Qliro Group Q4 review in charts 6feb20 · Microsoft Word - Qliro Group_Q4 review in charts_6feb20 Author: s50655 Created Date: 2/6/2020 7:24:38 PM ...

Qliro Group: Key assumptions, earnings forecasts and mid-point SOTP and DCF fundamental equity valuation

Valuation and mid-point SOTP & DCF summary (SEK)

DCF value, mid-point (SEK) 9.00SOTP value, mid-point (SEK) 11.50Share price (SEK) 7.482020E EV/Sales at current share price (x) 0.26

Low High MidSOTP valuation range (SEK) 8.63 14.38 11.50

Share price difference to SOTP value (%) 15 92 542020E EV/Sales at valuation range 0.32 0.63 0.47Disc./(prem.) at SOTP value (%) 25 (25) 0

Mid-point SOTP in Qliro Group

Mid-point SOTP valuation based on 2020E(SEKm) Sales 2020E Adj. EBIT 2020E Peer group/methodology Disc./(prem.) (%) Multiple used (x) Implied EV EV/share

CDON Marketplace 926 19 Online Marketplaces, med: EV/Sales 85 0.77 709 4.75Nelly 1,487 27 Online Apparel Retail, med: EV/Sales 65 0.41 608 4.07Qliro 418 (5) Sw eden Consumer, med: EV/Sales (90) 1.95 816 5.46Group common costs (4) (55) Sw eden Consumer, med: EV/EBIT 0 14.5 (792) (5.31)

Group consolidated P&L 2,828 (14)Total group EV 1,340 8.98

Net debt/(cash), excl. QFS 2020E (375) (2.51)

Mid-point SOTP equity value 1,715 11.49Mid-point SOTP equity value, per share 11.49Share price 7.48Share price potential (to SOTP) (%) 53.6

*EBT in Qliro (QFS) = EBIT in Qliro Group consolidated P&L

Financial targets (as of 2020) 2019 2020E 2021E 2022E 2023E 2020-23E Guidance Targets4Y avg 2020E (% / SEKm)

CDON MarketplaceExternal merchant GMV* grow th (%) 60.9 38.7 25.5 16.8 13.5 23.6 "much higher" >20% p.a.EBITDA margin (%) 1.3 3.4 3.7 3.9 3.6 3.7 "above target" > 3% p.a.

Fashion e-commerce (Nelly, NLYMan)Organic sales grow th (%) 4.7 2.1 5.3 6.1 5.2 4.7 "below target" >10% p.a.EBITDA margin (%) 0.9 3.1 5.2 5.4 4.9 4.6 2%-4% > 6% p.a.

Qliro (f. QFS)Income grow th (%) 15.9 20.9 24.1 21.3 16.8 20.8 n.a. 20%-25% p.a.Cost ex. NLLs/Income (%) 87.3 89.6 76.4 70.6 66.2 75.7 n.a. 50% in 2023EBT (EBIT to Group) (30) (5) 62 115 172 "negative EBT" n.a.

*Gross merchandise value

Capitalization (SEKm) 2018 2019 2020E 2021E 2022E

Share price (SEK) 7.48 7.48 7.48 7.48 7.48No of shares, f . dil. (m) 149.3 149.3 149.3 149.3 149.3Market cap (SEKm) 1,117 1,117 1,117 1,117 1,117Net debt/(cash) excl. Qliro (f . QFS) (SEKm) (420) (314) (375) (346) (275)

EV (SEKm) 697 803 741 770 842

Valuation (x)Net sales 3,226 2,939 2,828 2,885 3,041Adj. EBIT (45) (78) (14) 86 141EBIT margin (%) (1.4) (2.7) (0.5) 3.0 4.6

EV/Sales (x) 0.22 0.27 0.26 0.27 0.28EV/EBIT (x) n.a. n.a. n.a. 8.9 6.0

DCF valuation (SEKm) Weighted average cost of capital (%)NPV of FCF in explicit forecast period 437 Risk free interest rate 2.5NPV of continuing value 531 Risk premium 5.0Value of operation 969 Cost of equity 7.5

