Byggmax Group

Quarterly Report • Jan 28, 2020

04 YEAR-END REPORT JANUARY - DECEMBER 2019

STABLE PROFIT, DESPITE EARLY AUTUMN

As expected, the early arrival of autumn had a negative effect on sales in the fourth quarter, but a strong gross margin and solid cost control led to an operating profit (EBITA) in line with the same quarter last year.

2019 was a year in the right direction, with good profit growth and strengthening of our customer offer.

Fourth quarter 2019:

• · Net sales decreased by 4.9 percent to SEK 949.9 M (998.6)
• · Gross margin increased to 33.3 percent (31.3)
• · EBITA excl. non recurring items amounted to SEK -5.7 M (-6.4)² and corresponding EBITA margin was -0.6 percent (-0.6)
• · The Board of Directors proposes a dividend of SEK 1.16 (0.00) per share.

For the year 2019, net sales increased by 3.3 percent and EBITA excl. non recurring items2 increased to SEK 269.7 M (217.8). The corresponding EBITA margin increased to 5.1 percent (4.3).

Earnings per share for 2019 amounted to 2.32 SEK.

On this page, a brief summary of the quarter is presented along with selected information to provide examples of Byggmax Group's development.

1 IFRS 16 has affected EBITA with +0.3 percentage points in the forth quarter 2019. 2 Non recurring items only affect Q1 and Q2 2018.

Earnings overview

	October - December		Full year	Full year
	2019	2018	2019	2018
Net sales, SEK M	949.9	998.6	5,277.4	5,107.8
Gross margin, percent	33.3	31.3	32.1	30.8
EBITA excluding non-recurring items, SEK M1. 2	-5.7	-6.4	269,7	217.8
EBITA excluding non-recurring items, margin percent1/2	-0.6	-0.6	5.1	4.3
EBIT, SEK M¹	-15.6	-16.3	230,0	188.1
EBIT margin, percent1	-1.6	-1.6	4,4	3.7
Profit after tax, SEK M	-19.6	-14.4	141.8	137.6
Earnings per share, SEK	-0.32	-0.24	2.32	2.26
Return on equity, percent	-1.3	-1.1	10.0	10.2
Cash flow from operating activities per share, SEK	-5.06	-3.34	4,87	6.40
Shareholders' equity per share, SEK	24.60	22.07	24.60	22.07
Number of stores at the end of the period	172	163	172	163
New stores opened during the period	O	3	11	18

Note that profit after tax in 2018 is affected by non-recurring items including tax effects, which occurred in Q1 and Q2 2018. Profit after tax excl. non-recurring items in 2018 amounted to SEK 127.7 M. Profit after in 2019 is affected by IFRS 16 which has had a negative effect of SEK 10.8 M on profit after tax.

Earnings overview, excl. IFRS 16

	October - December		Full year	Full year
	2019	2018	2019	2018
EBITDA, excluding non-recurring costs, SEK M	25.5	27.5	390.3	346.2
EBITDA excluding non-recurring costs, margin percent!	2.7	2.8	7.4	6.8
EBITA, excluding non-recurring costs, SEK M	-10.1	-6.4	252.0	217.8
EBITA, excluding non-recurring costs, margin percentl	-1.1	-0.6	4.8	4.3
EBIT, SEK M	-20.0	-16.3	212.5	188.1
EBIT margin, percent1	-2.1	-1.6	4.0	3.7
Profit after tax. SEK Mª	17.0	-14.4	152.6	137.6

Key ratios excl. IFRS 16 have been calculated based on "Consolidated statement of comprehensive income excl. IFRS 16", see Appendix 1.

2 Including effects of IFRS 16 from January 2019, see also Accounting policies on page 11.

¹ Earnings for the first nine months 2018 were positively affected by the reversal of settlement costs for four Byggmax stores in Finland an amount of SEK 6.2 M due to lower closure costs than the amount accrued in Q3 2017 and a capital gain of SEK 3.7 M, at the disposal of Skånska Byggvarors
Danish subsidiany Pavilon,

PRESIDENT'S COMMENTS

Stable profit in Q4, despite early autumn

As expected, the early arrival of autumn had a negative effect on sales in the fourth quarter, but a strong gross margin and solid cost control led to an operating profit (EBITA) in line with the same quarter last year.

Sales in the fourth quarter decreased 4.9 percent, driven by the negative weather effect. Byggmax likefor-like sales developed like other autumns with similar weather effects. In 2019, sales increased 3.3 percent.

Gross margin for the fourth quarter increased to a strong 33.3 percent (31.3). The increase was driven by purchasing improvements and positive price/mix effects from our upgraded customer offer. The unfavorable weather added to the positive mix effect. Currency effects were negative.

Cost control remained strong. Comparable costs, i.e., costs excluding new Byggmax stores, was largely unchanged in the fourth quarter.

Operating profit for the fourth quarter was in line with last year, with EBITDA excl. IFRS16 at SEK 25.5 M (27.5)
and EBITA to SEK -5.7 M (-6.4). For 2019, EBITA increased 24 percent to SEK 269.7 M (217.8), and the EBITA margin was 5.1 percent (4.3), an increase of +0.8%-points.

Stronger signs of house market recovery

Market development in the fourth quarter was impacted by a clear negative weather effect. Autumn arrived very early compared to last year's favorable mild weather. We estimate that the Nordic consumer market for building materials declined 5-8 percent, with a larger decrease for outdoor products.

The decline in Swedish house transactions, that started when new mortgage amortization regulations were introduced in 2016, has clearly decreased renovation demand. This trend may now have come to an end, as house transactions stabilized during the first half of 2019, and increased during the second half1.

Byggmax increasingly upgraded

In the fourth quarter, the Byggmax segment2 sales decreased -5.6 percent, and like-for-like sales -10.3 percent. Sales developed in line with the fourth quarter 2016, that also experienced clear negative weather effects compared to a strong previous year. EBITA amounted to SEK -3.8 M (3.1).

The Store 3.0 initiative continues meet expectations of sales growth of ca 3 percent per store. During the fourth quarter, we converted a further 11 stores to Store 3.0, to a total of 30 (19% of the portfolio).

E-commerce initiatives like collect@store generated growth, and new stores continued to perform well. Non-comparable stores generated 5 percent sales growth in the quarter, and an impact on EBITA of SEK 1.3 M. No new stores opened during the quarter (11 for the year), and one store in Finland was closed.

Positive trend for Skånska Byggvaror

The transformation of Skånska Byggvaror continued to give good effects, and profitability improved for the sixth consecutive quarter. Sales increased 1.9 percent, and EBITA improved to SEK -4.6 M (-8.0). Order intake in the period increased somewhat. We continue to build for growth through initiatives within core assortment and digital sales and marketing.

and price perception reached very strong levels. While many things can still be improved, and sales has

been affected by the slower house market, we are moving into 2020 with a stronger position. We have:

increased 0.7%-points and both customer satisfaction

• A "toolbox" for profitable Byggmax growth, to drive like-for-like sales (Store 3.0, Garden, e-commerce) and increase expansion (small store format)
• Turned around Skånska Byggvaron

2019 a year in the right direction

In 2019, both customer metrics and financials

developed in the right direction. Operating margin

• Stronger e-commerce, with upgraded platforms, increased assortment, and improved delivery options. In 2019, e-commerce accounted for 19 percent of Group sales3
• Upgraded sales mix and an all-time high gross margin (32.1% in 2019)
• Increased cost efficiency, with comparable costs reduced by 5 percent in two years (since 2017)

Focus on proven initiatives

We now have a stronger position, with higher gross margin and increased cost efficiency. Although many things point in the right direction, we still have a way to reach our ambitious financial goals. The agenda for coming years will be a combination of proven sales driving initiatives and further improved efficiency.

In 2020, we plan to convert 30 stores to 3.0, grow our e-commerce, add 3-5 Garden departments and ca 10 new Byggmax stores, of which 5 the small format. We expect to end the year with ca 40% of our store portfolio as Store 3.0 (19% at end 2019). Our efforts to increase efficiency continue, supported by new tools and technology.

The Board of Directors propose a dividend of SEK 1.16 per share (0), in line with the financial goal of distributing 50 percent of net profit.

2019 was a year in the right direction. I look forward to give more of Byggmax to more customers in the future!

Mattias Ankarberg

President Byggmax Group AB (publ) January 28, 2020

2019 was a year in the right direction, with good profit growth and strengthening of our customer offer

1 Houses define as deched houses, tat from Statistics Sweden (SCB)
² To simplify our reporting and belsur houses, data from Statistics Sweden (SCB)
² To sinplify our reporti

3 E-commerce defined as products for home deliver and/or ordered online, e.g., including all Skånska Byggvarorsales, Byggmax collect@store

CONSOLIDATED SALES AND EARNINGS

October 1 - December 31 2019

Revenues

The operation's net sales totaled SEK 949.9 M (998.6), a decrease of 4.9 percent. Net sales amounted to SEK 858.4 M (908.8) for Byggmax, a decrease of 5.6 percent, The Byggmax segment represented 90 percent of the group net sales in the quarter. Net sales for Skånska Byggvaror amounted to SEK 91.5 M (89.8), an increase of 1.9 percent.

Sales development per segment	Share of sales	Change
Byggmax, percent	90.4	-5.6
Skånska Byggvaror, percent	9.6	1.9
Total, percent	100.0	-49

Net sales decrease of 5.6 percent for the Byggmax segment was divided according to the following:	2019	2018
Comparable stores, local currency, percent	-10.3	0.4
Non comparable stores and other, local currency, percent	5.1	7.2
Exchange-rate effects, percent	-0.3	1.5
Total, percent	-5.6	9.1

The decrease in net sales in the Byggmax segment was mostly driven by comparable stores. Non comparable stores generated a sales increase of 5.1 percent.

