Boozt

Annual Report • Feb 10, 2022

Full year report – Q4 2021

JANUARY 1 – DECEMBER 31 2021

Fourth Quarter highlights

● Net revenue of SEK 1,967.9 million and a net revenue growth of 38.1% (local currency ~38%). Net revenue growth of 36.1% for Boozt.com and 52.3% for Booztlet.com vs. Q4 2020 and 75.0% for Boozt.com and 238.7% for Booztlet.com vs. Q4 2019

• Gross margin of 41.0% (43.0)
• Adjusted EBIT margin of 7.6% (9.9)
• Earnings per share before dilution of SEK 1.31 (1.41) and after dilution SEK 1.29 (1.35)
• Free cash flow of SEK 327.2 million (25.9)

Financials Significant events

• Strong Black Friday week and consequently upgrade of growth outlook to the upper end of the previous guidance for 2021
• Announcement that Boozt due to higher market capitalisation will move from Nasdaq Mid Cap to Nasdaq Large Cap

Significant events after the period

• Boozt acquired the remaining 33.3% of the shares of Everyday Luxury Feeling A/S (Rosemunde)
• Positive profit warning on 1 February 2022 announcing net revenue growth and adjusted EBIT margin for 2021, ahead of previously announced outlook

Full-year financial highlights

• Net revenue of SEK 5,813.8 million and a net revenue growth of 33.4% (local currency ~35%). Net revenue growth of 30.6% for Boozt.com and 51.2% for Booztlet.com vs. FY 2020 and 56.1% for Boozt.com and 234.8% for Booztlet.com vs. FY 2019
• Gross margin of 40.4% (40.6)
• Adjusted EBIT margin of 5.9% (6.7)
• Earnings per share before dilution of SEK 2.87 (2.27) and after dilution of SEK 2.81 (2.21)
• Free cash flow of SEK -365.1 million (596.5) impacted by investments to expand fulfilment operations and significant inventory build-up for the AW 2021 and SS 2022 season

● Net revenue of SEK 5,813.8 million and a net revenue growth of		●			Earnings per share before dilution of SEK 2.87 (2.27) and after
33.4% (local currency ~35%). Net revenue growth of 30.6% for			dilution of SEK 2.81 (2.21)
Boozt.com and 51.2% for Booztlet.com vs. FY 2020 and 56.1% for		●			Free cash flow of SEK -365.1 million (596.5) impacted by
Boozt.com and 234.8% for Booztlet.com vs. FY 2019					investments to expand fulfilment operations and significant
● Gross margin of 40.4% (40.6)					inventory build-up for the AW 2021 and SS 2022 season
● Adjusted EBIT margin of 5.9% (6.7)
SEK million unless otherwise indicated	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Change	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020	Change
GROUP
Net revenue	1,967.9	1,425.1	38.1%	5,813.8	4,359.3	33.4%
Gross profit	807.6	613.2	31.7%	2,351.6	1,769.4	32.9%
EBIT	117.9	102.0	15.6%	264.5	182.3	45.1%
Adjusted EBIT*	149.5	140.7	6.3%	342.5	290.3	18.0%
Earnings for the period	89.5	85.0	5.2%	195.2	132.8	47%
Free cash flow*	327.2	25.9	1,163%	-365.1	596.5	n.m.
Net revenue growth (%)*	38.1%	35.8%	2.3pp	33.4%	27.3%	6.1pp
	41.0%	43.0%	-2.0pp	40.4%	40.6%	-0.1pp
Gross margin, (%)*				4.5%	4.2%	0.4pp
EBIT margin, (%)	6.0%	7.2%	-1.2pp

CEO Hermann Haraldsson says: "We are proud to report strong results for 2021, where we deliver 33.4% growth and maintain industryleading margins. In the last three years, we have managed to more than double the size of our business organically and at the same time grow our average order value which remains the key for superior long-term profitability. With our continued execution of the Nordic Department Store strategy, we remain confident that we can continue to deliver growth ahead of the market and we expect to grow net revenue between 20-25% for 2022 while keeping profitability in line with last year." Net revenue growth 33.4% Between 20-25% Adjusted EBIT 342.5 365-420

Outlook for 2022	Realized 2021	Outlook 2022

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

Boozt AB (publ), Org.nr. 556793-5183

CEO comment

Since day 1 back in 2011 the goal has been to create The Nordic Department Store. An online version of the classic department store we all know. Curated as before, but not limited by physical constraints, locations nor geographies.

To realise our ambition, we have over the years launched our categories Kids, Sport, Beauty and Home alongside the Women's and Men's fashion. We have always believed that the expansion of categories is a good hedge towards changes in consumer behaviour and the development in the past two years supports this. Take occasion wear as an example. Both women and men have been buying less occasion wear, but we have not been impacted to a great extent, as we have been able to sell much more Kids, Sport, Beauty and Home. This is the reason why we have accelerated our growth and why we have a higher profitability than most, if not all, of our peers.

We have not achieved our goal yet, but we believe that we have laid the foundation. I am quite confident that we now have categories that are becoming destinations in their own rights. We believe that this is important because it provides a unique potential for value creation differentiating us from our peers.

The evidence is present with our average order value being best in class along with superior unit economics and not least the increase of our addressable market that the category expansion has provided. Although we still have a lot to improve, we have taken some important steps in the right direction, and we will continue to develop our business model further but with the same ambition as always.

Most importantly, the execution of our Nordic Department Store strategy is showing in the numbers. In 2021 we achieved net revenue growth of 33.4% with an acceleration in the fourth quarter with 38.1% growth. Growth was strong across our universe, but most notably in our adjacent categories. The Home category launched late 2020 was the last missing piece of the puzzle and has experienced tremendous growth in 2021, exceeding our expectations also in term of profitability.

The fact that Kids, Sport, Beauty and Home continued to take a larger share of sales benefitted our return rate which dropped with more than 2 percentage points for the full year compared to 2020 and close to 9 percentage points versus 2019.

Customers have really started to buy into the concept of The Nordic Department Store and we see a gradual increase in the number of baskets containing items from multiple categories. In 2021 more than 40% of all orders contained items from two or more categories and we see a general trend of customers adding more items per basket to the benefit of our average order value. The high average

order value is one of the most important pillars of our business model and something we will protect and develop without compromise.

During the year we have managed to grow our active customer base with more than 500,000 and the cohorts from 2020 have displayed similar buying patterns as our historic cohorts. More importantly, we have succeeded in keeping our new and existing customers happy with the service and selection resulting in an all-time high net promotor score of 79 at the end of the year along with a stable 5-star rating on Trustpilot.

We have throughout 2021 intensified our focus on communicating our key priorities. The number one priority remains net revenue growth by continuing to make significant investments in marketing, fulfillment capacity and organisational capabilities to ensure further scale and market share gains. Secondly, we will aim for profitability at a level that will enable us to deliver a free cash flow sufficient to fund our growth journey. In 2021 we delivered a solid adjusted EBIT margin of 5.9% despite increased investments into marketing and organisational capacity and capabilities.

Our expectations for 2022 are ambitious and we expect to continue the diversification of our business by an increased focus on building our adjacent categories to become destinations by themselves. We will continue our focus on profitable growth by investing in new customers and further building our brand to cement our position as a Nordic household brand. The outlook for 2022 is to achieve net revenue growth of 20-25%.

Finally, we reconfirm our 2023 ambition in terms of profitability and expect an adjusted EBIT margin between 5% and 7%. We believe that reinvesting parts of our underlying margin improvements in an even stronger customer experience over the coming years will drive further market share gains and best-in-class growth rates, maximizing the value of the company when overall online market growth slows, and our attractive unit economics will drive the operating margin towards our long-term double-digit ambition.