Net debt (375) After tax cost of debt 1.8Share issue/buy-back in forecast period 0Value of associated companies 0 WACC 7.5Value of minority shareholders' equity 0Value of marketable assets 0 AssumptionsDCF value of equity 1,344 Number of forecast years 10DCF value per share (SEK) 9.00 EBIT margin - steady state (%) 2.9Current share price (SEK) 7.15 EBIT multiple - steady state (x) 9.7DCF performance potential (%) 26 Continuing value (% of NPV) 54.9

-2% -1% 0 +1% +2%-2% 5.01 6.78 8.55 10.32 12.09

Abs. change in -1% 5.03 6.90 8.77 10.64 12.52

sales growth - 0 5.04 7.02 9.00 10.98 12.96

all years +1% 5.06 7.15 9.25 11.34 13.43+2% 5.07 7.28 9.50 11.71 13.93

Absolute change in EBITDA margin - all years

6.5 7.0 7.5 8.0 8.580 12.29 11.53 10.87 10.29 9.78

Equity capital 90 11.11 10.43 9.84 9.32 8.86

weight (%) 100 10.16 9.54 9.00 8.53 8.11100 10.16 9.54 9.00 8.53 8.11100 10.16 9.54 9.00 8.53 8.11

Cost of equity (%)

CCY Share Mkt cap EBIT (%) Sales 3Y 2020E EPSOnline Marketplaces & Retail price price (EURm) 2019E 2020E 2021E 2019E 2020E 2021E 2020E CAGR (%) -1M -3M -12M rev. -12M (%)

Online RetailAO World PLC GBP 78.50 445 0.42 0.42 0.39 n.a. n.a. n.a. (0.3) 4.3 (16.9) 24.4 (29.8) 91.5ASOS PLC GBP 3,288.00 3,271 1.08 0.90 0.79 n.a. 46.2 30.2 2.0 15.4 (3.7) 1.6 6.0 11.2Boohoo Group PLC GBP 324.80 4,464 2.99 2.99 2.35 36.4 36.4 28.9 8.2 12.9 7.3 25.0 72.8 48.9Boozt AB SEK 46.45 253 0.86 0.71 0.60 36.2 23.9 15.8 3.0 19.4 (12.7) (28.6) (10.3) 25.8Bygghemma Group SEK 72.50 741 1.17 1.15 0.94 25.1 20.9 16.1 5.5 17.0 21.8 48.9 85.9 11.7Delticom AG EUR 4.56 57 0.22 0.21 0.20 n.a. 36.8 22.1 0.6 4.9 (0.4) 52.5 (39.4) (341.4)Dustin SEK 76.00 641 0.67 0.62 0.58 17.3 16.2 13.7 3.8 6.1 0.1 (3.2) (7.0) (34.5)Footw ay Group AB SEK 18.15 94 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (6.2) (5.0) (25.9) n.a.Jumei International Holding Ltd USD 16.29 176 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (17.7) (20.9) (37.1) n.a.Ocado Group PLC GBP 1,221.50 10,134 4.81 4.26 3.76 n.a. n.a. n.a. (4.4) 13.1 (3.5) (10.2) 18.1 (319.8)Overstock.com Inc USD 8.00 282 0.20 0.20 0.19 n.a. n.a. n.a. (3.3) 2.2 11.0 (20.2) (56.5) 57.5Sportamore AB (Publ) SEK 34.70 32 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (21.5) (46.6) (63.2) n.a.SRP Groupe SA EUR 1.15 59 0.11 0.11 0.12 1.5 n.a. n.a. (1.6) (5.2) (18.8) 2.3 (59.1) (303.8)Verkkokauppa.com Oyj EUR 3.93 178 0.33 0.31 0.29 13.4 11.7 10.7 2.6 6.5 6.2 24.2 0.5 13.2Yoox Net-A-Porter Group SpA EUR 37.94 3,643 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (0.1) 0.4 62.7 n.a.Zalando SE EUR 44.82 11,333 1.69 1.43 1.22 57.4 45.0 37.0 3.2 17.6 (1.0) 14.8 61.5 28.7Zooplus AG EUR 84.30 605 0.41 0.36 0.32 n.a. n.a. n.a. (0.0) 12.3 1.1 (14.0) (21.9) (266.3)Online Retail, avg 1.15 1.05 0.90 26.8 29.6 21.8 1.5 9.7 (3.2) 2.7 (2.5) (75.2)Online Retail, med 0.67 0.62 0.58 25.1 30.2 19.1 2.0 12.3 (1.0) 0.4 (10.3) 11.7