Net sales decrease of 4.9 percent for the Group was divided according to the following:	2019	2018
Comparable stores, local currency, percent	-8.7	-3.9
Non comparable stores and other, local currency, percent	4.1	7,6
Exchange-rate effects, percent	-0.3	1,3
Total, percent	-49	5.1

Net sales for comparable stores for the Group decreased by 8.7 percent in local currency.

The Group opened no (three) stores during the quarter. The total number of stores in the Group as of December 31, 2019 thereby amounted to 172 (163) of which Byggmax stores amounted to 161 (151).

Gross margin

The gross margin amounted to 33.3 percent compared to 31.3 percent last vear due to purchasing improvements and improved product mix. Exchange rate development affected the gross margin negatively.

Personnel cost and other external expenses

Personnel costs and other external expenses was affected by several factors, including effects of IFRS 16. The effect of IFRS 16 on other external expenses implied a decrease in costs by SEK 77.7 M for the period.

Excluding effects of IFRS 16 the costs for personnel and other external expenses increased by SEK 12.0 M. Compared to the yearearlier period. expenses were negatively affected by new stores opened after the fourth quarter 2018 by SEK 8.1 M (19.3).

Comparable costs, i.e. costs excluding new stores and nonrecurring items, increased by SEK 3.9 M.

Personnel cost and other external expenses, SEK M excl. IFRS 16:
Actuals Q4 2018	286.5
Costs affected by new stores	8.1
Costs excluding new stores and non-recurring items	3.9
Actuals Q4 2019	298.4

Profit and loss

EBITA excluding non-recurring items2, amounted to SEK -5.7 M (-6.4). IFRS 16 impacted EBITA positively by SEK 4.3 M. The EBITA margin amounted to -0.6 percent (-0.6). The IFRS 16 effect on the EBITA margin amounted to 0.5 percentage points.

EBITDA excluding non-recurring items reported according to accounting principles prior year , i.e. EBITDA excluding nonrecurring items1 and effects of IFRS 16 amounted to SEK 25.5 M (27.5), corresponding to EBITDA margin of 2.7 (2.8).

Profit before tax

Profit before tax amounted to SEK -31.0 M including effects of IFRS 16. Profit before tax excluding effects of IFRS 16 amounted to SEK -27.7 M (-24.0).

Net financial items amounted to an expense of SEK 15.4 M including the effects of IFRS 16. Net financial items excluding IFRS 16 amounted to an expense of SEK 7.6 M (expense: 7.7). IFRS 16 had a negative impact of SEK 7.8 M. Net financial items for the quarter were negatively impacted by exchange-rate effects of SEK 2.9 M (expense: 3.0).

Taxes

Taxes for the fourth quarter of 2019 totaled SEK +11.4 M including the effects of IFRS 16. Taxes excluding IFRS 16 amounted to SEK +10.7 M (profit 9.6). IFRS 16 had a positive impact of SEK 0.7 M in 2019

The tax rate has changed from 22.0 percent to 21.4 percent as of January 1 2019.

Profit after tax

Profit after tax amounted to SEK -19.6 M including effects of IFRS 16. Profit after tax excluding IFRS 16 amounted to SEK -17.0 M (-14.4).

IFRS 16 had a negative impact of SEK 2.6 M in 2019. Profit after tax is affected by interest as this is a higher share of the lease liability at the beginning than at the end of the lease period. Depreciation is linear.

1 A store is considered comparable two calendaryears after the web store was opened. Stores that have been relocated within

the same city is treated in the same way. Eleven Skånska Byggvaror stores are included in comparable stores.

² Non recurring items only affect Q1 and Q2 2018.

CONSOLIDATED SALES AND EARNINGS

January 1 - December 31 2019

Revenues

The operation´s net sales totaled SEK 5,277.4 M (5,107.8), an increase of 3.3 percent. Net sales amounted to SEK 4,763.3 M (4,597.9) for Byggmax, an increase of 3.6 percent, Net sales for Skånska Byggvaror amounted to SEK 514.1 M (509.9), an increase of 0.8 percent.

Sales development per segment	Share of sales	Change
Byggmax, percent	90.3	3.6
Skånska Byggvaror, percent	9.7	0.8
Total, percent	100.0	3.3

2019	2018
-2.7	-6.4
6.3	6.1
0.0	0.0
3.6	-0.3

Net sales in the Byggmax segment was mostly driven by new stores. Net sales for comparable Byggmaxstores decreased by 2.7 percent in 2019. Non comparable stores generated a sales increase of 6.3 percent.

Net sales increase of 3.3 percent for the Group was divided according to the tollowing:	2019	2018
Comparable stores, local currency, percent	-2.3	-10.8
Non comparable stores and other, local currency, percent	5.6	5.1
Exchange-rate effects, percent	0.0	1.1
Total, percent	3.3	-4.0

Net sales for comparable stores for the Group decreased by 2.3 percent in local currency.

The Group opened eleven (18) stores during the period. The total number of stores in the Group as of December 31, 2019 thereby amounted to 172 (163) of which Byggmax stores amounted to 161 (151).

Gross margin

The gross margin amounted to 32.1 percent compared to 30.8 percent last year. The gross margin was positively affected by price/mix effects. Exchange rate developments affected the gross margin negatively.

Personnel cost and other external expenses

Personnel costs and other external expenses was affected by several factors, including effects of IFRS 16. The effect of IFRS 16 implied a decrease in costs by SEK 304.1 M for the period. See also page 12.

Excluding effects of IFRS 16 the costs for personnel and other external expenses increased by SEK 77.9 M. Compared to the yearearlier period. expenses were negatively affected by new stores opened after the fourth quarter 2018 by SEK 64.6 M (80.3).

Comparable costs, i.e. costs excluding new stores and nonrecurring items, increased by SEK 8.6 M.

Other external expenses were affected positively in 2018 by SEK 4.8 M, attributable to closure costs for four Byggmax stores in Finland.

Personnel cost and other external expenses, SEK M excl. IFRS 16:

Actuals 2018	1.232.9
Costs affected by new stores	64.6
Costs excluding new stores and non-recurring items	8.6
Non-recurring items (first six months 2018)	4.8
Actuals 2019	1.310.9

Profit and loss

EBITA excluding non-recurring items1, increased to SEK 269.7 M (217.8). IFRS 16 impacted EBITA positively with SEK 17.7 M. The EBITA margin increased to 5.1 percent (4.3). The IFRS 16 effect on the EBITA margin amounted to 0.3 percentage points.

EBITDA excluding non-recurring items reported according to prior year's accounting principles, i.e. EBITDA excluding non-recurring items1 and effects of IFRS 16 amounted to SEK 390.5 M (346.2), corresponding to EBITDA margin of 7.4 percent (6.8).

In 2018 EBITA as well as EBITDA were positively affected by SEK 9.9 M related to reversal of settlement costs for four Byggmax stores in Finland SEK 6.2 M. of which SEK 4.8 M affects other externa expenses and by a capital gain of SEK 3.7 M at the disposal of Skånska Byggvaror's Danish subsidiary Pavillion.

Profit before tax

Profit before tax amounted to SEK 174.9 M including effects of IFRS 16. Profit before tax excluding effects of IFRS 16 amounted to SEK 188.7 M (162.2).

Net financial items amounted to an expense of SEK 55.1 M including the effects of IFRS 16. Net financial items excluding IFRS 16 amounted to an expense of SEK 23.5 M (expense: 25.9). IFRS 16 had a negative impact of SEK 31.6 M. Net financial items were negatively impacted by exchange-rate effects of SEK 7.3 M (expense: 8.4).

Taxes

Taxes for the period totaled an expense of SEK 33.1 M including the effects of IFRS 16. Taxes excluding IFRS 16 amounted to an expense of SEK 36.1 M (expense: 24.6). Taxes in 2018 was positively affected by a SEK 3.2 M revaluation of the deferred tax liability based on the tax rate when the debt is expected to be settled. IFRS 16 had a positive impact of SEK 3.0 M in 2019.

The tax rate has changed from 22.0 percent to 21.4 percent as of January 1 2019.

Profit after tax

Profit after tax amounted to SEK 141.8 M including effects of IFRS 16. Profit after tax excluding IFRS 16 amounted to SEK 152.6 M (137.6).

Effects of IFRS 16 amounted to SEK -10.8 M in 2019. Profit after tax is affected by interest as this is a higher share of the lease liability at the beginning than at the end of the lease period. Depreciation is linear.

Earnings for the first six months of 2018 were positively affected by the reversal of settlement costs for four Byggmax stores in Finland an amount of SEK 6.2 M due to lower closure costs than the amount accrued in Q3 2017. Other operative income and thus earnings for 2018 were also positively affected by a capital gain of SEK 3.7 M, on the disposal of Skånska Byggvaror's Danish subsidiary Pavillon, which occurred during Q1 and Q2 2018. See also Note 8 on page 20.

? A store is considered comparable two calendary of the physical store was opened. Stores that have been relocated within the same city is treated in the same way. Eleven Skånska Byggvaror stores are included in comparable stores.

REPORT ON THE BUSINESS SEGMENT

After the acquisitions of Buildor and Skånska Byggvax Group has reported three segments: Byggmax, Skånska Byggvaror and Other. The segment Other has included, in addition to the parent company Byggmax Group AB publ) and the Group's
real estate company, also Buildor and the fully

As of the fourth quarter 2019, Byggmax Group has changed its segment reporting and Svea Distribution are reported in the Bygmax segment. The new distribution between Byggmax moritor its operations buildor Ab segment. Svea Distribution is a wholly owned distribution company that mainly supplies Byggmax.

Other includes only intracroup leasing and the part of Other constitutes such a significant part that it constitutes a reportable segment.

Skånska Byggvaror Group AB, acquired in January 2016, will continue to be reported as a separate segment.