Hermann Haraldsson, Co-founder & CEO

Group - Key performance indicators (KPIs)

Group - Key performance indicators (KPIs)
SEK million unless otherwise indicated	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Change	1 Jan - Dec 31, 2021	1 Jan - Dec 31, 2020	Change
GROUP
Net revenue	1,967.9	1,425.1	38.1%	5,813.8	4,359.3	33.4%
Net revenue growth (%)	38.1%	35.8%	2.3 pp	33.4%	27.3%	6.1 pp
Gross profit	807.6	613.2	31.7%	2351.6	1769.4	32.9%
Gross margin (%)*	41.0%	43.0%	-2.0 pp	40.4%	40.6%	-0.1 pp
Fulfilment cost ratio (%)*	-12.1%	-11.0%	-1.1 pp	-11.8%	-11.6%	-0.2 pp
Marketing cost ratio (%)*	-10.2%	-10.1%	-0.0 pp	-10.5%	-9.9%	-0.6 pp
Admin & other cost ratio (%)*	-10.4%	-12.4%	2.1 pp	-10.8%	-11.2%	0.5 pp
Depreciation cost ratio (%)*	-2.4%	-2.3%	-0.1 pp	-2.9%	-3.7%	0.8 pp
Adjusted admin & other cost ratio (%)*	-8.8%	-9.7%	0.9 pp	-9.4%	-9.6%	0.1 pp
Adjusted depreciation cost ratio (%)*	-2.4%	-2.3%	-0.1 pp	-2.9%	-2.9%	0.1 pp
EBIT	117.9	102.0	15.6%	264.5	182.3	45.1%
EBIT margin (%)	6.0%	7.2%	-1.2 pp	4.5%	4.2%	0.4 pp
Adjusted EBIT*	149.5	140.7	6.3%	342.5	290.3	18.0%
Adjusted EBIT margin (%)*	7.6%	9.9%	-2.3 pp	5.9%	6.7%	-0.8 pp
Earnings for the period	89.5	85.0	5.2%	195.2	132.8	47%
Earnings per share (SEK)	1.31	1.41	-0.10	2.87	2.27	0.60
Earnings per share after dilution (SEK)	1.29	1.35	-0.05	2.81	2.21	0.60
Adjusted Earnings per share (SEK)*	1.68	1.91	-0.23	3.81	3.89	-0.08
Adjusted Earnings per share after dilution (SEK)*	1.67	1.83	-0.16	3.73	3.78	-0.05
Cash flow from operating activities	405.6	100.3	305.2	241.8	747.3	-505.5
Cash flow from investments	-78.4	-74.4	-4.0	-606.9	-150.8	-456.1
Free cash flow*	327.2	25.9	301.3	-365.1	596.5	-961.6
Net working capital*	277.0	73.8	203.2	277.0	73.8	203.2
Net debt / -net cash*	-602.9	-1,006.2	403.3	-602.9	-1,006.2	403.3
Equity / asset ratio (%)*	45.4%	47.3%	-1.9 pp	45.4%	47.3%	-1.9 pp
Number of employees end of period	1,296	439	857	1,296	439	857

SEK million unless otherwise indicated	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Change	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020	Change
Boozt.com
Net revenue	1,697.9	1,247.9	36.1%	4,938.2	3,780.5	30.6%
Net revenue growth	36.1%	28.6%	7.4 pp	30.6%	19.5%	11.1 pp
EBIT	113.1	85.4	32.5%	236.5	138.5	71%
EBIT margin (%)	6.7%	6.8%	-0.2 pp	4.8%	3.7%	1.1 pp
Adjusted EBIT*	140.7	120.1	17.1%	304.4	238.0	27.9%
Adjusted EBIT margin (%)*	8.3%	9.6%	-1.3 pp	6.2%	6.3%	-0.1 pp
Site visits (000)*	60,790	47,609	27.7%	207,363	156,996	32.1%
No. of orders (000)*	1943	1543	25.9%	5880	4696	25.2%
Conversion rate (%)*	3.2%	3.2%	-0.0 pp	2.8%	3.0%	-0.2 pp
True frequency*	5.9	6.0	-1.8%	5.9	6.0	-1.8%
Average order value (SEK)*	837	819	2.2%	817	811	0.8%
Active customers (000)*	2,503	2,043	22.5%	2,503	2,043	22.5%
No. of orders per active customer*	2.35	2.30	2.2%	2.35	2.30	2.2%
Booztlet.com
Net revenue	270.0	177.3	52.3%	875.6	579.0	51.2%
Net revenue growth	52.3%	122%	-70.1 pp	51.2%	121%	-70.2 pp
EBIT	4.9	16.6	-70.8%	28.0	43.8	-36.0%
EBIT margin (%)	1.8%	9.4%	-7.6 pp	3.2%	7.6%	-4.4 pp
Adjusted EBIT*	8.8	20.5	-57.1%	38.1	52.4	-27.3%
Adjusted EBIT margin (%)*	3.3%	11.6%	-8.3 pp	4.4%	9.0%	-4.7 pp
Site visits (000)*	13,731	10,768	27.5%	45,679	34,768	31.4%
No. of orders (000)*	361	255	41.6%	1,194	841	42.0%
Conversion rate (%)*	2.63%	2.37%	0.3 pp	2.61%	2.42%	0.2 pp
Average order value (SEK)*	723	640	12.9%	703	666	5.6%

Segment - Key performance indicators (KPIs)

From Jan 1, 2021 the Boozt.com segment includes the Group's physical store Beauty by Boozt, and the Booztlet.com segment includes the Group's physical outlets with the historical comparison figures recalculated.

Group Development

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 December 31, 2020. The fourth quarter refers to the period October- December 2021.

Net revenue

Fourth quarter

Net revenue in the fourth quarter increased with 38.1% to SEK 1,967.9 million (1,425.1). Currency had a marginal positive impact on net revenue growth in the fourth quarter of around 0.3 percentage points and relates primarily to the strengthening NOK/SEK compared to the fourth quarter last year.

The momentum for online shopping gained in 2020 fuelled by the corona pandemic has continued in 2021 with a high structural growth towards online in the Nordics. The net revenue growth was supported by a continued high investment in new customers and significant stock-building activities to have the most relevant customer offer along with the acquisition of Rosemunde.

The net revenue increase was supported by 36.1% growth for Boozt.com and 52.3% growth for Booztlet.com.

Other revenue (included in net revenue) was up in the fourth quarter, driven by increased marketing income from brand partners utilizing Boozt Media Partnership and the launch of BooztPay on Boozt.com.

Full year

Net revenue in the period increased with 33.4% to SEK 5,813.8 million (4,359.3). Currency had a negative impact on net revenue growth for the period of around 1.7 percentage points and relates primarily to the weakening of DKK and EUR to SEK compared to last year.

Net revenue geographical split

Fourth quarter

Full year

Net revenue – geographical split

40.0%. Net revenue – geographical split
Oct 1 - Dec 31, Oct 1 - Dec 31, Jan 1 - Dec 31, Jan 1 - Dec 31,
SEK million 2021 2020 Change 2021 2020 Change
NET REVENUE
Nordics 1,802.8 1,311.8 37.4% 5,379.2 4,048.9 32.9%
Rest of Europe 165.0 113.3 45.6% 434.6 310.4 40.0%
TOTAL Net revenue 1,967.9 1,425.1 38.1% 5,813.8 4,359.3 33.4%
Rounding differences may affect the summations.

Gross profit

Fourth quarter

The gross profit increased with 31.7% to SEK 807.6 million (613.2) during the quarter. The gross margin decreased to 41.0% (43.0).

The decrease is mainly related to a higher level of campaign buys last year resulting in an increased product margin. Last year's availability of campaign stock was unique, and the situation has normalized in 2021.

Full year

The gross profit increased with 32.9% to SEK 2,351.6 million (1,769.4) during 2021. The gross margin was on level with last year at 40.4% (40.6).

Operating costs

Fourth quarter

The fulfilment cost ratio increased to 12.1% (11.0). Temporary diseconomies of scale due to tight capacity in our fulfilment operations have continued because of higher-than-expected growth. There is a continued focus on expanding our fulfillment capacity to accommodate 20+% growth for the foreseeable future.

The marketing cost ratio was on level with last year at 10.2% (10.1) with a continued high marketing spend to attract new customers.

The admin & other cost ratio decreased to 10.4% (12.4).

The adjusted admin & other cost ratio decreased to 8.8% (9.7). In 2020 the adjusted admin & other cost ratio was impacted by a discretionary bonus of total SEK 10 million (SEK 20,000 to all employees) during the fourth quarter, as well as a write-down of a part of the Norwegian customs receivable in the level of SEK 12 million. The adjustment in the quarter consisted of share-based payments for the Group's LTI Programs of SEK 31.5 million (29.7) related to social charges and IFRS 2 costs.

The depreciation cost ratio was on level with last year at 2.4% (2.3) due to increased investments that accelerated through the year and is related to the fulfilment services.

The adjusted depreciation cost ratio increased to 2.4% (2.3).

Full year

The fulfilment cost ratio increased to 11.8% (11.6). The increase was due to tight capacity leading to increase in manual processes which was partly offset by improved distribution costs along with gains from insourcing of fulfilment operations.

The marketing cost ratio increased to 10.5% (9.9) driven by a continued high marketing spend to attract new customers and an extraordinary low cost of external marketing services in the second quarter of 2020 due to the pandemic.

The admin & other cost ratio decreased to 10.8% (11.2). Throughout the year investments have been made to secure organisational capacity to continue gaining market share and further develop our business model.

