Quarterly Report • May 17, 2018
Quarterly Report
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JANUARY 1 – MARCH 31 2018
Organic growth of 31% (constant currency 27%) in the first quarter of 2018 driven by 33% growth in Boozt.com and 105% in Booztlet.com. Adjusted EBIT margin decreased 0.1 percentage point to -0.7%. The revenue growth outlook for 2018 is adjusted upwards to more than 33%.
| SEK million | Q1, 2018 | Q1, 2017 | Change |
|---|---|---|---|
| Net revenue | 551.9 | 421.1 | 31.1% |
| Gross profit | 215.9 | 187.1 | 15.4% |
| EBIT | -6.4 | -26.1 | 19.7 |
| Adjusted EBIT | -4.1 | -2.5 | -1.6 |
| Organic growth, % | 31.1% | 62.1% | |
| Gross margin, % | 39.1% | 44.4% | -5.3 pp |
| EBIT margin, % | -1.2% | -6.2% | 5.0 pp |
| Adjusted EBIT margin, % | -0.7% | -0.6% | -0.1 pp |
CEO Hermann Haraldsson says: "We have had a solid start to the year with growth in line with our expectations on the back of a strong first quarter of 2017. Although trading conditions were negatively impacted by the cold weather, the flexibility of our business model proved its worth as momentum continued but with a different sales mix than anticipated as the spring season only started towards the very end of the quarter."
"Our profitability was also in line with expectations, as the expected negative development in gross margin was offset by operational leverage. In comparison to Q1 2017 the gross margin was negatively impacted by delayed spending on full price spring items due to the cold weather, a relative smaller share of campaign goods which in Q1 2017 generated a higher gross margin and the terminated commission sales agreement with ECCO."
"Based on the solid momentum and the positive impact from currency we increase our growth guidance and now expect revenue growth of more than 33% for the year. We continue to see stronger growth towards the end of the year as the categories accelerate their growth with increased focus and new brands being launched, including adidas and Reebok within Sport as well as MAC and Kiehls within Beauty. Also worth highlighting is the strong development of Booztlet, where our dedicated efforts are beginning to unlock the potential of the off-price segment."
The outlook for 2018 is adjusted upwards compared to the announcement of 27 February 2018.
| 17 May 2018 | 27 February 2018 | |
|---|---|---|
| Net revenue growth | more than 33% | more than 30% |
| Adjusted EBIT margin | Slightly improved from 2.4% | Slightly improved from 2.4% |
| SEK million unless otherwise indicated | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| GROUP | |||
| Net revenue | 551.9 | 421.1 | 2,147.2 |
| Net revenue growth (%) | 31.1% | 62.1% | 38.4% |
| Gross margin (%) | 39.1% | 44.4% | 41.4% |
| Fulfilment cost ratio (%) | -13.5% | -20.5% | -14.0% |
| Marketing cost ratio (%) | -13.7% | -15.1% | -12.7% |
| Admin & other cost ratio (%) | -11.1% | -14.3% | -15.2% |
| Depreciation cost ratio (%) | -2.0% | -0.7% | -1.8% |
| Adjusted fulfilment cost ratio (%) | -13.5% | -16.0% | -13.9% |
| Adjusted admin & other cost ratio (%) | -10.7% | -13.2% | -10.8% |
| EBIT | -6.4 | -26.1 | -50.0 |
| EBIT margin (%) | -1.2% | -6.2% | -2.3% |
| Adjusted EBIT | -4.1 | -2.5 | 46.6 |
| Adjusted EBIT margin (%) | -0.7% | -0.6% | 2.2% |
| Adjusted EBITDA | 6.9 | 0.5 | 85.5 |
| Adjusted EBITDA margin (%) | 1.2% | 0.1% | 4.0% |
| Earnings for the period | -11.2 | -17.9 | -5.9 |
| Earnings per share (SEK) | -0.20 | -0.38 | -0.11 |
| Earnings per share after dilution (SEK) | -0.20 | -0.38 | -0.11 |
| Cash flow from operating activities | -7.7 | -98.3 | -47.5 |
| Net working capital | 213.7 | 171.4 | 213.7 |
| Cashflow from investments | -7.6 | -5.4 | -176.8 |
| Net debt / -net cash | -314.0 | -106.1 | -314.0 |
| Equity / asset ratio | 51.7% | 43.2% | 51.7% |
| Number of employees and end of period | 241 | 204 | 241 |
| Boozt.com | |||
| Net revenue | 527.0 | 397.4 | 2,075.9 |
| EBIT | -8.5 | -29.0 | -50.5 |
| EBIT margin (%) | -1.6% | -7.3% | -2.4% |
| Adjusted EBIT | -6.3 | -6.0 | 43.7 |
| Adjusted EBIT margin (%) | -1.2% | -1.5% | 2.1% |
| Site visits (000) No. of orders (000) |
24,959 638 |
19,737 510 |
93,728 2,638 |
| Conversion rate (%) | 2.56% | 2.58% | 2.81% |
| True frequency | 7.2 | 5.9 | 7.2 |
| Average order value (SEK) | 824 | 788 | 796 |
| Active customers (000) | 1,104 | 862 | 1,104 |
| No. of orders per active customer | 2.39 | 2.23 | 2.39 |
| Booztlet.com Net revenue |
22.3 | 10.9 | 60.6 |
| EBIT | 3.8 | 0.7 | 5.3 |
| EBIT margin (%) Adjusted EBIT |
17.2% 3.9 |
6.1% 1.3 |
8.8% 7.8 |
| Adjusted EBIT margin (%) | 17.6% | 11.6% | 12.8% |
| Other | |||
| Net revenue | 2.6 | 12.9 | 10.7 |
| EBIT | -1.7 | 2.2 | -4.8 |
| EBIT margin (%) | -66.3% | 17.0% | -45.0% |
| Adjusted EBIT | -1.7 | 2.2 | -4.8 |
Net revenue for the period increased with 31.1% to SEK 551.9 million (421.1). 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 mainly attributable to the Boozt.com and Booztlet.com segments with a growth of 32.6% and 105.1%, respectively. The period was impacted by a tough comparable from the first quarter of 2017 as well as the cold weather which had a negative impact on consumer spending, as consumers delayed their spring fashion buying.
Other revenue increased to SEK 10.9 million (4.6) driven by marketing income and realised revenue from breakage of gift cards. Breakage from gift cards has been reestimated in this quarter and will also affect forward looking assessments. Breakage is now 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, the Group's commission sales agreement with ECCO was included in the segment Other, hence the net revenue of the segment Other is SEK 10.8 million lower in the first quarter of 2018.
