Interim / Quarterly Report • Aug 17, 2018
Interim / Quarterly Report
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JANUARY 1 – JUNE 30 2018
Organic growth of 44% (constant currency 40%) in the second quarter with 43% growth in Boozt.com and 90% growth in Booztlet.com. Adjusted EBIT margin increased 2.7 percentage points to 4.9%. For the first six months organic growth was 38% and adjusted EBIT margin increased 1.5 percentage points to 2.4%. The revenue growth outlook for 2018 is adjusted upwards to more than 36% from previously more than 33%.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Net revenue | 714.7 | 496.1 | 44.0% | 1 266.6 | 917.3 | 38.1% |
| Gross profit | 300.4 | 220.1 | 36.5% | 516.4 | 407.2 | 26.8% |
| EBIT | 34.1 | -82.9 | n.m. | 27.7 | -109.1 | n.m. |
| Adjusted EBIT | 35.0 | 10.9 | 221.8% | 30.8 | 8.3 | 269.4% |
| Earnings per share (SEK) | 0.43 | -1.37 | 1.80 | 0.23 | -1.79 | 2.02 |
| Organic growth, % | 44.0% | 39.0% | 5.1 pp | 38.1% | 48.7% | -10.6 pp |
| Gross margin, % | 42.0% | 44.4% | -2.3 pp | 40.8% | 44.4% | -3.6 pp |
| EBIT margin, % | 4.8% | -16.7% | 21.4 pp | 2.2% | -11.9% | 14.0 pp |
| Adjusted EBIT margin, % | 4.9% | 2.2% | 2.7 pp | 2.4% | 0.9% | 1.5 pp |
CEO Hermann Haraldsson says: "As communicated after Q1 we had solid momentum in the first part of Q2, which we maintained throughout the quarter resulting in a growth of 44%. As always, our focus is on giving the best possible customer experience to increase the loyalty with our customers. The positive development in the key performance indicators such as customer satisfaction and true frequency shows that the building blocks for continued growth are in place."
"Profitability showed a good development as the operational cost ratios improved showing the value of our flexible and scalable setup in both fulfilment, marketing and administration. The positive development on the operational side was partly offset by a lower gross margin. Trading conditions turned a bit more difficult towards the end of the quarter due to the unusual long and warm summer in the Nordics. As we are allergic to building up too much inventory in season we increased the promotional activity towards the end of Q2, putting pressure on the gross margin. This has continued into Q3."
"Based on our solid performance in the first six months and momentum in the key performance indicators we feel confident in increasing our growth guidance to more than 36% for the year. We look forward to a busy rest of the year with increased focus on the categories Beauty, Sports and Kids coupled with exciting brand launches such as adidas, Reebok and Polarn O. Pyret. Also Booztlet.com will be exciting to follow as our increased focus allows for a stronger push into the off-price segment."
| Outlook for 2018* | ||
|---|---|---|
| 17 August 2018 | 17 May 2018 | |
| Net revenue growth | More than 36% | More than 33% |
| Adjusted EBIT margin | Slightly improved from 2.4% | Slightly improved from 2.4% |
*The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year.
| SEK million unless otherwise indicated | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change | Rolling 12 months |
|---|---|---|---|---|---|---|---|
| GROUP | |||||||
| Net revenue | 714.7 | 496.1 | 44.0% | 1,266.6 | 917.3 | 38.1% | 2,365.7 |
| Net revenue growth (%) | 44.0% | 39.0% | 5.1 pp | 38.1% | 48.7% | -10.6 pp | 40.3% |
| Gross margin (%) | 42.0% | 44.4% | -2.3 pp | 40.8% | 44.4% | -3.6 pp | 41.0% |
| Fulfilment cost ratio (%) | -13.4% | -15.5% | 2.1 pp | -13.4% | -17.8% | 4.3 pp | -13.5% |
| Marketing cost ratio (%) | -12.7% | -13.3% | 0.6 pp | -13.1% | -14.1% | 1.0 pp | -12.6% |
| Admin & other cost ratio (%) | -9.6% | -30.5% | 20.9 pp | -10.3% | -23.1% | 12.8 pp | -10.3% |
| Depreciation cost ratio (%) | -1.6% | -1.8% | 0.1 pp | -1.8% | -1.3% | -0.5 pp | -1.8% |
| Adjusted fulfilment cost ratio (%) | -13.4% | -15.2% | 1.8 pp | -13.4% | -15.6% | 2.1 pp | -13.5% |
| Adjusted admin & other cost ratio (%) | -9.5% | -12.0% | 2.4 pp | -10.0% | -12.5% | 2.5 pp | -10.2% |
| EBIT | 34.1 | -82.9 | n.m. | 27.7 | -109.1 | n.m. | 67.0 |
| EBIT margin (%) | 4.8% | -16.7% | 21.4 pp | 2.2% | -11.9% | 14.0 pp | 2.8% |
| Adjusted EBIT | 35.0 | 10.9 | 221.8% | 30.8 | 8.3 | 269.4% | 70.7 |
| Adjusted EBIT margin (%) | 4.9% | 2.2% | 2.7 pp | 2.4% | 0.9% | 1.5 pp | 3.0% |
| Adjusted EBITDA | 46.5 | 19.6 | 137.4% | 53.4 | 20.1 | 166.1% | 112.4 |
| Adjusted EBITDA margin (%) | 6.5% | 3.9% | 2.5 pp | 4.2% | 2.2% | 2.0 pp | 4.7% |
| Earnings for the period | 24.2 | -68.3 | 92.4 | 12.9 | -86.2 | 99.1 | 86.5 |
| Earnings per share (SEK) | 0.43 | -1.37 | 1.80 | 0.23 | -1.79 | 2.02 | 1.54 |
| Earnings per share after dilution (SEK) | 0.42 | -1.37 | 1.79 | 0.22 | -1.79 | 2.01 | 1.50 |
| Cash flow from operating activities | 133.9 | 17.4 | 116.5 | 126.2 | -80.9 | 207.1 | 69.0 |
| Net working capital | 126.4 | 85.9 | 40.4 | 126.4 | 85.9 | 40.4 | 126.4 |
| Cashflow from investments | -17.7 | -121.7 | 104.0 | -25.3 | -127.1 | 101.8 | -72.7 |
| Net debt / -net cash | -440.4 | -433.0 | -7.3 | -440.4 | -433.0 | -7.3 | -440.4 |
| Equity / asset ratio | 51.2% | 51.9% | -0.7 pp | 51.2% | 51.9% | -0.7 pp | 51.2% |
| Number of employees and end of period | 304 | 213 | 91 | 304 | 213 | 91 | 304 |
| Boozt.com | |||||||
| Net revenue | 688.3 | 481.9 | 42.8% | 1,215.3 | 879.2 | 38.2% | 2,282.3 |
| EBIT | 36.6 | -79.4 | n.m. | 28.1 | -108.4 | n.m. | 65.4 |
| EBIT margin (%) | 5.3% | -16.5% | 21.8 pp | 2.3% | -12.3% | 14.6 pp | 2.9% |
| Adjusted EBIT | 37.4 | 12.0 | 210.7% | 31.1 | 6.1 | 411.0% | 69.0 |
| Adjusted EBIT margin (%) | 5.4% | 2.5% | 2.9 pp | 2.6% | 0.7% | 1.8 pp | 3.0% |
| Site visits (000) | 26,560 | 21,056 | 26.1% | 51.519 | 40.793 | 26.3% | 99.232 |
| No. of orders (000) | 869 | 641 | 35.5% | 1,507 | 1,151 | 30.9% | 2,865 |
| Conversion rate (%) | 3.27% | 3.05% | 0.2 pp | 2.93% | 2.82% | 0.1 pp | 2.89% |
| True frequency | 7.2 | 6.1 | 7.2 | 6.1 | 7.2 | ||
| Average order value (SEK) | 801 | 765 | 4.7% | 810 | 775 | 4.5% | 804 |
| Active customers (000) | 1,185 | 916 | 29.3% | 1,185 | 916 | 29.3% | 1 185 |
| No. of orders per active customer | 2.42 | 2.30 | 4.9% | 2.42 | 2.30 | 4.9% | 2.42 |
| Booztlet.com | |||||||
| Net revenue | 22.7 | 11.9 | 89.8% | 45.0 | 22.8 | 97.1% | 71.3 |
| EBIT | 2.4 | -1.9 | n.m. | 6.2 | -1.2 | n.m. | 9.6 |
| EBIT margin (%) | 10.6% | -15.9% | 26.4 pp | 13.9% | -5.4% | 19.2 pp | 13.5% |
| Adjusted EBIT | 2.4 | 0.4 | 446.5% | 6.4 | 1.7 | 273.3% | 9.7 |
| Adjusted EBIT margin (%) | 10.7% | 3.7% | 6.9 pp | 14.1% | 7.5% | 6.6 pp | 13.7% |
| Other | |||||||
| Net revenue | 3.7 | 2.3 | 62.3% | 6.3 | 15.2 | -58.5% | 12.1 |
| EBIT | -4.9 | -1.6 | 200.5% | -6.6 | 0.6 | n.m. | -8.1 |
| EBIT margin (%) | -130.9% | -70.7% | -60.2 pp | -104.5% | 3.7% | -108.2 pp | -66.5% |
| Adjusted EBIT | -4.9 | -1.6 | 200.5% | -6.6 | 0.6 | n.m. | -8.1 |
| Adjusted EBIT margin (%) | -130.9% | -70.7% | -60.2 pp | -104.5% | 3.7% | -108.2 pp | -66.5% |
Net revenue in Q2 increased with 44.0% to SEK 714.7 million (496.1). Currency had a positive impact of around 4 percentage points on net revenue growth and relates primarily to the strengthening of DKK, EUR and NOK compared to SEK.