The adjusted admin & other cost ratio was on level with last year at 9.4% (9.6). The adjustment for the period consisted of sharebased payments for the Group's LTI Programs of SEK 78.0 million (64.0) related to social charges and IFRS 2 costs.

The depreciation cost ratio decreased to 2.9% (3.7). The Group decided to close the Beauty by Boozt store in Copenhagen during the first quarter of 2020 and to use an exit-clause in the lease contract. The decision to close the store resulted in oneoff costs affecting the depreciation costs in the first quarter 2020 of SEK 34.2 million in impairment of the remaining lease asset and a write-down of fixtures and inventory.

The adjusted depreciation cost ratio was on level with last year at 2.9% (2.9).

The adjusted depreciation cost for the first quarter 2020 was negatively impacted by SEK 5.5 million due to the revaluation of the Beauty by Boozt lease contract to include an 18-month penalty fee for using the exit-clause.

Adjusted EBIT

Fourth quarter

Adjusted EBIT amounted to SEK 149.5 million (140.7) in the fourth quarter. The adjusted EBIT margin decreased with 2.3 percentage points to 7.6% (9.9). The decrease is mainly related to the extraordinary high product margin last year due to access to higher than usual campaign buys.

Total adjustments in the quarter amounted to SEK 31.5 million (38.6) and consisted fully of share-based payments. The fourth quarter in 2020 was impacted by listing costs of SEK 7.5 million due to the dual listing on Nasdaq Copenhagen and additional cost for the closure of the Beauty by Boozt store in Copenhagen of SEK 1.5 million.

Share-based payments fluctuates between periods since the probability of the number of vested options under the program is dynamic, as well as the provision for social charges are determined by the company´s share price.

Full year

Adjusted EBIT increased to SEK 342.5 million (290.3) for the period. The adjusted EBIT margin decreased with 0.8 percentage points to 5.9% (6.7). The decrease is driven by a continued high marketing spend to attract new customers and an extraordinary low cost of external marketing services in the second quarter of 2020 due to the pandemic.

The comparison period was affected by one-off costs for closure of the Beauty by Boozt store in Copenhagen of total SEK 35.1 million.

EBIT

Fourth quarter

EBIT increased to SEK 117.9 million (102.0) in the fourth quarter, while the EBIT margin decreased 1.2 percentage points to 6.0% (7.2).

Negatively impacting EBIT compared to adjusted EBIT in the period was a cost of SEK 31.5 million from share-based payments.

Full year

EBIT increased to SEK 264.5 million (182.3) for the period, while the EBIT margin increased 0.3 percentage points to 4.5% (4.2).

Negatively impacting EBIT compared to adjusted EBIT in the period was a cost of SEK 78.0 million from share-based payments.

Financial items

Fourth quarter

The Group's financial costs amounted to SEK -7.3 million (-3.0). The increase is driven by net change in fair value of liability to non-controlling interest of SEK -2.0 million, for more explanation see note 3 and 5. Remaining financial items are attributable to interests on loans and lease liabilities. Net financial items amounted to SEK -7.3 million (-3.0).

Full year

Financial costs for the period amounted to SEK -19.8 million (-12.0) million. Net financial items amounted to SEK -19.5 million (-11.9).

Tax

Fourth quarter

Tax costs for the period amounted to SEK -21.2 million (-14.0). The Group has now utilized all its tax losses carry forward from historical tax losses where a deferred tax asset has been reported. The effective tax rate for the period was 19.2% (14.1), which is in line with the current tax rate for the parent company of 20.6%.

Full year

Tax costs for the period amounted to SEK -49.8 million (-37.6). The effective tax rate for the full year was 20.3% compared to 22.0% last year.

Earnings for the period

Fourth quarter

Earnings for the period totalled SEK 89.5 million (85.0). Earnings per share before dilution amounted to SEK 1.31 (1.41). Earnings per share after dilution amounted to SEK 1.29 (1.35).

Full year

Earnings for the period totalled SEK 195.2 million (132.8). Earnings per share before dilution amounted to SEK 2.87 (2.27). Earnings per share after dilution amounted to SEK 2.81 (2.21).

Working capital

The Group realised a net working capital of SEK 277.0 million (73.8) equivalent to 4.8% (1.7) of the net revenue for the last twelve months. The increase to 4.8% was driven by increased capital tied up in inventory. The fourth quarter last year were characterized by a low availability of stock on the market due to a high sell-through of the seasonal stock. The stock position increased with 38.9% compared to Dec 31, 2020. Delivery of the SS22 season started in November 2021 and is going according to plan providing us with a confident stock position going into the first half of 2022.

Net debt / net cash

The Group's net cash (-) decreased to SEK -602.9 million (-1,006.2). The decrease was driven by liability to non-controlling interest of SEK 119.3 million from the Rosemunde acquisition, as well as cash flow for the year and interest-bearing liabilities.

Cash position

Cash and cash equivalents decreased to SEK 1,564.9 million (1,714.5).

Lease liabilities

Lease liabilities (current and non-current) has decreased to SEK 469.3 (491.0), driven by amortization of the exit-fee for closing the Copenhagen store in 2022.

Interest-bearing liabilities

Interest-bearing liabilities (current and non-current) has increased to SEK 373.3 million (217.3), driven by new loans for financing of the AutoStore investments.

Non-current assets

Non-current assets increased to SEK 1,484.2 million (878.0). The increase compared to last year was mainly driven by trademark and goodwill deriving from acquisition of operations and new AutoStore expansions at the fulfilment centre, which has effectively increased our capacity with 40+%.

Equity

Equity attributable to the shareholders of the parent company increased to SEK 2,176.5 million (1,908.1), driven by proceeds obtained from share capital increases in connection with exercises of warrants under the Group's long-term incentive programs. Put option issued to non-controlling interest for future acquisition of non-controlling interest has been recognised as a financial liability and has reduced equity with SEK 115.1 million, which has been offset by equity attributable to non-controlling interest amounting to SEK 114.6 million. Total equity amounted to SEK 2,297.7 million (1,908.1).

Cash flow

Fourth quarter

Cash flow for the period amounted to SEK 337.9 million (656.5), driven by cash flow from operating activities.

Full year

Cash flow for the full year amounted to SEK -149.0 million (1,375.9), mainly due to a negative cash flow from investments.

Cash flow from operations

Fourth quarter

Cash flow from operating activities amounted to SEK 405.6 million (100.3) in the quarter. The quarter was positively impacted by a positive cash flow from changes in working capital, driven by changes in goods inventory from stock-building activities in the previous quarter.

Full year

Cash flow from operating activities amounted to SEK 241.8 million (747.3) for the full year. Cash flow from changes in working capital during last year was positive impacted by the accelerated online migration at the outbreak of COVID-19. Last year the Group didn't have enough stock in the end of the year due to a high sellthrough and compensated it partly by an increased level of campaign goods, products with a higher turnover rate. Negative cash flow from changes in goods inventory was partly offset by cash flow from changes in current liabilities.

Cash flow from investments

Fourth quarter

Cash flow from investing activities amounted to SEK -78.4 million (-74.4), driven by further investments in AutoStore expansions where the fifth/sixth expansion phase were finalized.

Full year

Year-to-date, the cash flow from investing activities amounted to SEK -606.9 million (-150.8). The negative cash flow is mainly originating from the acquisitions of the Danish fashion company Rosemunde and the long-time Lithuanian tech-partner Estina, as well as AutoStore expansions at the fulfilment centre. The investments in AutoStore are related to the finalization of the fourth- and combined fifth/sixth expansion phases and the initiation of the seventh expansion phase.

Cash flow from financing

Fourth quarter

Cash flow from financing activities during the fourth quarter amounted to SEK 10.7 million (630.6). Last year quarter were impacted by the capital increase in connection with the dual listing in Copenhagen.

Full year

Cash flow from financing activities year-to-date amounted to SEK 216.0 million (779.4). The year was positively impacted by proceeds obtained from the exercises of warrants under the Group's LTI Programs and new loans from financing of the AutoStore investments, partly offset by repayment of existing AutoStore loans and lease liabilities.