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Change |
|---|---|---|---|
| NET REVENUE | |||
| Sweden | 197.8 | 149.5 | 32.3% |
| Rest of Nordics | 323.0 | 235.4 | 37.2% |
| Rest of Europe | 31.1 | 36.2 | -14.1% |
| TOTAL Net revenue | 551.9 | 421.1 | 31.1% |
| Nordics | 520.8 | 385.0 | 35.3% |
Net revenue growth in Sweden was 32.3% in the quarter, while the increase in rest of Nordic was 37.2%. The decrease in Rest of Europe of 14.1% is related to the ECCO mono brand shop for Europe that the Group facilitated up until the first quarter of 2017.
The gross profit increased with 15.4% to SEK 215.9 million (187.1) during the quarter. The gross margin decreased to 39.1% (44.4). The decrease can partly be explained by the terminated commission sales agreement with ECCO, which generated a gross margin of 100%. Further, the first quarter of 2018 was characterised by very cold weather, which resulted in the Boozt.com segment selling less SS18 items and more AW17 items at a higher discount.
EBIT increased to SEK -6.4 million (-26.1) during the period, while the EBIT margin increased with 5.0 percentage points to -1.2% (-6.2).
The increase is mainly attributable to a decrease in the operating cost ratios, primarily driven by one-off costs in the first quarter of 2017. The fulfilment cost ratio decreased with 7.0 percentage points to 13.5% (20.5%), as last year was impacted negatively by the warehouse move, while the admin & other costs ratio decreased with 3.2 percentage points to 11.1% (14.3%), as last year was negative impacted by costs related to the IPO preparation. The marketing cost ratio decreased with 1.4 percentage points to 13.7% (15.1%) in the period. This positive impact from a decrease in the operating cost ratios was partly offset by a decrease in the gross margin.
Adjusted EBIT amounted to SEK -4.1 million (-2.5). The adjustment is related to change in the reserve for social
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 March 31, 2017. The first quarter refers to the period January – March 2018.
charges for the Group's warrant program of SEK -1.6 million. The size of the reserve fluctuates between periods since it is affected by the share price of the company and the probability of warrants vested. The adjustment also includes cost for share-based payments (IFRS2 cost) related to the warrant program of SEK -0.6 million.
The adjusted EBIT margin decreased with 0.1 percentage points to -0.7% (-0.6). The change is mainly due to the decrease in gross margin, which was almost entirely offset by lower operating cost ratios.
The adjusted fulfilment cost ratio decreased with 2.5 percentage points in the period from 16.0% to 13.5%. The decrease is 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 2.5 percentage points to 10.7% (13.2) in the period. The decrease in the adjusted admin & other cost ratio is mainly due to timing relating to recruitment of personnel, which is expected to accelerate during the year as key business areas such as the platform team and the category teams will be strengthened to cater for future growth.
The Group's financial costs amounted to SEK 7.3 million (-0.4) and financial income amounted to SEK 0.0 million (3.2) in the period. The financial costs are attributable to interests on interest bearing liabilities as well as changes in fair value of the Group's derivative liabilities. In the first quarter the depreciation of the SEK against NOK has lowered the value of the Group's hedging contracts considerably. Financial income is attributable to change in fair value of the Group's derivative assets for the period.
During the quarter, the effective tax rate was 17.9% compared to 23.0% in the year-earlier period. Tax for the period consists of capitalised deferred tax for tax losses carried forward.
Deferred tax assets for tax losses carried forward are reported to the extent that it is likely that they will be able to be used.
The Group expects to utilise the deferred tax assets recognised within the coming 3 years. There is no time limitation for the deferred tax asset relating to tax losses carried forward.
The net loss for the period totalled SEK 11.2 million (-17.9). Earnings per share amounted to SEK -0.20 (-0.38).
The Group realised a working capital of SEK 213.7 million equivalent to 10.0% of the net revenue for the last twelve months. The working capital as percent of net revenue has been strengthened compared to the same period last year with 1.0 percentage points, due to a relative higher increase in current liabilities, driven by less indeliveries of campaign goods with short payment terms, compared to last year.
Cash flow for the quarter amounted to SEK -30.3 million (-103.7).
Cash flow from operating activities amounted to SEK -7.7 million (-98.3). Cash flow from changes in working capital amounted to SEK -13.4 million (-76.7). The improvement was driven by operating profit and a positive development in both goods inventory and current liabilities, partly due to the first quarter of 2017 being impacted by unusual high number of campaign goods carryover from the previous quarter.
Cash flow from investing activities amounted to SEK -7.6 million (-5.4).
Cash flow from financing activities amounted to SEK -14.9 million (0.0) in the period and are attributable to loan repayments according to plan related to the expansion of the Autostore in the warehouse.
The Group's increased fixed assets compared to last year relates to the investments made in the second and the fourth quarter of 2017 for the Group's fulfilment centre. The investments have been financed via a loan with Danske Bank that will be repaid during a 5-year period. As a consequence, the debt has increased compared to last year. Compared to fourth quarter of 2017 the debt has decreased due to a payment in accordance with the repayment schedule of the loan in relation to the expansion of AutoStore.
The Group's increased inventory volumes is related to expected revenue growth but also a change in the agreement structure with ECCO brand. Inventory value related to ECCO brand constitutes at the end of the period SEK 22.3 million (0.0).
Deferred tax assets increased, both compared to last year and compared to the fourth quarter of 2017, due to capitalised tax losses carried forward.
| SEK million | Mar 31, 2018 | Dec 31, 2017 |
|---|---|---|
| ASSETS | ||
| Non-current assets | 277.9 | 278.9 |
| Inventory | 737.9 | 626.7 |
| Current assets (other) | 91.9 | 103.9 |
| Cash and cash equivalents | 400.2 | 429.7 |
| TOTAL ASSETS | 1,507.9 | 1,439.1 |
| EQUITY AND LIABILITIES | ||
| Equity | 780.3 | 790.8 |
| Non-current liabilities | 89.7 | 91.7 |
| Current liabilities | 638.0 | 556.6 |
| TOTAL EQUITY AND LIABILITIES | 1,507.9 | 1,439.1 |
| Net working capital | 213.7 | 94.6 |
| Net debt / -net cash | -314.0 | -328.5 |
| Equity / asset ratio | 51.7% | 55.0% |
Rounding differences may effect the summations.
During the fourth quarter of 2017, the Group signed an additional hire-purchase agreement with Danske Bank for the second phase of the automated storage and retrieval system AutoStore. The new loan amounts to SEK 38.9 million.
In Q1 2018 the VAT amount of the investment SEK 9.7 million in total was added to the credit facility. An amount corresponding to the amount of the VAT was repaid to Danske Bank during the same period.
For the segment Boozt.com, net revenue increased with 32.6% to SEK 527.0 million (397.4) during the first quarter. New customer intake and higher buying frequency from active customers contribute to a higher net revenue. Average order value increased to SEK 824 (788), which was primarily driven by currency but also due to mix effects with higher proportion of winter clothing with higher item value compared to the first quarter of 2017.
