	615	11.0%	684	630	8.7%
Rounding differences may affect the summations. See Note 2 for additional information.
					The increase in adjusted EBIT was driven by a higher product

Net revenue

Net revenue increased with 168% to SEK 155.7 million (58.0) in the quarter. The acceleration in growth was driven by higher awareness of Booztlet.com due to increased exposure both online and offline. Also, the relevance of the attractive prices in times of economic uncertainty contributed to the strong momentum. A continuously improving and increasing stock composition, which in the quarter was fuelled by the write-down of prior season Boozt.com items, supported the strong growth trajectory.

Adjusted EBIT & EBIT

The increase in adjusted EBIT was driven by a higher product margin, lower operational costs, and a higher average order value. The higher product margin was partly driven by written down items from Boozt.com, but also from a higher margin on items bought exclusively to booztlet.com.

of prior season Boozt.com items, supported the strong growth trajectory.			charges and IFRS 2 costs.		2015/2025 and LTI Program 2019/2022 and constitute of social
For the first six months net revenue increased with 144% to SEK 252.3 million (103.5)			EBIT increased to SEK 20.0 million (7.4), while the EBIT margin increased to 12.9% (12.8%) for the quarter.
Adjusted EBIT & EBIT Adjusted EBIT increased to SEK 22.6 million (7.0), while the adjusted EBIT margin increased to 14.5% (12.1%).	Apr 1 - Jun 30,	Apr 1 - Jun 30,		Jan 1 - Jun 30,	For the first six months adjusted EBIT increased to SEK 18.2 million (11.2), while the adjusted EBIT margin decreased to 7.2% (10.8%). The decrease in the adjusted EBIT margin is due to the SEK -17 million impact from the extraordinary stock write-down in the first quarter. For the first six months EBIT increased to SEK 16.7 million (11.0), while the EBIT margin decreased to 6.6% (10.7%). Jan 1 - Jun 30,
		2019	Change	2020	2019	Change
SEK million	2020
Nordics	146.9	52.6	179%	239.3	94.3	154%
Rest of Europe	8.8	5.4	61.1%	13.0	9.2	42.0%

Other

Half year report – January 1 – June 30, 2020 Other Apr 1 - Jun 30, Apr 1 - Jun 30, Jan 1 - Jun 30, Jan 1 - Jun 30, SEK million unless otherwise indicated 2020 2019 Change 2020 2019 2.9 Net revenue 9.0 -67.7% 7.1 15.3 EBIT -1.4 -8.6 84.2% -44.9 -13.6 -46.5% EBIT margin (%) -95.2% 48.8 pp -635% -89.0% -1.6 Adjusted EBIT -3.7 55.3% -9.9 -8.7
							Change
							-53.8%
							-230%
							-546.5 pp
							-13.2%
	Adjusted EBIT margin (%)	-56.4%	-40.8%	-15.6 pp	-139%	-57.0%	-82.5 pp
Rounding differences may affect the summations. See Note 2 for additional information.

Net revenue

Net revenue decreased with 67.7% to SEK 2.9 million (9.0) in the quarter. The decrease is driven by the permanent closure of the Beauty by Boozt store in Copenhagen and the coronavirus related closure of the Booztlet store during the first half of the quarter.

The new Beauty by Boozt store in Malmö opened in June and performed in line with expectations.

For the first six months net revenue decreased to SEK 7.1 million (15.3)

Adjusted EBIT & EBIT

For the first six months adjusted EBIT amounted to SEK -9.9 million (-8.7).

The decrease is driven by the revaluation of the lease contract for the Beauty by Boozt store in Copenhagen to include an 18 month penalty fee for using the exit-clause, which was done in the first quarter. This was partly offset by the positive development in the second quarter.

The adjustment consists of one- off costs of SEK 35.1 million related to the termination of the Beauty by Boozt store in Copenhagen. The one-off cost for the closure consists of a writedown of SEK 25.7 million on the lease asset, which relates to future leasing costs for the outstanding lease period ending in April 2022, after using the exit clause in April 2021. The other part relates to one-off costs associated with the closure such as writedown of fixtures and inventory as well as terminated staff.

Copenhagen store

Adjusted EBIT amounted to SEK -1.6 million (-3.7) in the quarter.					April 2022, after using the exit clause in April 2021. The other part
The positive development was driven by the closure of the					relates to one-off costs associated with the closure such as write
Beauty by Boozt store in Copenhagen, partly offset by the lack of					down of fixtures and inventory as well as terminated staff.
revenue from the coronavirus related closure costs of the					EBIT amounted to SEK -44.9 million (-13.6) for the first six months.
Booztlet store and costs related to new beauty by Boozt store in Malmö.			Copenhagen store
					After evaluating the Beauty by Boozt physical retail operation, the
We have not taken any coronavirus related financial support from					store in Copenhagen was closed in March 2020. An exit clause
the authorities.					in the lease contract of the Copenhagen store will be exercised at first opportunity in April 2021, terminating the lease in April
The adjustment consists of a slight positive effect from lower than expected one-off costs associated with the closure of the Beauty by Boozt store in Copenhagen.					2022. For the remaining lease period, a temporary Booztlet store will be operated out of the location. The new temporary Booztlet
EBIT amounted to SEK -1.4 million (-8.6) in the quarter	Apr 1 - Jun 30,	Apr 1 - Jun 30,	store opened in July 2020.	Jan 1 - Jun 30,	Jan 1 - Jun 30,
SEK million	2020	2019	Change	2020	2019	Change
Other - Net revenue
Nordics Rest of Europe	2.9 -	9.0 -	-67.7% -	7.1 -	15.3 -	-53.8% -

Other information

Significant events during the second quarter

Outlook for 2020 suspended and extraordinary stock write-down due to coronavirus uncertainty

Spending on fashion was initially significantly negatively impacted by the outbreak of the coronavirus pandemic. Due to the uncertainty around the impact for the remainder of the year, the financial outlook for 2020 was suspended on April 5. The uncertainty also led to an extraordinary write-down of prior season items of SEK 57.8 million because of the expected subdued demand for fashion. The write-down was recognised in the financial reports as of March 31, 2020.

Changes to Group Management

Cæcilie Rottbøll left her position as Chief Human Resource Officer end of June 2020. She will be replaced by Sandra Joy Sahlertz who has been with Boozt since 2012, most recently as business development director. Sandra is currently on maternity leave and will resume her new position and become member of Group Management when she returns, expectedly in January 2021.

Expansion of automation capacity at fulfilment centre

The fourth phase of the expansion of the AutoStore has been agreed. The first part of this phase has been initiated at the end of the second quarter of 2020 and is expected to be taken into operation during the fourth quarter of 2020.

Outlook for 2020 resumed at Q1 report and upwardly adjusted at Q2 trading update

In connection with the Q1 report the outlook for 2020 was reinstated with 10-20% net revenue growth and an adjusted EBIT margin of 1-3%. Following a very strong second quarter a trading updated was released on June 23, 2020. Here the outlook for 2020 was upwardly adjusted to 20-25% net revenue growth and an adjusted EBIT margin of 3-4%.

Beauty by Boozt physical store opened in Malmö

The new Beauty by Boozt physical retail operation was opened in Malmö, Sweden during June. This store replaces the former Beauty by Boozt store in Copenhagen.

