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Annual Report 2018

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Annual Report 2018 Annual Report 2018 BOOZT AB, ORG. 556793-5183 A Nordic technology company selling fashion online - from apparel to beauty. We offer our customers a curated and contemporary selection of brands, relevant to a variety of lifestyles, mainly through our multi-brand webstore Boozt.com. The Boozt snapshot • Boozt.com launched 2011 • Head office in Malmö, Sweden • Boozt AB is listed on Nasdaq Stockholm • 2 online shops, Boozt.com & Booztlet.com • SEK 2.784 million turnover in 2018 LEADING Our mission CUSTOMER is to deliver an outstanding online SATISFACTION fashion shopping experience with unrivaled customer service Our vision is to become the leading player in Nordic fashion e-commerce Boozt Fulfillment Centre is our central and automated warehouse located in Ängelholm Boozt Headquarter Our headquarter located in Malmö 324 33 32 Full time employees Average age Different nationalities Contents Investment case .......................................................................................................... 4 2018 Highlights ............................................................................................................ 6 KPI Highlights ................................................................................................................ 7 Letter to the shareholders ........................................................................................ 8 MANAGEMENT'S REPORT ................................................................................... 12 What we do .................................................................................................................. 14 Sustainability report.......................................................................................................... 20 The market................................................................................................................... 39 Growth strategy .......................................................................................................... 42 Business performance ............................................................................................... 46 Management team ..................................................................................................... 51 Board of directors ..................................................................................................... 55 CORPORATE GOVERNANCE REPORT ............................................................ 60 The board's report on internal control ................................................................. 72 DIRECTORS' REPORT ........................................................................................... 75 Risks and risk management .................................................................................... 84 CONSOLIDATED FINANCIAL STATEMENTS ................................................ 90 Consolidated income statement ............................................................................ 91 Consolidated statement of financial position ..................................................... 92 Consolidated statement of changes in equity ................................................... 93 Consolidated statement of cash flow ................................................................... 94 Notes ........................................................................................................................... 95 Parent company income statement .................................................................... 122 Parent company financial position ....................................................................... 123 Parent company changes in equity ..................................................................... 124 Parent company cash flow .................................................................................... 125 Parent company Notes ............................................................................................126 Certification ............................................................................................................... 132 Signatures .................................................................................................................. 133 Auditor's report ......................................................................................................... 134 ADDITIONAL INFORMATION ........................................................................... 140 Definitions/glossary .................................................................................................. 141 Rationale for the use of certain Alternative Performance Measures ........... 142 Reconciliation of total operating income ............................................................ 143 Reconciliation of adjusted EBIT ............................................................................ 143 Reconciliation with financial statements according to IFRS ........................... 144 Unique positioning offers attractive growth and profitability opportunities Key success factors in Nordic online fashion • Fully automated warehouse 1-2 days • Fast free deliveries • Fast free returns Next day SPEED Same day PRICE Pay THE (right) price CUSTOM BUILT PLATFORM • Data driven • Best in class tech performance • Emails • Return + refund • Ads • Open package EASE • Social media • Pickup + delivery • Affiliate • Rating • TV • Review BOOZT • Seamless user experience across platforms MARKETING SALES FULFILMENT CUSTOMER SERVICE "SOLAR SYSTEM" • Convenient delivery and return options • Customer care highly prioritized • Discounts • Chat • Sales advice • Exchange • Filter + search • Social media • Payment validation • Phone • Fraud check • Emails Purpose-built infrastructure enables full control over the customer journey Unique positioning offers attractive growth and profitability opportunities Nordic apparel and beauty market Total market SEK ~285bn Loyal customer base with attractive features in SEK ~125bn @ 45% online penetration a market with strong growth potential SEK 84bn @ 30% online penetration • Convenience is key ~ • Fashion followers Today SEK ~54bn @ ~19% online penetration 25-54 target customer age 85% have a partner 55% have kids RELEVANCE Average order value (AOV) key to profitability Cost split per order (SEK) 812* 812 Goods for resale 487 60.0% Positioning delivers a high AOV (50-80% higher than peers) Fulfilment & dist. 112 13.8% Premium Marketing 99 12.2% Admin & staff opex 81 10.0% Commercial Depreciation 15 1.8% EBIT 19 2.3% Above 6% *AOV in SEK 2018 Mid-term Entry price Catch-all Curated Local scale will drive cost ratios down Curated selection of Nordic brands as well as international power brands High customer satisfaction Trustpilot Net Promoter Score 9.2 71 2018 Highlights Building a leading online outlet in the Nordics +38% Booztlet grew more than 100% in 2018 with an improving EBIT margin, demonstrating the great potential within the off- 38% growth in a challenging year price segment. We are further In a challenging year for the Nordic retail industry, strengthening this business with a long and cold winter followed by a long and area in 2019 to ensure we record warm summer lasting well into the autumn, we become a leading player managed to grow ahead of our own expectations by within the attractive off-price having the right assortment available at the right price segment which today has a points as dictated by the competitive situation. low online penetration. Expanding warehouse capacity ahead of successful Black Friday Following the latest expansion of our warehouse automation system, the Autostore, a total of 250 robots drive on top of an aluminium grid with 250,000 bins. This expansion was completed in early November ahead of Black Friday Weekend. As a result, Black Friday was a success and all systems passed the test of peak traffic handling. Strengthening the sports/athleisure category The launch of adidas and Reebok in late 2018 coincided with a relaunch of the Making Boozt.com a beauty destination sports/athleisure category on Boozt.com. It The beauty category accelerated on Boozt.com in 2018 fuelled by the is a curated offering in the mid-to-premium launch of more than 90 new international and Nordic brands targeting our end from both household brands such as core customers. During the year, we opened our flagship Beauty by Boozt Puma, New Balance and Peak Performance offline store in Copenhagen, which helped attract many of the premium as well as attractive niche brands, many brands we launched. Unfortunately, the losses of the store were twice as with roots in the Nordics. large as expected and limiting the losses will be a focus area for 2019. KPI Highlights Net Revenue Group (SEK million) Customer Satisfaction Number of Orders (000) +38.1% +31.0% Trustpilot NPS score 3,288 2,784.0 9.2 9.2 2,509 71 2,016.4 67 FY 2017 FY 2018 Q4 17 Q4 18 Q4 17 Q4 18 FY 2017 FY 2018 Average Order Value (SEK) Active Customers (000) True Frequency +3.2% +28.9% +0.5 787 812 6.8 1,363 6.3 1,057 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 Jan 1 - Dec 31, Jan 1 - Dec 31, SEK million unless otherwise indicated 2018 2017 Change Net revenue 2,784.0 2,016.4 38.1% Gross profit 1,113.1 861.0 29.3% Gross margin (%) 40.0% 42.7% -2.7 pp Operating profit/loss (EBIT) 68.1 -69.8 n.m. Adjusted EBIT 63.2 48.2 31.1% Adjusted EBIT margin (%) 2.3% 2.4% -0.1 pp Earnings for the year 42.6 -12.6 n.m. Cash flow for the year -61.2 207.8 n.m. Earnings per share before dilution (SEK) 0.75 -0.24 n.m. Earnings
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