The changes in the segment reporting also result in the fact that the effects of IFRS 16 are excluded in the segments' EBITDAand EBITA. The effects of IFRS 16 will be reported at Group level.

For more information on recalculated comparison periods, see Note 1: Segment and appendices 3 and 4 for proforma calculations

Segment summary, excl. IFRS 16

Amounts in SEK M	October - December		Full year	Full year
	2019	2018	2019	2018
Net sales from external customers
Byggmax	858.4	908.8	4,763.3	4,597.9
Skånska Byggvaror	91.5	89.8	514.1	509.9
Other
Total net sales	949.9	998.6	5,277,4	5,107.8
EBITDA, excluding non-recurring items
Byggmax	29.1	33.5	378.1	355.0
Skänska Byggvaror	-2.1	-4.6	19.1	-0.2
Other	-1.7	-1.4	-6.9	-8.6
Total EBITDA, excluding non-recurring items	25.4	27.5	390.3	346.2
EBITDA margin, excluding non-recurring items, percent
Byggmax	2.7	3.0	6.6	6.3
Skånska Byggvaror	-2.2	-5.0	3.6	0.0
Other
Total EBITDA margin, excluding non-recurring items, percent	2.7	2.8	7.4	6.8
EBITA, excluding non-recurring items 2
Byggmax	-3.8	3.1	250.1	238.3
Skänska Byggvaror	-4.6	-8.0	9.2	-11.5
Other	-1.8	-1.5	-7.3	-9.0
Total EBITA, excluding non-recurring items	-10.1	-6.4	252.0	217.8
EBITA margin, excluding non-recurring items, percent1.2
Byggmax	-0.4	0.3	4.3	4.3
Skånska Byggvaror	-4.9	-8.7	1.7	-3.1
Other
Total EBITA margin, excluding non-recurring items, percent	-1.1	-0.6	4.8	4.3

Earnings for the first nine months 2018 were positively affected by the reversal of settlement costs for four Byggmax stores in Finland at the amount of SEK 6.2 M due to lower closure costs that the amount accrued in Q3 2017 and by a captitalgan of SEK 3.7 M, at the disposal of Skånska Byggvaror's subsidiary Pavillion, which occurred during Q1 and Q2 2018. See also Note 8 on page 20 for non-recurring teriods.

2 Excluding effects of IFRS 16 until December 2018 and including effects of IFRS 16 from January 2019, see also Accounting policies on page 11.

REPORT ON THE BUSINESS SEGMENT

21 30

By year end 2019, the Byggmax Garden concept was established in 21 stores, 13 percent of the portfolio

By year end 2019, the Byggmax 3.0 store concept was established in 30 stores, 19 percent of the portfolio

Byggmax

The Byggmax segment includes Byggmax AB with the branches Byggmax Norge and Byggmax AB Finland, and as of the fourth quarter 2019 also Buildor and our internal distribution company Svea Distribution AB.

Net sales decreased by 5.6 percent during the forth quarter to SEK 858.4 M (908.8). No (three) new stores opened during the quarter. One store was closed, in Turku, Finland,

Byggmax growth initiatives continue to give positive effects. Store 3.0 continues to meet the sales expectations and e-commerce initiatives as collect@store generate growth. New stores have been well received and non- comparable stores generated 5.1 percent increase in sales.

For the fourth quarter, EBITDA excl. non-recurring items amounted to SEK 29.1 M (33.5). EBITA for the fourth quarter, excl. nonrecurring items, amounted to SEK -3.8 M (3.1). The EBITA margin for the quarter was -0.4 percent (0.3). EBITA for the fourth quarter is affected by costs for new stores by SEK 8.1 M (19.3).

For the year 2019, net sales increased by 3.6 percent and EBITDA excl. non-recurring items increased to SEK 378.1 M (355.0) in 2019. EBITA excl. non-recurring items amounted to SEK 250.1 M (238.3) in 2019.

Byggmax opened eleven new stores in 2019 and closed one store.

The increased profit in 2019 is driven by increased sales and gross margin, as well as continued strong cost control.

REPORT ON THE BUSINESS SEGMENT

Skånska Byggvaror. se

• 1.9%

Net sales for Skånska Byggvaror increased by 1.9 percent in the fourth quarter versus the same period 2018.

Profitability increased for the sixth consecutive quarter.

Skånska Byggvaror

Net sales increased by 1.9 percent in the fourth quarter to SEK 91.5 M (89.8). Order intake in the period increased somewhat.

EBITDA excl. non-recurring items amounted to SEK -2.1 M (-4.6) in the quarter. EBITA excl. non-recurring items amounted to SEK -4.6
M (-8.0) in the quarter, corresponding to an EBITA margin of -4.9 percent (-8.7).

The transformation of Skånska Byggvaror has given good effects. Profitability increased for the sixth consecutive quarter.

No new stores were opened in 2019, and one store was closed, in
Värmdö in the fourth quarter.

For 2019, sales increased 0.8 percent, and EBITDA excl. nonrecurring items increased to SEK 19.1 M (-0.2). EBITA and nonrecurring items improved to SEK 9.2 (-16.1).

CASH FLOW AND FINANCIAL POSITION

Cash flow and financial position

Cash flow from operating activities amounted to an outflow of SEK -308.8 M including effects of IFRS 16. Cash flow from operating activities excluding IFRS 16 amounted to SEK -378.8 M (-204.0) for the period. down SEK 174.8 M year-on-year. The decrease is mostly related to a decrease in accounts payables. During the fourth quarter an increased proportion of accounts payable benefited from cash discounts. Cash flow from operating activities 2019 amounted to SEK 297.5 M (390.3). Cash flow from operating activities was positively affected with SEK 69.9 M (depreciation and interest), while cash flow from financing activities was negatively affected by amortization of the lease liability with the equivalent amount. Net cash flow in the period remained unaffected by IFRS 16. At the end of the period, inventory totaled SEK 928.8 M (871.2), up SEK 57.6 M year-on-year. Inventory for Skånska Byggvaror totaled SEK 51.9 M (63.7). Compared with the close of last year, eleven (18) new Byggmax stores were added and inventory associated with new stores amounted to SEK 50.9 M (79.6).

At December 31, 2019, consolidated shareholders' equity amounted to SEK 1,500.8 M (1,346.4). Consolidated net debt was SEK 2,585.1 M including effects of IFRS 16. Net debt excluding IFRS 16 amounted to SEK 1,210.1 M (1,098.4), up SEK 111.8 M year-on-year. IFRS 16 has affected the net debt by SEK 1,375.0 M as of December 31, 2019. The equity/assets ratio amounted to 29.8 percent including effects of IFRS 16. The equity/assets ratio excluding IFRS 16 amounted to 41.1 percent (36.7). The effects of IFRS 16 on the equity/assets ratio was 11.3 percentage points. Unutilized credits totaled SEK 77.9 M (275.2).

Investments during the quarter amounted to SEK 15.7 M (26.2), out of which. SEK 1.5 M (13.5) pertained to investments in non comparable stores and SEK 3.5 M (5.2) pertained to IT investments.

Investments in 2019 amounted to SEK 145.4 M (171.8). Of these investments, SEK 51.3 M (91.9) pertained to investments in stores opened in 2019 and SEK 15.9 M (22.1) pertained to IT investments.

New store openings

A total of eleven (18) new stores were opened in 2019.

No new stores were opened in Q4 2019. One store in Turku, Finland, was closed in Q4. One Skånska Byggvaror, in Värmdö, was closed in Q4.

The Byggmax workforce

The number of employees (converted into full-time equivalents) totaled 992 (1,002) at the end of the period.

Parent Company

The Parent Company comprises a holding company. The Parent Company's sales amounted to SEK 0.1 M (0.1) for the quarter and SEK 0.3 M (0.3) in 2019. The profit after financial items amounted to SEK 85.2 M (profit 84.8) for the fourth quarter and a profit of SEK 70.0 M (profit 70.0) in 2019. The profit is affected by anticipated dividend of SEK 70.0 M (70.0).

Events after the close of the reporting period No significant events have occurred since the end of the reporting period.

Market - potential for continued organic growth

The Byggmax Group conducts business in the Swedish, Norwegian and Finnish do-it-yourself market. The renovation market has over time grown at approximately the same rate as GDP. In the short term the market is highly impacted by weather conditions as they determine the prerequisites for customers to conduct outdoor projects.

Many Nordic towns still lack a low price retail option, which creates a potential for Byggmax to continue organic growth through successful store expansion.

Stores	Sweden	Norway	Finland	Total
Byggmax	100	40	10	150
· Skånska Byggvaror	7	ব	O	11
Opened 2019
Byggmax	0	2	0	11
Total	116	46	10	172

ACCOUNTING PRINCIPLES

Byggmax Group AB (publ) applies the International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and RFR 1 Supplementary Accounting Rules for Groups. The same accounting policies and measuring methods apply as in the 2018 Annual Report. The application of the accounting policies corresponds with the policies in the Annual Report for the fiscal year ending December 31, 2018, with the exception of the introduction on January 1, 2019 of IFRS 16 Leasing.

The Parent Company's accounts have been prepared pursuant to the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The same accounting policies have been applied as for the Group except in those cases stated in the Parent Company's accounting policies section in the 2018 Annual Report, Note 2.18. The Parent Company has not applied IFRS 16.

Refer to the Annual Report for the 2018 fiscal year, notes 1–4, for a more detailed description of the accounting policies applied for the Group and the Parent Company in this interim report.

The interim data onpages 1-27 comprises an integrated part of this financial report.

Reporting of segments

Internal follow-up is provided for three segments. These three segments are Byggmax, Skånska Byggvaror and Other.