Agreement of transfer of all fulfilment staff from Logent AB to Boozt on January 1, 2021

The contract with current fulfilment staff provider Logent AB was terminated in the fourth quarter of 2019, expiring 31 December, 2020. An agreement to transfer all fulfilment personnel at the Boozt Fulfilment Centre from Logent AB to Boozt has now been agreed. The process of building the fulfilment staff leadership organisation is in progress.

Significant events after the reporting date

Extraordinary general meeting

On July 1, an extraordinary general meeting was held in Boozt AB. All resolutions were adopted with the required majority of votes (see page 15 for more detail).

Booztlet physical store opened at location of former Beauty by Boozt store in Copenhagen

After evaluating the Beauty by Boozt physical retail operation, the store in Copenhagen, Denmark was closed in the first quarter of 2020. An exit clause in the lease contract of the Copenhagen store will be exercised at first opportunity in April 2021, terminating in April 2022. In the remaining lease period, a Booztlet store, which opened early July, will be run out of the location.

Adjusted EBIT outlook for 2020 upwardly adjusted

Based on a positive development over the summer and continued operational improvements the adjusted EBIT margin outlook was upwardly adjusted on August 21. The new outlook for adjusted EBIT margin is 3.5-4.5% (previously 3-4%).

No other significant events have occurred after the reporting date.

Employees

Number of employees was 391 (359) at the end of the period equivalent to an increase of 9%. The average number of employees was 348 (319) for the quarter equivalent to an increase of 9%.

Seasonal variances

Seasonal variances affect the Group. However, each quarter is comparable between years. Traditionally the fourth quarter has the highest net revenue, whereas the first quarter has the lowest. Inventory levels in the industry can be affected by an early or late start to the season impacting the promotional activities needed to clear inventory. To illustrate the long-term development trend the Group reports rolling twelve months' figures, where applicable.

Parent company

Boozt AB (publ), Corp. Id. No. 556793-5183, is the parent company of the Group. Boozt AB (publ) is incorporated and registered in Sweden.

Since May 31, 2017, Boozt AB (publ) is listed on Nasdaq Stockholm Mid Cap.

The address to the head office is Hyllie Boulevard 35, 215 37 Malmö, Sweden.

Net revenue of the parent company amounted to SEK 13.2 million (10.3) during the quarter and SEK 29.4 million (16.2) for the first six months. The parent company has invoiced fees for management services in accordance with the Group's intra company agreements to other Group companies during the quarter. Costs for the period are mainly attributable to costs related to salaries for Group Management and remuneration to the Board of Directors.

The result for the quarter totalled SEK -12.4 million (1.6) and SEK -9.7 million (-5.9) for the first six months.

The parent company has a Group internal receivable respectively a liability to different counterparties within the Group, which together with shares in the subsidiary Boozt Fashion AB and equity constitutes the majority of the financial position of the Company.

Risks and uncertainties

Boozt has developed a risk management framework with the purpose to strengthen the structure of how risk management is carried out throughout the Group. Identified risks are reviewed by the Board of Directors continuously. There is no recognisable risk for the Group's ability to continue as a going concern. All identified risks as well as the risk management process is described in the Group's Annual Report 2019 on pages 114-119.

Related party transactions

No material changes occurred for the Group or the Parent Company in relations or transactions with related parties, compared with what is described in Note 27 in the annual report of 2019.

The Boozt share

The Boozt share is traded under the ticker BOOZT and with the ISIN-code SE0009888738.

The average turnover of the Boozt share on Nasdaq Stockholm was 283,563 shares per day during the second quarter. As per June 30, 2020 the company had approximately 4,900 shareholders, whereof the largest shareholders were Sampension (9.6%), ATP (9.5%), Ruane, Cunniff & Goldfarb (8.7%), Ferd (8.7%), Swedbank Robur (7.3%) and Invesco (6.5%).

The market value for the Company as per June 30, 2020 amounted to SEK 5,301 million. The total number of shares at the end of the reporting period amounted to 57,745,439, whereof 374,586 shares are held in own custody. The shares have a quota value of SEK 0.0833 per share.

The share capital consists of two share classes: ordinary shares (57,370,853 shares issued) with one voting right per share and C shares (374,586 shares issued) with 1/10 voting right per share. There are no restrictions on the number of votes each shareholder can cast at the Annual General Meeting. All ordinary shares in the Company are listed. The C shares were issued and repurchased in accordance with the LTI Program 2019/2022 as of March 02, 2020 and will be distributed to the participants when the vesting period ends in June 2022 based on the achievement of the performance targets stipulated in the program. Before the transferring to the participants, the C shares will be converted to ordinary shares.

Beyond shares, the Company has issued options and warrants (right to acquire shares under specific terms and conditions).

LTI Program 2015/2025

LTI Program 2015/2025 was issued in November 2015 and was fully vested by the participants in June 2020. The vesting is conditional of the participants employment. Once the options are vested, the option holders may convert an option to a common share in the Company at a predefined price. In June 2018, the first 33% of the program vested, the next 33% was vested in June 2019 and the last 34% was vested in June 2020 with the possibility to exercise in August 2020 following the release of the half year report. The right to exercise will be on quarterly basis until May, 2022, when the program is terminated.

From the LTI Program 2015/2025 168,889 options were outstanding at the end of the reporting period, whereof 64,009 are held in own custody. Each option in the 2015/2025 program gives a right to purchase 12 shares, meaning a total of 2,026,668 shares, whereof 768,108 are held in own custody.

LTI Program 2018/2021

LTI Program 2018/2021 was issued in May 2018 where participants have bought warrants at Black Scholes value with an exercise window, June 1-14, 2021 at a predetermined share price of 96.31 SEK. From the LTI Program 2018/2021 1,137,347 warrants were outstanding at the end of the period. Each warrant in the 2018/2021 program gives a right to purchase 1 share, meaning a total of 1,113,347 shares. On the reporting date, the average price for the ordinary shares during the period and for the twelve month period did not exceed the strike price why the warrants in LTI Program 2018/2021 has not been in included in earnings per share after dilution.

LTI Program 2019/2022

LTI Program 2019/2022 was issued in June 2019 where participants can receive a number of performance shares (C shares) subject to certain performance targets (Share Price (Group Management), Net Promoter Score, Revenue Growth, EPS and NWC ratio). The program has a 36-month cliff vesting period and are conditional of the participants employment. The program expires in July 2022 and the maximum shares to be awarded in the program is 374,586. At the reporting date with current estimate, 97,904 performance shares are considered to have been vested.

More information of the Group´s long-term incentive programs can be found in the 2019 Annual Report in note 1 and note 9, and on the Group´s website: www.booztfashion.com.

Annual General Meeting

The Annual General Meeting was held in Malmö on May 27, 2020.

At the Annual General Meeting, the board of directors withdrew its proposals for resolutions on authorization for the board of directors regarding new share issues (item 16 on the agenda) and implementation of a long-term incentive program for the company's CEO, Group Management and key employees (item 17 on the agenda). All remaining resolutions were passed with the required majority. In accordance with the proposal from the Nomination Committee Henrik Theilbjørn, Jón Björnsson, Kent Stevens Larsen, Cecilia Lannebo, Luca matinez and Bjørn Folmer Kroghsbo are re-elected as ordinary board members. Henrik Theilbjørn was re-elected as Chairman of the board.