Development by segment

Full year report – Q4 2021 – January 1 – December 31, 2021

Boozt.com

	Full year report – Q4 2021 – January 1 – December 31, 2021
Boozt.com
SEK million unless otherwise indicated	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Change	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020	Change
Boozt.com
Net revenue	1,697.9	1,247.9	36.1%	4,938.2	3,780.5	30.6%
EBIT	113.1	85.4	32.5%	236.5	138.5	71%
EBIT margin (%)	6.7%	6.8%	-0.2 pp	4.8%	3.7%	1.1 pp
Adjusted EBIT*	140.7		120.1 17.1%	304.4	238.0	27.9%
Adjusted EBIT margin (%)*	8.3%	9.6%	-1.3 pp	6.2%	6.3%	-0.1 pp
Site visits (000)*	60,790	47,609	27.7%	207,363	156,996	32.1%
No. of orders (000)*	1,943	1,543	25.9%	5,880	4,696	25%
Conversion rate (%)*	3.20%	3.24%	-0.0 pp	2.84%	2.99%	-0.2 pp
True frequency*	5.9	6.0	-1.8%	5.9	6.0	-1.8%
Average order value (SEK)*	837	819	2.2%	817	811	0.8%
Active customers (000)*	2,503	2,043	22.5%	2,503	2,043	22.5%
No. of orders per active customer*	2.35	2.30	2.2%	2.35	2.30	2.2%

Rounding differences may affect the summations.

*The figure is an Alternative Performance Measure (APM), see pages 30.

From Jan 1, 2021 the Boozt.com segment includes the Group's physical store Beauty by Boozt, with the historical comparison figures recalculated.

Net revenue

Net revenue increased with 36.1% to SEK 1,697.9 million (1,247.9) in the quarter. Growth was positively impacted by the increased marketing efforts leading to a strong sell through as well as the incorporation of Rosemunde from 1 July 2021. The net revenue growth was positively impacted by currency effects of around 0.3 percentage point from the strengthening of NOK/SEK compared to the fourth quarter last year.

Customer satisfaction remained at a high level as shown by a Trustpilot score of 4.5 (4.6) and an all-time high Net Promoter Score of 79 (77).

For 2021 net revenue increased with 30.6% to SEK 4,938.2 million (3,780.5).

Adjusted EBIT & EBIT

Adjusted EBIT increased to SEK 140.7 million (120.1) in the quarter, while the adjusted EBIT margin decreased to 8.3% (9.6).

TOTAL Net revenue	1,697.9	1,247.9	36.1%	4,938.2	3,780.5	30.6%
Rest of Europe	137.8	98.4	40.0%	343.7	275.2	24.9%
Nordics	1,560.1	1,149.5	35.7%	4,594.5	3,505.3	31.1%
Boozt.com - Net revenue
SEK million	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Change	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020	Change
behaviour to historical cohorts.				EBIT increased to SEK 236.5 million (138.5).	For 2021 adjusted EBIT increased to SEK 304.4 million (238.0).
that the cohorts acquired during the pandemic have similar
True frequency was on level with last year at 5.9 (6.0) indicating			EBIT increased to SEK 113.1 million (85.4) for the quarter, while the EBIT margin was on level with last year at 6.7% (6.8). EBIT for the current Beauty by Boozt store in Malmö was around break-even.
with SEK 7.
Kids, Sport, Beauty and Home supports a sustainable high average order value. For 2021 the average order value increased			and consisted fully of share-based payments.
Average order value increased to SEK 837 (819). The continued progress of the department store strategy with strong growth in			growth and market share gains. The adjustment in the quarter amounted to SEK 27.6 million (33.2)
									profitability.
exceeded expectations both in terms of net revenue and
fourth quarter 2020 continued to have a positive impact and
strong growth. The Home category that was soft launched in the			normalization of the product margin which was inflated by high
number of people are shopping online which contributed to the			The decrease in adjusted EBIT margin is related to a
New customer intake continued at a high pace as an increasing					while the adjusted EBIT margin decreased to 8.3% (9.6).

Booztlet.com

Full year report – Q4 2021 – January 1 – December 31, 2021
Booztlet.com
Oct 1 - Dec 31, 2021		Change	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020	Change
270.0	177.3	52.3%	875.6	579.0	51.2%
4.9	16.6	-71%	28.0	43.8	-36.0%
1.8%	9.4%	-7.6 pp	3.2%	7.6%	-4.4 pp
8.8	20.5	-57%	38.1	52.4	-27.3%
3.3%	11.6%	-8.3 pp	4.4%	9.0%	-4.7 pp
	10,768	27.5%	45,679	34,768	31.4%
	255	41.6%	1,194	841	42.0%
2.63%	2.37%	0.3 pp	2.61%	2.42%	0.2 pp
	640	12.9%	703	666	5.6%
		13,731 361 723	Oct 1 - Dec 31, 2020

Net revenue

Net revenue increased with 52.3% to SEK 270.0 million (177.3) in the quarter. Booztlet continued to accelerate investments to further build the brand in Nordics, as well outside Nordics and has increased offline marketing efforts compared to last year. On a two-year stack Booztlet grew 239% in the fourth quarter.

Booztlet benefitted last year from an exceptionally high access to campaign goods as well as large parts of Boozt.com stock in the wake of the pandemic. During 2021 the situation normalised and returned to pre pandemic patterns.

Net revenue increased with 51.2% to SEK 875.6 million in 2021 (579.0). Measured on a two-year stack Booztlet managed to grow 235% compared to 2019.

Adjusted EBIT & EBIT

Adjusted EBIT decreased to SEK 8.8 million (20.5) in the quarter, while the adjusted EBIT margin decreased to 3.3% (11.6). Most of the decrease is related to a lower product margin in the fourth quarter of 2021 with an unfavourable inventory mix. In addition, last year was positively impacted due to the extraordinary access to campaign buys.

The market for a Nordic fashion outlet remains very attractive and the ambition for Booztlet is to continue the high growth trajectory.
			Booztlet continued with higher investments made in marketing and employees to secure new customer intake and realising
To support this development, Booztlet is currently building further organizational capabilities and capacity to have the right and enough resources to be able to secure and handle the stock and to further build the brand. Growth in the Nordics amounted to 49.5% mainly driven by Finland and Norway. Rest of Europe experienced a growth of 83.3% to SEK 27.2 million.		future potential, resulting in a temporary lower profitability. The adjustment in the quarter relates to a negative impact of SEK 4.0 million (3.9) from share-based payments for the Group's LTI
		EBIT decreased to SEK 4.9 million (16.6), while the EBIT margin decreased to 1.8% (9.4) for the quarter.
				Jan 1 - Dec 31,	Change
					44.3% 158%
270.0	177.3	52.3%	875.6	579.0	51.2%
	242.9 27.2	Average order value has increased significantly during 2021 and reached SEK 723 (640) driven mainly by an increased number of Oct 1 - Dec 31, 2021 162.4 14.8	Programs. Oct 1 - Dec 31, 2020 49.5% 83.3%	Change 784.7 90.9	For 2021 adjusted EBIT decreased to SEK 38.1 million (52.4). EBIT decreased to SEK 28.0 million (43.8). Jan 1 - Dec 31, 2021 2020 543.8 35.2

Other information

Significant events during the fourth quarter

Appointment of Nomination Committee

The Nomination Committee has been formed in accordance with the principles adopted by the Annual General Meeting and has the following composition:

• Anders Lund (representing BLS Capital), chairman of the Nomination Committee
• Caroline Sjösten (appointed by Swedbank Robur Funds)
• Claus Wiinblad (appointed by ATP)
• Henrik Theilbjørn, Chairman of the Board of Boozt AB (publ)

Launch of ReBoozt

During October Boozt launched ReBoozt, a free and seamless option for customers to sell and buy pre-owned Boozt items. ReBoozt is free of any charge and available on the Boozt.com app. With ReBoozt, the opportunity to extend the lifetime of fashion and lifestyles items is provided and a next step in Boozt's journey to become the leading responsible e-commerce company in the Nordics by 2025.

Growth outlook for 2021 upwardly adjusted

On November 30 2021, the Group upwardly adjusted its net revenue growth outlook for 2021 to the upper end of the previously communicated range of 27.5%-32.5%.

Significant events after the reporting date

Acquisition of the remaining shares in Rosemunde

Boozt has as of January 24, 2022 acquired the remaining 33.3% of the shares of everyday Luxury Feeling A/S to take full ownership of the company. By taking full ownership, Boozt expects to accelerate the positive development of Rosemunde and to further develop the Brand Hub organisation to drive a successful expansion of acquired brands like Svea. The transaction was made at an enterprise value of DKK 275 million on a cash and debt free basis and has been financed through own cash.

Transfer to Large Cap

From January 3, 2022, Boozt AB (publ) is a part of the Nasdaq Large Cap segment for companies with a market value above EUR 1 billion. The Boozt share was previously traded on Nasdaq Mid Cap.

Positive profit warning

Boozt issued a positive profit warning on 1 February 2022 announcing net revenue growth and adjusted EBIT margin for 2021 ahead of previously announced outlook. The deviation to expectations came from higher-than-expected sales in December and significantly lower returns from Black Week as well as Christmas shopping, which had extended return until January 31, 2022.