The net revenue increase was driven by 42.8% growth for Boozt.com and 89.8% growth for Booztlet.com. The structural growth towards online continued in the Nordics, and while the beginning of the quarter was positive impacted by the sudden change of weather, the long summer began to have a negative impact on the customer activity towards the end of the period, leading to more promotional activity to drive traffic and clear seasonal inventory.
Other net revenue increased to SEK 7.0 million (4.4) in the second quarter driven by marketing income and realised revenue from breakage of gift cards.
For the first 6 months net revenue increased with 38.1% to SEK 1,266.6 million (917.3). Currency had a positive impact of around 4 percentage points on net revenue growth and relates primarily to the strengthening of DKK, EUR and NOK compared to SEK.
Other net revenue increased to SEK 18.0 million (9.0) in the first six months driven by marketing income and realised revenue from breakage of gift cards. Breakage from gift cards has been re-estimated since January 1 2018. Breakage is classified as net revenue as a consequence of implementing IFRS 15, (see note 1 for reconciliation to previous disclosed income statement and financial position).
In the first quarter of 2017, a net revenue of SEK 10.8 million from the Group's commission sales agreement with ECCO was included in the segment Other, which impacts negatively the net revenue development of the segment Other for the first half of 2018 compared to the same period last year.
Net revenue growth in Sweden was 38.4% in the quarter, while the increase in rest of Nordic was 44.8%. The increase in Rest of Europe of 87.6% was driven by an increasing consumer appetite towards Nordic fashion brands, despite no change in marketing strategy outside the Nordics.
For the first 6 months net revenue growth in Sweden was 35.6%, while the increase in rest of Nordics was 41.4%. Rest of Europe increased 20.8% and was negatively impacted by the termination of the ECCO mono brand shop for Europe that the Group facilitated up until the first quarter of 2017.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| NET REVENUE | ||||||
| Sweden | 255.7 | 184.8 | 38.4% | 453.5 | 334.3 | 35.6% |
| Rest of Nordics | 423.5 | 292.4 | 44.8% | 746.5 | 527.8 | 41.4% |
| Rest of Europe | 35.5 | 18.9 | 87.6% | 66.6 | 55.1 | 20.8% |
| TOTAL Net revenue | 714.7 | 496.1 | 44.0% | 1,266.6 | 917.3 | 38.1% |
| Nordics | 679.1 | 477.2 | 42.3% | 1,200.0 | 862.1 | 39.2% |
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 Jun 30, 2017. The second quarter refers to the period April – June 2018.
The gross profit increased with 36.5% to SEK 300.4 million (220.1) during the quarter. The gross margin decreased to 42.0% (44.4%).
The decrease in gross margin is mainly driven by an early start to the sales season compared to a later start last year and increased promotional activity to drive traffic in June, where the very warm weather tempered consumer spending.
For the first six months gross profit increased with 26.8% to SEK 516.4 million (407.2). The gross margin decreased to 40.8% (44.4%).
The decrease in gross margin can be partly explained by the reasons above but also by the items impacting gross margin in Q1 2018, being delayed spending on full price spring items due to the cold weather, a relative smaller share of campaign goods and the terminated commission sales agreement with ECCO.
EBIT increased to SEK 34.1 million (-82.9) for the quarter, while the EBIT margin increased 21.5 percentage points to 4.8% (-16.7%).
The increase is driven by improvements in all the operational cost ratios but primarily the admin & other cost ratio which decreased 20.9 percentage points from 30.5% to 9.6%. The decrease in the admin & other cost ration was primarily driven by Q2 2017 being impacted negatively by one-off costs related to the IPO. The fulfilment cost ratio decreased 2.1 percentage points from 15.5% to 13.4% due to improved productivity and the economies of scale achieved through the investments made in the group's fulfilment centre during 2017, but also partly due to one-off costs related to the warehouse move in Q2 2017 of SEK 1.6 million. The marketing cost ratio decreased 0.6 percentage point to 12.7% (13.3%). Scale effects in marketing were partly offset by higher spending on new customers, which continue to be a priority as long as they can be acquired at an acceptable price.
For the first six months EBIT increased to SEK 27.7 million (-109.1), while the EBIT margin increased 14.1% percentage points to 2.2% (-11.9%).
The increase is mainly attributable to one-off costs related to the IPO in Q2 2017, but also driven by improvements in all the operational cost ratios due to scale and efficiency effects partly offset by lower gross margin.
Adjusted EBIT amounted to SEK 35.0 million (10.9) in the second quarter. The adjustment is related to change in the reserve for social charges related to the Group's warrant program of SEK -0.5 million. The size of the reserve fluctuates between periods since it, among other things, is affected by the share price of the company and the probability of number of vested warrants. The adjustment also includes cost for share-based payments related to the warrant program of SEK -0.3 million.
The adjusted EBIT margin increased with 2.7 percentage points to 4.9% (2.2%). The improvement is due to an improvement in the adjusted operating cost ratios partly offset by lower gross margin.
The adjusted fulfilment cost ratio decreased with 1.8 percentage points from 15.2% to 13.4% due to improved productivity and the economies of scale achieved through the investments made in the group's fulfilment centre during 2017. The adjusted admin & other cost ratio decreased with 2.4 percentage point in the period to 9.5% (12.0%). The decrease is driven by positive scale effects from better terms with suppliers as well as a relatively slower increase in staff costs.
For the first six months adjusted EBIT amounted to SEK 30.8 million (8.3). Adjustments of SEK -2.0 million related to change in the reserve for social charges related to the Group's warrant program and SEK -1.1 million for share-based payments related to the warrant program were made. The adjusted EBIT margin increased with 1.5 percentage points to 2.4% (0.9%) driven by improved operational cost ratios partly offset by lower gross margin.
The adjusted fulfilment cost ratio improved with 2.1 percentage points driven by positive scale effects and efficiency gains. The adjusted admin & other costs improved with 2.5 percentage points driven by positive scale effects and less recruitment of personnel than expected.
The Group's financial costs amounted to SEK 2.3 million (0.7) and financial income amounted to SEK 1.6 million (2.7) in the quarter. The financial costs are attributable to interests on interest bearing liabilities as well as changes in fair value of the Group's derivatives. In the second quarter the depreciation of the SEK against NOK has lowered the value of the Group's derivative contracts. Financial income is attributable to change in fair value of the Group's derivatives for the period.
Net financial items amounted to SEK -0.7 million (2.0).
For the first six months financial costs amounted to SEK 9.6 million (1.1). Financial income amounted to SEK 1.6 million (5.9). Net financial items amounted to SEK -8.1 million (4.9). The decrease is driven by lower value of the Group's hedging contracts due to the depreciation of the SEK against NOK.
Tax amounted to SEK -9.2 million compared to a positive SEK 12.6 million in Q2 2017. During the quarter, the effective tax rate was 27.6% compared to 15.6% in the year-earlier period. Tax for the period consists 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 utilized.
The Group expects to utilise the deferred tax assets recognised within the coming 3 years. The Group has re-calculated the deferred tax asset using the new lower company tax rates in Sweden as of January 2019. There is no time limitation for the deferred tax asset relating to tax losses carried forward.
For the first six months tax amounted to SEK -6.7 million compared to a positive SEK 18.0 million in the first six months of 2017 resulting in an effective tax rate of 34.3% compared to 17.3% in the year-earlier period.
The net result for the quarter totalled SEK 24.2 million (-68.3). Earnings per share amounted to SEK 0.43 (-1.37).
For the first six months the net result totalled SEK 12.9 million (-86.2). Earnings per share amounted to SEK 0.23 (-1.79).
The Group realised a net working capital of SEK 126.4 million (85.9) equivalent to 5.3% (5.1%) of the net revenue for the last twelve months. Thus, the net working capital as percent of net revenue has increased compared to the same period last year with 0.2 percentage points. However, last year the net working capital as a percent of net revenue was affected by employees' withholding tax from the 2012 warrant program. Adjusted for this the net working capital percentage at end of Q2 2017 would have been approximately 7%.
Cash flow from operating activities amounted to SEK 133.9 million (17.4). The increase is driven by increased operating profit. Cash flow from changes in working capital amounted to SEK 87.4 million (85.4).
Cash flow from investing activities amounted to SEK -17.7 million (-121.7). The comparable period last year was impacted by the investment in fixed assets for the new fulfilment centre. Around SEK 10 million is attributable to the opening of the flagship beauty store in Copenhagen. Increased spending on fixed assets is expected over the next six months as phase two of the AutoStore expansion is planned to be completed ahead of Black Friday.
Cash flow from financing activities amounted to SEK 5.6 million (537.8) in the period and are attributable to proceeds from the execution of the 2018/2021 warrant program partly offset by loan repayments according to plan related to the automation expansion of the warehouse. The comparable period last year was impacted by the new share issue performed at the time of listing the Company's shares and liabilities raised attributable to the new fulfilment centre.
Cash flow for the quarter amounted to SEK 121.8 million (433.6).
For the first six months cash flow amounted to SEK 91.6 million (329.8). Cash flow from operating activities increased to SEK 126.2 million (-80.9) driven by improved operating profit and a positive development in working capital.