More information can be found on www.booztfashion.com.

Extraordinary General Meeting

The Extraordinary General Meeting was held in Malmö on July 1, 2020.

All resolutions were adopted with the required majority. The extraordinary general meeting resolved, in accordance with the proposals from the board of directors, to authorize the board of directors to, at one or several occasions, during the time up until the next Annual General Meeting, with or without deviation from the shareholders' preferential rights, resolve to issue ordinary shares and to implement a long-term incentive program in the form of a performance-based share program for the company's CEO, Group Management and key employees ("LTI 2020").

More information can be found on www.booztfashion.com.

Outlook for 2020

Due to the strong second quarter which outperformed the previous expectations of impact from the coronavirus and the positive trend in the return rate, the outlook range for the full year was upwardly adjusted to 20-25% net revenue growth and an adjusted EBIT margin of 3-4% in a trading update on June 23. Based on a positive development over the summer and continued operational improvements we now expect an adjusted EBIT margin of 3.5-4.5%.

The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year.

Initially the coronavirus pandemic had a significant negative impact on spending on fashion. Due to the uncertainty around the impact for the remainder of the year, the original outlook for 2020 of net revenue growth between 15% and 20% and an improved adjusted EBIT margin compared to 2019 was suspended on April 5. In connection with the Q1 report on May 14 the outlook for 2020 was reinstated with 10-20% net revenue growth and an adjusted EBIT margin of 1-3%.

Medium-term financial ambitions through 2022

As the Group during 2020-2022 (3-5 years from IPO) is entering the medium term set out at the time of the listing of the Group in May 2017, the Board of Directors on February 21, 2020 adopted updated financial targets for the Group for the period up to and including 2022.

NET REVENUE	The Group targets to outgrow the Nordic online
GROWTH	market significantly to expand market share
ADJUSTED	The Group targets an adjusted EBIT margin
EBIT MARGIN	exceeding 6% in 2022

For more detailed information regarding medium-term financial ambitions through 2022, see the Q4 2019 report, published February 21, 2020 at www.booztfashion.com.

Consolidated income statement
SEK million unless otherwise indicated	Note	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
OPERATING INCOME
Net revenue	2	1,228.2	898.7	1,994.2	1,611.0	3,808.0
Other operating income		-	-	-	-	-
Total operating income	2	1,228.2	898.7	1,994.2	1,611.0	3,808.0
OPERATING COSTS
Goods for resale		-718.9	-533.1	-1,240.6	-975.8	-2,328.7
Other external costs		-266.7	-235.4	-473.8	-442.5	-966.9
Cost of personnel		-88.8	-49.6	-141.2	-109.0	-257.5
Depreciations and amotisation of tangible and intagible assets		-29.2	-28.7	-98.3	-53.2	-151.3
Other operating costs		-4.2	-2.8	-7.8	-2.6	-7.3
Total operating costs		-1,107.9	-849.7	-1,961.7	-1,583.1	-3,711.8
OPERATING PROFIT/LOSS (EBIT)	2	120.3	48.9	32.5	27.9	96.3
FINANCIAL INCOME AND EXPENSES
Financial income	3	0.0	-0.0	0.0	-0.0	0.0
Financial expenses	3	-3.4	-2.6	-5.3	-5.0	-10.7
Net financial items		-3.4	-2.6	-5.3	-5.0	-10.7
PROFIT/LOSS BEFORE TAX	2	116.9	46.3	27.2	22.9	85.6
Income tax		-25.9	-13.2	-16.2	-10.0	-32.7
PROFIT/LOSS FOR THE PERIOD		91.0	33.1	11.0	12.9	52.9
ATTRIBUTABLE TO:
Parent company's shareholders		91.0	33.1	11.0	12.9	52.9
Average number of shares (000)		57,745	57,082	57,619	57,082	57,453
Average number of shares after dilution (000)		58,221	57,596	58,012	57,740	57,919
Earnings per share (SEK)		1.58	0.58	0.19	0.23	0.92
Earnings per share after dilution (SEK)		1.56	0.58	0.19	0.22	0.91

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of comprehensive income
SEK million	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
PROFIT/LOSS FOR THE PERIOD	91.0	33.1	11.0	12.9	52.9
ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT:
Translation differences	1.1	0.0	1.1	0.1	1.2
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD	92.0	33.2	12.2	13.0	54.1
ATTRIBUTABLE TO
Parent company's shareholders	92.0	33.2	12.2	13.0	54.1
Rounding differences may affect the summations.

SEK million	Note	Jun 30, 2020	Jun 30, 2019	Dec 31, 2019
ASSETS
Non-current assets
Intangible assets
Goodwill	4	9.8	-	9.8
Web platform	4	82.0 91.8	52.3 52.3	65.3 75.1
Tangible assets
Right of use asset		330.2	443.2	421.4
Machinery and equipment	4	236.3	174.7	259.8
		566.4	617.9	681.2
Other non-current assets
Deposits	3	12.5	12.6	12.3
Deferred tax asset		30.8	63.5	46.9
		43.3	76.1	59.2
Total non-current assets		701.5	746.2	815.5
Current assets
Inventory		901.2	947.7	1,043.8
Accounts receivable	3	2.4	3.3	50.5
Other receivables	3	61.5	63.1	105.9
Current tax assets		1.5	0.7	1.3
Prepaid expenses and accrued income		66.3	69.8	130.8
Cash and cash equivalents	3	899.4	335.3	339.4
Total current assets		1,932.5	1,419.9	1,671.7
TOTAL ASSETS		2,634.0	2,166.1	2,487.2
EQUITY AND LIABILITIES
Equity
Share capital		4.8	4.8	4.8
Other capital contributions		1,178.5	1,161.4	1,178.6
Reserves		1.3	0.4	0.2
Retained earnings including profit for the period		-229.9	-282.8	-240.9
Equity attributable to parent company shareholders		954.7	883.8	942.6
Non-current liabilities
Interest bearing liabilities	3	96.5	67.4	109.3
Lease liabilities	3	317.4	400.0	382.5
Other provisions		25.1	6.8	12.6
Total non-current liabilities		439.1	474.2	504.4
Current liabilities
Interest bearing liabilities	3	246.7	25.1	98.4
Lease liabilities	3	47.0	47.3	44.8
Accounts payable	3	550.8	383.4	500.7
Other liabilities	3	129.3	89.1	100.5
Accrued expenses and prepaid income		266.5	263.1	295.8
Total current liabilities		1,240.2	808.1	1,040.3
TOTAL LIABILITIES		1,679.3	1,282.3	1,544.6
TOTAL EQUITY AND LIABILITIES		2,634.0	2,166.1	2,487.2

Consolidated statement of financial position

Consolidated statement of changes in equity

Rounding differences may effect the summations.
	Share capital	Other capital	Reserves	Profit brought forward incl. period's	Total equity attributable to parent company
SEK million		contributions		profit/loss for the year	shareholders
Equity brought forward Jan 1, 2020	4.8	1,178.5	0.2	-240.9	942.6
Profit for the period	-	-	-	11.0	11.0
Other comprehensive income	-	-	1.1	-	1.1
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD	-	-	1.1	11.0	12.2
Share capital increases	0.0	-	-	-0.0	-
Share based compensation	-	-0.0	-	-	-0.0
Total transactions with owners	0.0	-0.0	-	-0.0	-0.0
Equity carried forward Jun 30, 2020	4.8	1,178.5	1.3	-229.9	954.7
Rounding differences may effect the summations.