Employees

Number of employees was 1,296 (439) at the end of the period equivalent to an increase of 195% due to the take-over of fulfilment staff at the Boozt Fulfilment Centre, additional staff at the HQ as well as staff joining from recent M&A transactions. The average number of employees was 1,198 (424) for the quarter equivalent to an increase of 182%.

Seasonal variances

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

Parent company

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

Since May 31, 2017, Boozt AB (publ) is listed on Nasdaq Stockholm and since November 20, 2020, secondary listed on Nasdaq Copenhagen. Since January 3, 2022, Boozt AB (publ) is traded on Nasdaq Large Cap.

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

Net revenue of the parent company amounted to SEK 21.1 million (17.5) during the quarter and SEK 102.9 million (62.9) for the full year. The parent company has invoiced fees for management services in accordance with the Group's intra company agreements to other Group companies during the period. Costs for the period are mainly attributable to costs related to salaries and share-based payments for Group Management and remuneration to the Board of Directors.

The result for the quarter totalled SEK -7.0 million (82.3) and SEK 25.9 million (62.8) for the full year.

Risks and uncertainties

Boozt has developed a risk management framework with the purpose to strengthen the structure of how risk management is carried out throughout the Group. Identified risks are reviewed by the Board of Directors continuously. No recognisable risk for the Group's ability to continue as a going concern has been identified. All identified risks as well as the risk management process is described in the Group's Annual Report 2020 on pages 116-121. No additional risk has been identified as of Dec 31, 2021.

The Boozt share

The Boozt share is listed on Nasdaq Stockholm with secondary listing on Nasdaq Copenhagen. The Boozt share is traded on Nasdaq Stockholm under the ticker BOOZT and Nasdaq Copenhagen under the ticker BOOZT DKK. The ISIN-code for the Boozt share is SE0009888738.

The combined average turnover of the Boozt share on Nasdaq Stockholm and Nasdaq Copenhagen was 300,847 shares per day during the fourth quarter compared to 375,517 shares per day in the fourth quarter last year. As per February 10, 2022, the company had around 18,000 shareholders, whereof the largest shareholders were BLS Capital (14.9%), Ferd (10.0%), Kabouter Management (7.4%) Invesco (5.7%), Swedbank (5.6%) and ATP (5.0%).

The market value for the Company as per December 31, 2021 amounted to SEK 12,039 million. The total number of shares at the end of the reporting period amounted to 66,890,637, whereof 1,392,036 C shares are held in own custody. More information of the Group's share capital can be found in the Annual report 2020 on page 158. Beyond shares, the Company has issued long-term incentive programs where participants can receive or have the right to receive or acquire shares under specific terms and conditions.

Long-term incentive programs

The Group has currently four ongoing long-term incentive programs directed to senior executives and key employees within the Group. LTIP 2015/2025 is a stock option program which is fully vested and outstanding options under LTIP 2015/2025 is 77,022, whereof 63,954 are held in own custody. Each option gives right to buy 12 shares in Boozt. LTIP 2019/2022, LTIP 2020/2023 and LTIP 2021/2024 are performance share programs where the maximum number of shares that can be granted to the participants amounts to 2,022,036. The programs contain different performance criterions and constraints.

More information of LTIP 2015/2025, LTIP 2019/2022 and LTIP 2020/2023 can be found in the Annual Report 2020 in Note 1 on pages 129-130, and in Note 9 on pages 144-146. Regarding LTIP 2021/2024 more information is available in the minutes from the 2021 Annual General Meeting at the Group's website.

Related party transactions

Boozt's related parties and the extent of transactions with its related parties are described in Note 27 in the Annual Report 2020. No material changes occurred during the quarter or the year for the Group or the parent company in relations or extent of transactions with its suppliers, classified as related parties, compared with the disclosures in the Annual Report 2020.

During the year members of Group Management has subscribed for 483,347 shares under LTI 2018/2021 at a price of 96.31 per share, and 651,276 shares under LTI 2015/2025 at a pre-determined subscription price corresponding to SEK 26.17 plus compounded interest of 8 percent per annum from Juny 30, 2015

Outlook for 2022

The Group expects a net revenue growth for 2022 in the range of 20-25% and an adjusted EBIT between SEK 365-420 million. The net revenue growth is supported by market share gains, a continued high online penetration as well as a strengthening of the underlying fashion market as societies gradually reopen.

Medium-term financial ambitions through 2023

In connection with the financial report for Q4 2020, the Board of Directors adopted updated financial targets for the medium term.

NET REVENUE	The Group targets to outgrow the Nordic online
GROWTH	market significantly to expand market share
ADJUSTED	The Group targets an adjusted EBIT margin
EBIT MARGIN	between 5% and 7% during the period

The priority is a continued high investment in growth as well as a continued strengthening of the customer experience, while maintaining a solid adjusted EBIT margin driven by the high average order value and local scale leadership in the Nordics.

SEK million unless otherwise indicated Note Oct 1 - Dec 31, 2021 Oct 1 - Dec 31, 2020 Jan 1 - Dec 31, 2021 Jan 1 - Dec 31, 2020 OPERATING INCOME Net revenue 2 1,967.9 1,425.1 5,813.8 4,359.3 Total operating income 2 1,967.9 1,425.1 5,813.8 4,359.3 OPERATING COSTS Goods for resale -1,160.3 -811.9 -3,462.2 -2,589.9 Other external costs -505.6 -362.1 -1,486.4 -1,081.1 Cost of personnel -136.2 -106.1 -438.3 -325.5 Depreciations and amotisation of tangible and intagible assets -48.0 -32.9 -167.0 -161.8 Other operating costs 0.1 -10.1 4.7 -18.8 Total operating costs -1,850.0 -1,323.1 -5,549.2 -4,177.0 OPERATING PROFIT/LOSS (EBIT) 2 117.9 102.0 264.5 182.3 FINANCIAL INCOME AND EXPENSES Financial income 3 0.1 - 0.3 0.0 Financial expenses 3 -7.3 -3.0 -19.8 -12.0 Net financial items -7.3 -3.0 -19.5 -11.9 EARNINGS BEFORE TAX 2 110.7 99.0 245.0 170.4 Income tax -21.2 -14.0 -49.8 -37.6 EARNINGS FOR THE PERIOD 89.5 85.0 195.2 132.8 ATTRIBUTABLE TO: Parent company's shareholders 87.4 85.0 188.7 132.8 Non-controlling interest 2.1 - 6.5 - RESULT FOR THE PERIOD 89.5 85.0 195.2 132.8 Average number of shares (000) 66,891 60,500 65,792 58,423 Average number of shares after dilution (000) 67,521 63,192 67,173 60,084 Earnings per share (SEK) 1.31 1.41 2.87 2.27 Earnings per share after dilution (SEK) 1.29 1.35 2.81 2.21

Consolidated income statement

Consolidated statement of comprehensive income

Rounding differences may effect the summations
Consolidated statement of comprehensive income
SEK million	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020
EARNINGS FOR THE PERIOD	89.5	85.0	195.2	132.8
ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT:
Translation differences	0.6	-0.4	3.1	0.4
TOTAL COMPREHENSIVE EARNINGS FOR THE PERIOD	90.0	84.6	198.3	133.2
EARNINGS FOR THE PERIOD ATTRIBUTABLE TO:
Parent company's shareholders Non-controlling interest	88.0 2.1	84.6 -	191.8 6.5	133.2 -

Consolidated statement of financial position

SEK million	Note	Dec 31, 2021	Dec 31, 2020
ASSETS
Non-current assets
Intangible assets	4,5
Trademark	4,5	84.5	-
Goodwill	4	275.5	9.4
Web platform		136.6 496.6	99.1 108.6
Tangible assets
Right of use asset		460.4	460.8
Machinery and equipment	4	513.9	292.4
		974.3	753.1
Other non-current assets
Deposits	3	8.3	7.0
Deferred tax asset		5.1	9.4
		13.4	16.4
Total non-current assets		1,484.2	878.0
Current assets
Inventory		1,732.2	1,247.4
Accounts receivable	3	36.5	29.4
Other receivables	3	108.7	91.3
Current tax assets		30.1	1.9
Prepaid expenses and accrued income		101.0	69.1
Cash and cash equivalents	3	1,564.9	1,714.5
Total current assets		3,573.5	3,153.8
TOTAL ASSETS		5,057.8	4,031.8
EQUITY
Share capital		5.6	5.3
Other capital contributions		2,201.9	2,010.3
Reserves		3.6	0.6
Retained earnings including earnings for the period		-34.6	-108.2
Equity attributable to parent company shareholders		2,176.5	1,908.1
Non-controlling interest		121.1	-
Total equity		2,297.7	1,908.1
Non-current liabilities
Non-current interest bearing liabilities		205.1	114.1
Non-current lease liabilities	3	402.6	432.9
Other non-current liabilities	3	119.3	-
Deferred tax liability		17.4	-
Other provisions	3	49.2	50.0
Total non-current liabilities		793.6	597.0
Current liabilities
Current interest bearing liabilities	3	168.2	103.2
Current lease liabilities	3	66.7	58.1
Accounts payable	3	895.8	889.0
Current tax liabilities		40.7	-
Other liabilities	3	337.4	123.3
Accrued expenses and prepaid income		457.7	353.1
Total current liabilities		1,966.5	1,526.6
TOTAL LIABILITIES		2,760.1	2,123.7