Total assets increased to SEK 1,593.3 million (1,379.1) driven by increased inventory volumes which is related to expected revenue growth.
Fixed assets increased to SEK 147.8 milion (125.2). The increase compared to last year relates to the investments made for the Group's fulfilment centre and the investments in the flagship beauty store in Copenhagen.
Deferred tax assets increased to SEK 85.7 million (54.8), due to capitalised tax losses carried forward.
| SEK million unless otherwise indicated | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Boozt.com | ||||||
| Net revenue | 688.3 | 481.9 | 42.8% | 1,215.3 | 879.2 | 38.2% |
| EBIT | 36.6 | -79.4 | n.m. | 28.1 | -108.4 | n.m. |
| EBIT margin (%) | 5.3% | -16.5% | 21.8 pp | 2.3% | -12.3% | 14.6 pp |
| Adjusted EBIT | 37.4 | 12.0 | 210.7% | 31.1 | 6.1 | 411.0% |
| Adjusted EBIT margin (%) | 5.4% | 2.5% | 2.9 pp | 2.6% | 0.7% | 1.8 pp |
| Site visits (000) | 26,560 | 21,056 | 26.1% | 51,519 | 40,793 | 26.3% |
| No. of orders (000) | 869 | 641 | 35.5% | 1,507 | 1,151 | 30.9% |
| Conversion rate (%) | 3.27% | 3.05% | 0.2 pp | 2.93% | 2.82% | 0.1 pp |
| True frequency | 7.2 | 6.1 | 7.2 | 6.1 | ||
| Average order value (SEK) | 801 | 765 | 4.7% | 810 | 775 | 4.5% |
| Active customers (000) | 1,185 | 916 | 29.3% | 1,185 | 916 | 29.3% |
| No. of orders per active customer | 2.42 | 2.30 | 4.9% | 2.42 | 2.30 | 4.9% |
Rounding differences may affect the summations.
Net revenue increased with 42.8% to SEK 688.3 million (481.9) in the quarter driven by momentum in all key performance indicators. For the first six months revenue increased with 38.2% to SEK 1,215.3 million (879.2).
New customer intake has been slightly higher than expected both in the quarter and for the first six months as we continue to be able to attract new customers within our accepted customer acquisition costs frame. Higher buying frequency from active customers also contributed to the positive development. True frequency developed positively with an increase from 6.1 to 7.2 both for the quarter and for the first 6 months. Customer satisfaction continued at a high level as shown by a Trustpilot score of 9.2 (9.1) and a NPS score of 71 (66).
Average order value increased to SEK 801 (765) for the quarter and SEK 810 (775) for the first six months. The increase was primarily driven by currency but also by a higher number of items per order. Return rates have been unchanged around 40% in the quarter and for the first six months.
EBIT increased to SEK 36.6 million (-79.4) for the quarter, while the EBIT margin improved 21.8 percentage points to 5.3% (-16.5%) as Q2 2017 was impacted negatively by IPO related costs.
The adjusted EBIT increased to SEK 37.4 million (12.0), while the EBIT margin improved 2.9 percentage points to 5.4% (2.5%). The increase was driven by improving cost ratios partly offset by lower gross margin.
For the first six months the EBIT increased to SEK 28.1 million (-108.4), while the EBIT margin improved 14.6 percentage points to 2.3% (-12.3%). The adjusted EBIT increased to SEK 31.1 million (6.1), while the EBIT margin improved 1.8 percentage points to 2.6% (0.7%). The increase was driven by improving cost ratios partly offset by lower gross margin.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Boozt.com - Net revenue, geographical split | ||||||
| Sweden | 246.7 | 179.9 | 37.1% | 435.1 | 324.1 | 34.3% |
| Rest of Nordics | 406.1 | 283.1 | 43.5% | 713.6 | 508.8 | 40.3% |
| Rest of Europe | 35.5 | 18.9 | 87.9% | 66.5 | 46.3 | 43.6% |
| TOTAL Net revenue | 688.3 | 481.9 | 42.8% | 1 215.3 | 879.2 | 38.2% |
The Boozt.com segment includes operations related to the Boozt.com site.
| SEK million unless otherwise indicated | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Booztlet.com | ||||||
| Net revenue | 22.7 | 11.9 | 89.8% | 45.0 | 22.8 | 97.1% |
| EBIT | 2.4 | -1.9 | n.m. | 6.2 | -1.2 | n.m. |
| EBIT margin (%) | 10.6% | -15.9% | 26.4 pp | 13.9% | -5.4% | 19.2 pp |
| Adjusted EBIT | 2.4 | 0.4 | 446.5% | 6.4 | 1.7 | 273.3% |
| Adjusted EBIT margin (%) | 10.7% | 3.7% | 6.9 pp | 14.1% | 7.5% | 6.6 pp |
Rounding differences may affect the summations.
Net revenue increased with 89.8% to SEK 22.7 million (11.9) in the quarter and is attributable to an increased focus on attracting new customers in the off-price segment (customers with a high interest in discounted goods) as well as providing incentives for active customers to increase their buying frequency. An effort to increase the purchase of campaign goods dedicated to Booztlet.com have made the strong growth possible. For the first six months revenue increased with 97.1% to SEK 45.0 million (22.8).
EBIT increased to SEK 2.4 million (-1.9), while the EBIT margin improved 26.4 percentage points to 10.6% (-15.9%) for the quarter. The increase of EBIT is driven by economies of scale, despite an increase in the allocated costs to the segment as well as Q2 2017 being impacted negatively by IPO related costs.
The adjusted EBIT increased to SEK 2.4 million (0.4), while the EBIT margin improved 6.9 percentage points to 10.7% (3.7%).
For the first six months the EBIT increased to SEK 6.2 million (-1.2), while the EBIT margin improved 19.2 percentage points to 13.9% (-5.4%).
The adjusted EBIT increased to SEK 6.4 million (1.7), while the EBIT margin improved 6.6 percentage points to 14.1% (7.5%).
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Booztlet.com - Net revenue, geographical split | ||||||
| Sweden | 9.0 | 4.8 | 86.0% | 18.3 | 9.5 | 93.0% |
| Rest of Nordics | 13.6 | 7.1 | 93.4% | 26.6 | 13.2 | 101.0% |
| Rest of Europe | 0.0 | 0.1 | -24.8% | 0.1 | 0.1 | -21.6% |
| TOTAL Net revenue | 22.7 | 11.9 | 89.8% | 45.0 | 22.8 | 97.1% |
Rounding differences may affect the summations.
Segment Booztlet. com includes operations on the Booztlet.com site, which is the Group's online outlet.
| SEK million unless otherwise indicated | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Other | ||||||
| Net revenue | 3.7 | 2.3 | 62.3% | 6.3 | 15.2 | -58.5% |
| EBIT | -4.9 | -1.6 | -200.5% | -6.6 | 0.6 | n.m. |
| EBIT margin (%) | -130.9% | -70.7% | -60.2 pp | -104.5% | 3.7% | -108.2 pp |
| Adjusted EBIT | -4.9 | -1.6 | -200.5% | -6.6 | 0.6 | n.m. |
| Adjusted EBIT margin (%) | -130.9% | -70.7% | -60.2 pp | -104.5% | 3.7% | -108.2 pp |
Rounding differences may affect the summations.
Net revenue increased with 62.3% to SEK 3.7 million (2.3) in the quarter. The increase is mainly attributable to an increase in the net revenue for the Booztlet store south of Copenhagen, but also the opening in June of the new Beauty by Boozt store in the centre of Copenhagen. For the first six months net revenue decreased with -58.5% to SEK 6.3 million (15.2). The decrease is attributable to the terminated commission sales agreement with ECCO, which ended in first quarter of 2017.
No adjustments to EBIT have been made for the segment other.
EBIT decreased to SEK -4.9 million (-1.6) in the quarter. The negative development can partly be explained by costs
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change |
|---|---|---|---|---|---|---|
| Other - Net revenue, geographical split | ||||||
| Sweden | - | - | - | 0.7 | -100.0% | |
| Rest of Nordics | 3.7 | 2.3 | 62.3% | 6.3 | 5.8 | 8.8% |
| Rest of Europe | - | - | - | 8.7 | -100.0% | |
| TOTAL Net revenue | 3.7 | 2.3 | 62.3% | 6.3 | 15.2 | -58.5% |
Rounding differences may affect the summations.
The segment other includes the Group's physical retail outlet; Booztlet, and the two retail stores Beauty by Boozt. Operations by other subsidiaries in the Group are also included in the segment Other. The segment included the ECCO's online store for the European market that was operated by the Group up until March 31, 2017.
Both MAC, Kiehl's and Urban Decay have a limited distribution in the Nordics, so becoming one of the few selected distributors strengthens the position as a leading online beauty retailer in the region. The Beauty category is important to Boozt.com, as fashion and beauty products go hand in hand. The customers can complete their look(s) with complementary beauty products and with a strong offering with many of the leading brands the building blocks for a successful category expansion is in place.
The 500 m2 Beauty by Boozt store allows for a physical presentation of the brands being sold on Boozt.com. The store itself is not a typical beauty store, as it gives the guests a completely different aesthetic and holistic experience than they are used to when shopping and will also serve as a marketing platform for Boozt. The store is expected to be loss-making in 2018.
No significant events took place after the reporting date.
Number of employees was 304 (213) at the end of the period equivalent to an increase of 43%, driven by the opening of the physical store in Copenhagen. The average number of employees was 238 (185) for the quarter equivalent to an increase of 29%. The average number of employees for the first six months was 227 (181).