For the segment Booztlet.com net revenue increased with 105.1% to SEK 22.3 million (10.9) during the first 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.
For the segment Other, net revenue decreased with -80.1% to SEK 2.6 million (12.9) during the first quarter. The decrease is attributable to the terminated commission sales agreement with ECCO, which ended in first quarter of 2017.
For the segment Boozt.com, EBIT increased to SEK -8.5 million (-29.0) during the first quarter, while the EBIT-margin increased with 5.6 percentage points, primarily driven by scalability on operating expenses. This was partly offset by lower gross margin due to a higher proportion of discounted items as the cold weather extended the winter season and postponed the spring season.
For the segment Booztlet.com, EBIT increased to SEK 3.8 million (0.7) during the first quarter and the EBIT-margin increased with 11.1 percentage points to 17.2%. The increase of EBIT is attributable to economies of scale, despite an increase in the allocated costs to the segment.
For the segment Other, EBIT decreased to SEK -1.7 million (2.2) during the first quarter while the EBIT-margin decreased with -83.2 percentage points explained by the terminated commission sales agreement with ECCO.
In the first quarter all adjustments are related to share-based payments to employees. For the segment Boozt.com, the adjusted EBIT decreased to SEK -6.3 million (-6.0) during the first quarter. The adjusted EBIT margin decreased with -0.3 percentage points to -1.2% primarily relating to lower gross margin. Boozt.com takes a fair distribution of the adjusted items from the Group.
For the segment Booztlet.com, the adjusted EBIT increased to SEK 3.9 million (1.3) during the first quarter. Booztlet.com takes a fair distribution of the adjusted items from the Group
No adjustments have been made for the segment Other.
| SEK million unless otherwise indicated | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Change | Rolling 12 months |
|---|---|---|---|---|
| Boozt.com | ||||
| Net revenue | 527.0 | 397.4 | 32.6% | 2,075.9 |
| Transactional net revenue | 525.6 | 401.8 | 30.8% | 2,099.1 |
| EBIT | -8.5 | -29.0 | 70.6% | -50.5 |
| EBIT margin (%) | -1.6% | -7.3% | 5.6 pp | -2.4% |
| Adjusted EBIT | -6.3 | -6.0 | -6.5% | 43.7 |
| Adjusted EBIT margin (%) | -1.2% | -1.5% | 0.3 pp | 2.1% |
| Site visits (000) | 24,959 | 19,737 | 26.5% | 93,728 |
| No. of orders (000) | 638 | 510 | 25.2% | 2,638 |
| Conversion rate (%) | 2.56% | 2.58% | -0.03 pp | 2.81% |
| Average order value (SEK) | 824 | 788 | 4.5% | 796 |
| Booztlet.com | ||||
| Net revenue | 22.3 | 10.9 | 105.1% | 60.6 |
| Transactional net revenue | 22.5 | 11.0 | 104.6% | 61.3 |
| EBIT | 3.8 | 0.7 | 476.1% | 5.3 |
| EBIT margin (%) | 17.2% | 6.1% | 11.1 pp | 8.8% |
| Adjusted EBIT | 3.9 | 1.3 | 212.3% | 7.8 |
| Adjusted EBIT margin (%) | 17.6% | 11.6% | 6.0 pp | 12.8% |
| Other | ||||
| Net revenue | 2.6 | 12.9 | -80.1% | 10.7 |
| Transactional net revenue | 2.6 | 39.6 | -93.5% | 9.2 |
| EBIT | -1.7 | 2.2 | n.m. | -4.8 |
| EBIT margin (%) | -66.3% | 17.0% | -83.2 pp | -45.0% |
| Adjusted EBIT | -1.7 | 2.2 | n.m. | -4.8 |
| Adjusted EBIT margin (%) | -66.3% | 17.0% | -83.2 pp | -45.0% |
The agreement contains Reebok Classic and adidas Originals lifestyle collections of footwear, apparel and accessories. In addition, Boozt.com will be selling a curated selection of adidas and Reebok Sport Performance products including footwear, apparel and accessories. This will significantly strengthen the selection of the athleisure and sports category on Boozt.com.
adidas and Reebok will be launched on Boozt.com in the upcoming AW 2018 season, with the first products coming live late summer this year.
The Annual General Meeting was held in Malmö on April 27, 2018. More information can be found on page 10.
Number of employees was 241 (210) at the end of the period equivalent to an increase of 14.7%. The average number of employees was 204 (176) for the quarter equivalent to an increase of 15.9%.
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 mitigate seasonal variances 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.
Net sales of the parent company amounted to SEK 13.7 million (5.9) 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 -0.6 million (-1.3).
The parent company has a Group internal receivable respectively a liability to different counterparties within the Group, that together with shares in the subsidiary Boozt Fashion AB and equity constitute 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 on a yearly basis. Identified risks as well as the risk management process are described in the Group's Annual Report.
In Q1 2017 ECCO waas considered a related party. In the present quarter ECCO is no longer considered related party, due to limited share ownership.
All related party transactions are priced at market conditions. When purchases and sales are made between Group companies, the same pricing principles as transactions with outside parties are used.
Total debt to related parties amounted to SEK 14.1 million (8.5) at the reporting date whereof SEK 9.9 million is related to KRM AG (ECCO), SEK 4.2 million is related to ECCO EMEA BV. As per March 2017 the debt was related to KRM AG (ECCO).
Below is a summary of the transactions that have taken place with related parties.
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
|---|---|---|
| CONSIGNMENT SALES | ||
| KRM AG (ECCO) | - | 14.5 |
| TOTAL | - | 14.5 |
Rounding differences may effect the summations.
The Boozt share is traded under the ticker BOOZT and with the ISIN-code SE0009888738.
The average turnover of the Boozt share was 111,083 shares per day during the first quarter. As per March 31, 2018 the company had approximately 4,100 shareholders, whereof the largest shareholders were Sampension KP Livsforsikring A/S (9.87%), Verdane Capital VII K/S (8.23%) and Sunstone Technology Ventures Fund II K/S (6.58%).
The total number of shares amounted to 56,338,433, the quota value amounted to SEK 0.0833, and the number of outstanding warrants amounted to 267,500 at the end of the reporting period. Each warrant gives a right to purchase 12 shares, meaning a total of 3,210,000 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 since May 31 2017 on NASDAQ Stockholm.
The market value for the Company as per March 29, 2018 amounts to SEK 4,127 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 was held in Malmö on April 27, 2018. 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 annual general meeting resolved, in accordance with the proposal from the board of directors, to implement a long-term incentive program for the company's CEO, Group Management and key employees based on issue and transfer of warrants.