As of Q4 2019, the Byggmax Group has changed its internal monitoring and control, which is why Buildor and the distribution company Svea Distribution, previously reported in the segment Other, are now included in the Byggmax segment. The change has resulted in some changes in the financial reporting for the segments with revised comparative figures for the previous year.

The changes in operating of the segments also mean that the effects of IFRS 16 are excluded in the follow-up of the segments' EBITDA and EBITA. The effects of IFRS 16 will be followed up and reported at Group level. The profitability measurement used internally for monitoring and evaluating the business is an earnings before depreciation and write-downs of tangible and intangible assets (EBITDA).

No single part of the segment Other is of such materiality that it represents a reportable segment, which is why we have chosen to aggregate these.

IFRS 16 Leasing

IFRS 16 Leases was published in January 2016 by the IASB. The standard has been adopted by the EU and will replace IAS 17 Leases, as well as the appurtenant interpretations IFRIC 4. SIC-15 and SIC-27. IFRS 16 requires assets and liabilities attributable to all lease contracts, excepting brief agreements or agreements regarding low-value assets, to be recognized in the balance sheet.

This report is based on the view that the lessee is entitled to use an asset for a specific period of time while also having an obligation to pay for this entitlement.

This will result in the majority of current operating leases being recognized in the balance sheet beginning 1 January 2019.

The Group has conducted a complete review of all lease contracts, in which information was collected and compiled as a basis for calculations and quantification in connection with conversion to IFRS 16. In the Group, leases primarily relate to store leases. In connection with the transition to IFRS 16, the majority of these leases will be recognized in the balance sheet as assets with a right of use and a financial liability. The Group has decided to apply partial retroactive application, which means that comparison figures do not need to be recalculated and that there is no impact on opening shareholders' equity.

The Group will apply the following practical solutions allowed under the standard:

• The same discount rate will be used for lease portfolios with similar attributes.
• Operating leases with a remaining lease term of 12 months are recognized as short-term leases.

Accounting policies Leases

The Group's leases pertain to premises. The terms and conditions are negotiated separately for each lease and include a number of different contractual terms.

liability on the date the leased asset becomes available for use by the Group. Each lease payment breaks down into a debt repayment and a financial expense. The financial expense portion is allocated over the lease period so that an amount is recognized in every reporting period that corresponds to a fixed interest rate for the liability recognized in each period. Straight-line depreciation is applied to the right-of-use asset over the shorter of the asset's useful life and the term of the lease.

The lease period is defined as the date on which the lease starts until the first possible exit period.

Assets and liabilities that arise from leases are initially recognized at present value. Since this is the first report under IFRS 16, all rightof-use assets have been measured at the amount of the lease liability, with adjustment for prepaid lease payments attributable to the lease as of January 1, 2019.

The lease liability includes the present value of the following lease payments:

• Fixed payments
• Variable index-related lease payments

Lease payments are discounted using the incremental borrowing rate.

Right-of-use assets are measured at cost and include the following:

• The initial valuation of the lease liability
• Payments made at or prior to when the leased asset became available to the lessee.

Low-value leases are expensed straight line in profit or loss.

Effects on opening balances 2019

Amounts in SEK M	CB	Effects of IFRS 16	ОВ
ASSETS	2018-12-31	2019-01-01	2019-01-01
FIXED ASSETS
Intangible fixed assets	2.154.3		2.154.3
	403.0	1.477.6	1.880.6
Tangible fixed assets Financial fixed assets	18.4		18.4
Fixed assets	2.575.8	1.477.6	4.053.3
CURRENT ASSETS Inventories
	871.2		871.2
Current receivables	167.0	-36.1	130.9
Cash and cash equivalents	52.5		52.5
Current assets	1,090.7	-36.1	1,054.6
TOTAL ASSETS	3.666.4	1.441.5	5.107.9
SHAREHOLDERS' EQIUTY AND LIABILITIES
Shareholders' equity	1.346.4		1.346.4
I IABII ITIES
Borrowing from credit institutions	304.9	1.132.3	1,437.2
Deferred tax liabilities	191.2		191.2
Other long liabilities	0.9		0.9
Long term liabilities	497.0	1,132.3	1,629.3
Borrowing from credit
institutions	846.0	309.2	1,155.2
Provisions	8.5		8.5
Other liabilities	968.5		968.5
Current liabilities	1.823.1	309.2	2.132.2
TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES	3,666.4	1,441.5	5,107.9

All of the figures listed above and below in parentheses refer to the corresponding period or date in the preceding year.

This report has not been reviewed by the company auditors.

Stockholm January 28, 2020

Mattias Ankarberg President

New financial goal as a result of IFRS 16

Impact of IFRS 16

The IFRS 16 accounting standard have been implemented from January 1, 2019. The majority of the company's lease agreements have been recognized in the balance sheet. In the Group, leases primarily related to store leases.

The effects on the carrying amounts are described on page 11.

Byggmax has chosen to apply a method that means that comparative figures, in other words 2018, will not be restated. To facilitate for the reader, in 2019 the company will include some key performance indicators for 2019 excluding the effects of IFRS 16 in its interim reporting. This is for the purpose of comparability between the years.

Updated financial targets from 2019

As a result of IFRS 16, from 2019, the profitability target will be
updated to an EBITA margin of 7-8 percent. The historic difference between EBITDA and EBITA has been around 2.5 percent. IFRS 16 entails a slightly positive effect on EBITA. Our ambitious targets for the operations remain unchanged and the profitability target is now formulated to comply with the new accounting policies that apply from 2019.

Amounts in SEK M	January - December 2019 excl. IFRS 16	Effects of IFRS 16 January- December 2019	January - December 2019 incl. IFRS 16
REVENUE
Net sales	5,277.4		5,277.4
Other operating income	9.5		9.5
Total revenue	5,286.9		5,286.9
OPERATING EXPENSES
Cost of goods sold	-3.585.7		-3.585.7
Other external costs and operating expenses	-658.5	304.1	-354.4
Personnel costs	-652.4		-652.4
Depreciation, amortization of tangible
and intangible fixed assets	-178.0	-286.4	-464.4
Total operating expense	-5,074.5	17.7	-5,056.9
EBIT	212.5	17.7	230.0
Profit/loss from financialitems	-23.5	-31.4	-55.1
Profit before tax	188.7	-13.7	174.9
Income tax	-36.1	3.0	-33.1
Profit/loss for the period	152.6	-10.8	141.8

Effect of IFRS 16 on the P/L in the first nine months of 2019

Leases for store premises are no longer classified in profit or loss as lease rents and are instead recognized as asset depreciation and interest expenses on the lease liability. This positively impacts the EBITDA metric and depreciation increases.

IFRS 16 has positively affected EBITA in an amount of SEK 17.7 M in of 2019, corresponding to an increase of 0.3 percentage points.

Profit and loss for the period has been negatively affected by SEK 10.8 M. The effect of SEK -10.8 M is explained by financial costs being a higher part of the lease debt at the beginning than at the end of the lease period while depreciation is linear.

Consolidated statement of comprehensive income

Amount in SEK M		October - December		Full year
	2019	2018	2019	2018
REVENUE
Net sales	949.9	998.6	5,277.4	5,107.8
Other operating income	7.3	1.7	9.5	15.7
Total revenue	957.2	1,000.3	5,286.9	5,123.4
OPERATING EXPENSES
Cost of goods sold	-633.4	-686.3	-3,585.7	-3,534.4
Other external costs and operating expenses1	-65.1	-137.4	-354.4	-632.3
Personnel costs	-155.6	-149.1	-652.4	-600.6
Depreciation, amortization of tangible and intangible fixed assets 1	-118.7	-43.8	-464.4	-168.0
Total operating expenses1	-972.9	-1,016.5	-5,056.9	-4,935.3
EBIT	-15.6	-16.3	230,0	188.1
Profit/loss from financial items1	-15.4	-7.7	-55.1	-25.9
Profit before tax	-31.0	-24.0	174.9	162.2
Income tax	11.4	9.6	-33.1	-24.6
Profit/loss for the period	-19.6	-14.4	141.8	137.6
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
ltems that will not be reclassified to profit or loss	0.0	0.0	0.0	0.0
	0.0	0.0	0.0	0.0
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO
PROFIT OR LOSS
Translation differences	-5.9	-10.4	9.4	2.5
Other comprehensive income for the period	-5.9	-10.4	9.4	2.5
Total comprehensive income for the period	-25.5	-24.8	151.2	140.1
Earnings per share before dilution, SEK	-0.32	-0.24	2.32	2.26
Earnings per share after dilution, SEK	-0.32	-0.24	2.32	2.26
Average number of shares, (thousand)	60,999	60,999	60,999	60,999
Number of shares at the end of the period, (thousand)	60,999	60,999	60,999	60,999

2019 has been affected by IFRS 16. The outcome for 2018 is reported according to the same principles as in 2018 and does not include effects of IFRS 16. For the corresponding accounts excluding the effects of IFRS 16 for all periods, see Appendix 1.

¹ Excluding effects of IFRS 16 until December 2019 and including effects of IFRS 16 from January 2019, see also Accounting policies on page 11.