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. To illustrate the long-term development trend the Group reports rolling twelve months' figures, where applicable.
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 10 B, 215 32 Malmö, Sweden.
Net sales of the parent company amounted to SEK 9.5 million (63.9) during the quarter. 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 loss for the quarter totalled SEK -1.5 million (-22.7).
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.
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. Identified risks as well as the risk management process are described in the Group's Annual Report.
The management of Boozt AB purchased warrants for SEK 6.3 million (0.0) in connection with the warrant program 2018/2021, which is considered a related party transaction.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| Purchase of warrants 2018/2021 program |
|||||
| Management of Boozt AB (publ) (PDMR) |
6.3 | - | 6.3 | - | 6.3 |
| Total value of transactions with related parties |
6.3 | - | 6.3 | - | 6.3 |
The Boozt share is traded under the ticker BOOZT and with the ISIN-code SE0009888738.
The average turnover of the Boozt share was 154,340 shares per day during the second quarter. As per June 30, 2018 the company had approximately 3,900 shareholders, whereof the largest shareholders were Sampension (9.87%), ATP (7.72%), and OppenheimerFunds (6.03%).
The total number of shares amounted to 56,338,433, with a quota value of SEK 0.0833 per share. From the 2015/2025 warrant program 267,500 warrants were outstanding at the end of the reporting period. Each warrant in the 2015/2025 gives a right to purchase 12 shares, meaning a total of 3,210,000 shares. From the 2018/2021 warrant program 1,137,347 warrants were outstanding at the end of the period. Each warrant in the 2018/2021 gives a right to purchase 1 share, meaning a total of 1,113,347 shares.
There is one class of shares in Boozt AB (publ). There are no shares with special rights or preferences. Beyond shares, the Company has issued warrants (right to acquire shares under specific terms and conditions).
All shares in the Company are listed.
The market value for the Company as per June 30, 2018 amounts to SEK 4,101 million.
The Group issued a warrant program for employees identified as key personnel in the Group. The Group CEO is included in this group.
For more information please see the annual report 2017.
The Annual General Meeting on 27 April 2018 in Boozt AB (publ) resolved on a long-term incentive program by way of a directed issue of warrants to a wholly owned subsidiary and approval of transfer of warrants from the subsidiary to group management and key employees (the "Warrants Program 2018/2021"). In accordance with the terms and conditions for Warrants Program 2018/2021, the subsidiary has subscribed for and transferred a total of 1,137,347 warrants to group management and key employees.
Each warrant in Warrants Program 2018/2021 entitles to subscription of one share in the company at a subscription price of SEK 96.31 corresponding to 126 per cent of the volume weighted average price according to Nasdaq Stockholm's official price list for shares in the company during the period as from 18 May 2018 to and including 24 May 2018. Subscription of shares by virtue of the warrants may be affected as from 1 June 2021 up to and including 14 June 2021.
The transfer of the warrants to the participants in Warrants Program 2018/2021 has been made at a price per warrant of SEK 9.18, corresponding to the fair market value of a warrant as of 31 May 2018 as established by Öhrlings Pricewaterhouse Coopers AB in accordance with the Black Scholes formula. Hence no IFRS 2 cost will affect the Group, and no provisions will be made for social charges.
More information can be found on www.booztfashion.com.
All resolutions were passed with the required majority. In accordance with the proposal from the Nomination Committee Henrik Theilbjørn, Jimmy Fussing Nielsen, Staffan Mörndal, Jón Björnsson, Kent Stevens Larsen and Charlotte Svensson are re-elected as ordinary board members. Bjørn Folmer Kroghsbo and Cecilia Lannebo were elected as new ordinary board members. Henrik Theilbjørn was re-elected as Chairman of the board. Gerd Rahbek-Clemmensen and Lotta Lundén had declined re-election as board members.
More information can be found on www.booztfashion.com.
The Group has increased its expectations for net revenue growth for 2018 and now expects a net revenue growth of more than 36% (previously more than 33%) driven by a positive impact from currencies and solid momentum. The adjusted EBIT margin is expected to slightly improve compared to the 2017 level of 2.4%. The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year
The Group maintains the below medium term financial targets adopted by the Board of Directors at the time of the listing of the Group.
| NET REVENUE | • The Group targets annual net revenue growth in |
|---|---|
| GROWTH | the range of 25-30% in the medium term |
| ADJUSTED EBIT MARGIN |
• The Group targets an adjusted EBIT margin exceeding 6% in the medium term • The Group expects to increase the adjusted EBIT margin annualy as the cost base is further levera- ged by net revenue growth |
| SEK million unless otherwise indicated Note |
Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| OPERATING INCOME | |||||
| Net revenue 2 |
714.7 | 496.1 | 1,266.6 | 917.3 | 2,365.7 |
| Other operating income | 1.7 | - | 3.7 | - | 6.0 |
| 716.3 | 496.1 | 1,270.3 | 917.3 | 2,371.7 | |
| OPERATING COSTS Goods for resale |
-414.2 | -276.0 | -750.2 | -510.1 | -1,395.5 |
| Other external costs | -213.3 | -192.6 | -390.7 | -368.8 | -722.0 |
| Cost of personnel | -43.2 | -99.5 | -79.1 | -130.8 | -145.6 |
| Depreciation and impairment losses | -11.5 | -8.7 | -22.5 | -11.7 | -41.6 |
| Other operating costs | - | -2.3 | - | -4.9 | - |
| Total operating costs | -682.2 | -579.1 | -1,242.6 | -1,026.3 | -2,304.7 |
| OPERATING PROFIT/LOSS (EBIT) 2 |
34.1 | -82.9 | 27.7 | -109.1 | 67.0 |
| FINANCIAL INCOME AND EXPENSES | |||||
| Financial income | 1.6 | 2.7 | 1.6 | 5.9 | 4.9 |
| Financial expenses 3 |
-2.3 | -0.7 | -9.6 | -1.1 | -16.2 |
| Net financial items | -0.7 | 2.0 | -8.1 | 4.9 | -11.3 |
| PROFIT/LOSS BEFORE TAX 2 |
33.4 | -80.9 | 19.7 | -104.2 | 55.7 |
| Income tax | -9.2 | 12.6 | -6.7 | 18.0 | 30.8 |
| PROFIT/LOSS FOR THE PERIOD | 24.2 | -68.3 | 12.9 | -86.2 | 86.5 |
| Effective tax rate | -27.6% | -15.6% | -34.3% | -17.3% | 55.3% |
| ATTRIBUTABLE TO: | |||||
| Parent company's shareholders | 24.2 | -68.3 | 12.9 | -86.2 | 86.5 |
| Average number of shares (000) | 56,338 | 49,821 | 56,338 | 48,267 | 56,338 |
| Average number of shares after dilution (000) | 57,677 | 52,949 | 57,692 | 51,776 | 57,716 |
| Earnings per share (SEK) | 0.43 | -1.37 | 0.23 | -1.79 | 1.54 |
| Earnings per share after dilution (SEK) | 0.42 | -1.37 | 0.22 | -1.79 | 1.50 |
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| PROFIT/LOSS FOR THE PERIOD | 24.2 | -68.3 | 12.9 | -86.2 | 86.5 |
| ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT: |
|||||
| Translation differences | -0.1 | 0.1 | -0.0 | 0.1 | 0.0 |
| Total earnings after tax | 24.1 | -68.1 | 12.9 | -86.1 | 86.5 |
| TOTAL COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD |
24.1 | -68.1 | 12.9 | -86.1 | 86.5 |
| ATTRIBUTABLE TO | |||||
| Parent company's shareholders | 24.1 | -68.1 | 12.9 | -86.1 | 86.5 |
| SEK million | Note | Jun 30, 2018 | Jun 30, 2017* | Dec 31, 2017* |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | ||||
| Web platform | 4 | 28.5 | 17.3 | 19.5 |
| 28.5 | 17.3 | 19.5 | ||
| Tangible assets | ||||
| Machinery and equipment | 4 | 147.8 | 125.2 | 155.1 |
| 147.8 | 125.2 | 155.1 | ||
| Deposits | 3 | 12.4 | 15.5 | 11.8 |
| Deferred tax asset | 85.7 | 54.8 | 92.5 | |
| 98.1 | 70.3 | 104.3 | ||
| Total non-current assets | 274.5 | 212.8 | 278.9 | |
| Current assets | ||||
| Inventories | 735.3 | 514.9 | 626.7 | |
| Accounts receivables | 3 | 9.6 | 9.0 | 34.0 |
| Other receivables | 3 | 10.2 | 40.3 | 38.2 |
| Current tax assets | 0.4 | 0.4 | 0.5 | |
| Prepaid expenses and accrued income | 41.6 | 44.1 | 26.9 | |
| Derivatives | 3 | - | 5.9 | 4.4 |
| Cash and cash equivalents | 3 | 521.8 | 551.6 | 429.7 |
| Total current assets | 1,318.9 | 1,166.3 | 1,160.2 | |
| TOTAL ASSETS | 1,593.3 | 1,379.1 | 1,439.1 | |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 4.7 | 4.7 | 4.7 | |
| Other capital contributions | 1,135.9 | 1,123.3 | 1,124.3 | |
| Reserves | 0.1 | 0.1 | 0.1 | |
| Retained earnings including profit for the period | -325.4 | -412.0 | -338.3 | |
| Equity attributable to parent company shareholders | 815.3 | 716.1 | 790.8 | |
| Non-current liabilities | ||||
| Interest bearing liabilities | 3 | 62.1 | 55.3 | 70.6 |
| Other provisions | 23.1 | 21.6 | 21.1 | |
| Total non-current liabilities | 85.1 | 76.9 | 91.7 | |
| Current liabilities | ||||
| Interest bearing liabilities | 3 | 19.4 | 63.3 | 30.6 |
| Accounts payables | 3 | 420.8 | 247.4 | 282.7 |
| Other liabilities | 3 | 58.2 | 76.6 | 62.0 |
| Derivatives | 3 | 2.8 | - | 0.3 |
| Accrued expenses and prepaid income | 191.7 | 198.8 | 181.1 | |
| Total current liabilities | 692.9 | 586.1 | 556.6 | |
| Total liabilities | ||||
| 778.0 | 663.0 | 648.3 |
Rounding differences may affect the summations. *Re-stated according to IFRS 15, please see note 1.