The incentive program means that a maximum of 1,148,980 warrants shall be offered to the company's CEO, Group Management and key employees. Issue shall, with deviation from the shareholders' preferential rights, be made to a wholly owned subsidiary of the company, free of charge, and the warrants shall then be transferred to the company's CEO, Group Management and key employees at a price which corresponds to the fair market value at the time of the transfer. The board of directors of the company shall resolve on allotment to the participants in the incentive program. Subscription of shares by virtue of the warrants may be effected as from 1 June 2021 up to and including 14 June 2021. Each warrant shall entitle to subscription of one share in the company. The subscription price per share shall correspond 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.
The reasons for the implementation of the incentive program and the deviation from the shareholders' preferential rights are to be able to create possibilities for the company to retain senior executives and key employees through the offering of a long-term ownership engagement. Such ownership engagement is expected to contribute to increased alignment of interests between the participating employees and the shareholders, and also promote a long-term commitment to the development of the company. In case all warrants issued within the incentive program are utilized for subscription of new shares, a total of 1,148,980 new shares will be issued, which corresponds to a dilution of approximately 2.0 percent of the company's share capital and votes after full dilution, calculated on the number of shares that will be added upon full utilization of the warrants issued within the incentive program.
For 2018 the Group now expects a net revenue growth of more than 33% (previously more than 30%). The adjusted EBIT margin is expected to slightly improve compared to 2017.
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 | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|---|
| OPERATING INCOME | ||||
| Net revenue | 2 | 551.9 | 421.1 | 2,147.2 |
| Other operating income | 2.0 | - | 2.1 | |
| 553.9 | 421.1 | 2,149.2 | ||
| OPERATING COSTS | ||||
| Goods for resale | -336.0 | -234.1 | -1,257.3 | |
| Other external costs | -177.4 | -176.2 | -701.3 | |
| Cost of personnel | -35.9 | -31.4 | -201.8 | |
| Depreciation and impairment losses | -11.0 | -3.0 | -38.8 | |
| Other operating costs | - | -2.6 | - | |
| Total operating costs | -560.3 | -447.3 | -2,199.2 | |
| OPERATING PROFIT/LOSS (EBIT) | 2 | -6.4 | -26.1 | -50.0 |
| FINANCIAL INCOME AND EXPENSES | ||||
| Financial income | 0.0 | 3.2 | 6.0 | |
| Financial expenses | 3 | -7.3 | -0.4 | -14.6 |
| Net financial items | -7.3 | 2.8 | -8.5 | |
| PROFIT/LOSS BEFORE TAX | 2 | -13.7 | -23.3 | -58.6 |
| Income tax | 2.5 | 5.4 | 52.6 | |
| PROFIT/LOSS FOR THE PERIOD | -11.2 | -17.9 | -5.9 | |
| ATTRIBUTABLE TO: | ||||
| Parent company's shareholders | -11.2 | -17.9 | -5.9 | |
| Average number of shares (000) | 56,338 | 46,696 | 54,714 | |
| Average number of shares after dilution (000) | 57,708 | 50,590 | 56,537 | |
| Earnings per share (SEK) | -0.20 | -0.38 | -0.11 | |
| Earnings per share after dilution (SEK) | -0.20 | -0.38 | -0.11 |
Rounding differences may effect the summations.
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| PROFIT/LOSS FOR THE PERIOD | -11.2 | -17.9 | -5.9 |
| Translation differences | 0.1 | -0.0 | 0.1 |
| Total earnings after tax | -11.2 | -17.9 | -5.9 |
| TOTAL COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | -11.2 | -17.9 | -5.9 |
| ATTRIBUTABLE TO | |||
| Parent company's shareholders | -11.2 | -17.9 | -5.9 |
| SEK million | Note | Mar 31, 2018 | Mar 31, 2017* | Dec 31, 2017* |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | ||||
| Web platform | 4 | 23.8 | 16.0 | 19.5 |
| 23.8 | 16.0 | 19.5 | ||
| Tangible assets | ||||
| Machinery and equipment | 4 | 147.0 | 18.8 | 155.1 |
| 147.0 | 18.8 | 155.1 | ||
| Deposits | 3 | 12.3 | 10.0 | 11.8 |
| Deferred tax asset | 94.9 | 42.2 | 92.5 | |
| 107.2 | 52.2 | 104.3 | ||
| Total non-current assets | 277.9 | 87.1 | 278.9 | |
| Current assets | ||||
| Inventories | 737.9 | 525.4 | 626.7 | |
| Accounts receivables | 3 | 10.8 | 10.1 | 34.0 |
| Other receivables | 3 | 46.5 | 17.9 | 38.2 |
| Current tax assets | 0.3 | 0.5 | 0.5 | |
| Prepaid expenses and accrued income | 33.7 | 46.7 | 26.9 | |
| Derivatives | 3 | 0.5 | 3.2 | 4.4 |
| Cash and cash equivalents | 3 | 400.2 | 118.1 | 429.7 |
| Total current assets | 1,229.9 | 721.9 | 1,160.2 | |
| TOTAL ASSETS | 1,507.9 | 808.9 | 1,439.1 | |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 4.7 | 3.9 | 4.7 | |
| Other capital contributions | 1,124.9 | 689.2 | 1,124.3 | |
| Reserves | 0.2 | -0.0 | 0.1 | |
| Retained earnings including profit for the period | -349.5 | -343.7 | -338.3 | |
| Equity attributable to parent company shareholders | 780.3 | 349.4 | 790.8 | |
| Non-current liabilities | ||||
| Interest bearing liabilities | 3 | 66.9 | 6.9 | 70.6 |
| Other provisions | 22.7 | 18.4 | 21.1 | |
| Total non-current liabilities | 89.7 | 25.2 | 91.7 | |
| Current liabilities | ||||
| Interest bearing liabilities | 3 | 19.4 | 5.1 | 30.6 |
| Accounts payables | 3 | 415.3 | 251.8 | 282.7 |
| Other liabilities | 3 | 60.8 | 45.2 | 62.0 |
| Derivatives | 3 | 3.1 | - | 0.3 |
| Accrued expenses and prepaid income | 139.3 | 132.2 | 181.1 | |
| Total current liabilities Total liabilities |
638.0 727.6 |
434.3 459.5 |
556.6 648.3 |
|
| TOTAL EQUITY AND LIABILITIES | 1,507.9 | 808.9 | 1,439.1 |
Rounding differences may effect 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 | - | - | - | -17.9 | -17.9 |
| Other comprehensive income | - | - | -0.0 | - | -0.0 |
| COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | - | - | -0.0 | -17.9 | -17.9 |
| Total transactions with owners | - | - | - | - | - |
| Equity carried forward Mar 31, 2017 | 3.9 | 689.2 | -0.0 | -343.7 | 349.4 |
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 | - | - | - | -11.2 | -11.2 |
| Other comprehensive income | - | - | 0.1 | - | 0.1 |
| COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | - | - | 0.1 | -11.2 | -11.2 |
| Share based compensation | - | 0.6 | - | - | 0.6 |
| Total transactions with owners | - | 0.6 | - | - | 0.6 |
| Equity carried forward Mar 31, 2018 | 4.7 | 1,124.9 | 0.2 | -349.5 | 780.3 |
| SEK million Note |
Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017* |
Rolling 12 months* |
|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL |
|||
| Operating profit | -6.4 | -26.1 | -50.0 |
| Adjustments for non-cash items: | - | ||
| Non-cash renumeration from share based payments (social charges) |
1.6 | 2.1 | 4.4 |
| Non-cash renumeration from share based payments | 0.6 | - | 5.4 |
| Depreciation and impairment losses | 11.0 | 3.0 | 38.8 |
| Other items not included in cash flow | -0.7 | -0.1 | -1.0 |
| Interest received | - | - | - |
| Interest paid | -0.6 | -0.4 | -2.7 |
| Paid income tax | 0.1 | -0.1 | 0.1 |
| CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL |
5.6 | -21.6 | -5.0 |
| CASH FLOW FROM CHANGES IN WORKING CAPITAL | |||
| Changes in inventory | -111.2 | -136.6 | -212.5 |
| Changes in current assets | 8.1 | 34.3 | -16.3 |
| Changes in current liabilities | 89.7 | 25.5 | 186.3 |
| Cashflow from changes in working capital | -13.4 | -76.7 | -42.5 |
| CASH FLOW FROM OPERATING ACTIVITIES | -7.7 | -98.3 | -47.5 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Acquisition of subsidiaries 4 |
- | - | - |
| Investments in fixed assets 4 |
-1.3 | -2.9 | -160.8 |
| Change in financial assets 4 |
-0.4 | -0.3 | -2.2 |
| Investments in intangible assets 4 |
-5.9 | -2.2 | -13.8 |
| CASH FLOW FROM INVESTING ACTIVITIES | -7.6 | -5.4 | -176.8 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| New share issue | - | - | 431.2 |
| New loans | - | - | 163.1 |
| Repayment of loans | -14.9 | - | -88.8 |
| Change in overdraft facility | - | - | - |
| CASH FLOW FROM FINANCING ACTIVITIES | -14.9 | - | 505.5 |
| Cash flow for the period | -30.3 | -103.7 | 281.2 |
| Currency exchange gains/losses in cash and cash equivalents | 0.8 | 0.0 | 0.9 |
| Cash and cash equivalents beginning of period | 429.7 | 221.8 | 118.1 |
| CASH AND CASH EQUIVALENTS END OF PERIOD | 400.2 | 118.1 | 400.2 |
Rounding differences may effect 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.
IFRS 15 replaces 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 shall be reported as debt for re-payment. 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.
To identify whether the Group's existing accounting principles are affected by the introduction of IFRS 15, a pre-study has been completed in the second quarter of 2017. In the prestudy, an analysis of all revenue streams in accordance with the five-step model described in IFRS 15 has been performed. Relating to the performed pre-study, the Group's income statement will not be significantly affected by the introduction of IFRS 15, with the exception, that breakage from unused giftcards previously have been accounted for as cost reduction and under IFRS 15 is reported as other revenue. Furthermore as a consequence of the introduction of IFRS 15 is that the Group will report an amount within inventory corresponding to the cost of goods sold expected to be returned. Previously, this amount was deducted from the recognised provision for expected returns. Thus, the Group will report a higher value of assets and a higher value for provision for expected returns after implementing IFRS 15.
The recognition of net revenue in the income statement will not be affected when implementing IFRS 15. The Group will apply 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 | Mar 31, 2017 | IFRS 15 changes |
Mar 31, 2017, re-stated |
|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT |
|||
| Net revenue | - | - | - |
| External costs | - | - | - |
| CONSOLIDATED FINANCIAL POSITION |
|||
| Inventory | 497.1 | 28.3 | 525.4 |
| Accrued expenses and prepaid income |
103.9 | 28.3 | 132.2 |
| CONSOLIDATED STATEMENT OF CASH FLOW |
|||
| Changes in goods inventory | -108.3 | -28.3 | -136.6 |
| Changes in current liabilities | -2.8 | 28.3 | 25.5 |
Rounding differences may effect 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. To identify whether the Group's existing accounting principles are affected by the introduction of IFRS 9, a pre-study has been completed in the second quarter of 2017. 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 has begun to analyse the effects the standard will have but it is yet too early to quantify the effects.
For warrant program 2015/2025, 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 | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Change | Rolling 12 monts |
|---|---|---|---|---|
| NET REVENUE | ||||
| Boozt.com | 527.0 | 397.4 | 129.7 | 2,075.9 |
| Booztlet.com | 22.3 | 10.9 | 11.4 | 60.6 |
| Other | 2.6 | 12.9 | -10.3 | 10.7 |
| TOTAL NET REVENUE | 551.9 | 421.1 | 130.8 | 2,147.2 |
| EBIT | ||||
| Boozt.com | -8.5 | -29.0 | 20.5 | -50.5 |
| Booztlet.com | 3.8 | 0.7 | 3.2 | 5.3 |
| Other | -1.7 | 2.2 | -3.9 | -4.8 |
| TOTAL OPERATING PROFIT/LOSS | -6.4 | -26.1 | 19.7 | -50.0 |
| PROFIT/LOSS BEFORE TAX | ||||
| Boozt.com | -15.5 | -26.2 | 10.7 | -58.8 |
| Booztlet.com | 3.6 | 0.7 | 2.8 | 5.1 |
| Other | -1.7 | 2.2 | -3.9 | -4.8 |
| PROFIT/LOSS BEFORE TAX | -13.7 | -23.3 | 9.6 | -58.6 |
Rounding differences may effect 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.
| Mar 31, 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 | 10.0 | - | - | 10.0 | 10.0 |
| Accounts receivables | 10.1 | - | - | 10.1 | 10.1 |
| Other receivables | 17.9 | - | - | 17.9 | 17.9 |
| Derivatives | - | - | 3.2 | 3.2 | 3.2 |
| Cash and cash equivalents | 118.1 | - | - | 118.1 | 118.1 |
| Total financial assets | 156.1 | - | 3.2 | 159.3 | 159.3 |
| Financial liabilities | |||||
| Liabilities to credit institutions | - | 12.0 | - | 12.0 | 12.0 |
| Accounts payables | - | 251.8 | - | 251.8 | 251.8 |
| Other liabilities | - | 45.2 | - | 45.2 | 45.2 |
| Total financial liabilities | - | 309.0 | - | 309.0 | 309.0 |
| Mar 31, 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 | 12.3 | - | - | 12.3 | 12.3 |
| Accounts receivables | 10.8 | - | - | 10.8 | 10.8 |
| Other receivables | 46.5 | - | - | 46.5 | 46.5 |
| Derivatives | - | - | 0.5 | 0.5 | 0.5 |
| Cash and cash equivalents | 400.2 | - | - | 400.2 | 400.2 |
| Total financial assets | 469.7 | - | 0.5 | 470.3 | 470.3 |
| Financial liabilities | |||||
| Liabilities to credit institutions | - | 86.3 | - | 86.3 | 86.3 |
| Accounts payables | - | 415.3 | - | 415.3 | 415.3 |
| Other liabilities | - | 60.8 | - | 60.8 | 60.8 |
| Derivatives | - | - | 3.1 | 3.1 | 3.1 |
| Total financial liabilities | - | 562.4 | 3.1 | 565.6 | 565.6 |
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.