Consolidated statement of financial position

Amounts in SEK M Note	December 31, 2019	December 31, 2018
ASSETS
FIXED ASSETS
Intangible fixed assets	2,111.7	2,154.3
Tangible fixed assets1	1,788.9	403.0
Financial fixed assets	15.6	18.4
Total fixed assets	3,916.2	2,575.8
CURRENT ASSETS
Inventories	928.8	871.2
Current receivables1	167.6	167.0
Cash and cash equivalents	32.0	52.5
Total current assets	1,128.3	1,090.7
Total assets	5,044.5	3,666.4
SHAREHOLDERS EQUITY AND LIABILITIES
Shareholders' equity	1,500.8	1,346.4
LIABILITIES
Borrowing from credit institutions1	200.0	304.9
Leasing liabilities - IFRS 16	1,040.0	0.0
Deferred tax liabilities	179.3	191.2
Other long liabilities	0.9	0.9
Long-term liabilities	1,420.2	497.0
Borrowing from credit institutions 1	1,042.1	846.0
Leasing liabilities - IFRS 16	335.1	0.0
Provisions 6	1.7	8.5
Accounts payable	511.6	748.4
Current tax liabilities	0.0	0.0
Derivatives	0.9	1.9
Other liabilities	57.9	65.3
Accrued expenses and deferred income	174.2	153.0
Current liabilities	2,123.5	1,823.1
Total shareholders' equity and liabilities	5,044.5	3,666.4

2019 has been affected by IFRS 16. The outcome for 2018 is reported according to the same principles as in 2018 and does not include effects of IFRS 16. For the corresponding accounts excluding the effects of IFRS 16 for all periods, see Appendix 2.

Consolidated statement of changes in equity

Amounts in SEK M	December 31, 2019	December 31, 2018
Opening balance at the beginning of the period	1.346.4	1.358.8
COMPREHENSIVE INCOME
Translation differences	9.3	2.5
Profit/loss for the period	141.8	137.6
Total comprehensive income	151.2	140.1
TRANSACTIONS WITH SHAREHOLDERS
Dividend to shareholders	0.0	-152.5
Warrants and issue of new shares	3.2	-0.1
Issue of warrants	0.0	0.0
Total transactions with shareholders	3.2	-152.6
Shareholders' equity at the end of the period	1,500.8	1,346.4

1 Excluding effects of IFRS 16 until December 2018 and including effects of IFRS 16 from January 2019, see also Accounting policies on page 11.

Amounts in SEK M	October - December		Full Year	Full Year
	2019	2018	2019	2018
CASH FLOW FROM OPERATING ACTIVITIES
EBIT	-15.6	-16.3	230.0	188.1
Non-cash items
- Depreciation and amortization of tangible and
intangible fixed assets1 - Other non-cash items	118.7	43.8	464.4	168.0
	-5.3	-6.7	18.6	-10.5
Interest received	0.0	0.7	8.8	13.3
Interest paid1	-15.4	-10.0	-65.7	-36.2
Tax paid	-2.8	-1.1	-64.8	-61.5
Cash flow from operating activities before changes in working capital	79.6	10.4	591.3	261.2
CHANGES IN WORKING CAPITAL
Increase/decrease in inventories and work in process	75.1	71.0	-57.8	9.5
Increase/decrease in other current receivables	-17.5	2.6	0.1	2.0
Increase/decrease in other current liabilities	-446.0	-287.9	-236.1	117.5
Cash flow from operating activities	-308.8	-204.0	297.5	390.3
CASH FLOW FROM INVESTING ACTIVITIES
Investment in intangible fixed assets	-4.5	-4.7	-22.2	-25.2
Sales of intangible fixed assets	0:3	0.0	0.5	0.0
Investment in tangible fixed assets	-9.2	-23.8	-121.0	-151.2
Investment in other financial fixed assets	0.4	0.0	0.4	0.0
Proceeds from sale of subsidiaries	0.0	0.0	0.0	2.4
Cash flow from investing activities	-13.0	-28.5	-142.3	-174.1
CASH FLOW FROM FINANCING ACTIVITIES
Change in overdraft facilities	481.8	323.6	201.5	75.0
Issue of warrants	0.0	0.0	0.0	-0.1
Divided to shareholders	0.0	0.0	0.0	-152.5
Amortization of lease liability	-69.7	0.0	-272.3	0.0
Amortization of loans	-104.3	-125.6	-104.9	-126.2
Cash flow from financing activities	307.8	197.9	-175.7	-203.8
Cash flow from the period	-14.0	-34.6	-20.6	12.4
Cash and cash equivalents at the beginning of the period	46.0	87.1	52.5	40.1
Cash and cash equivalents at the end of the period	32.0	52,5	32.0	52.5

Parent Company income statement

Amounts in SEK M		October - December	Full year	Full year
Note	2019	2018	2019	2018
REVENUE
Operating income	0.1	0.1	0.3	0.3
Total revenue	0.1	0.1	0.3	0.3
OPERATING EXPENSES
Other external expenses	-1.8	-1.3	-7.0	-8.5
Personnel costs	-0.2	-0.2	-0.8	-0.7
Total operating expenses	-2.0	-1.5	-7.8	-9.1
EBIT	-1.9	-1.5	-7.5	-8.8
Profit/loss from financial items	87.2	86.2	77.5	78.8
Profit/loss before tax	85.2	84.8	70.0	70.0
Tax on profit/loss	-3.3	-3.2	0.0	0.0
Profit/loss for the period	82.0	81.5	70.0	70.0

No statement of other comprehensive income was prepared since the company recognized no transactions under other comprehensive income. Accordingly, the profit for the period corresponds with the comprehensive income for the period.

Parent Company balance sheet

Amount in SEK M	Note	December 31, 2019	December 31, 2018
ASSETS
Fixed assets
Financial fixed assets		1,573.3	1,573.3
Total fixed assets		1,573.3	1,573.3
Current assets		93.6	92.9
Total current assets		93.6	92.9
Total assets		1.666.9	1,666.2
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity		243.2	173.2
Other long liabilities		200.0	304.9
Current liabilities		1,223.7	1,188.1
Total shareholders' equity and liabilities		1,666.9	1,666.2

Note 1 Segments

October - December

REVENUE, SEK M	Byggmax		Skånska Other Byggvaror			IFRS 16		Total
	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
Total net sales per segment	1,063,.3	1.134.9	95.4	92.3	0.1	0.5			1,158.8	1,227.7
Net sales internal	204.9	226.1	3.9	2.6	0.1	0.5			208.9	229.1
Net sales external	858.4	908.7	91.5	89.8	0.0	0.0			949.9	998.7
EBITA excl. non-recurring items1	-3.8	3.1	-4.6	-8.0	-1.8	-1.5	4.5	0.0	-5.7	-6.4
EBITA margin, percent1	-0.4	0.3	-4.9	-8.7					-0.6	-0.6
Amortization									-9.9	-9.9
Financial income								0.0	2.7
Financial expenses1								-15.4	-10.4
Profit/loss before tax excl. non-recurring items							-31.0	-24.0

2019 does not include IFRS 16 as IFRS 16 is stated separately. 2018 is reported according to the same principles as the accounting principles 2018 and does not include the effects of IFRS 16.

NET SALES PER GEOGRAPHY, SEK M	Sweden			Other Nordic countries	Total
	2019	2018	2019	2018	2019	2018
Byggmax	656.3	683.4	202.1	225.4	858.4	908.8
Skånska Byggvaror	72.6	76.7	18.9	13.1	91.5	89.8
Others	0.0	0.0	0.0	0.0	0.0	0.0
Total net sales	728.9	760.1	221.0	238.5	949.9	998.6

January - December

REVENUE, SEK M	Byggmax		Skånska Byggvaror		Other		IFRS 16		Total
	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
Total net sales per segment	5,763.5	5,606.6	530.2	525.7	1.1	1.0			6,294.9	6,133.2
Net sales internal	1,000.2	1,008.7	16.2	15.9	1.1	1.0			1,017.5	1,025.5
Net sales external	4,763.3	4,597.9	514.1	509.9	0.0	0.0			5,277.4	5,107.8
EBITA excl. non-recurring items1	250.1	238.3	9.2	-16.1	-7.3	-4.4	17.7	0.0	269.7	217.8
EBITA margin, percent	4.3	4.3	1.7	-3.1					5.1	4.3
Amortization									-39,6	-39.6
Financial income								12.8	18.7
Financial expenses1									-67.9	-44.6
Profit/loss before tax excl. non-recurring items								174.9	152.3

2019 has been affected by IFRS 16. Income statement for 2018 is reported according to the same principles as in 2018 and does not include effects of IFRS 16.

¹ Excluding effects of IFRS 16 until December 2018 and including effects of IFRS 16 from January 2019, see also Accounting policies on page 11.

Note 1 Segments continued

January - December

NET SALES PER GEOGRAPHY, SEK M	Sweden			Other Nordic countries	Total
	2019	2018	2019	2018	2019	2018
Byggmax	3.644.3	3,495,9	1.119.0	1,101,9	4.763.3	4.597.9
Skånska Byggvaror	394.7	409,6	119.4	100,3	514.1	509.9
Others	0.0	0.0	0.0	0.0	0.0	0.0
Total net sales	4.039.0	3,905.5	1,238.4	1,202.2	5,277.4	5,107.8

ASSETS PER SEGMENT. SEK M	Byggmax		Skånska Byggvaror		Other		IFRS		Total
Incl. IFRS 16
	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
Total assets per segment1,2	2.665.7	2.657.5	813.0	1.024.5	206.6	-15.5	1.364.2	0.0	5.044.5	3.666.4
- of which fixed assets1	1.278.9	1.257.0	897.6	942.4	357.5	357.9	1.382.2	0.0	3.916.2	2,557.4

ASSETS PER SEGMENT, SEK M Excl. IFRS 16	Byggmax		Skånska Byggvaror		Other		Total
	2019	2018	2019	2018 /	2019	2018	2019	2018
Total assets per segment²	2.665.7	2.657.5	813.0	1.024.5	201.6	-15.5	3.680.3	3.666.4
- of which fixed assets	1.278.9	1,257.0	897.6	942.4	357.5	357.9	2.534.0	2,557.4

Note 2 Disclosures about transactions with related parties

No transactions occurred between Byggmax and related parties that could significantly impact the company's position and resuts.