| SEK million | Share capital |
Other capital contributions |
Reserves | Profit brought forward incl. profit/loss for the year |
Total equity attributable to parent company shareholders |
|---|---|---|---|---|---|
| Equity brought forward Jan 1, 2017 | 3.9 | 689.2 | - | -325.8 | 367.3 |
| Profit for the period | - | - | - | -86.2 | -86.2 |
| Other comprehensive income | - | - | 0.1 | - | 0.1 |
| COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | - | - | 0.1 | -86.2 | -86.1 |
| Share capital increases | 0.7 | 399.2 | - | - | 400.0 |
| Costs of share issue | - | -15.6 | - | - | -15.6 |
| Sell of shares in own portfolio | 0.1 | 46.8 | - | - | 46.9 |
| Share based compensation | - | 3.7 | - | - | 3.7 |
| Total transactions with owners | 0.8 | 434.1 | - | - | 434.9 |
| Equity carried forward Jun 30, 2017 | 4.7 | 1,123.3 | 0.1 | -412.0 | 716.1 |
Rounding differences may effect the summations.
| SEK million | Share capital |
Other capital contributions |
Reserves | Profit brought forward incl. profit/loss for the year |
Total equity attributable to parent company shareholders |
|---|---|---|---|---|---|
| Equity brought forward Jan 1, 2018 | 4.7 | 1,124.3 | 0.1 | -338.3 | 790.8 |
| Profit for the period | - | - | - | 12.9 | 12.9 |
| Other comprehensive income | - | - | -0.0 | - | -0.0 |
| COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | - | - | -0.0 | 12.9 | 12.9 |
| Sell of options in own portfolio | - | 10.4 | - | - | 10.4 |
| Share based compensation | - | 1.1 | - | - | 1.1 |
| Total transactions with owners | - | 11.6 | - | - | 11.6 |
| Equity carried forward Jun 30, 2018 | 4.7 | 1,135.9 | 0.1 | -325.4 | 815.3 |
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017* |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017* |
Rolling 12 months* |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL |
|||||
| Operating profit | 34.1 | -82.9 | 27.7 | -109.1 | 67.0 |
| Adjustments for non-cash items: | - | ||||
| Non-cash renumeration from share based payments (social charges) |
0.3 | 3.2 | 2.0 | 5.3 | 1.5 |
| Non-cash renumeration from share based payments |
0.5 | 3.7 | 1.1 | 3.7 | 2.3 |
| Depreciation and impairment losses | 11.5 | 8.7 | 22.5 | 11.7 | 41.6 |
| Other items not included in cash flow | 0.6 | -0.0 | -0.1 | -0.2 | -0.3 |
| Interest paid | -0.6 | -0.7 | -1.2 | -1.1 | -2.6 |
| Paid income tax | -0.1 | 0.1 | 0.0 | 0.0 | -0.0 |
| CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL |
46.5 | -68.0 | 52.1 | -89.6 | 109.4 |
| CASH FLOW FROM CHANGES IN WORKING CAPITAL |
|||||
| Changes in inventory | 2.5 | 10.4 | -108.7 | -126.1 | -220.4 |
| Changes in current assets | 29.7 | -18.7 | 37.7 | 15.7 | 32.1 |
| Changes in current liabilities | 55.2 | 93.6 | 145.0 | 119.1 | 147.9 |
| Cashflow from changes in working capital | 87.4 | 85.4 | 74.0 | 8.7 | -40.4 |
| CASH FLOW FROM OPERATING ACTIVITIES | 133.9 | 17.4 | 126.2 | -80.9 | 69.0 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||||
| Investments in fixed assets 4 |
-10.5 | -113.6 | -11.8 | -116.5 | -57.6 |
| Change in financial assets 4 |
-0.6 | -5.5 | -1.0 | -5.8 | 2.7 |
| Investments in intangible assets 4 |
-6.7 | -2.5 | -12.6 | -4.8 | -17.9 |
| CASH FLOW FROM INVESTING ACTIVITIES | -17.7 | -121.7 | -25.3 | -127.1 | -72.7 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||||
| New share issue | - | 431.2 | - | 431.2 | - |
| Sell of options in own portfolio | 10.4 | - | 10.4 | - | 10.4 |
| New loans | - | 124.2 | - | 124.2 | 38.9 |
| Repayment of loans | -4.8 | -17.6 | -19.7 | -17.6 | -76.1 |
| CASH FLOW FROM FINANCING ACTIVITIES | 5.6 | 537.8 | -9.3 | 537.8 | -26.7 |
| Cash flow for the period | 121.8 | 433.6 | 91.6 | 329.8 | -30.5 |
| Currency exchange gains/losses in cash and cash equivalents |
-0.3 | 0.0 | 0.6 | 0.0 | 0.6 |
| Cash and cash equivalents beginning of period | 400.2 | 118.1 | 429.7 | 221.8 | 551.6 |
| CASH AND CASH EQUIVALENTS END OF PERIOD | 521.8 | 551.6 | 521.8 | 551.6 | 521.8 |
Rounding differences may affect the summations. *Re-stated according to IFRS 15, please see note 1.
The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
The accounting and measurement policies, as well as the assessment bases, applied in the 2017 Annual Report have also been applied in this quarterly report, with exception of what is described below.
IFRS 15 has replaced all previously issued standards and interpretations which manage revenue with a comprehensive model for revenue recognition. 99% of the Group's current revenue streams consist of sales of goods with a right of return. For sales with a right of return, revenues are not recognised for products that are expected to be returned. Any received payments for expected returns is reported as debt for repayment. The expected rate of return is to be calculated reliably. The Group's current principle for sale of goods with a right of return is made in accordance with the principle described above. Expected rate of returns are calculated with a consistent model used over time and based on historical data.
The Group has applied full retroactive accounting on the transition to IFRS 15. The effects on the income statement, balance sheet and cash flow for the comparison quarter are displayed below.
| SEK million | Jun 30, 2017 | IFRS 15 changes |
Jun 30, 2017, re-stated |
|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT |
|||
| Net revenue | - | - | - |
| External costs | - | - | - |
| CONSOLIDATED FINANCIAL POSITION |
|||
| Inventory | 473.4 | 41.6 | 514.9 |
| Accrued expenses and prepaid income |
157.2 | 41.6 | 198.8 |
| CONSOLIDATED STATEMENT OF CASH FLOW |
|||
| Changes in goods inventory | 52.0 | -41.6 | 10.4 |
| Changes in current liabilities | 52.0 | 41.6 | 93.6 |
Rounding differences may affect the summations.
IFRS 9 Financial Instruments has replaced IAS 39 Financial Instruments: Accounting and valuation. The new standard entails new starting points for classification a valuation of financial instruments, a forward-looking write-down model and simplified conditions for hedge accounting. Based on the pre-study the Group's accounting will not be affected by the implementation of IFRS 9.
IFRS 16 Leasing replaces IAS 17 as of January 1, 2019. Under the new standard, the majority of leased assets are to be reported in the balance sheet. The only exceptions are short-term and low-value leases. For the Group the implementation of IFRS 16 is expected to affect the financial statements as all leases in the Group will be capitalized, i.e. an asset (the right to use the leased item) and a financial liability to pay rent are recognised. This will have an effect on the total balance sheet and key ratios such as solidity. The contracts that are deemed to have the greatest impact are leasing contracts relating to the premises for the fulfilment centre in Ängelholm, the headquarter and physical retail stores. The Group is analysing the effects the standard will have but it is yet too early to quantify the effects.
For warrant program 2015/2025 and warrant program 2018/21, a probability assessment of the proportion of warrant holders expected to fulfil the terms and conditions that gives them a right to exercise the issued warrants is performed at each reporting date. The assessment is thereby a factor in the calculation of the liability (social charges) and IFRS 2 cost for share based payments to employees for the period.
Identified risks as well as the risk management process are described in the Group's Annual Report for 2017.