Consolidated statement of changes in equity

						Full year report – Q4 2021 – January 1 – December 31, 2021
Share capital	Other capital contributions	Reserves	Profit brought profit/loss for the year	Total equity attributable to parent company shareholders	Non-controlling interest	Total equity
4.8	1,178.5	0.2	-240.9	942.6	-	942.6
-	-	-	132.8	132.8	-	132.8
-	-	0.4	-	0.4	-	0.4
-	-	0.4	132.8	133.2	-	133.2
						848.2
						-30.7
						14.8
0.6	831.8	-	-0.0	832.3	-	832.3
5.3	2,010.3	0.6	-108.2	1,908.1	-	1,908.1
	0.6 - -	847.7 -30.7 14.8	- - -	Consolidated statement of changes in equity -0.0 - -	forward incl. period's 848.2 -30.7 14.8	- - -

Rounding differences may effect the summations.
				Profit brought	Total equity attributable to parent
	Share capital	Other capital contributions	Reserves	forward incl. period's		Non-controlling interest	Total equity
SEK million				profit/loss for the year	company shareholders
Equity brought forward Jan 1, 2021	5.3	2,010.3	0.6	-108.1	1,908.1	-	1,908.1
Earnings for the period	-	-	-	188.7	188.7	6.5	195.2
Other comprehensive income	-	-	3.0	-	3.0	0.1	3.1
COMPREHENSIVE EARNINGS FOR THE PERIOD	-	-	3.0	188.7	191.8	6.6	198.3
Share capital increases	0.2	137.3	-	-0.1	137.5	-	137.5
Share based compensation	-	54.3	-	-	54.3	-	54.3
Acquisition of non-controlling interest	-	-	-	-	-	114.6	114.6
Liabilities to non-controlling interest	-	-	-	-115.1	-115.1	-	-115.1
Total transactions with owners	0.2	191.6	-	-115.2	76.6	114.6	191.2
	5.6	2,201.9	3.6	-34.6	2,176.5	121.1	2,297.7

SEK million Note Oct 1 - Dec 31, 2021 Oct 1 - Dec 31, 2020 Jan 1 - Dec 31, 2021 Jan 1 - Dec 31, 2020 CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL Operating profit 117.9 102.0 264.5 182.3 Adjustments for non-cash items: Non-cash remuneration from share based payments (social charges) 15.6 20.7 -2.2 38.0 Non-cash remuneration from share based payments 16.2 7.7 54.3 14.8 Change in other provisions -0.9 1.5 -0.9 1.5 Depreciation 48.0 32.8 167.0 161.8 Other items not included in cash flow 2.6 -0.2 2.8 -0.4 Interest received 0.2 - 0.3 - Interest paid 3 -7.3 -3.1 -19.8 -12.0 Paid income tax -14.8 -0.1 -32.7 -0.7 CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL 177.6 161.5 433.4 385.4 CASH FLOW FROM CHANGES IN WORKING CAPITAL Changes in inventory 197.8 -178.9 -465.8 -203.6 Changes in current assets -14.9 -27.6 -31.1 97.4 Changes in current liabilities 45.1 145.4 305.3 468.1 Cash flow from changes working capital 228.0 -61.1 -191.6 361.9 CASH FLOW FROM OPERATING ACTIVITIES 405.6 100.3 241.8 747.3 CASH FLOW FROM INVESTING ACTIVITIES Acquisition of subsidiaries, net liquidity effect 4,5 -2.0 -2.0 -232.0 -2.0 Investments in fixed assets 4 -50.2 -55.6 -293.8 -95.8 Change in financial assets 4 -1.0 -0.8 -1.3 5.3 Investments in intangible assets 4 -25.3 -15.9 -79.8 -58.3 CASH FLOW FROM INVESTING ACTIVITIES 4 -78.4 -74.4 -606.9 -150.8 CASH FLOW FROM FINANCING ACTIVITIES Share capital increases - 826.7 137.5 848.2 Transaction cost - -30.7 - -30.7 New loans 67.2 55.7 295.4 289.3 Repayments of loans -37.7 -208.0 -139.4 -279.7 Repayments of lease liability -18.8 -13.1 -77.4 -47.7 CASH FLOW FROM FINANCING ACTIVITIES 10.7 630.6 216.0 779.4 Cash flow for the period 337.9 656.5 -149.0 1,375.9 Currency exchange gains/losses in cash and cash equivalents -0.7 -0.4 -0.6 -0.8 Cash and cash equivalents beginning of period 1,227.7 1,058.4 1,714.5 339.4 CASH AND CASH EQUIVALENTS END OF PERIOD 1,564.9 1,714.5 1,564.9 1,714.5

Consolidated statement of cash flow

Rounding differences may affect the summations.

Note 1 - Accounting principles

The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish annual Accounts Act. Information required by IAS 34 p.16 A is provided in notes and other sections in the interim report. The accounting principles and calculations method have remained unchanged from those applied in the 2020 Annual Report. Amended or new standards taking effect from January 1, 2021 have not had any material impact on the Group´s financial reports for the period.

Important estimates and assessments

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

Important estimates and assessments are disclosed in the 2020 Annual Report on page 135. The group has recognised a financial liability of SEK 119.3 million related to a put-option that the Group has issued to non-controlling interest in Everyday Luxury Feeling A/S. The value of the liability of SEK 119.3 million, is measured at the discounted present value of the estimated future strike price. More information can be found in note 3 and note 5.

No other changes have been made to these estimates or assessments which could have a material impact on the interim report.

Parent Company

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

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

					Full year report – Q4 2021 – January 1 – December 31, 2021
Note 2 - Segment reporting
SEK million	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Change	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020	Change
NET REVENUE
Boozt.com	1,697.9	1,247.9	450.1	4,938.2	3,780.5	1,157.7
Booztlet.com	270.0	177.3	92.7	875.6	579.0	296.6
TOTAL NET REVENUE	1,967.9	1,425.1	542.8	5,813.8	4,359.4	1,454.4
EBIT
Boozt.com	113.1	85.4	27.7	236.5	138.5	98.0
Booztlet.com	4.9	16.6	-11.7	28.0	43.8	-15.8
TOTAL OPERATING EARNINGS	117.9	102.0	16.0	264.5	182.3	82.2
EARNINGS BEFORE TAX
Boozt.com	106.8	81.5	25.3	219.9	127.8	92.1
Booztlet.com	3.8	17.5	-13.7	25.0	42.5	-17.5
						74.6

Note 2 - Segment reporting

The Group reports operating segments in accordance with IFRS 8. The Group's operations are divided into two segments, which constitute 100% of the revenue generated. The previous reported other segment, including the Group´s physical stores Beauty by Boozt and Booztlet has been allocated to the Boozt.com segment and the Booztlet.com segments. The Group reports net revenue, EBIT and Operating profit before tax for each of the operating segments. No information on segment assets or liabilities is provided, as no separate segmentation is made for the Group's financial position.

Note 3 -	Financial instruments
Dec 31, 2020	Finacial assets valued at amortised cost	Finacial liabilities valued at amortised cost	Financial instruments measured at fair value via income statement	Total carrying amount	Fair value
Financial assets
Deposits	7.0	-	-	7.0	7.0
Accounts receivables	29.4	-	-	29.4	29.4
Other receivables	91.3	-	-	91.3	91.3
Cash and cash equivalents	1,714.5	-	-	1,714.5	1,714.5
Total financial assets	1,842.3	-	-	1,842.3	1,842.3
Financial liabilities Liabilities to credit
institutions	-	217.3	-	217.3	217.3
Accounts payables	-	889.0	-	889.0	889.0
Other liabilities	-	491.0	4.1	495.1	495.1
Lease liabilities	-	121.3		121.3	121.3
Total financial liabilities	-	1,718.6	4.1	1,722.7	1,722.7

Note 3 - Financial instruments

Dec 31, 2021	Finacial assets valued at amortised cost	Finacial liabilities valued at amortised cost	Financial instruments measured at fair value via income statement	Total carrying amount	Fair value
Financial assets
Deposits	8.3	-	-	8.3	8.3
Accounts receivables	36.5	-	-	36.5	36.5
Other receivables	107.6	-	1.1	108.7	108.7
Cash and cash equivalents	1,564.9	-	-	1,564.9	1,564.9
Total financial assets	1,717.3	-	1.1	1,718.4	1,718.4
Financial liabilities
institutions	-	373.3	-	373.3	373.3
Accounts payables	-	895.8	-	895.8	895.8
Other liabilities	-	333.3	127.5	460.8	460.8
Lease liabilities	-	469.3	-	469.3	469.3
Total financial liabilities	-	2,071.7	127.5	2,199.2	2,199.2
Rounding differences may affect the summations.