The 2017 and 2019 Annual General Meetings resolved to introduce warrant programs for senior executives and other key staff atbyggmax. The warrants are priced at market value, which is based on a valuation made by an independent party. Each warrant entitles it holder to subscribe for one share in the exercise shown in the table below. The paricipants in the warants progam have
entered into a preempt. The 2017 warant program expires on Decemb

	2017
Total number	954.000
Price	4.37
Exercise price	67.5
Term	3.5
Number of participants	26

1 Excluding effects of IFRS 16 until December 2018 and including effects of IFRS 16 from January 2019, see also Accounting policies on page 11. ² Including balance bank, regardless of debit or utilized cash pool credit

Note 3 Income per quarter

	2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	2019	2019
	Q1	Q2	03	Q4	Q1	Q2	03	Q4	Q1	Q2	03	Q4
Net sales. SEK M	782.6	1,775.8	1,812.8	950.2	665.2	1.731.2	1.712.7	998.6	715.4	1.799.0	1.813.1	949.9
Gross margin, percent	30.3	30.6	31.6	31.1	32.0	30.2	30.7	31.3	33.4	30.7	32.2	33.3
EBITDA. excluding non- recurring costs, SEK M1	-23.5	210.2	266.0	22.1	-62.5	166.8	218.1	27.5	24.3	238.7	328.4	103.1
EBITDA. SEK M7	-23.5	210.2	260.1	-1.9	-57.5	168.0	218.1	27.5	24.3	238.7	328.4	103.1
EBITDA margin, percent	-3.0	11.8	14.3	-0.2	-8.6	9.7	12.7	2.8	3.4	13.3	18.1	10.9
EBITA.SEK M³	-52.0	181.8	230.8	-41.9	-88.1	136.5	185.7	-6.4	-77.8	132.9	220.4	-5.7
EBITA margin, percent1	-6.6	10.2	12.7	-4.4	-13.2	7.9	10.8	-0.6	-10.9	7.4	12.2	-0.6
EBIT. SEK M	-61.9	171.8	221.0	-59.0	-98.0	126.6	175.8	-16.3	-87.7	123.0	210.5	-15.6
EBIT margin, percent	-7.9	9.7	12.2	-6.2	-14.7	7.3	10.3	-1.6	-12.3	6.8	11.6	-1.6
Working capital. SEK M	121.9	-357.2	-128.8	162.1	221.6	-306.4	-152.0	71.5	91.7	-475.6	-48.5	352.6
Return on equity, percent	-4.0	10.6	12.9	-4.2	-5.9	7.7	10.2	-1.1	-6.2	6.6	10.8	-1.3
Cash flow from operating activities per share, SEK	-1.13	10.59	-0.21	-4.28	-1.15	10.59	0.30	-3.34	-0.44	12.92	-2.55	-5.06
Shareholders' equity per share, SEK	20.55	20.41	23.28	22.28	21.06	20.33	22.48	22.07	20.92	22.45	25.02	24.60
Profit after tax per share	-0.86	2.18	2.82	-0.96	-1.29	1.59	2.19	-0.24	-1.33	1.42	2.55	-0.32
Share price at the end of the period	61.50	61.25	68.50	55.00	41.50	39.00	36.35	32.00	30.55	37.06	29.40	26.44
Number of stores	141	145	148	147	148	159	161	163	163	171	174	172

2019 has been affected by IFRS 16. Reported periods prior up until December 2018 does not include effects of IFRS 16.

Excl. IFRS 16	2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	2019	2019
	01	Q2	03	Q4	01	Q2	03	Q4	01	02	Q3	Q4
EBITDA, excluding non recurring costs, SEK M	-23.5	210.2	266.0	22.1	-66.2	166.8	218.1	27.5	-48.6	162.7	250.9	25.4
EBITDA margin, excluding non recurring items, percent	-3.0	11.8	14.7	2.3	-10.0	9.6	12.7	2.8	-6.8	9.0	13.8	2.7
EBITA, excluding non recurring items, SEK M	-52.0	181.8	236.7	-0.8	-96.8	135.3	185.7	-6.4	-81.9	128.3	215.7	-10.1
EBITA margin, excluding non recurring items, percent	-6.6	10.2	13.1	-0.1	-14.6	7.8	10.8	-0.6	-11.4	7.1	11.9	-1.1
Profit/loss for the period	-51.6	132.6	171.9	-58.3	-78.4	96.7	133.7	-14.4	-78.1	89.4	158.3	-17.0

Q3

182

Q2

-88-82-78 Q1

Note 4 Fair value disclosures pertaining to financial instruments

The fair value of financial liabilities and assets is estimated as equal to their carrying amounts. All external loans have an interest period of three months, meaning that the carrying amount closely corresponds to fair value.

Note 5 Financial instruments

Byggmax only holds derivative instruments measured at fair value in its financial statements. These instruments are measured at fair value in profit or loss. The value of the derivative instributable to level 2 (observable data for the asset or liability) and is based on the daily rate at closing day. No reclassifications between the various levels took place during the period.

Note 6 Provisions

Provisions consist of restructuring costs for Skånska Byggvaror to focus on the core business "Garden Living", strengthening digital skills and reducing operating expenses, SEK 1.7 M.

Note 7 Depreciation

Depreciation includes depreciation of customer relations and brand for Skånska Byggvaror with SEK 39.6 M (39.6) in 2019.

l Excluding effects of IFRS 16 until December 2018 and including effects of IFRS 16 from January 2019, see also Accounting policies on page 11. - Exoluding of 1000 of in Re-10 Q3 and Q4 2017 as well as Q1 and Q2 2018.

-6 -10 -6

04

-42

Note 8 Effect of non-recurring items

	October - December		Full year	Full year
	2019	2018	2019	2018
Closure cost for four stores in Finland	0.0	0.0	0.0	6.2
Restructuring cost Skånska Byggvaror EBITDA	0.0	0.0	0.0	3.7
Total EBITDA effect	0.0	0.0	0.0	9.9
Total EBIT effect	0.0	0.0	0.0	9.9

1 Of which SEK 4.8 M is included in other external costs and operating expenses in the first six months 2018.

Key ratios

Byggmax has reviewed its terminology for alternative key ratios due to the guidelines from the European Securities and Markets Authority (ESMA). The Byggmax Group uses the alternative key ratios CBIT working capital, return on equity, net debt and equity/assets ratio. The Group believes that these key ratios can be utilized by users of the financial statements as a supplement in assessing the possibility of dividends, making strategic investments, evaluating profitability and assessing the Group's ability to meet its financial commitments. Byggmax reports alternative key ratios to describe the operations' underlying and to improve comparability between reporting periods and industries.

The Group's definitions are unchanged with prior periods. Calculation of alternative key data is available at www.byggmax.com under financial statistics. See link (http://om.byggmax.se/en/investors/financial-statistics)

Financial Key ratios	Definition
	Net sales for comparable stores: Net sales for comparable stores is an important industry-specific ration of the organic increase in sales. The ratio is a good tool for investors who want to compare sales increases for different companies in the industry. The Group defines this as sales for stores that are comparable.
EBITDA:	EBITDA is a ratio that the Group considers to be relevant for investors to understand earnings generated before investments in fixed assets. The Group defines earnings before interest, tax, depreciation and amortization (EBITDA) as EBIT from continuing operations excluding depreciation/amortization and impairment of tangible and intangible fixed assets.
items:	EBTTDA excluding non-recurring EBTDA excluding non-recurring items is a measure that the Group regards as relevant to an investor who wishes to understand the profit from current operations, excluding the impact on non-recurring items. The Group defines non-recurring items in the report as acquisition costs, earn out and close down costs for four stores in Finland. These items are not included in the ordinary business transactions and the amounts are of significant size and thus affect earnings and key ratios.
EBITDA excluding IFRS 16:	EBITDA excluding IFRS 16 is a ratio that the Group considers to be relevant for investors to understand earnings generated before investments in fixed assets. The Group defines earnings before interest, tax, depreciation and amortization (EBITDA) excluding IFRS 16 as EBIT from continuing operations excluding depreciation/amortization and impairment of tangible fixed assets and leasing as defined by IFRS 16.
EBITDA margin:	EBITDA divided by net sales
EBITA:	EBITA is a ratio that the Group considers to be relevant for investors to understand earnings generated before goodwill. The Group defines earnings before interest, tax and amortization (EBITA) as EBIT from continuing operations excluding depreciation/amortization of goodwill, customer relations and brand.
EBITA excluding IFRS 16:	EBITA excluding IFRS 16 is a ratio that the Group considers to be relevant for investors to understand earnings generated before goodwill. The Group defines earnings before interest, tax and amortization (EBITA) as EBIT excluding IFRS 16 from continuing operations excluding effects of leasing costs as defined by IFRS 16 excluding depreciation/amortization of goodwill, customer relations and brand.
EBITA margin:	EBITA divided by net sales
EBIT:	EBIT is a ratio that the Group considers to be relevant for investors to understand the net earnings from revenue and operating expenses without into consider capital costs and taxes. The Group defines earnings before interest and tax (EBIT) as operating profit.
EBIT margin:	EBIT divided by net sales
Earnings per share:	Profit after tax divided by the average number of shares outstanding at the end of the period.
Cash flow from operating activities per share:	Cash flow from operating activities for the period divided by the number of shares outstanding on the balance-sheet date.
Return on equity:	Return on equity is a ratio that the Group considers to be relevant for investors seeking to compare their investments with alternative investments. The Group defines return on equity as profit after tax divided by average shareholders' equity.

Key ratios continued

Ratios	Definition
Working capital:	Working capital is a ratio that the Group considers to be relevant for creditors and investors seeking to compare the amount of capital required by the Group to finance the operating activities. The Group defines working capital as items on the assets side (inventories, current receivables) less items on the liabilities side (accounts payable, current income tax liabilities, accrued expenses and deferred income).
Net debt:	Net debt is a ratio that the Group considers to be relevant for creditors who want to see the scope of the Group's total liabilities situation. The Group defines net debt as interest-bearing liabilities less cash and cash equivalents.
Equity/assets ratio:	Equity/assets ratio is a ratio that the Group considers to be important to creditors who want to understand the Group's long-term solvency. The Group defines the equity/assets ratio as shareholders' equity divided by total assets.