Consolidated statement of cash flow

Consolidated statement of cash flow SEK million Note CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL	Apr 1 - Jun 30, 2020
		Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
Operating profit	120.3	48.9	32.5	27.9	96.3
Adjustments for non-cash items:
Non-cash remuneration from share based payments (social charges)	19.3	-6.9	12.5	2.6	14.1
Non-cash remuneration from share based payments	1.7	0.2	-0.0	0.4	6.8
Depreciation	29.2	28.7	98.3	53.2	151.3
Other items not included in cash flow	0.2	0.1	0.2	0.2	0.7
Interest paid	-3.4	-2.6	-5.3	-5.0	-10.7
Paid income tax	-0.3	-0.2	-0.3	-0.1	-0.8
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL	167.0	68.2	137.9	79.1	257.7
CASH FLOW FROM CHANGES IN WORKING CAPITAL
Changes in inventory	211.7	145.7	142.6	37.2	46.5
Changes in current assets	61.1	-32.3	156.9	41.3	9.0
Changes in current liabilities	53.9	-81.9	49.5	-112.7	205.3
Cash flow from changes working capital	326.8	31.5	349.0	-34.2	260.8
CASH FLOW FROM OPERATING ACTIVITIES	493.8	99.7	486.9	44.9	518.5
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of subsidiaries, net liquidity effect 4	-	-	-	-	-3.9
Investments in fixed assets 4 Change in financial assets	-10.1	-18.7	-11.4	-22.1	-116.9
4 Investments in intangible assets 4	0.7 -13.8	-0.2 -8.8	-0.1 -27.5	-0.3 -18.0	0.3 -49.3
CASH FLOW FROM INVESTING ACTIVITIES 4	-23.2	-27.7	-39.0	-40.4	-169.9
Free cash flow	470.6	72.0	447.9	4.5	348.5
CASH FLOW FROM FINANCING ACTIVITIES
Share capital increases	-	-	-	-	10.3
New loans	7.2	7.0	207.2	7.0	332.9
Repayments of loans	-	-6.3	-71.7	-25.0	-82.2
Repayments of lease liability	-11.4	-10.3	-23.0	-19.6	-44.9
CASH FLOW FROM FINANCING ACTIVITIES	-4.2	-9.6	112.5	-37.6	216.2
Cash flow for the period	466.4	62.4	560.4	-33.1	564.7
Currency exchange gains/losses in cash and cash equivalents	-1.0	0.0	-0.4	-0.4	-0.6
Cash and cash equivalents beginning of period	434.1	272.9	339.4	368.3	335.3
CASH AND CASH EQUIVALENTS END OF PERIOD	899.4	335.3	899.4	335.3	899.4

Note 1 - Accounting principles

The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish annual Accounts Act. Information required by IAS 34 p.16 A is provided in notes and other sections in the interim report. The accounting principles and calculations method have remained unchanged from those applied in the 2019 Annual Report. Amended or new standards taking effect from January 1, 2020 have not had any material impact on the Group´s financial reports for the period.

Important estimates and assessments

Preparation of the financial reports in accordance with IFRS requires management to make assessments and estimates and assumptions that affect application of the accounting policies and the recognised amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and assumptions are continually evaluated. Changes in estimates are recognised in the period the change is made if the change only affected that period or in the period the change is made and in future periods if the change affects both current and future periods.

Important estimates and assessments are disclosed in the 2019 Annual report on pages 134-135. No changes have been made to these estimates or assessments which could have a material impact on the interim report.

Parent Company

For the Parent Company Boozt AB (publ), the financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.

The reporting currency is SEK and all figures in the interim report are rounded to the nearest million with one decimal point.

					Half year report – January 1 – June 30, 2020
Note 2 - Segment reporting
SEK million	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Change	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Change	Rolling 12 months
NET REVENUE
Boozt.com
Booztlet.com	1,069.6	831.7	238.0	1,734.8	1,492.2	242.6	3,393.2
Other	155.7 2.9	58.0 9.0	97.7 -6.1	252.3 7.1	103.5 15.3	148.8 -8.2	395.4 19.4
TOTAL NET REVENUE	1,228.2	898.7	329.5	1,994.2	1,611.0	383.2	3,808.0
EBIT
Boozt.com	101.6	50.1	51.6	60.7	30.5	30.2	116.8
Booztlet.com	20.0	7.4	12.6	16.7	11.0	5.7	31.3
Other	-1.4	-8.6	7.2	-44.9	-13.6	-31.3	-51.8
TOTAL OPERATING PROFIT/LOSS	120.3	48.9	71.4	32.5	27.9	4.5	96.3
PROFIT/LOSS BEFORE TAX
Boozt.com
Booztlet.com	98.6	47.6	51.0	56.1	25.8	30.3	107.2
Other	19.6 -1.4	7.3 -8.6	12.3 7.2	16.0 -44.9	10.7 -13.6	5.3 -31.3	30.2 -51.8
PROFIT/LOSS BEFORE TAX	116.9	46.3	70.6	27.2	22.9	4.3	85.6
Rounding differences may affect the summations.

Note 2 - Segment reporting

The Group reports operating segments in accordance with IFRS 8. The Group's operations are divided into three segments, which constitute 100% of the revenue generated. The Group reports net revenue, EBIT and Operating profit before tax for each of the operating segments. No information on segment assets or liabilities is provided,as no separately segmentation is made for the Group's financial position.

Note 3 - Financial instruments

				Half year report – January 1 – June 30, 2020
Note 3 - Financial instruments
Jun 30, 2019	Finacial assets valued at amortised cost	Finacial liabilities valued at amortised cost	Financial instruments measured at fair value	via income statement Total carrying amount	Fair value
Financial assets
Deposits	12.6	-	-	12.6	12.6
Accounts receivables	3.3	-	-	3.3	3.3
Other receivables	63.1	-	-	63.1	63.1
Cash and cash equivalents	335.3	-	-	335.3	335.3
Total financial assets	414.3	-	-	414.3	414.3
Financial liabilities
Liabilities to credit institutions	-	92.5	-	92.5	92.5
Accounts payables	-	383.4	-	383.4	383.4
Other liabilities	-	89.1	-	89.1	89.1
Lease liabilities	-	447.3	-	447.3	447.3
Total financial liabilities	-	1,012.3	-	1,012.3	1,012.3

	Finacial assets valued at amortised cost	Finacial liabilities valued at amortised cost	Financial instruments measured at fair value	via income statement Total carrying amount	Fair value
Jun 30, 2020
Financial assets
Deposits	12.5	-	-	12.5	12.5
Accounts receivables	2.4	-	-	2.4	2.4
Other receivables	61.5	-	-	61.5	61.5
Cash and cash equivalents	899.4	-	-	899.4	899.4
Total financial assets	975.9	-	-	975.9	975.9
Financial liabilities
Liabilities to credit institutions	-	343.2	-	343.2	343.2
Accounts payables	-	550.8	-	550.8	550.8
Lease liabilities	-	364.5	-	364.5	364.5
Other liabilities	-	127.3	6.1	133.4	133.4
Total financial liabilities	-	1,385.7	6.1	1,391.8	1,391.8
Rounding differences may affect the summations.