Online MarketplacesAlibaba Group Holding Ltd USD 220.22 537,228 7.98 7.98 6.18 30.1 30.1 23.1 26.6 13.7 1.5 21.0 28.2 36.3Amazon.com Inc USD 2,039.87 923,406 3.63 3.04 2.60 75.8 55.3 39.6 5.5 18.4 8.8 13.2 23.0 10.4Auto Trader Group PLC GBP 582.00 6,348 15.11 15.11 14.11 21.6 21.6 19.9 69.8 3.4 (0.4) 7.3 28.0 15.7B2W Companhia Digital BRL 73.50 8,257 5.84 5.10 4.43 n.a. n.a. 71.6 3.8 14.8 14.3 39.9 61.7 3.4CarGurus Inc USD 34.41 3,503 6.35 5.25 4.45 57.0 40.3 29.3 13.0 19.4 (5.3) 1.7 (19.2) 78.6eBay Inc USD 37.13 26,875 3.20 3.19 3.03 11.5 11.3 10.5 28.4 2.9 3.2 4.6 5.1 17.3Farfetch Ltd USD 12.28 3,270 3.52 2.37 1.93 n.a. n.a. n.a. (21.0) 35.7 8.7 38.9 (36.6) (108.1)JD.com Inc USD 39.94 53,225 0.67 0.56 0.48 43.8 26.4 19.3 2.1 17.5 5.1 21.1 57.1 302.0Mercadolibre Inc USD 675.84 30,550 13.70 10.08 7.50 n.a. n.a. n.a. (5.4) 35.2 11.2 39.3 86.1 (265.3)Pinduoduo Inc USD 35.72 37,755 8.34 5.14 3.65 n.a. n.a. 33.0 0.0 51.8 (12.6) (17.9) 17.8 (40.1)ZOZO Inc JPY 1,821.00 4,700 4.38 4.38 3.86 n.a. n.a. n.a. n.a. 6.5 (10.5) (28.9) 0.3 (0.1)Online Marketplaces, avg 6.61 5.66 4.75 40.0 30.8 30.8 12.3 19.9 2.2 12.8 22.9 4.5Online Marketplaces, med 5.84 5.10 3.86 36.9 28.2 26.2 4.6 17.5 3.2 13.2 23.0 10.4

Online Marketplaces & Retail, avg 3.65 3.16 2.67 32.9 30.2 26.3 6.2 14.4 (1.1) 6.6 7.5 (38.6)Online Marketplaces & Retail, med 2.34 1.90 1.58 30.1 28.2 22.6 2.6 13.4 (0.3) 3.5 2.8 11.5

Qliro Group SEK 7.15 102 0.25 0.24 0.25 n.a. n.a. 8.4 (0.5) (0.9) (4.7) (18.5) (35.6) (140.6)Discount/(Premium) to Apparel retail peers, avg (%/pp) 93.2 92.3 90.6 n.a. n.a. 68.2 6.7 15.3 3.6 25.1 43.0 102.0Discount/(Premium) to Apparel peers, med (%/pp) 89.4 87.1 84.2 n.a. n.a. 63.0 3.2 14.3 4.4 21.9 38.4 152.1Source: SEB, ThomsonReuters

EV/Sales (x) EV/EBIT (x) Abs. performance (%)

Qliro Group - pro forma (excl. Tretti, Lekmer, HSNG) Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20E Q2/20E Q3/20E Q4/20E 2019 2020E 2021E 2022E