Definition of market-specific ratios and figures

Ratios	Definition
Gross margin:	(Net sales less goods for sale) in relation to net sales
Comparable stores:	A comparable unit is considered comparable from the beginning of the second year following the opening of the online or physical store. Stores relocated to new premises in an existing location are treated in the same manner.

Contacts

For further information, please contact the following individuals by telephone at + 46 (0)8 514 930 60 or by calling the direct numbers listed below:

Mattias Ankarberg, President

Tel: +46 (0)76 11 90 985 E-mail: mattias.ankarberg@byggmax.se

Helena Nathhorst, CFO

Tel: +46 (0)76 119 00 40 E-mail: helena.nathhorst@byggmax.se

Background information about Byggmax and press photos are available at www.byggmax.com.

Byggmax Group AB (publ) Box 6063, SE-171 06 Solna Sweden Visiting address: Armégatan 38 Tel: +46 (0)8 514 930 60, fax: + 46 (0)8 514 930 79 E-mail: info@byggmax.se Corporate Registration Number: 556656-3531 Registered office: Solna

THE BYGGMAX GROUP

Byggmax in brief

Byggmax Group consists of Byggmax, Buildor and Skånska Byggvaror. The first Byggmax store opened the doors 1993 and 17 years later, 2010, Byggmax Group' s stock was listed on the Stockholm Stock Exchange. Byggmax has operations in Sweden, Norway and Finland.

Business concept

Byggmax's business concept is to sell high-quality building supplies at the lowest price possible.

Business model and key factors for success

Byggmax offers affordable high-quality products for the most common maintenance and DIY projects. Since the start in 1993, the business has been characterized by the so-called "Byggmax concept" which has been decisive for the company's development. The concept is built on a limited product range. resource-efficient administration, strong company culture and a competitive and effective pricing strategy, as well as the stores' distinguished shape and design.

Goals

Byggmax has established the following long-term goals for the Group1:

• Organic sales growth of 10 to 15 percent per year.
• The EBITA margin should be 7-8 percent per year1
• Distribute at least 50 percent of net profit.

The company's long-term financial targets were updated in connection with the launch of an updated strategy in June 2017. To realize the strategy, a number of initiatives to increase efficiency and the rate of growth were implemented in 2017 and will be implemented in 2018. As a result of IFRS 16, we have updated the formulation of our profitability target as follows: an EBITA margin of 7-8 percent.

Strategies

Focus on organic growth based on existing strengths in store expansion, e-commerce and assortment development. To exemplify this strategy: in the summer of 2017, two tests were launched. The first was a condensed store format for smaller locations, and the second a garden concept in accordance with the Byggmax concept, with drive-in and an easy-to-buy, focused range of quality products and the market's lowest prices.

In conjunction with this, the financial targets have been updated to reflect a higher ambition. The target is organic growth of 10-15% per year, an EBITA margin of 7-8%, and a dividend of at least 50% of net profit

Byggmax organization

Byggmax has a resource-efficient organization with the majority of business activities managed centrally. Aside from the sales force, which is based in Byggmax stores, most business processes, includingByggmax's online sales, are managed across all stores by the head office in Solna, near Stockholm. In addition to the office in Solna, Skånska Byggvaror has an office in Helsingborg.

Risks and uncertainties

A number of factors can impact Byggmax's earnings and operations. Most of these factors can be managed through internal procedures, while certain factors are largely governed by external circumstances. For a more detailed description of the Group's risks and risk management, see the Annual Report. Apart from the risks described in the Annual Report, no material risks arose during the period.

Seasonal fluctuations

The company's operations are affected by strong seasonal variations controlled by consumer demand for basic building supplies. Due to the weather's impact on demand, Byggmax's sales and cash flow are generally higher in the second and third quarters, when about two thirds of the company's sales are generated, while these usually decline in the fourth and first quarters. Although seasonal variations do not normally affect Byggmax's earnings and cash flow from year to year, earnings and cash flow may be impacted during the year by unusually harsh or mild weather conditions, or by excessive or insufficient precipitation. Byggmax endeavors to balance the seasonal effects by launching new products that are not as susceptible to seasonal variations.

About Buildor se

Buildor.se has been a part of the Byggmax family since October 2015. Buildor.se was launched in 2013 with the goal of making it easier and more pleasant to shop for building supplies. Buildor offers a broad range of varied product categories at the market's most competitive prices for building supplies and interior fittings online.

About Skånska Byggvaror

Skånska Byggvaror has been a part of the Byggmax family since January 2016. Skånska Byggvaror was founded in 1965 and is an online Nordic distance retailer of value-added building products for the DIY market, with a particular strong presence within "Garden Living" categories, i.e., conservatories, green houses, and other garden buildings.

With internal product development and carefully selected suppliers, Skånska Byggvaror creates attractive products sold under its own brands. The path from idea to launch is and has always been short. This gives Skånska Byggvaror unique control over the assortment, in areas including quality, design and value. Since 2012. Skånska Byggvaror has successfully sold its products in Norway through the Grønt Fokus brand.

' From 2019 our profitability target has a result of IFRS 16 from EBITDA margin 9-10 percent per year to EBITA margin 7-8 percent per year.

Value drivers

Byggmax's ability to create value through its business is impacted in the long and short term by various external and internal factors. A selection of these are listed below.

Value drivers - short-term factors

• Trends in cost prices Cost prices impact Byggmax's margins. Historically, the market has passed on adjustments in cost prices to the end consumer.
• · Competitors' pricing Byggmax prices products based on the prices of the competition with the objective of always being the cheapest. Therefore, the pricing of competitors affects margins.
• · Short-term trends in the DIY market Byggmax operates in the DIY market and, accordingly, its trends impact the company.
• Weather Byggmax sells many items for outdoor use and, accordingly, sales are impacted by the weather. Seasonal variations are clearly visible and the company has significantly higher turnover in spring, summer and early autumn.
• · new stores is a key element of Byggmax's strategy in both the long and short term, thus making attractive store locations of key importance.

Value drivers - long-term factors

• The ability to maintain the strong corporate culture The Byggmax culture plays a key role in the company's success and its retention is a key factor for continued success.
• The ability to implement the company's strategy and business concept - Maintaining stringency levels in the product range and pricing as well as continuing to trim the organization through continuous improvements comprise a few of the key elements for success.
• · The ability to renew the concept and strategies when needed -The Byggmax concept has remained much the same since it was founded in 1993. However, the concept has developed over time and new ideas have been tested and incorporated or discarded.
• operates in the DIY market and its long-term trend is important.
• Trends in the attractiveness of the low-price segment in the DIY market – Byggmax's strategy is to become the largest operator in the low-price segment in the Nordic region. Longterm trends are therefore important.
• · Strategies of the competitors and their implementation thereof - Byggmax operates in a competitive market and the actions of the competitors affect the Group.
• Trend in demand for sun rooms Sun rooms represent an important product group for Skånska Byggvaror, one of the companies in the Byggmax Group.
• E-commerce trend in building materials E-commerce comprises a significant portion of Byggmax's sales and is an area in which the Byggmax Group is investing.
• Sustainable development Sustainablility is important for Byggmax an it impacts the Group's decisions.

Financial calendar

Interim report Q1 2020
Interim report Q22020
Interim report Q3 2020

April 21, 2020 July 15, 2020 October 21, 2020

The 2020 Annual general meeting will be held on May 6, 2020 in Stockholm.

The annual report will be available on www.byggmax.se from week 16, 2020

1 Datasource Euroclear.

2 Custody registered foreign owners

Ownership1	Number	Holding
	of shares	(%)
VERDIPAPIRFONDE ODIN SVERIGE	5.934.476	9.73
RBC INVESTOR SERVICES TRUSTE	5,742,913	9.41
Afa Försäkring	5,202.442	8.53
FÖRSAKRINGSAKTIEBOLAGET, AVANZA PENSION	4.987.604	8.18
BROWN BROTHERS HARRIMAN/LUX2	3,363,914	5.51
UNIONEN	2.400.000	3.93
FORSAKRINGSBOLAGET PRI	2,342.040	3.84
UBS SWITZERLAND AG2	1,195,635	1.96
NORDNET PENSIONSFÖRSÄKRING AB	1,087.351	1.78
PENSER YIELD	1,075,000	1.76
Total of the ten major shareholders	33.331.375	54.64
Totol other charono goro	77 667 670	1006

33,331,375	54.64
27,667,670	45.36
60,999,045	100.00

Amount in SEK M		October - December	Full year	Full year
	2019	2018	2019	2018
REVENUE
Net sales	949.9	998.6	5,277.4	5,107.8
Other operating income	7.3	1.7	9.5	15.7
Total revenue	957.2	1,000.3	5,286.9	5,123.4
OPERATING EXPENSES
Cost of goods sold	-633.4	-686.3	-3,585.7	-3,534.4
Other external costs and operating expenses	-142.8	-137.4	-658.5	-632.3
Personnel costs	-155.6	-149.1	-652.4	-600.6
Depreciation, amortization of tangible and intangible fixed assets	-45.4	-43.8	-178.0	-168.0
Total operating expenses	-977.3	-1,016.5	-5,074.5	-4,935.3
EBIT	-20.0	-16.3	212.5	188.1
Profit/loss from financial items	-7.6	-7.7	-23.5	-25.9
Profit before tax	-27.7	-24.0	188.7	162.2
Income tax	10.7	9.6	-36.1	-24.6
Profit/loss for the period	-17.0	-14.4	152.6	137.6
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
Items that will not be reclassified to profit or loss	0.0	0.0	0.0	0.0
	0.0	0.0	0.0	0.0
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS
Translation differences	-5.9	-10.4	9.3	2.5
			9.3	2.5
Other comprehensive income for the period	-5.9	-10.4
Total comprehensive income for the period	-23.0	-24.8	162.0	140.1
Earnings per share before dilution, SEK	-0.28	-0.24	2.50	2.26
Earnings per share after dilution, SEK	-0.28	-0.24	2.50	2.26
Average number of shares, (thousand)	60,999	60,999	60,999	60,999
Number of shares at the end of the period, (thousand)	60,999	60,999	60,999	60,999