Calculation of fair value

The Group has derivate instrument that comprise of foreign exchange forward used for hedging purposes, which are measured at fair value according to Level 2 of the valuation hierarchy. Derivate assets amount to SEK 1.1 million (0.0). Other financial liabilities measured at fair value consists of liabilities related to non-controlling interest of SEK 119.3 million (0.0) at the end of the period, and earn-out from acquisitions of operations of SEK 8.1 million (4.1), of which some parts are conditional. Other financial liabilities measured at fair value can be found at Level 3 of the valuation hierarchy. More information of liability to non-controlling interest can be found in note 1 and 5.

The Group's other financial assets and liabilities are 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 Note 1 on pages 132-134 and Note 28 on page 163 in the Annual Report 2020

	Full year report – Q4 2021 – January 1 – December 31, 2021
SEK million unles otherwise stated	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	1 Jan - Dec 31, 2021	1 Jan - Dec 31, 2020
Interest income	0.1	0.0	0.3	0.0
Interest expense	-3.5	-1.5	-8.6	-7.0
Interest expense leases	-1.8	-1.5	-7.4	-5.0
Net change in value of liabilities measured at fair value	-2.0	-	-3.9	-
NET FINANCIAL ITEMS	-7.3	-3.0	-19.5	-11.9

Note 4 - Investments

Note 4 - Investments
SEK million	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	1 Jan - Dec 31, 2021	1 Jan - Dec 31, 2020
Acquisition of fixed assets (other capex)	-0.3	-0.3	-12.2	-6.1
Acquisition of fixed assets (warehouse capex)	-49.9	-55.3	-281.6	-89.7
	-50.2	-55.6	-293.8	-95.8
Acquisition of subsidiaries	-2.0	-2.0	-232.0	-2.0
Change in financial assets	-1.0	-0.8	-1.3	5.3
	-3.0	-2.9	-233.3	3.3
Acquisition of intangible assets (capitalised development costs)	-18.8	-15.9	-73.3	-58.3
Acquisition of intangible assets (other)	-6.5	-	-6.5	-
	-25.3	-15.9	-79.8	-58.3

• Acquisition of fixed assets (warehouse capex) mainly relates to the expansion phases of AutoStore at the Boozt Fulfilment Centre.
• Acquisition of intangible assets relates to capitalised development costs on the Group's own developed platforms and acquired trademarks.
• Acquisition of subsidiaries relates in the quarter to payment of earn-out and year-to-date to the acquisitions of Everyday Luxury Feeling A/S and Estina Group UAB.

Note 5 - Acquisitions

Rosemunde

Boozt acquired 66.7 % of the shares in the danish fashion brand Rosemunde (via Everyday Luxury Feeling A/S) on July 1, 2021 with an agreement to acquire the remaining shares in three phases until 2026 at the same EV/EBIT multiple as used in the transaction of 7.5x EV/EBIT. The transaction multiple was based on EBIT for the financial year 2020. The transaction was made at an enterprise value of DKK 250 million on a cash and debt free basis and has been financed through the Group's cash. Rosemunde is an established lifestyle brand retailing online and in more than 1,000 select shops and department stores worldwide and have personnel of around 30 employees. As an effect of the acquisition, the Group has recognised equity attributable to non-controlling interest in Rosemunde. The option issued to non-controlling interest that entitle the Group to acquire the remaining shares in the future has been recognised as a liability and has been classified as a separate transaction with the non-controlling interest. The initial value of the liability of SEK 115.1 million at the time of the acquisition, is measured at the discounted present value of the estimated future strike price and has reduced the Group's equity. Rosemunde has been included in the consolidated financial statement from July 1, 2021 and is expected to contribute with ~1% to the FY2021 net revenue growth of the Boozt group and to have limited impact on the net working capital and capex. The transaction has not impacted the current outlook for 2021.

As of January 24, 2022 the Group has utilized the option and acquired the remaining shares in Everyday Luxury Feeling A/S to take full ownership of the company. The transaction was made at an enterprise value of DKK 275 million on a cash and debt free basis and has been financed through own cash.

Estina

On June 2, the Group announced the acquisition of its longstanding technology partner Estina (via Estina Group UAB). The acquisition was a strategic investment to secure scalable platform and frictionless online experience. Boozt has engaged Estina continuously since 2010 and the close partnership has been crucial to building tech solutions tailored to the business. After the acquisition, the Estina team of more than 30 developers will continue to be based in Vilnius while fully integrating with Boozt and eventually changing name to Boozt Technology Baltics. The acquisition has had a minor financial impact. Acquired net assets on acquisition date* 99.5

Effects of acquisitions in 2021

2010 and the close partnership has been crucial to building tech solutions tailored to the business. After the acquisition, the Estina team
of more than 30 developers will continue to be based in Vilnius while fully integrating with Boozt and eventually changing name to Boozt
Technology Baltics. The acquisition has had a minor financial impact.
Effects of acquisitions in 2021
SEK million	Fair value
Acquired net assets on acquisition date*	99.5
Goodwill	263.2
Non-controlling interest	-113.5
Total purchase price	249.2
Purchase consideation recognised as liability	-6.1
	-13.2
Cash and cash equivalent in acquired operations

	Full year report – Q4 2021 – January 1 – December 31, 2021
Parent company income statement
SEK million	Oct 1 - Dec 31, 2021	Oct 1 - Dec 31, 2020	Jan 1 - Dec 31, 2021	Jan 1 - Dec 31, 2020
OPERATING INCOME
Net revenue	21.1	17.5	102.9	62.9
Total operating income	21.1	17.5	102.9	62.9
OPERATING COSTS
Other external costs	-2.9	-8.8	-9.6	-11.7
Personnel costs	-41.2	-39.9	-121.0	-107.2
Total operating costs	-44.1	-48.7	-130.6	-118.9
OPERATING PROFIT	-23.0	-31.2	-27.7	-56.1
FNANCIAL INCOME AND EXPENSES
Financial expenses	-0.0	-	-0.2	-
Net financial items	-0.0	-	-0.2	-
RESULT BEFORE TAX	-23.0	-31.2	-27.9	-56.1
Group contributions	23.0	128.0	60.8	128.0
RESULT BEFORE TAX	-0.0	96.8	32.9	71.9
Income tax	-7.0	-14.5	-7.0	-9.2
			25.9	62.8

Parent company income statement

Parent company financial position

Parent company financial position
SEK million	Dec 31, 2021	Dec 31, 2020
ASSETS
Non-current assets
Shares in Group companies	974.2	747.3
Deferred tax asset	-	7.0
Total non-current assets	974.2	754.2
Current assets
Other receivables	0.3	0.4
Receivables from Group companies	976.6	1,006.4
Current tax assets	0.0	0.0
Prepaid expenses and accrued income	0.2	0.4
Cash and cash equivalents	4.6	2.0
Total current assets	981.7	1,009.2
TOTAL ASSETS	1,955.9	1,763.4
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital	5.6	5.3
	5.6	5.3
Unrestricted equity
Share premium reserve	2,116.3	1,947.1
Retained earnings	-292.4	-355.1
Earnings for the period	25.9	62.8
	1,849.9	1,654.8
TOTAL EQUITY	1,855.4	1,660.1
LIABILITIES
Non-current liabilities
Other provisions	28.3	40.0
Total non-current liabilities	28.3	40.0
Current liabilities
Accounts payable	-0.1	0.2
Liabilities to Group companies	37.8	37.8
Other liabilities	3.1	2.3
Accrued expenses and prepaid income	31.3	23.0
Total current liabilities	72.2	63.3
	100.5	103.3
TOTAL LIABILITIES

Audit

This report has been subject to a limited review by the Group's auditors.

Signatures

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

Malmö, February 10, 2022

HERMANN HARALDSSON Group CEO In accordance with authorization given by the Board of Directors

Review Report BOOZT AB (PUBL), CORP. ID: 556793-5183

Introduction

We have reviewed the interim report for Boozt AB (publ) for the period January 1 – December 31, 2021. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.