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.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Change | Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Change | Rolling 12 monts |
|---|---|---|---|---|---|---|---|
| NET REVENUE | |||||||
| Boozt.com | 688.3 | 481.9 | 206.4 | 1,215.3 | 879.2 | 336.0 | 2,282.3 |
| Booztlet.com | 22.7 | 11.9 | 10.7 | 45.0 | 22.8 | 22.2 | 71.3 |
| Other | 3.7 | 2.3 | 1.4 | 6.3 | 15.2 | -8.9 | 12.1 |
| TOTAL NET REVENUE | 714.7 | 496.1 | 218.5 | 1,266.6 | 917.3 | 349.3 | 2,365.7 |
| EBIT | |||||||
| Boozt.com | 36.6 | -79.4 | 116.0 | 28.1 | -108.4 | 136.5 | 65.4 |
| Booztlet.com | 2.4 | -1.9 | 4.3 | 6.2 | -1.2 | 7.5 | 9.6 |
| Other | -4.9 | -1.6 | -3.3 | -6.6 | 0.6 | -7.1 | -8.1 |
| TOTAL OPERATING PROFIT/LOSS | 34.1 | -82.9 | 117.0 | 27.7 | -109.1 | 136.8 | 67.0 |
| PROFIT/LOSS BEFORE TAX | |||||||
| Boozt.com | 35.9 | -77.4 | 113.3 | 20.3 | -103.7 | 124.0 | 54.5 |
| Booztlet.com | 2.4 | -1.9 | 4.2 | 6.0 | -1.1 | 7.1 | 9.3 |
| Other | -4.9 | -1.6 | -3.3 | -6.6 | 0.6 | -7.1 | -8.1 |
| PROFIT/LOSS BEFORE TAX | 33.4 | -80.9 | 114.3 | 19.7 | -104.2 | 123.9 | 55.7 |
Rounding differences may affect the summations.
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.
| Jun 30, 2017 | Accounts receivables and loans receivables |
Other financial liabilitites |
Financial assets measured at fair value via income statement |
Total carrying amount |
Fair value |
|---|---|---|---|---|---|
| Financial assets | |||||
| Deposits | 15.5 | - | - | 15.5 | 15.5 |
| Accounts receivables | 9.0 | - | - | 9.0 | 9.0 |
| Other receivables | 40.3 | - | - | 40.3 | 40.3 |
| Derivatives | - | - | 5.9 | 5.9 | 5.9 |
| Cash and cash equivalents | 551.6 | - | - | 551.6 | 551.6 |
| Total financial assets | 616.4 | - | 5.9 | 622.3 | 622.3 |
| Financial liabilities | |||||
| Liabilities to credit institutions | - | 118.6 | - | 118.6 | 118.6 |
| Accounts payables | - | 247.4 | - | 247.4 | 247.4 |
| Other liabilities | - | 76.6 | - | 76.6 | 76.6 |
| Total financial liabilities | - | 442.6 | - | 442.6 | 442.6 |
| Jun 30, 2018 | Accounts receivables and loans receivables |
Other financial liabilitites |
Financial assets measured at fair value via income statement |
Total carrying amount |
Fair value |
|---|---|---|---|---|---|
| Financial assets | |||||
| Deposits | 12.4 | - | - | 12.4 | 12.4 |
| Accounts receivables | 9.6 | - | - | 9.6 | 9.6 |
| Other receivables | 10.2 | - | - | 10.2 | 10.2 |
| Derivatives | - | - | - | - | - |
| Cash and cash equivalents | 521.8 | - | - | 521.8 | 521.8 |
| Total financial assets | 553.9 | - | - | 553.9 | 553.9 |
| Financial liabilities | |||||
| Liabilities to credit institutions | - | 81.4 | - | 81.4 | 81.4 |
| Accounts payables | - | 420.8 | - | 420.8 | 420.8 |
| Other liabilities | - | 58.2 | - | 58.2 | 58.2 |
| Derivatives | - | - | 2.8 | 2.8 | 2.8 |
| Total financial liabilities | - | 560.4 | 2.8 | 563.2 | 563.2 |
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.
The fair value is calculated as defined for level 2 in IFRS 7.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| Interest income | 0.0 | - | 0.0 | - | 0.0 |
| Financial income - derivatives | 1.6 | 2.7 | 1.6 | 5.9 | 4.9 |
| Interest expense | -0.6 | -0.7 | -1.2 | -1.1 | -2.6 |
| Financial costs - derivatives | -1.8 | - | -8.5 | - | -13.6 |
| NET FINANCIAL ITEMS | -0.7 | 2.0 | -8.1 | 4.9 | -11.3 |
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| Acquisition of machinery and equipment (other capex) | -9.7 | -4.9 | -10.8 | -5.7 | -11.8 |
| Acquisition of machinery and equipment (warehouse automation capex) |
-0.5 | -104.9 | -0.7 | -106.0 | -44.3 |
| Acquisition of machinery and equipment (warehouse capex) | -0.2 | -3.9 | -0.3 | -4.8 | -1.4 |
| -10.5 | -113.6 | -11.8 | -116.5 | -57.6 | |
| Acquisition of financial assets | -0.6 | -5.5 | -1.0 | -5.8 | 2.7 |
| -0.6 | -5.5 | -1.0 | -5.8 | 2.7 | |
| Acquisition of intangible assets (capitalised development costs, own personnel) |
-3.1 | -1.7 | -5.9 | -3.3 | -9.8 |
| Acquisition of intangible assets (other) | -3.5 | -0.8 | -6.6 | -1.5 | -8.1 |
| -6.7 | -2.5 | -12.6 | -4.8 | -17.9 | |
| CASH FLOW FROM INVESTMENTS | -17.7 | -121.7 | -25.3 | -127.1 | -72.7 |
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
|---|---|---|---|---|
| OPERATING INCOME | ||||
| Net revenue | 9.5 | 63.9 | 23.2 | 69.8 |
| 9.5 | 63.9 | 23.2 | 69.8 | |
| OPERATING COSTS | ||||
| General expenses | -1.6 | -25.3 | -3.6 | -27.6 |
| Personnel costs | -9.3 | -61.2 | -21.7 | -66.2 |
| Total operating costs | -10.9 | -86.6 | -25.4 | -93.8 |
| OPERATING PROFIT | -1.5 | -22.7 | -2.2 | -24.1 |
| FINANCIAL INCOME AND EXPENSES | ||||
| Financial income | - | - | - | - |
| Financial expenses | 0.0 | 0.0 | 0.0 | 0.0 |
| Net financial items | 0.0 | 0.0 | 0.0 | 0.0 |
| RESULT BEFORE TAX | -1.5 | -22.7 | -2.2 | -24.1 |
| Income tax | -0.1 | - | 0.1 | - |
| PROFIT/LOSS FOR THE PERIOD | -1.5 | -22.7 | -2.2 | -24.1 |
| SEK million | Jun 30, 2018 | Jun 30, 2017 | Dec 31, 2017 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Financial assets | |||
| Shares in Group companies | 747.3 | 362.9 | 747.3 |
| Total fixed assets | 747.3 | 362.9 | 747.3 |
| Other non-current assets | |||
| Deferred tax asset | 13.5 | - | 13.4 |
| Total non-current assets | 13.5 | - | 13.4 |
| Current assets | |||
| Short term receivables | |||
| Accounts receivables | - | 71.7 | - |
| Receivables from Group companies | 24.1 | 375.2 | 22.2 |
| Current tax assets | - | 1.2 | - |
| Cash and cash equivalents | 3.5 | 34.1 | 5.2 |
| Total current assets | 27.9 | 482.1 | 27.4 |
| TOTAL ASSETS | 788.7 | 845.0 | 788.1 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 4.7 | 4.7 | 4.7 |
| 4.7 | 4.7 | 4.7 | |
| Unrestricted equity | |||
| Share premium reserve | 1,081.8 | 1,081.8 | 1,081.8 |
| Retained earnings | -343.1 | -330.7 | -330.7 |
| Net income for the period | -2.2 | -24.1 | -12.4 |
| 736.5 | 727.1 | 738.7 | |
| Total equity | 741.2 | 731.8 | 743.4 |
| LIABILITIES | |||
| Current liabilities | |||
| Accounts payables | 0.0 | 16.7 | 0.4 |
| Liabilities to Group companies | 37.8 | - | 37.8 |
| Other liabilities | 1.7 | 38.6 | 1.5 |
| Accrued expenses and prepaid income | 7.9 | 58.0 | 5.0 |
| Total current liabilities | 47.4 | 113.3 | 44.7 |
| TOTAL EQUITY AND LIABILITIES | 788.7 | 845.0 | 788.1 |
This report has not been audited by the Company's auditors.