The fair value is calculated as defined for level 2 in IFRS 7.
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| Interest income | 0.0 | - | 0.0 |
| Financial income - derivatives | - | 3.2 | 6.0 |
| Interest expense | -0.6 | -0.4 | -2.7 |
| Financial costs - derivatives | -6.7 | - | -11.8 |
| NET FINANCIAL ITEMS | -7.3 | 2.8 | -8.5 |
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| Acquisition of machinery and equipment (other capex) | -1.1 | 105.8 | -115.7 |
| Acquisition of machinery and equipment (warehouse automation capex) | -0.2 | -104.9 | -43.8 |
| Acquisition of machinery and equipment (warehouse capex) | -0.1 | -3.9 | -1.2 |
| -1.3 | -2.9 | -160.8 | |
| Acquisition of financial assets | -0.4 | -0.3 | -2.2 |
| -0.4 | -0.3 | -2.2 | |
| Acquisition of intangible assets (capitalised development costs, own personnel) | -2.8 | -1.6 | -8.4 |
| Acquisition of intangible assets (other) | -3.1 | -0.7 | -5.4 |
| -5.9 | -2.2 | -13.8 | |
| CASH FLOW FROM INVESTMENTS | -7.6 | -5.4 | -176.8 |
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
|---|---|---|
| OPERATING INCOME | ||
| Net revenue | 13.7 | 5.9 |
| 13.7 | 5.9 | |
| OPERATING COSTS | ||
| General expenses | -2.1 | -2.3 |
| Personnel costs | -12.4 | -5.0 |
| Total operating costs | -14.5 | -7.3 |
| OPERATING PROFIT | -0.7 | -1.3 |
| FINANCIAL INCOME AND EXPENSES | ||
| Financial income | - | - |
| Financial expenses | - | - |
| Net financial items | - | - |
| RESULT BEFORE TAX | -0.7 | -1.3 |
| Income tax | 0.1 | - |
| PROFIT/LOSS FOR THE PERIOD | -0.6 | -1.3 |
Rounding differences may effect the summations.
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
|---|---|---|
| PROFIT/LOSS FOR THE PERIOD | -0.6 | -1.3 |
| Other comprehensive income | - | - |
| COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | -0.6 | -1.3 |
| SEK million | Mar 31, 2018 | Mar 31, 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 | 13.6 | - | 13.4 |
| Total non-current assets | 13.6 | - | 13.4 |
| Current assets | |||
| Short term receivables | |||
| Accounts receivables | - | 7.4 | - |
| Receivables from Group companies | 28.5 | - | 22.2 |
| Current tax assets | - | 0.7 | - |
| Cash and cash equivalents | 2.5 | 0.6 | 5.2 |
| Total current assets | 31.2 | 9.3 | 27.4 |
| TOTAL ASSETS | 792.1 | 372.2 | 788.1 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 4.7 | 3.9 | 4.7 |
| 4.7 | 3.9 | 4.7 | |
| Unrestricted equity | |||
| Share premium reserve | 1,081.8 | 689.2 | 1,081.8 |
| Retained earnings | -343.1 | -330.7 | -330.7 |
| Net income for the period | -0.6 | -1.3 | -12.4 |
| 738.1 | 357.2 | 738.7 | |
| Total equity | 742.7 | 361.1 | 743.4 |
| LIABILITIES | |||
| Current liabilities | |||
| Accounts payables | 0.4 | 0.7 | 0.4 |
| Liabilities to Group companies | 37.8 | 5.5 | 37.8 |
| Other liabilities | 4.4 | 1.3 | 1.5 |
| Accrued expenses and prepaid income | 6.8 | 3.7 | 5.0 |
| Total current liabilities | 49.3 | 11.2 | 44.7 |
| TOTAL EQUITY AND LIABILITIES | 792.1 | 372.2 | 788.1 |
| SEK million | Share capital | Share premium reserve |
Profit/loss brought forward |
Total equity |
|---|---|---|---|---|
| Equity as per Jan 1, 2017 | 3.9 | 689.2 | -330.7 | 362.4 |
| Net income | - | - | -1.3 | -1.3 |
| Other comprehensive income | - | - | - | - |
| TOTAL COMPREHENSIVE INCOME | - | - | -1.3 | -1.3 |
| Total transactions with owners | - | - | - | - |
| Equity as per Mar 31, 2017 | 3.9 | 689.2 | -332.0 | 361.1 |
Rounding differences may effect the summations.
| SEK million | Share capital | Share premium reserve |
Profit/loss brought forward |
Total equity |
|---|---|---|---|---|
| Equity as per Jan 1, 2018 | 4.7 | 1,081.8 | -343.1 | 743.4 |
| Net income Other comprehensive income |
- | - | -0.6 | -0.6 |
| TOTAL COMPREHENSIVE INCOME | - | - | -0.6 | -0.6 |
| Total transactions with owners | - | - | - | - |
| Equity as per Mar 31, 2018 | 4.7 | 1,081.8 | -343.8 | 742.7 |
This report has not been audited by the Company's auditors.