Calculation of fair value

Calculation of fair value
For the current financial year, the fair value of financial assets and liabilities is considered to be close to the carrying amount, after which
the carrying amount is estimated to be the same as the fair value. For more detailed description of the Group's classification and valuation
of financial instruments please see the Group's Annual Report.
SEK million unles otherwise stated	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
Interest income	0.0	-0.0	0.0	-0.0	0.0
Interest expense	-2.1	-0.9	-3.2	-1.6	-5.3
Interest expense leases	-1.3	-1.7	-2.1	-3.4	-5.4

Note 4 - Investments

				Half year report – January 1 – June 30, 2020
Note 4 - Investments
SEK million	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
Acquisition of fixed assets (other capex)	-2.8	-9.5	-4.0	-11.7	-5.2
Acquisition of fixed assets (warehouse automation capex)	-7.3	-9.2	-7.3	-11.0	-110.8
Acquisition of fixed assets (warehouse capex)	-0.1	-0.0	-0.1	0.6	-1.0
	-10.1	-18.7	-11.4	-22.1	-116.9
Acquisition of subsidiaries	-	-	-	-	-3.9
Change in financial assets	0.7	-0.2	-0.1	-0.3	0.3
	0.7	-0.2	-0.1	-0.3	-3.7
Acquisition of intangible assets (capitalised development costs)	-7.0	-4.1	-14.4	-8.2	-25.3
Acquisition of intangible assets (other)	-6.8	-4.8	-13.1	-9.7	-24.0
	-13.8	-8.8	-27.5	-18.0	-49.3
	-23.2	-27.7	-39.0	-40.4	-169.9

The acquisition of fixed assets (warehouse automation capex) increased with SEK 103.5 million in the second half of 2019, this was attributable to Autostore phase 3 in the current warehouse. The increase of fixed assets (warehouse automation capex) in the second quarter is attributable to the initiation of Autostore phase 4 in the current warehouse.

Acquisition of subsidiaries relates to the acquisition of Touchlogic Aps, which was finalized of the second half of 2019.

				Half year report – January 1 – June 30, 2020
Parent company income statement
SEK million	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019
OPERATING INCOME
Net revenue	13.2	10.3	29.4	16.2
Total operating income	13.2	10.3	29.4	16.2
OPERATING COSTS
Other external costs	-1.0	-1.7	-2.0	-3.5
Personnel costs	-28.0	-6.6	-39.9	-20.2
Total operating costs	-29.1	-8.3	-41.9	-23.7
OPERATING PROFIT	-15.9	2.0	-12.5	-7.5
FNANCIAL INCOME AND EXPENSES
Financial expenses	0.0	0.0	0.0	0.0
Net financial items	0.0	0.0	0.0	0.0
RESULT BEFORE TAX	-15.9	2.0	-12.5	-7.5
	3.5	-0.4	2.8	1.6
Income tax

Parent company income statement

Parent company financial position

Parent company financial position
SEK million	Jun 30, 2020	Jun 30, 2019	Dec 31, 2019
ASSETS
Non-current assets
Shares in Group companies	747.3	747.3	747.3
Deferred tax asset	18.9	15.3	16.1
Total non-current assets	766.2	762.5	763.4
Current assets
Other receivables	0.0	0.0	0.0
Receivables from Group companies	64.0	47.5	60.0
Current tax assets	0.1	0.1	0.1
Prepaid expenses and accrued income	0.2	0.2	0.2
Cash and cash equivalents	0.7	3.4	1.3
Total current assets	65.0	51.2	61.5
TOTAL ASSETS	831.2	813.7	824.9
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital	4.8	4.8	4.8
	4.8	4.8	4.8
Unrestricted equity
Share premium reserve	1,120.6	1,106.8	1,120.4
Retained earnings	-355.1	-345.9	-345.9
Net income for the period	-9.7	-5.9	-9.2
	755.7	754.9	765.2
TOTAL EQUITY	760.5	759.7	770.0
LIABILITIES
Non-current liabilities
Other provisions	15.1	4.1	4.7
Total non-current liabilities	15.1	4.1	4.7
Current liabilities
Accounts payable	0.1	0.0	0.0
Liabilities to Group companies	37.8	37.8	37.8
Other liabilities	2.8	3.0	2.5
Accrued expenses and prepaid income	14.8	9.1	10.0
Total current liabilities	55.5	49.9	50.3
		54.1	54.9
TOTAL LIABILITIES	70.7

Audit

This report has not been audited by the Group's auditors.

Signatures

The undersigned certify that this interim report gives a true and fair overview of the Parent Company's and the Group's operations, financial position, performance and describes the material risks and uncertainties facing the Parent Company and the companies in the Group.