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 17, 2018
Henrik Theilbjørn Chairman of the Board Jimmy Fussing Nielsen Board member
Staffan Mörndal Board member
Jón Björnsson Board member
Kent Stevens Larsen Board member
Charlotte Svensson Board member
Bjørn Folmer Kroghsbo Board member
Cecilia Lannebo Board member
Hermann Haraldsson Group CEO
| SEK million | Q2 2018 | Q1 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | Q3 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NET REVENUE | ||||||||||||
| Boozt.com | 688.3 | 527.0 | 626.4 | 440.6 | 481.9 | 397.4 | 447.2 | 288.3 | 332.0 | 235.5 | 268.7 | 160.8 |
| Booztlet.com | 22.7 | 22.3 | 14.2 | 12.1 | 11.9 | 10.9 | 7.9 | 8.4 | 9.1 | 5.4 | 1.8 | 0.4 |
| Other | 3.7 | 2.6 | 3.5 | 2.3 | 2.3 | 12.9 | 12.2 | 15.5 | 15.9 | 18.9 | 14.5 | 18.3 |
| NET REVENUE | 714.7 | 551.9 | 644.2 | 454.9 | 496.1 | 421.1 | 467.3 | 312.3 | 357.1 | 259.7 | 285.0 | 179.5 |
| OPERATING PROFIT/LOSS (EBIT) | ||||||||||||
| Boozt.com | 36.6 | -8.5 | 50.8 | -13.4 | -79.4 | -29.0 | 45.7 | -18.3 | 4.3 | -21.7 | 13.5 | -16.2 |
| Booztlet.com | 2.4 | 3.8 | 1.2 | 2.2 | -1.9 | 0.7 | 0.5 | 1.6 | 1.4 | 0.6 | -0.3 | 0.0 |
| Other | -4.9 | -1.7 | -0.9 | -0.6 | -1.6 | 2.2 | -0.5 | 0.5 | 2.8 | 4.0 | 1.9 | 3.8 |
| OPERATING PROFIT/LOSS (EBIT) | 34.1 | -6.4 | 51.1 | -11.8 | -82.9 | -26.1 | 45.8 | -16.2 | 8.6 | -17.1 | 15.2 | -12.5 |
| OPERATING PROFIT/LOSS (EBIT) % | ||||||||||||
| Boozt.com | 5.3% | -1.6% | 8.1% | -3.0% | -16.5% | -7.3% | 10.2% | -6.4% | 1.3% | -9.2% | 5.0% | -10.1% |
| Booztlet.com | 10.6% | 17.2% | 8.3% | 18.1% | -15.9% | 6.1% | 6.5% | 18.6% | 15.8% | 11.3% | -14.7% | -9.3% |
| Other | -130.9% | -66.3% | -25.1% | -25.9% | -70.7% | 17.0% | -3.7% | 3.3% | 17.8% | 21.0% | 13.0% | 20.8% |
| OPERATING PROFIT/LOSS (EBIT) % | 4.8% | -1.2% | 7.9% | -2.6% | -16.7% | -6.2% | 9.8% | -5.2% | 2.4% | -6.6% | 5.3% | -6.9% |
| EARNINGS BEFORE TAX | ||||||||||||
| Boozt.com | 35.9 | -15.5 | 51.6 | -17.3 | -77.4 | -26.2 | 45.5 | -18.4 | 4.2 | -21.8 | 10.2 | -16.6 |
| Booztlet.com | 2.4 | 3.6 | 1.2 | 2.1 | -1.9 | 0.7 | 0.5 | 1.6 | 1.4 | 0.6 | -0.3 | -0.0 |
| Other | -4.9 | -1.7 | -0.9 | -0.6 | -1.6 | 2.2 | -0.5 | 0.5 | 2.8 | 4.0 | 1.9 | 3.8 |
| EARNINGS BEFORE TAX | 33.4 | -13.7 | 51.9 | -15.9 | -80.9 | -23.3 | 45.5 | -16.3 | 8.5 | -17.2 | 11.8 | -12.8 |
| ADJUSTED EBIT | ||||||||||||
| Boozt.com | 37.4 | -6.3 | 52.0 | -14.0 | 12.0 | -6.0 | 47.6 | -16.8 | 5.8 | -20.1 | 14.8 | -15.0 |
| Booztlet.com | 2.4 | 3.9 | 1.2 | 2.2 | 0.4 | 1.3 | 0.6 | 1.6 | 1.4 | 0.6 | -0.3 | -0.0 |
| Other | -4.9 | -1.7 | -0.9 | -0.6 | -1.6 | 2.2 | 0.1 | 1.0 | 3.3 | 4.4 | 2.4 | 4.3 |
| ADJUSTED EBIT | 35.0 | -4.1 | 52.3 | -12.5 | 10.9 | -2.5 | 48.3 | -14.2 | 10.6 | -15.1 | 16.9 | -10.7 |
| ADJUSTED EBIT % | ||||||||||||
| Boozt.com | 5.4% | -1.2% | 8.3% | -3.2% | 2.5% | -1.5% | 10.6% | -5.8% | 1.8% | -8.6% | 5.5% | -9.3% |
| Booztlet.com | 10.7% | 17.6% | 8.6% | 18.0% | 3.7% | 11.6% | 7.3% | 18.7% | 15.9% | 11.5% | -14.2% | -9.3% |
| Other | -130.9% | -66.3% | -25.1% | -25.9% | -70.7% | 17.0% | 0.6% | 6.4% | 20.8% | 23.5% | 16.4% | 23.5% |
| ADJUSTED EBIT % | 4.9% | -0.7% | 8.1% | -2.7% | 2.2% | -0.6% | 10.3% | -4.6% | 3.0% | -5.8% | 5.9% | -6.0% |
| SEK million | Q2 2018 | Q1 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | Q3 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBIT MARGIN (%) | ||||||||||||
| Gross margin (%) | 42.0% | 39.1% | 43.1% | 38.8% | 44.4% | 44.4% | 45.2% | 47.3% | 44.2% | 43.6% | 48.0% | 49.5% |
| Fulfilment cost ratio (%) | -13.4% | -13.5% | -12.7% | -14.8% | -15.5% | -20.5% | -14.1% | -18.1% | -15.5% | -17.9% | -14.2% | -20.3% |
| Marketing cost ratio (%) | -12.7% | -13.7% | -11.1% | -13.3% | -13.3% | -15.1% | -11.3% | -18.5% | -14.4% | -17.0% | -12.9% | -16.9% |
| Admin & other cost ratio (%) | -9.6% | -11.1% | -9.8% | -11.3% | -30.5% | -14.3% | -9.0% | -15.0% | -11.1% | -14.5% | -15.2% | -18.5% |
| Depreciation (%) | -1.6% | -2.0% | -1.5% | -2.0% | -1.8% | -0.7% | -1.0% | -1.0% | -0.8% | -0.8% | -0.4% | -0.7% |
| EBIT MARGIN (%) | 4.8% | -1.2% | 7.9% | -2.6% | -16.7% | -6.2% | 9.8% | -5.2% | 2.4% | -6.6% | 5.3% | -6.9% |
| Adjusted fulfilment cost ratio (%) | -13.4% | -13.5% | -12.7% | -14.8% | -15.2% | -16.0% | -14.1% | -18.1% | -15.5% | -17.9% | -14.2% | -20.3% |
| Adjusted admin & other cost ratio (%) | -9.5% | -10.7% | -9.6% | -11.4% | -12.0% | -13.2% | -8.5% | -14.3% | -10.6% | -13.8% | -14.6% | -17.6% |
| Net working capital - percent of LTM net revenue |
5.3% | 10.0% | 9.9% | 12.0% | 5.1% | 11.0% | 6.8% | 9.1% | 3.2% | 11.1% | 7.1% | 10.6% |
| BOOZT.COM | ||||||||||||
| Site visits (000) | 26,560 | 24,959 | 26,966 | 20,747 | 21,056 | 19,737 | 18,798 | 14,935 | 14,980 | 14,342 | 12,986 | 10,660 |
| No. of orders (000) | 869 | 638 | 786 | 572 | 641 | 510 | 558 | 404 | 449 | 354 | 358 | 247 |
| Conversion rate | 3.27% | 2.56% | 2.91% | 2.76% | 3.05% | 2.58% | 2.97% | 2.70% | 3.00% | 2.47% | 2.76% | 2.32% |
| True frequency | 7.2 | 7.2 | 6.3 | 6.6 | 6.1 | 5.9 | 5.2 | 5.3 | 4.7 | 4.8 | 4.1 | 4.4 |
| Average order value (SEK) | 801 | 824 | 810 | 780 | 765 | 788 | 822 | 745 | 787 | 727 | 773 | 707 |
| Active customers (000) | 1,185 | 1,104 | 1,057 | 967 | 916 | 862 | 820 | 749 | 695 | 636 | 569 | 513 |
| No. of orders per active customer | 2.42 | 2.39 | 2.37 | 2.36 | 2.30 | 2.23 | 2.15 | 2.09 | 2.03 | 1.96 | 1.93 | 1.92 |
| NET REVENUE - GEOGRAPHICAL SPLIT |
||||||||||||
| Sweden | 255.7 | 197.8 | 241.8 | 180.2 | 184.8 | 149.5 | 172.0 | 116.2 | 134.5 | 88.0 | 99.7 | 58.4 |
| Rest of Nordics | 423.5 | 323.0 | 368.2 | 254.3 | 292.4 | 235.4 | 257.5 | 161.4 | 184.1 | 130.2 | 148.4 | 86.8 |
| Rest of Europe | 35.5 | 31.1 | 34.2 | 20.4 | 18.9 | 36.2 | 37.8 | 34.7 | 38.5 | 41.6 | 36.9 | 34.2 |
| TOTAL NET REVENUE | 714.7 | 551.9 | 644.2 | 454.9 | 496.1 | 421.1 | 467.3 | 312.3 | 357.1 | 259.7 | 285.0 | 179.5 |
| Nordics | 679.1 | 520.8 | 610.0 | 434.5 | 477.2 | 385.0 | 429.5 | 277.6 | 318.6 | 218.1 | 248.0 | 145.3 |
| Active customers: | Number of customers which made at least one order during the last 12 months |
|---|---|
| Adjusted Admin & Other cost ratio: | 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 |
| Adjusted EBIT: | Profit/loss before interest, tax, share based payments related to employees and items affecting comparability |
| Adjusted EBIT margin: | Adjusted EBIT divided by net revenue |
| Adjusted EBITDA: | Profit/loss before interest, tax, depreciation, amortisation, share based pay ments related to employees and items affecting comparability |
| Adjusted EBITDA margin: | Adjusted EBITDA divided by net revenue |
| Adjusted fulfilment cost ratio: | Fulfilment and distribution cost less items affecting comparability divided by net revenue |
| Admin & Other cost ratio: | Total operating costs less fulfilment costs, less marketing costs, less goods for resale, less depreciation plus other operating income divided by net revenue |
| Average order value: | Transactional net revenue divided by no. of orders |
| BFC: | Boozt Fulfilment Centre |
| Conversion rate: | Total number of orders divided by total number of site visits |
| Depreciation cost ratio: | Depreciation and amortizations divided by net revenue |
| Earnings per share: | Profit/loss for the period divided by weighted average number of shares out standing during the period |
| Earnings per share after dilution: | 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 measuring basic earnings per share, plus the weighted average number of shares that would be issued 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. |
| Equity / asset ratio: | Total equity divided by total assets |
| Fulfilment cost ratio: | Fulfilment and distribution cost divided by net revenue |
| Items affecting comparability: | 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 |
| Marketing cost ratio: | Marketing cost divided by net revenue |
| Net working capital: | Current assets, excluding cash and cash equivalents, less non-interest bearing current liabilities |
| Net debt / net cash: | Interest bearing liabilities less cash and cash equivalents |
| Net revenue: | Transactional net revenue less fees paid to consignment partners plus other revenue |
| No. of orders: | Number of orders placed by customers during the period, irrespective of cancellations or returns |
| No. of orders per active customer (order frequency): |
Number of orders during the last 12 months divided by the total number of active customers end of period |
| Site visits: | Number of visits to a site or group of sites, irrespective of device used |
| Share based payments: | Costs of the Group which are settled via issuing of shares |
| Transactional net revenue: | Gross sales (incl. shipping and invoice income) less discounts and returns, excl. VAT |
| True frequency: | Order frequency for customers that have been with Boozt.com during last 12 months, hence not impacted by orders from new customers |
The aim of the figure is to display the operating profit excluding non-cash items and non-recurring items. Hence share based compensation related to employees and items affecting comparability are excluded from this metric.