Amounts in SEK M	Note	December 31, 2019	December 31, 2018
ASSETS
FIXED ASSETS
Intangible fixed assets		2,111.7	2,154.3
Tangible fixed assets		409.7	403.0
Financial fixed assets		12.6	18.4
Total fixed assets		2,534.0	2,575.8
CURRENT ASSETS
Inventories		928.8	871.2
Current receivables		185.6	167.0
Cash and cash equivalents		32.0	52.5
Total current assets		1,146.3	1,090.7
Total assets		3,680.3	3,666.4
SHAREHOLDERS EQUITY AND LIABILITIES
Shareholders' equity		1,511.6	1,346.4
LIABILITIES
Borrowing from credit institutions		200.0	304.9
Deferred tax liabilities		179.3	191.2
Other long liabilities		0.9	0.9
Long-term liabilities		380.2	497.0
Borrowing from credit institutions		1,042.1	846.0
Provisions	6	1.7	8.5
Accounts payable		511.6	748.4
Current tax liabilities		0.0	0.0
Derivatives		0.9	1.9
Other liabilities		57.9	65.3
Accrued expenses and deferred income		174.2	153.0
Current liabilities		1,788.5	1,823.1
Total shareholders' equity and liabilities		3,680.3	3,666.4

Translation comparative figures financial reports for segments

Below are recalculated comparative figures for Q1-Q4 2019 as a result of changed segment reporting and the effect of changed reporting of the effects of IFRS 16 in segments Q1-Q3 2019.

	2018	2018	2018	2018	2019	2019	2019
Net sales from external customers	Q1	02	03	Q4	Q1	Q2	03
Byggmax - old segment				882.9	641.3
From Other	579.7 18.2	1,488.6 41.3	1,529.3	25.9	18.3	1,571.7 25.2	1,622.6
Byggmax - new segment			32.0				25.8
Skånska Byggvaror	597.9	1,530.0	1,561.2	908.8	659.6	1,596.9	1,648.4
Other - old segment	67.3	201.3	151.5	89.8	55.7	202.1	164.8
	18:2	41.3	32.0	25.9	18:3	25.2	25.8
To Byggmax	-18.2	-41.3	-32.0	-25.9	-18.3	-25.2	-25.8
Other - new segment	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total net sales external customers	665.2	1,731.2	1,712.7	998.6	715.4	1,799.0	1,831.1
EBITDA, excl. non-recurring items
Byggmax - old segment	-33.4	150.6	204.5	26.5	-24.6	140.1	236.4
From Other	-4.4	7.7	-3.5	7.1	0.4	1.6	-5.0
Byggmax - new segment	-37.9	158.4	201.0	33.6	-24.2	141.8	231.4
Skånska Byggvaror - old segment	-24.5	10.4	18.5	-4.6	-23.0	22.9	21.4
Other - old segment	-8.3	5.8	-4.9	5.7	-1.0	-0.3	-6.8
To Byggmax	4.4	-7.7	3.5	-7.1	-0.4	-1.6	5.0
Other - new segment	-3.8	-2.0	-1.4	-1.4	-1.4	-1.9	-1.8
Total EBITDA, excl. non-recurring items	-66.2	166.8	218.1	27.5	-48.5	162.7	250.9
EBITA, excl. non-recurring items
Byggmax - old segment	-61.0	122.5	175.3	-3.4	-50.9	113.3	208.9
From Other	-4.9	7.3	-4.0	6.6	-0.1	1.0	-5.6
To IFRS 16					-3.9	-4.4	-4.5
Byggmax -new segment	-65.8	129.7	171.3	3.1	-54.9	109.9	198.7
Skånska Byggvaror - old segment	-27.1	7.7	15.9	-8.0	-25.4	20.5	19.0
To IFRS 16					-0.1	-0.1	-0.1
Skånska Byggvaror-new segment	-27.1	7.7	15.9	-8.0	-25.5	20.4	18.8
Other - old segment	-8.8	5.2	-5.5	5.1	-1.6	-1.0	-7.5
To Byggmax	4.9	-7.3	4.0	-6.6	0.1	-1.0	5.6
Other - new segment	-3.9	-2.1	-1.5	-1.5	-1.5	-2.0	-1.9
Total EBITA, excl. non-recurring items	-96.8	135.3	185.7	-6.4	-81,9	128.3	215.7
IFRS 16					4.1	4.5	4.7
Total EBITA, excl. non-recurring items, incl. IFRS 16	-96.8	135.3	185.7	-6.4	-77.8	132.9	220.3

	2018	2018	2018	2018	2019	2019	2019
	Q1	02	03	Q4	Q1	02	03
Assets per segment incl IFRS 16
Byggmax - old segment	2,153.6	2,670.9	2,571,2	2,316,6	3,975.6	4,642.8	4,353.9
From Other	428.5	479.4	431.2	340.9	72.6	182.6	39.5
To IFRS					-1 350,5	-1 384,0	-1 358,8
Byggmax - new segment	2,582,1	3,150.3	3,002.4	2,657.5	2,697.7	3,441.3	3,034.5
Skånska Byggvaror - old segment	1,113.8	1,104.4	1,064,4	1,053,9	908.3	977.5	940.0
From Other	-1.2	-2.6	-0,9	-29,4
To IFRS					-49,9	-45,2	-40.0
Skånska Byggvaror - new segment	1,112.6	1,101.8	1,063.5	1,024.5	858.4	932.3	900.1
Other - old segment	495.8	148.7	152.8	296.0	276.1	-173.0	-120.5
To Byggmax	-427.3	-476.7	-430.3	-311.5	-72.6	-182.6	-39.5
Other - new segment	68.5	-328.0	-277.5	-15.5	203.4	-355.6	-160.0
IFRS					1,400.4	1,429.2	1,398.7
Total assets incl IFRS 16	3,763.2	3,924.0	3,788.5	3,666.4	5,160.0	5,447.2	5,173.4
Fixed Assets per segment incl IFRS 16
Byggmax - old segment	1,443.6	1,480.7	1,489.2	1,476.9	2,895.6	2,925.3	2,886.8
From Other	-219.7	-219.7	-219.8	-219.9	-208.0	-211.0	-212.1
To IFRS					-1,391.7	-1,411.5	-1,372.0
Byggmax - new segment	1,223.9	1,260.9	1,269.4	1,257.0	1,295.8	1,302.8	1,302.7
Skänska Byggvaror - old segment	974.3	964.8	954.6	942.4	986,7	972.0	955.7
To IFRS					-54,8	-50.0	-44.7
Skånska Byggvaror - new segment	974.3	964.8	954.6	942.4	931,9	922.0	910.9
Other - old segment	138.5	138.4	138.2	138,.0	150.3	147.1	145.5
To Byggmax	219.7	219.7	219.8	219.9	208.0	211.0	212.1
Other - new segment	358.2	358.1	358.0	357.9	358,3	358.0	357.6
IFRS					1,446.5	1,461.5	1,416.8
Total Fixed Assets incl IFRS 16	2,556.4	2,583.9	2,582.1	2,557.3	4,032.5	4,044.4	3,987.9
Assets per segment excl IFRS 16
Byggmax - old segment	2,153.6	2,670.9	2,571.2	2,316.6	2,625.1	3,258.7	2,995.1
From Other	428.5	479.4	431.2	340.9	72.6	182.7	39.5
Byggmax - new segment	2,582.1	3,150.3	3,002.4	2,657.5	2,697.8	3,441.3	3,034.5
Skånska Byggvaror - old segment	1,113.8	1,104.4	1,064.4	1,053.9	858,4	932,3	900,1
From Other	-1.2	-2.6	-0.9	-29.4
Skånska Byggvaror - new segment	1,112.6	1.101.8	1,063.5	1,024.5	858.4	932.3	900.1
Other - old segment	495.8	148.7	152.8	296.0	276.1	-173.0	-120.5
To Byggmax and Skånska Byggvaror	-427.3	-476.7	-430.3	-311.5	-72.6	-182,6	-39.5
Other - new segment	68.5	-328.0	-277.5	-15.5	203.5	-355.6	-160.0
Total Assets xncl IFRS 16	3,763.2	3,924.0	3,788.5	3,666.4	3,759.6	4,018.0	3,774.7
Fixed Assets per segment excl IFRS 16
Byggmax - old segment	1,443.6	1,480.7	1,489.2	1,476.9	1,503.8	1,513.8	1,514.8
From Other	-219.7	-219.7	-219.8	-219.9	-208.0	-211.0	-212.1
Byggmax - new segment	1,223.9	1,260.9	1,269.4	1,257.0	1,295.8	1,302.8	1,302.7
Skånska Byggvaror - old segment	974.3	964.8	954.6	942.4	931.9	922.0	910.9
Other - old segment	138,.5	138.4	138.2	138.0	150.3	147.1	150.3
To Byggmax and Skånska Byggvaror	219.7	219.7	219.8	219.9	208.0	211.0	212.1
Other - new segment	358.2	358.1	358.0	357.9	358.3	358.0	362.4
Total Assets xncl IFRS 16	2,556.4	2,583.9	2,582.1	2,557.3	2,586.0	2,582.9	2,575.9