Malmö, August 21, 2020

HENRIK THEILBJØRN Chairman of the Board JÓN BJÖRNSSON Board Member

BJØRN FOLMER KROGHSBO Board Member

CECILIA LANNEBO Board Member

KENT STEVENS LARSEN Board Member

LUCA MARTINEZ Board Member

HERMANN HARALDSSON Group CEO

Information by quarter

Net revenue and EBIT by segment

	Information by quarter
Net revenue and EBIT by segment
SEK million unless otherwise indicated	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Q4 2018	Q3 2018	Q2 2018	Q1 2018	Q4 2017	Q3 2017
NET REVENUE
Boozt.com	1,069.6	665.1	967.3	691.2	831.7	660.6	860.3	583.5	688.3	527.0	626.4	440.6
Booztlet.com		155.7 96.7	75.0	68.0	58.0	45.5	25.1	35.9	22.7	22.3	14.2	12.1
Other	2.9	4.2	7.4	5.0	9.0	6.3	7.1	5.6	3.7	2.6	3.5	2.3
NET REVENUE	1,228.2	766.0	1,049.7	764.1	898.7	712.4	892.5	625.0	714.7	551.9	644.2	454.9
OPERATING PROFIT/LOSS (EBIT)
Boozt.com	101.6	-40.9	100.2	-44.1	50.1	-19.5	73.7	-25.6	36.6	-8.5	50.8	-13.4
Booztlet.com		20.0 -3.3	7.7	6.9	7.4	3.6	2.9	3.0	2.4	3.8	1.2	2.2
Other	-1.4	-43.6	-3.3	-3.6	-8.6	-5.0	-7.5	-6.1	-4.9	-1.7	-0.9	-0.6
OPERATING PROFIT/LOSS (EBIT)	120.3	-87.8	104.6	-40.8	48.9	-21.0	69.1	-28.8	34.1	-6.4	51.1	-11.8
OPERATING PROFIT/LOSS (EBIT) %
Boozt.com	9.5%	-6.2%	10.4%	-6.4%	6.0%	-3.0%	8.6%	-4.4%	5.3%	-1.6%	8.1%	-3.0%
Booztlet.com	12.9%	-3.4%	10.2%	10.2%	12.8%	7.9%	11.6%	8.3%	10.6%	17.2%	8.3%	18.1%
Other	-46.5%	-1,047%	-44.0%	-72.8%	-95.2%	-80.1%	-105%	-109%	-131%	-66.3%	-25.1%	-25.9%
OPERATING PROFIT/LOSS (EBIT) %	9.8%	-11.5%	10.0%	-5.3%	5.4%	-2.9%	7.7%	-4.6%	4.8%	-1.2%	7.9%	-2.6%
EARNINGS BEFORE TAX
Boozt.com	98.6	-42.5	97.7	-46.6	47.6	-21.8	73.6	-24.0	35.9	-15.5	51.6	-17.3
Booztlet.com		19.6 -3.6	7.5	6.7	7.3	3.4	2.9	3.1	2.4	3.6	1.2	2.1
Other	-1.4	-43.6	-3.3	-3.6	-8.6	-5.0	-7.5	-6.1	-4.9	-1.7	-0.9	-0.6
EARNINGS BEFORE TAX	116.9	-89.7	101.9	-43.5	46.3	-23.4	69.0	-27.1	33.4	-13.7	51.9	-15.9
ADJUSTED EBIT
Boozt.com	120.1	-48.4	96.7	-32.0	43.8	-10.4	62.3	-22.1	37.4	-6.3	52.0	-14.0
Booztlet.com		22.6 -4.3	7.4	8.0	7.0	4.2	2.6	3.2	2.4	3.9	1.2	2.2
Other	-1.6	-8.2	-3.3	-3.6	-3.7	-5.0	-7.5	-6.1	-4.9	-1.7	-0.9	-0.6
ADJUSTED EBIT	141.0	-61.0	100.9	-27.6	47.1	-11.3	57.4	-25.0	35.0	-4.1	52.3	-12.5
ADJUSTED EBIT %
Boozt.com	11.2%	-7.3%	10.0%	-4.6%	5.3%	-1.6%	7.2%	-3.8%	5.4%	-1.2%	8.3%	-3.2%
Booztlet.com	14.5%	-4.5%	9.9%	11.8%	12.1%	9.1%	10.3%	8.9%	10.7%	17.6%	8.6%	18.0%
Other	-56.4%	-197%	-44.0%	-73%	-40.8%	-80%	-105.1%	-109%	-131%	-66.3%	-25.1%	-25.9%
ADJUSTED EBIT %	11.5%	-8.0%	9.6%	-3.6%	5.2%	-1.6%	6.4%	-4.0%	4.9%	-0.7%	8.1%	-2.7%

Information by quarter

											Additional information
Information by quarter
SEK million unless otherwise indicated	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Q4 2018	Q3 2018	Q2 2018	Q1 2018	Q4 2017	Q3 2017
EBIT MARGIN (%)
Gross margin (%)	41.5%	31.9%	43.2%	35.6%	40.7%	37.9%	41.2%	36.6%	42.0%	39.1%	43.1%	38.8%
Fulfillment cost ratio (%)	-11.1%	-13.4%	-12.4%	-14.4%	-13.7%	-14.8%	-13.7%	-14.6%	-13.4%	-13.5%	-12.7%	-14.8%
Marketing cost ratio (%)	-8.0%	-10.3%	-9.9%	-11.4%	-8.6%	-10.3%	-10.3%	-13.0%	-12.7%	-13.7%	-11.1%	-13.3%
Admin & other cost ratio (%)	-10.1%	-10.6%	-8.4%	-11.7%	-9.7%	-12.3%	-7.9%	-11.6%	-9.6%	-11.1%	-9.8%	-11.3%
Depreciation (%)	-2.4%	-9.0%	-2.6%	-3.4%	-3.2%	-3.4%	-1.6%	-2.0%	-1.6%	-2.0%	-1.5%	-2.0%
EBIT MARGIN (%)	9.8%	-11.5%	10.0%	-5.3%	5.4%	-2.9%	7.7%	-4.6%	4.8%	-1.2%	7.9%	-2.6%
Adjusted fulfillment cost ratio (%)	-11.1%	-13.4%	-12.4%	-14.4%	-13.2%	-14.8%	-13.7%	-14.6%	-13.4%	-13.5%	-12.7%	-14.8%
Adjusted admin & other cost ratio (%)	-8.4%	-11.6%	-8.7%	-10.0%	-10.2%	-11.0%	-9.2%	-11.0%	-9.5%	-10.7%	-9.6%	-11.4%
Adjusted depreciation cost ratio (%)	-2.4%	-4.5%	-2.6%	-3.4%	-2.8%	-3.4%	-1.6%	-2.0%	-1.6%	-2.0%	-1.5%	-2.0%
Net working capital - percent of LTM net
revenue	2.3%	11.9%	12.7%	11.2%	11.2%	12.9%	11.3%	10.6%	5.3%	10.0%	9.9%	12.0%
BOOZT.COM
Site visits (000)	39,247	34,167	39,257	32,594	32,438	31,029	31,575	26,044	26,560	24,959	26,966	20,747
No. of orders (000)	1,317	854	1,161	860	1,042	854	1,045	736	869	638	786	572
Conversion rate %	3.36%	2.50%	2.96%	2.64%	3.21%	2.75%	3.31%	2.83%	3.27%	2.56%	2.91%	2.76%
True frequency	7.3	7.3	6.7	8.0	7.7	7.8	6.8	7.8	7.2	7.2	6.3	6.6
Average order value (SEK)	821	785	845	801	801	774	827	794	801	824	810	780
Active customers (000)	1,774	1,624	1,606	1,557	1,512	1,460	1,363	1,242	1,185	1,104	1,057	967
No. of orders per active customer	2.36	2.41	2.44	2.44	2.43	2.40	2.41	2.44	2.42	2.39	2.37	2.36
BOOZTLET.COM
Site visits (000)	8,652	6,208	5,477	4,153	3,777	2,889	1,866	1,896	1,861	1,576
No. of orders (000)	233	144	120	105	96	71	43	53	37	33
Conversion rate %	2.69%	2.33%	2.19%	2.53%	2.53%	2.44%	2.30%	2.79%	1.99%	2.08%
Average order value (SEK)	682	687	644	654	615	649	588	681	619	689
NET REVENUE - GEOGRAPHICAL SPLIT
Nordics	1,132.3	711.5	977.1	704.6	830.4	646.7	829.9	589.5	679.1	520.8	610.0	434.5
Rest of Europe	95.9	54.5	72.7	59.6	68.3	65.6	62.6	35.5	35.5	31.1	34.2	20.4
TOTAL NET REVENUE	1,228.2	766.0	1,049.7	764.1	898.7	712.4	892.5	625.0	714.7	551.9	644.2	454.9
Rounding differences may affect the summations.