The undersigned certify that this interim report gives an 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, May 17, 2018
Hermann Haraldsson Group CEO In accordance with authorisation given by the Board of Directors
| SEK million | Q1 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NET REVENUE | ||||||||||||
| Boozt.com | 527.0 | 626.4 | 440.6 | 481.9 | 397.4 | 447.2 | 288.3 | 332.0 | 235.5 | 268.7 | 160.8 | 195.1 |
| Booztlet.com | 22.3 | 14.2 | 12.1 | 11.9 | 10.9 | 7.9 | 8.4 | 9.1 | 5.4 | 1.8 | 0.4 | - |
| Other | 2.6 | 3.5 | 2.3 | 2.3 | 12.9 | 12.2 | 15.5 | 15.9 | 18.9 | 14.5 | 18.3 | 17.5 |
| NET REVENUE | 551.9 | 644.2 | 454.9 | 496.1 | 421.1 | 467.3 | 312.3 | 357.1 | 259.7 | 285.0 | 179.5 | 212.6 |
| OPERATING PROFIT/LOSS (EBIT) | ||||||||||||
| Boozt.com | -8.5 | 50.8 | -13.4 | -79.4 | -29.0 | 45.7 | -18.3 | 4.3 | -21.7 | 13.5 | -16.2 | -4.9 |
| Booztlet.com | 3.8 | 1.2 | 2.2 | -1.9 | 0.7 | 0.5 | 1.6 | 1.4 | 0.6 | -0.3 | 0.0 | - |
| Other | -1.7 | -0.9 | -0.6 | -1.6 | 2.2 | -0.5 | 0.5 | 2.8 | 4.0 | 1.9 | 3.8 | 5.0 |
| OPERATING PROFIT/LOSS (EBIT) | -6.4 | 51.1 | -11.8 | -82.9 | -26.1 | 45.8 | -16.2 | 8.6 | -17.1 | 15.2 | -12.5 | 0.1 |
| OPERATING PROFIT/LOSS (EBIT) % | ||||||||||||
| Boozt.com | -1.6% | 8.1% | -3.0% | -16.5% | -7.3% | 10.2% | -6.4% | 1.3% | -9.2% | 5.0% | -10.1% | -2.5% |
| Booztlet.com | 17.2% | 8.3% | 18.1% | -15.9% | 6.1% | 6.5% | 18.6% | 15.8% | 11.3% | -14.7% | -9.3% | - |
| Other | -66.3% | -25.1% | -25.9% | -70.7% | 17.0% | -3.7% | 3.3% | 17.8% | 21.0% | 13.0% | 20.8% | 28.5% |
| OPERATING PROFIT/LOSS (EBIT) % | -1.2% | 7.9% | -2.6% | -16.7% | -6.2% | 9.8% | -5.2% | 2.4% | -6.6% | 5.3% | -6.9% | 0.1% |
| EARNINGS BEFORE TAX | ||||||||||||
| Boozt.com | -15.5 | 51.6 | -17.3 | -77.4 | -26.2 | 45.5 | -18.4 | 4.2 | -21.8 | 10.2 | -16.6 | -5.9 |
| Booztlet.com | 3.6 | 1.2 | 2.1 | -1.9 | 0.7 | 0.5 | 1.6 | 1.4 | 0.6 | -0.3 | -0.0 | - |
| Other | -1.7 | -0.9 | -0.6 | -1.6 | 2.2 | -0.5 | 0.5 | 2.8 | 4.0 | 1.9 | 3.8 | 5.0 |
| EARNINGS BEFORE TAX | -13.7 | 51.9 | -15.9 | -80.9 | -23.3 | 45.5 | -16.3 | 8.5 | -17.2 | 11.8 | -12.8 | -0.9 |
| ADJUSTED EBIT | ||||||||||||
| Boozt.com | -6.3 | 52.0 | -14.0 | 12.0 | -6.0 | 47.6 | -16.8 | 5.8 | -20.1 | 14.8 | -15.0 | -3.6 |
| Booztlet.com | 3.9 | 1.2 | 2.2 | 0.4 | 1.3 | 0.6 | 1.6 | 1.4 | 0.6 | -0.3 | -0.0 | - |
| Other | -1.7 | -0.9 | -0.6 | -1.6 | 2.2 | 0.1 | 1.0 | 3.3 | 4.4 | 2.4 | 4.3 | 5.5 |
| ADJUSTED EBIT | -4.1 | 52.3 | -12.5 | 10.9 | -2.5 | 48.3 | -14.2 | 10.6 | -15.1 | 16.9 | -10.7 | 1.9 |
| ADJUSTED EBIT % | ||||||||||||
| Boozt.com | -1.2% | 8.3% | -3.2% | 2.5% | -1.5% | 10.6% | -5.8% | 1.8% | -8.6% | 5.5% | -9.3% | -1.9% |
| Booztlet.com | 17.6% | 8.6% | 18.0% | 3.7% | 11.6% | 7.3% | 18.7% | 15.9% | 11.5% | -14.2% | -9.3% | - |
| Other | -66.3% | -25.1% | -25.9% | -70.7% | 17.0% | 0.6% | 6.4% | 20.8% | 23.5% | 16.4% | 23.5% | 31.2% |
| ADJUSTED EBIT % | -0.7% | 8.1% | -2.7% | 2.2% | -0.6% | 10.3% | -4.6% | 3.0% | -5.8% | 5.9% | -6.0% | 0.9% |
| SEK million | Q1 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBIT MARGIN (%) | ||||||||||||
| Gross margin (%) | 39.1% | 43.1% | 38.8% | 44.4% | 44.4% | 45.2% | 47.3% | 44.2% | 43.6% | 48.0% | 49.5% | 47.5% |
| Fulfilment cost ratio (%) | -13.5% | -12.7% | -14.8% | -15.5% | -20.5% | -14.1% | -18.1% | -15.5% | -17.9% | -14.2% | -20.3% | -16.0% |
| Marketing cost ratio (%) | -13.7% | -11.1% | -13.3% | -13.3% | -15.1% | -11.3% | -18.5% | -14.4% | -17.0% | -12.9% | -16.9% | -15.5% |
| Admin & other cost ratio (%) | -11.1% | -9.8% | -11.3% | -30.5% | -14.3% | -9.0% | -15.0% | -11.1% | -14.5% | -15.2% | -18.5% | -15.2% |
| Depreciation (%) | -2.0% | -1.5% | -2.0% | -1.8% | -0.7% | -1.0% | -1.0% | -0.8% | -0.8% | -0.4% | -0.7% | -0.6% |
| EBIT MARGIN (%) | -1.2% | 7.9% | -2.6% | -16.7% | -6.2% | 9.8% | -5.2% | 2.4% | -6.6% | 5.3% | -6.9% | 0.1% |
| Adjusted fulfilment cost ratio (%) | -13.5% | -12.7% | -14.8% | -15.2% | -16.0% | -14.1% | -18.1% | -15.5% | -17.9% | -14.2% | -20.3% | -16.0% |
| Adjusted admin & other cost ratio (%) | -10.7% | -9.6% | -11.4% | -12.0% | -13.2% | -8.5% | -14.3% | -10.6% | -13.8% | -14.6% | -17.6% | -14.4% |
| Net working capital - percent of LTM net revenue |
10.0% | 9.9% | 12.0% | 5.1% | 11.0% | 6.8% | 9.1% | 3.2% | 11.1% | 7.1% | 10.6% | 2.3% |
| BOOZT.COM | ||||||||||||
| Site visits (000) | 24,959 | 26,966 | 20,747 | 21,056 | 19,737 | 18,798 | 14,935 | 14,980 | 14,342 | 12,986 | 10,660 | 11,328 |
| No. of orders (000) | 638 | 786 | 572 | 641 | 510 | 558 | 404 | 449 | 354 | 358 | 247 | 288 |
| Conversion rate | 2.56% | 2.91% | 2.76% | 3.05% | 2.58% | 2.97% | 2.70% | 3.00% | 2.47% | 2.76% | 2.32% | 2.54% |
| True frequency | 7.2 | 6.3 | 6.6 | 6.1 | 5.9 | 5.2 | 5.3 | 4.7 | 4.8 | 4.1 | 4.4 | 4.0 |
| Average order value (SEK) | 824 | 810 | 780 | 765 | 788 | 822 | 745 | 787 | 727 | 773 | 707 | 735 |