The aim of this figure is to display profit/loss before depreciation and amortisation excluding non-cash items and non-recurring items, hence the operating profit/ loss from the day to day operation excluding effects from investments, share based compensation related to employees and items affecting comparability.
The aim of this figure is to display the profit/loss before interests, depreciation, and amortisation. Hence the operating profit/loss from the day to day operation excluding effects from investments.
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.
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.
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| GROUP | |||||
| Transactional net revenue | 722.5 | 503.6 | 1,273.2 | 955.9 | 2,388.5 |
| Less consignment sales | -14.9 | -11.8 | -24.6 | -47.6 | -49.5 |
| Other revenue | 7.0 | 4.4 | 18.0 | 9.0 | 26.7 |
| Net revenue | 714.7 | 496.1 | 1,266.6 | 917.3 | 2,365.7 |
| Other operating income | 1.7 | - | 3.7 | - | 6.0 |
| Total operating income | 716.3 | 496.1 | 1,270.3 | 917.3 | 2,371.7 |
| BOOZT.COM | |||||
| Transactional net revenue | 695.9 | 490.7 | 1,221.4 | 892.5 | 2,304.2 |
| Less consignment sales | -14.6 | -13.2 | -24.1 | -22.2 | -48.6 |
| Other revenue | 7.0 | 4.4 | 18.0 | 9.0 | 26.7 |
| Net revenue | 688.3 | 481.9 | 1,215.3 | 879.2 | 2,282.3 |
| Other operating income | 1.7 | - | 3.7 | - | 6.0 |
| Total operating income | 689.9 | 481.9 | 1,219.0 | 879.2 | 2,288.3 |
| BOOZTLET.COM | |||||
| Transactional net revenue | 22.9 | 12.1 | 45.5 | 23.1 | 72.2 |
| Less consignment sales | -0.3 | -0.1 | -0.5 | -0.3 | -0.9 |
| Other revenue | - | - | - | - | - |
| Net revenue | 22.7 | 11.9 | 45.0 | 22.8 | 71.3 |
| Other operating income | - | - | - | - | - |
| Total operating income | 22.7 | 11.9 | 45.0 | 22.8 | 71.3 |
| OTHER | |||||
| Transactional net revenue | 3.7 | 0.8 | 6.3 | 40.4 | 12.1 |
| Less consignment sales | - | 1.5 | - | -25.2 | - |
| Other revenue | - | - | - | - | - |
| Net revenue | 3.7 | 2.3 | 6.3 | 15.2 | 12.1 |
| Other operating income | - | - | - | - | - |
| Total operating income | 3.7 | 2.3 | 6.3 | 15.2 | 12.1 |
| SEK million | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| EBIT | 34.1 | -82.9 | 27.7 | -109.1 | 67.0 |
| Share-based payments related to employees (social charges) |
0.3 | 45.7 | 2.0 | 47.7 | 1.5 |
| Share-based payments related to employees |
0.5 | 3.7 | 1.1 | 3.7 | 2.3 |
| IPO preparation costs | - | 42.8 | - | 45.4 | - |
| Other items affecting comparability* | - | 1.6 | - | 20.6 | - |
| Adjusted EBIT | 35.0 | 10.9 | 30.8 | 8.3 | 70.7 |
Rounding differences may affect the summations.
*Other items affecting comparability are related to the Group's warehouse move.
| SEK million unless otherwise indicated | Apr 1 - Jun 30, 2018 |
Apr 1 - Jun 30, 2017 |
Jan 1 - Jun 30, 2018 |
Jan 1 - Jun 30, 2017 |
Rolling 12 months |
|---|---|---|---|---|---|
| Cash and cash equivalents | -521.8 | -551.6 | -521.8 | -551.6 | -521.8 |
| Interest bearing liabilities (current and non-current) | 81.4 | 118.6 | 81.4 | 118.6 | 81.4 |
| Net debt / -net cash | -440.4 | -433.0 | -440.4 | -433.0 | -440.4 |
| Total equity | 815.3 | 716.1 | 815.3 | 716.1 | 815.3 |
| Total assets | 1,593.3 | 1,379.1 | 1,593.3 | 1,379.1 | 1,593.3 |
| Equity / asset ratio | 51.2% | 51.9% | 51.2% | 51.9% | 51.2% |
| No. of orders (000) | 869 | 641 | 1,507 | 1,151 | 2,865 |
| Site visits (000) | 26,560 | 21,056 | 51,519 | 40,793 | 99,232 |
| Conversion rate (Boozt.com) | 3.27% | 3.05% | 2.93% | 2.82% | 2.89% |
| Inventory | 735.3 | 514.9 | 735.3 | 514.9 | 735.3 |
| Accounts receivables | 9.6 | 9.0 | 9.6 | 9.0 | 9.6 |
| Other receivables | 10.2 | 40.3 | 10.2 | 40.3 | 10.2 |
| Current tax assets | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Prepaid expenses and accrued income | 41.6 | 44.1 | 41.6 | 44.1 | 41.6 |
| Accounts payables | -420.8 | -247.4 | -420.8 | -247.4 | -420.8 |
| Current tax liabilities | - | - | - | - | - |
| Other liabilities | -58.2 | -76.6 | -58.2 | -76.6 | -58.2 |
| Accrued expenses and prepaid income | -191.7 | -198.8 | -191.7 | -198.8 | -191.7 |
| Net working capital | 126.4 | 85.9 | 126.4 | 85.9 | 126.4 |
| Net working capital - percent of LTM net revenue | 5.3% | 5.1% | 5.3% | 5.1% | 5.3% |
| Gross margin (%) | 42.0% | 44.4% | 40.8% | 44.4% | 41.0% |
| Fulfilment cost ratio (%) | -13.4% | -15.5% | -13.4% | -17.8% | -13.5% |
| Marketing cost ratio (%) | -12.7% | -13.3% | -13.1% | -14.1% | -12.6% |
| Admin & other cost ratio (%) | -9.6% | -30.5% | -10.3% | -23.1% | -10.3% |
| Depreciation cost ratio (%) | -1.6% | -1.8% | -1.8% | -1.3% | -1.8% |
| EBIT margin (%) | 4.8% | -16.7% | 2.2% | -11.9% | 2.8% |
| Operating profit/loss (EBIT) | 34.1 | -82.9 | 27.7 | -109.1 | 67.0 |
| Depreciation and amortisation | 11.5 | 8.7 | 22.5 | 11.7 | 41.6 |
| EBITDA | 45.6 | -74.2 | 50.3 | -97.4 | 108.6 |
| Share-based payments related to employees (social charges) | 0.3 | 45.7 | 2.0 | 47.7 | 1.5 |
| Share-based payments | 0.5 | 3.7 | 1.1 | 3.7 | 2.3 |
| IPO preparation costs | - | 42.8 | - | 45.4 | - |
| Other items affecting comparability* | - | 1.6 | - | 20.6 | - |
| Adjusted EBITDA | 46.5 | 19.6 | 53.4 | 20.1 | 112.4 |
Rounding differences may affect the summations. *Other items affecting comparability are related to the Group's warehouse move. 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.
November 21, 2018 Interim Report January - September 2018, Q3
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 [email protected] / +45 53 50 14 53 or Allan Junge-Jensen, Group CFO
[email protected] / +45 41 19 70 60
This information is information that Boozt AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 8:00 a.m CET on August 17, 2018.
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.
215 32 Malmö, Sweden www.booztfashion.com VAT no SE556793518301
Address: Phone: +46 40 12 80 05 Corp. Id: 556793-5183 Hyllie Boulevard 10B E-mail: [email protected] Malmö
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