Definitions and rationale for the use of certain Alternative Performance Measures (APM)

Explanation	APM / IFRS	Definition	Rationale
Active customers	APM	Number of customers which made at least one order during the last 12 months.	The measure is to display, together with historical figures, how the number of active customers has developed in absolute figures.
Adjusted admin & other cost ratio	APM	Total operating costs less items affecting comparability, less share-based compensations, less fulfilment costs, less marketing costs, less goods for resale less depreciation plus other operating income divided by net revenue.	The aim of the figure is to demonstrate the development of administation & other costs without the effect of one-time events, as well as costs linked to the share price development of Boozt AB (publ).
Adjusted depreciation cost ratio	APM	Depreciation cost less items affecting comparability divided by net revenue.	The aim of the figure is to track the development of depreciation / amortization costs and then evaluate these costs against net revenue created, without the effect of one-time events that affect the comparability.
Adjusted EBIT	APM	Profit/loss before interest, tax, share based payments related to employees and items affecting comparability.	The aim of the figure is to display the operating profit excluding non-recurring items and share based compensation related to employees and items affecting comparability are excluded from this metric.
Adjusted EBIT margin	APM	Adjusted EBIT divided by net revenue.	The aim of the figure is to display the Group's effectiveness in profit creation excluding impact from share price dependent costs.
Adjusted fulfilment cost ratio	APM	Fulfilment and distribution cost less items affecting comparability divided by net revenue.	The aim is to group the costs which is related to pick, pack, return handling, indeliveries and all distribution costs associated with shipping parcels to and from customers as well as business to business distribution costs less any cost items, which might affect the trend being one time by nature, and then evaluate these costs against net revenue created.
Adjusted net debt/net cash	APM	Interest bearing liabilities excluding interest bearing lease liabilities (IFRS 16) less cash and cash equivalents.	The aim is to display the cash and cash equivalent available after having theoretical settled all interest-bearing liabilities be it current or non-current (excluding interest-bearing lease liabilities).
Admin & Other cost ratio	APM	Total operating costs less fulfilment costs, less marketing costs, less goods for resale, less depreciation plus other operating income divided by net revenue.	The aim of the figure is to demonstrate the development of admin & other costs and then evaluate these costs against net revenue created.
Average order value	APM	Transactional net revenue divided by no. of orders.	The aim of the figure is to show the average consumer monetary value per basket excluding VAT, which again is very important to determine and understand the unit economics of each basket of the Group's operation.
BFC	APM	Boozt Fulfilment Centre.	The location of the Group's warehouse.
Conversion rate	APM	Total number of orders divided by total number of site visits.	The aim is to understand how traffic sent to the Group's websites are converting into monetary orders.
Depreciation cost ratio	APM	Depreciation and amortizations divided by net revenue.	The aim of the figure is to track the development of depreciation / amortization costs and then evaluate these costs against net revenue created.
Earnings per share	IFRS	Profit/loss for the period divided by weighted average number of shares outstanding during the period.	The aim is to distribute the company's profit to each share.

Explanation	APM / IFRS	Definition	Rationale
Earnings per share after dilution	IFRS	Profit/loss for the period divided by the diluted weighted average number of shares outstanding during the period. The number of ordinary shares shall be the weighted average number of shares, used when per share, plus the weighted average number of shares that would be issued measuring basic earnings on the conversion of all the dilutive potential shares into ordinary shares. Potential ordinary shares shall be treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share.	The aim is to distribute the company's profit to each share including the net non-registered shares (i.e. warrants or similar).
EBIT (Operating profit)	IFRS	Profit/loss before interest and tax.	The aim of this figure is to display the profit/loss before interests and tax
Equity / asset ratio	APM	Total equity divided by total assets.	To what degree are the Group's assets funded by capital ultimately owned by the Group's shareholders.
Free Cash flow	APM	Cash flow from operating activities and Cash flow from investing activities	The aim is to show the cash flow generated in the Group when excluding the cash flow impact from financing activities.
Fulfilment cost ratio	APM	Fulfilment and distribution cost divided by net revenue.	The aim is to group the costs which is related to pick, pack, return handling, in deliveries and all distribution costs associated with shipping parcels to and from customers as well as business to business distribution costs and then evaluate these costs against net revenue created.
Gross profit	APM	Net revenue decreased with cost of goods for resale.	The aim is to show the contribution left after cost of goods for resale, implying the amount of funds available for the remaining costs and profit.
Gross margin	APM	Gross profit (excluding other operating income) as a percentage of net revenue.	The aim is to analyse gross profit over time, expressed as percent of net revenue.
Growth in local currency	APM	Growth in local currency weighted with the local currency's share of net revenue in SEK in the reporting quarter.	To illustrate the growth adjusted for the impact of translating foreign currency to SEK.
Items affecting comparability	APM	Items that are not related with the operations and are the type of items that are not expected to re-occur often or regularly and that are items of significant value.	The aim is to isolate events, that cannot be characterised as normal operational costs or non-recurring.
Lease liabilities	IFRS	The Group's lease liabilities taking into consideration the Group's borrowing interest rate and length of lease agreements, options etc.	The Group's lease liabilities considered as a loan with amortizations and interest.
Marketing cost ratio	APM	Marketing cost divided by net revenue.	The aim is to group the costs which is related to production, media airtime, online exposures, analytics concerning monitoring of sales, CRM activities and then evaluate these costs against net revenue created.
Net working capital	APM	Current assets, excluding cash and cash equivalents, less non-interest-bearing current liabilities.	The purpose of displaying net working capital is to display short-term financial health since the measure indicate if the company has enough short-term assets to cover its short term debt. Net working capital can be put in relation to net revenues to understand efficiency of net working capital tied up in operations.
Net debt / net cash	APM	Interest bearing liabilities less cash and cash equivalents.	The aim is to display the cash and cash equivalent available after having theoretical settled all interest-bearing liabilities be it current or non-current.
Net revenue	IFRS	Transactional net revenue less fees paid to consignment partners plus other revenue.	This is the IFRS net revenue measurement taking into consideration that only the commission share of a transaction can be recognised as revenue, and even to include revenue which does not come from transactions with customers. Number of orders is a parameter in measuring the average order value.
No. of orders	APM	Number of orders placed by customers during the period, irrespective of cancellations or returns
No. of orders per active customer (order frequency)	APM	Number of orders during the last 12 months divided by the total number of active customers end of period.	This number illustrates the frequency for an isolated cohort (active customers). It helps the reader in understanding to what extend the customers are coming back and the frequency at which they have shopped during the last 12 months, irrespective of whether they have been active from the start of the 12 months or are new customers who have been active in less than 12 months.
Right of use asset	IFRS	Present value of the Group's lease assets taking into consideration the Group's borrowing interest rate.	To clarify the Group's contingent assets which will have to be considered in combination with the Group's contingent lease liabilities.

Explanation	APM / IFRS	Definition	Rationale
Site visits	APM	Number of visits to a site or group of sites, irrespective of device used.	This number is relevant to understand the conversion rate.
Share based payments	APM	Costs of the Group which are settled via issuing of shares.	The aim is to isolate all costs associated with share-based payments be it IFRS 2 costs and taxes associated with share-based payments. Since these costs to a large extend will fluctuate with the share price development or employee turnover, it can assist the reader in evaluating the Group's performance excluding these share-based payment costs.
Transactional net revenue	APM Gross sales (incl. shipping and invoice income) less discounts and returns, excl. VAT.		"The aim of the figure is to display the total consumer value of the orders processed less returns and excluding VAT. Transactional net revenue less fee to consignment partners plus other revenue not related to consumer orders equals net revenue. The transactional net revenue can be calculated as average order value (AOV) multiplied with no. of orders."
True frequency	APM Order frequency for customers that have been with Boozt.com during last 12 months, hence not impacted by orders from new customers.		This figure isolates the co-hort which purchased with the Group 12 months ago, and then looks at this co-hort's behaviour for the proceeding 12 months in terms of frequency (how many orders do they place on average). This will give the reader an understanding about the co horts frequency behaviour once they mature.