Malmö, February 10, 2022

Deloitte AB Signature on Swedish original

Didrik Roos

Authorized Public Accountant

Information by quarter

Net revenue and EBIT by segment

Information by quarter
Net revenue and EBIT by segment
SEK million unless otherwise indicated	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019
NET REVENUE
Boozt.com	1,697.9	1,031.8	1,270.8	937.6	1,247.9	796.2	1,070.1	666.2	970.0	692.8	836.9	663.6
Booztlet.com		270.0 200.3	205.5	199.8	177.3	143.9	158.1	99.8	79.7	71.3	61.7	48.7
NET REVENUE	1,967.9	1,232.1	1,476.3	1,137.4	1,425.1	940.1	1,228.2	766.0	1,049.7	764.1	898.7	712.4
OPERATING PROFIT/LOSS (EBIT) Boozt.com
Booztlet.com	113.1	11.1 4.9 -3.7	67.4 128.8	44.9 13.3	85.4 16.6	37.1 10.8	101.2 19.1	-85.1 -2.6	96.0 8.6	-48.9 8.1	40.6 8.3	-25.2 4.3
OPERATING PROFIT/LOSS (EBIT)	117.9	7.4	196.2	58.3	102.0	47.9	120.3	-87.8	104.6	-40.8	48.9	-21.0
OPERATING PROFIT/LOSS (EBIT) %
Boozt.com	6.7%	4.8%	5.3%	4.7%	9.5%	-12.8%	9.9%	-7.1%	4.9%	-3.8%	7.6%	-5.6%
Booztlet.com		1.8% 6.7%	62.7%	7.5%	12.1%	-2.6%	10.8%	11.4%	13.4%	8.7%	13.5%	10.7%
OPERATING PROFIT/LOSS (EBIT) %	6.0%	0.6%	13.3%	5.1%	7.2%	5.1%	9.8%	-11.5%	10.0%	-5.3%	5.4%	-2.9%
EARNINGS BEFORE TAX
Boozt.com	106.8	5.8	65.2	42.1	81.5	35.4	97.7	-86.8	93.5	-51.3	38.2	-27.5
Booztlet.com		3.8 -3.7	127.5	1.0	17.5	8.8	19.2	-2.9	8.4	7.8	8.1	4.1
EARNINGS BEFORE TAX	110.7	2.1	192.7	43.1	99.0	44.2	116.9	-89.7	101.9	-43.5	46.3	-23.4
ADJUSTED EBIT
Boozt.com	140.7	25.6	84.6	53.6	120.2	55.8	119.4	-57.4	92.5	-36.7	39.2	-16.1
Booztlet.com		8.8 -1.3	130.8	3.4	20.5	13.8	21.6	-3.6	8.3	9.2	7.9	4.8
ADJUSTED EBIT	149.5	24.3	215.3	57.0	140.7	69.7	141.1	-61.0	100.9	-27.6	47.1	-11.3
ADJUSTED EBIT %
Boozt.com	8.3%	2.5%	6.7%	5.7%	9.6%	7.0%	11.2%	-8.6%	9.5%	-5.3%	4.7%	-2.4%
Booztlet.com		3.3% -0.6%	63.6%	1.7%	11.6%	9.6%	13.7%	-3.6%	10.5%	12.9%	12.7%	9.9%
ADJUSTED EBIT %		7.6% 2.0%	14.6%	5.0%	9.9%	7.4%	11.5%	-8.0%	9.6%	-3.6%	5.2%	-1.6%

Information by quarter

	Additional information
Information by quarter
SEK million unless otherwise indicated	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019
EBIT MARGIN (%)
Gross margin (%)	41.0%	40.4%	39.8%	40.3%	43.0%	42.8%	41.5%	31.9%	43.2%	35.6%	40.7%	37.9%
Fulfillment cost ratio (%)	-12.1%	-12.2%	-11.4%	-11.1%	-11.0%	-11.6%	-11.1%	-13.4%	-12.4%	-14.4%	-13.7%	-14.8%
Marketing cost ratio (%)	-10.2%	-12.0%	-9.6%	-10.6%	-10.1%	-11.4%	-8.0%	-10.3%	-9.9%	-11.4%	-8.6%	-10.3%
Admin & other cost ratio (%)	-10.4%	-12.0%	-10.8%	-10.1%	-12.4%	-11.5%	-10.1%	-10.6%	-8.4%	-11.7%	-9.7%	-12.3%
Depreciation (%)	-2.4%	-3.5%	-2.6%	-3.3%	-2.3%	-3.3%	-2.4%	-9.0%	-2.6%	-3.4%	-3.2%	-3.4%
EBIT MARGIN (%)	6.0%	0.6%	5.5%	5.1%	7.2%	5.1%	9.8%	-11.5%	10.0%	-5.3%	5.4%	-2.9%
Adjusted admin & other cost ratio (%)	-8.8%	-10.7%	-9.5%	-9.2%	-9.7%	-9.1%	-8.4%	-11.6%	-8.7%	-10.0%	-10.2%	-11.0%
Adjusted depreciation cost ratio (%)	-2.4%	-3.5%	-2.6%	-3.3%	-2.3%	-3.3%	-2.4%	-4.5%	-2.6%	-3.4%	-2.8%	-3.4%
Net working capital - percent of LTM net revenue	4.8%	9.7%	7.5%	7.8%	1.7%	0.3%	2.3%	11.9%	12.7%	11.2%	11.2%	12.9%
BOOZT.COM
Site visits (000)	60,790	48,285	52,393	45,895	47,609	35,973	39,247	34,167	39,257	32,594	32,438	31,029
No. of orders (000)	1,943	1,200	1,574	1,163	1,543	982	1,317	854	1,161	860	1,042	854
Conversion rate %	3.20%	2.49%	3.00%	2.53%	3.24%	2.73%	3.36%	2.50%	2.96%	2.64%	3.21%	2.75%
True frequency	5.9	6.9	6.3	6.7	6.0	7.1	7.3	7.3	6.7	8.0	7.7	7.8
Average order value (SEK)	837	807	804	815	819	808	821	785	845	801	801	774
Active customers (000)	2,503	2,331	2,257	2,158	2,043	1,852	1,774	1,624	1,606	1,557	1,512	1,460
No. of orders per active customer	2.35	2.35	2.33	2.32	2.30	2.33	2.36	2.41	2.44	2.44	2.43	2.40
BOOZTLET.COM
Site visits (000)	13,731	9,248	10,850	11,850	10,768	9,141	8,652	6,208	5,477	4,153	3,777	2,889
No. of orders (000)	361	264	292	277	255	209	233	144	120	105	96	71
Conversion rate %	2.63%	2.85%	2.69%	2.34%	2.37%	2.28%	2.69%	2.33%	2.19%	2.53%	2.53%	2.44%
Average order value (SEK)	723	714	669	705	640	666	682	687	644	654	615	649
NET REVENUE - GEOGRAPHICAL SPLIT
Nordics	1,802.9	1,154.7	1,370.3	1,051.2	1,311.8	893.4	1,132.3	711.5	977.1	704.6	830.4	646.7
Rest of Europe	165.0	77.4	106.0	86.2	113.3	46.7	95.9	54.5	72.7	59.6	68.3	65.6
											898.7	712.4

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

The full year report contains certain performance measures that are not defined in accordance with IFRS (alternative performance measures). The performance measures included are used by investors, securities analysts and other stakeholders as additional measures of performance and financial position. The Group's alternative performance measures are not necessarily comparable to similar measurements presented by other companies and have certain limitations as analytical tools. They should therefore not be considered separately from, or as a substitute for, the Group's financial information prepared in accordance with IFRS.

Definitions, calculations, and rationale behind the use of included alternative performance measures are available on the Group's website www.booztgroup.com/reports-and-presentations, "Q4 Report 2021" – "Key financials".

Financial calendar

March 24, 2022 Annual report 2021

April 28, 2022 Interim report January-March 2022

August 12, 2022 Half-year report January-June 2022

November 8, 2022 Interim report January-September 2022

Financial reports

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

Ronni Funch Olsen, Head of Investor Relations & Corporate Communications

rofo@boozt.com / +45 31 22 04 56

or

Sandra Gadd, Group CFO

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

The interim report is such information as Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on February 10, 2022.

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

Adress: Hyllie Boulevard 35 215 37 Malmö, Sweden Phone: +46 40 12 80 05 E-mail: info@boozt.com www.booztgroup.com

Org. nr: 556793-5183 Malmö VAT nr SE556793518301