| Active customers (000) | 1,104 | 1,057 | 967 | 916 | 862 | 820 | 749 | 695 | 636 | 569 | 513 | 483 |
| No. of orders per active customer | 2.39 | 2.37 | 2.36 | 2.30 | 2.23 | 2.15 | 2.09 | 2.03 | 1.96 | 1.93 | 1.92 | 1.88 |
| NET REVENUE - GEOGRAPHICAL SPLIT |
||||||||||||
| Sweden | 197.8 | 241.8 | 180.2 | 184.8 | 149.5 | 172.0 | 116.2 | 134.5 | 88.0 | 99.7 | 58.4 | 69.0 |
| Rest of Nordics | 323.0 | 368.2 | 254.3 | 292.4 | 235.4 | 257.5 | 161.4 | 184.1 | 130.2 | 148.4 | 86.8 | 111.1 |
| Rest of Europe | 31.1 | 34.2 | 20.4 | 18.9 | 36.2 | 37.8 | 34.7 | 38.5 | 41.6 | 36.9 | 34.2 | 32.5 |
| TOTAL NET REVENUE | 551.9 | 644.2 | 454.9 | 496.1 | 421.1 | 467.3 | 312.3 | 357.1 | 259.7 | 285.0 | 179.5 | 212.6 |
| Nordics | 520.8 | 610.0 | 434.5 | 477.2 | 385.0 | 429.5 | 277.6 | 318.6 | 218.1 | 248.0 | 145.3 | 180.1 |
| 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 | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| GROUP | |||
| Transactional net revenue | 550.7 | 452.4 | 2,169.6 |
| Less consignment sales | -9.7 | -35.8 | -46.5 |
| Other revenue | 10.9 | 4.6 | 24.1 |
| Net revenue | 551.9 | 421.1 | 2,147.2 |
| Other operating income | 2.0 | - | 2.1 |
| Total operating income | 553.9 | 421.1 | 2,149.2 |
| BOOZT.COM | |||
| Transactional net revenue | 525.6 | 401.8 | 2,099.1 |
| Less consignment sales | -9.5 | -9.0 | -47.2 |
| Other revenue | 10.9 | 4.6 | 24.1 |
| Net revenue | 527.0 | 397.4 | 2,075.9 |
| Other operating income | 2.0 | - | 2.1 |
| Total operating income | 529.0 | 397.4 | 2,078.0 |
| BOOZTLET.COM | |||
| Transactional net revenue | 22.5 | 11.0 | 61.3 |
| Less consignment sales | -0.2 | -0.1 | -0.8 |
| Other revenue | - | - | - |
| Net revenue | 22.3 | 10.9 | 60.6 |
| Other operating income | - | - | - |
| Total operating income | 22.3 | 10.9 | 60.6 |
| OTHER | |||
| Transactional net revenue | 2.6 | 39.6 | 9.2 |
| Less consignment sales | 0.0 | -26.7 | 1.5 |
| Other revenue | - | - | - |
| Net revenue | 2.6 | 12.9 | 10.7 |
| Other operating income | - | - | - |
| Total operating income | 2.6 | 12.9 | 10.7 |
| SEK million | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| EBIT | -6.4 | -26.1 | -50.0 |
| Share-based payments related to employees (social charges) |
1.6 | 2.1 | 46.8 |
| Share-based payments related to employees | 0.6 | - | 5.4 |
| IPO preparation costs | - | 2.5 | 42.8 |
| Other items affecting comparability* | - | 19.0 | 1.6 |
| Adjusted EBIT | -4.1 | -2.5 | 46.6 |
Rounding differences may effect the summations.
*Other items affecting comparability are related to the Group's warehouse move.
| SEK million unless otherwise indicated | Jan 1 - Mar 31, 2018 |
Jan 1 - Mar 31, 2017 |
Rolling 12 months |
|---|---|---|---|
| Cash and cash equivalents | -400.2 | -118.1 | -400.2 |
| Interest bearing liabilities (current and non-current) | 86.3 | 12.0 | 86.3 |
| Net debt / -net cash | -314.0 | -106.1 | -314.0 |
| Total equity | 780.3 | 349.4 | 780.3 |
| Total assets | 1,507.9 | 808.9 | 1,507.9 |
| Equity / asset ratio | 51.7% | 43.2% | 51.7% |
| No. of orders (000) | 638 | 510 | 2,638 |
| Site visits (000) | 24,959 | 19,737 | 93,728 |
| Conversion rate (Boozt.com) | 2.56% | 2.58% | 2.81% |
| Inventory | 737.9 | 525.4 | 737.9 |
| Accounts receivables | 10.8 | 10.1 | 10.8 |
| Other receivables | 46.5 | 17.9 | 46.5 |
| Current tax assets | 0.3 | 0.5 | 0.3 |
| Prepaid expenses and accrued income | 33.7 | 46.7 | 33.7 |
| Accounts payables | -415.3 | -251.8 | -415.3 |
| Current tax liabilities | - | - | - |
| Other liabilities | -60.8 | -45.2 | -60.8 |
| Accrued expenses and prepaid income | -139.3 | -132.2 | -139.3 |
| Net working capital | 213.7 | 171.4 | 213.7 |
| Net working capital - percent of LTM net revenue | 10.0% | 11.0% | 10.0% |
| Gross margin (%) | 39.1% | 44.4% | 41.4% |
| Fulfilment cost ratio (%) | -13.5% | -20.5% | -14.0% |
| Marketing cost ratio (%) | -13.7% | -15.1% | -12.7% |
| Admin & other cost ratio (%) | -11.1% | -14.3% | -15.2% |
| Depreciation cost ratio (%) | -2.0% | -0.7% | -1.8% |
| EBIT margin (%) | -1.2% | -6.2% | -2.3% |
| Operating profit/loss (EBIT) | -6.4 | -26.1 | -50.0 |
| Depreciation and amortisation | 11.0 | 3.0 | 38.8 |
| EBITDA | 4.6 | -23.1 | -11.2 |
| Share-based payments related to employees (social charges) | 1.6 | 2.1 | 46.8 |
| Share-based payments | 0.6 | - | 5.4 |
| IPO preparation costs | - | 2.5 | 42.8 |
| Other items affecting comparability* | - | 19.0 | 1.6 |
| Adjusted EBITDA | 6.9 | 0.5 | 85.5 |
Rounding differences may effect 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.
August 17, 2018 Interim Report January - June 2018, Q2
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 May 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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