Reconciliation of total operating income

Reconciliation of total operating income
SEK million unless otherwise indicated	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
GROUP
Transactional net revenue	1,242.6	902.5	2,016.9	1,615.4	3,845.2
Less consignment sales	-26.3	-13.8	-48.3	-23.9	-89.2
Other revenue	11.9	9.9	25.6	19.5	52.0
Net revenue	1,228.2	898.7	1,994.2	1,611.0	3,808.0
Other operating income	-	-	-	-	-
Total operating income	1,228.2	898.7	1,994.2	1,611.0	3,808.0
BOOZT.COM
Transactional net revenue	1,080.9	834.8	1,751.8	1,495.5	3,421.9
Less consignment sales	-23.2	-13.0	-42.6	-22.8	-80.7
Other revenue	11.9	9.9	25.6	19.5	52.0
Net revenue	1,069.6	831.7	1,734.8	1,492.2	3,393.2
Other operating income	-	-	-	-	-
Total operating income	1,069.6	831.7	1,734.8	1,492.2	3,393.2
BOOZTLET.COM
Transactional net revenue	158.8	58.8	258.0	104.6	403.9
Less consignment sales	-3.1	-0.8	-5.7	-1.1	-8.5
Other revenue	-	-	-	-	-
Net revenue	155.7	58.0	252.3	103.5	395.4
Other operating income	-	-	-	-	-
Total operating income	155.7	58.0	252.3	103.5	395.4
OTHER
Transactional net revenue	2.9	9.0	7.1	15.3	19.4
Less consignment sales	-	-	-	-	-
Other revenue	-	-	-	-	-
Net revenue	2.9	9.0	7.1	15.3	19.4
Other operating income	-	-	-	-	-
Total operating income	2.9	9.0	7.1	15.3	19.4

Reconciliation of adjusted EBIT

Reconciliation of adjusted EBIT
SEK million	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
EBIT	120.3	48.9	32.5	27.9	96.3
Share based payments related to employees (social charges)	19.3	-6.9	12.5	2.6	15.2
Share-based payments related to employees	1.7	0.2	-0.0	0.4	6.8
Non-recurring items affecting comparability*	-0.3	4.9	35.1	4.9	35.1
Adjusted EBIT	141.0	47.1	80.1	35.8	153.3
Specification of adjustments affecting comperability
Admin & other costs	20.7	-5.3	13.4	4.3	22.8
Depreciation and amortisation	-	3.5	34.2	3.5	34.2
Total adjustments	20.7	-1.8	47.6	7.8	57.0
Rounding differences may affect the summations. *Non-recurring items affecting comparability are related to the closing of the Beauty by Boozt store in Roskilde and Copenhagen.

Reconciliation with financial statements according to IFRS

		Reconciliation with financial statements according to IFRS
SEK million unless otherwise indicated	Apr 1 - Jun 30, 2020	Apr 1 - Jun 30, 2019	Jan 1 - Jun 30, 2020	Jan 1 - Jun 30, 2019	Rolling 12 months
Cash and cash equivalents	-899.4	-335.3	-899.4	-335.3	-899.4
Interest bearing liabilities (current and non-current)	343.2	92.5	343.2	92.5	343.2
Interest bearing lease liabilities	364.5	447.3	364.5	447.3	364.5
Net debt / -net cash	-191.8	204.5	-191.8	204.5	-191.8
Total equity	954.7	883.8	954.7	883.8	954.7
Total assets	2,634.0	2,166.1	2,634.0	2,166.1	2,634.0
Equity / asset ratio	36.2%	40.8%	36.2%	40.8%	36.2%
Cash flow from operting activities (A)	493.8	99.7	486.9	44.9	518.5
Cash flow from investing activities (B)	-23.2	-27.7	-39.0	-40.4	-169.9
Free cash flow (A) + (B)	470.6	72.0	447.9	4.5	348.5
No. of orders (000) (A)	1,317	1,042	2,171	1,896	4,192
Site visits (000) (B)	39,247	32,438	73,414	63,467	145,265
Boozt.com - Conversion rate (A) / (B)	3.36%	3.21%	2.96%	2.99%	2.89%
Transactional net revenue - Boozt.com (A)	1,080.9	834.8	1,751.8	1,495.5	3,421.9
No. of orders (000) (B)	1,317	1,042	2,171	1,896	4,192
Average order value (SEK) (A) / (B)	821	801	807	789	816
No. of orders (000) (LTM) (A)	4,192	3,677	4,192	3,677	4,192
Active customers (000) (B)	1,774	1,512	1,774	1,512	1,774
No. of orders per active customer (A) / (B)	2.36	2.43	2.36	2.43	2.36
Inventory	901.2	947.7	901.2	947.7	901.2
Accounts receivables	2.4	3.3	2.4	3.3	2.4
Other receivables	61.5	63.1	61.5	63.1	61.5
Current tax assets	1.5	0.7	1.5	0.7	1.5
Prepaid expenses and accrued income	66.3	69.8	66.3	69.8	66.3
Accounts payables	-550.8	-383.4	-550.8	-383.4	-550.8
Other liabilities	-129.3	-89.1	-129.3	-89.1	-129.3
Accrued expenses and prepaid income	-266.5	-263.1	-266.5	-263.1	-266.5
Net working capital	86.5	349.0	86.5	349.0	86.5
Net working capital - percent of LTM net revenue rolling 12 months	2.3%	11.2%	2.3%	11.2%	2.3%
Gross margin (%)	41.5%	40.7%	37.8%	39.4%	38.8%
Fulfilment cost ratio (%)	-11.1%	-13.7%	-12.0%	-14.2%	-12.6%
Marketing cost ratio (%)	-8.0%	-8.6%	-8.9%	-9.4%	-9.7%
Admin & other cost ratio (%)	-10.1%	-9.7%	-10.3%	-10.8%	-10.1%
Depreciation cost ratio (%)	-2.4%	-3.2%	-4.9%	-3.3%	-4.0%
EBIT margin (%)	9.8%	5.4%	1.6%	1.7%	2.5%

Some of the key ratios such as gross margin, earnings per share and EBIT margin may be easily calculated from the financial statements. Such metrics are regarded as reconciled and are not presented above. In addition the two metrics conversion rate and average order value for Booztlet.com can be easily calculated using the same methodology as for Boozt.com displayed above.

Financial calendar

November 18, 2020 Interim report January – September 2020

February 9, 2021 Interim report January – December 2020

Financial reports

Consolidated financial statements are available at www.booztfashion.com. Boozt AB (publ) is a public limited company. In case of enquiries or questions to the Group, please contact:

Anders Enevoldsen, Head of IR & Corporate Communication

anen@boozt.com / +45 53 50 14 53

or

Sandra Gadd, Group CFO

sga@boozt.com / +46 768 27 61 18

The interim report is such information as Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on August 21 2020.

This report may contain forward-looking information that is based on the present expectations of Boozt's management. No assurance may be given that these expectations will prove to be correct. Actual outcomes may deviate significantly from what is reflected in the forward-looking information due to changed conditions relating to the economy, market or competition, changes in legal requirements and other political measures, fluctuations in exchange rates and other factors outside of Boozt's control.

Adress: Hyllie Boulevard 35 215 37 Malmö, Sverige

Telefon: +46 40 12 80 05 E-mail: info@boozt.com www.booztfashion.com

Org. nr: 556793-5183 Malmö VAT nr SE556793518301