Sales (SEKm)CDON Marketplace 558 261 218 212 422 202 179 184 361 1,112 926 805 755Nelly 403 302 424 330 399 307 439 339 402 1,456 1,487 1,565 1,660Qliro 77 92 92 93 97 102 103 101 113 375 418 519 629Inter-company sales/other (0) (2) (1) (1) 1 (2) (2) 0 (0) (4) (4) (4) (4)

Group sales 1,038 653 733 634 919 608 719 624 876 2,939 2,828 2,885 3,041

Sales growth (%)CDON Marketplace (23.9) (31.1) (35.5) (26.0) (24.5) (22.6) (17.6) (13.2) (14.3) (28.7) (16.7) (13.1) (6.2)Nelly 0.7 9.6 5.3 6.8 (0.9) 1.4 3.4 2.8 0.8 4.7 2.1 5.3 6.1Qliro 19.9 43.2 35.0 29.9 26.5 10.3 11.9 8.5 15.9 33.3 11.7 24.1 21.2

Sales growth (pro forma Tretti, Lekmer, HSNG) (13.5) (8.8) (9.2) (4.7) (11.4) (6.9) (1.8) (1.5) (4.7) (8.9) (3.8) 2.0 5.4

Reported EBIT (SEKm)CDON Marketplace 17 (10) (7) (1) 17 (6) (3) 3 25 (2) 19 19 20Nelly 14 (12) 23 1 (17) (10) 14 5 17 (6) 27 61 61Qliro (7) 2 0 2 (34) (6) (4) 1 4 (30) (5) 62 115Eliminations (2) (1) (1) (1) (1) (1) (1) (1) (1) (5) (5) (6) (8)Group cost (5) (12) (13) (12) (13) (13) (14) (11) (12) (51) (50) (49) (49)

Group EBIT, reported (pro forma Tretti, Lekmer, HSNG) 16 (33) 1 (12) (48) (35) (8) (3) 32 (93) (14) 86 141

Reported EBIT margin (%)CDON Marketplace 3.0 (4.0) (3.4) (0.4) 4.0 (3.2) (1.7) 1.8 6.8 (0.2) 2.0 2.4 2.7Nelly 3.4 (4.0) 5.4 0.2 (4.3) (3.1) 3.3 1.6 4.2 (0.4) 1.8 3.9 3.7Qliro (9.4) 2.7 0.3 1.7 (34.9) (5.4) (3.6) 0.5 3.2 (7.9) (1.2) 11.9 18.3

Reported EBIT margin (pro forma Tretti, Lekmer, HSNG) (%) 1.6 (5.1) 0.2 (1.9) (5.2) (5.8) (1.1) (0.5) 3.6 (3.2) (0.5) 3.0 4.6

Adjusted EBIT (SEKm)CDON Marketplace 17 (10) (7) (1) 17 (6) (3) 3 25 (2) 19 19 20Nelly 14 (12) 23 5 (17) (10) 14 5 17 (1) 27 61 61Qliro (7) 2 0 2 (24) (6) (4) 1 4 (20) (5) 62 115Eliminations (2) (1) (1) (1) (1) (1) (1) (1) (1) (5) (5) (6) (8)Group cost (5) (12) (13) (12) (13) (13) (14) (11) (12) (51) (50) (49) (49)

Group adjusted EBIT, excl. NRIs 16 (33) 1 (8) (38) (35) (8) (3) 32 (78) (14) 86 141

Qliro EBIT (7) 2 0 2 (24) (6) (4) 1 4 (20) (5) 62 115

Pro forma adjusted EBIT (excl. NRIs and Qliro) 23 (36) 1 (9) (14) (30) (4) (4) 28 (58) (9) 25 25

Adj EBIT margin (%)CDON Marketplace 3.0 (4.0) (3.4) (0.4) 4.0 (3.2) (1.7) 1.8 6.8 (0.2) 2.0 2.4 2.7Nelly 3.4 (4.0) 5.4 1.5 (4.3) (3.1) 3.3 1.6 4.2 (0.1) 1.8 3.9 3.7Qliro (9.4) 2.7 0.3 1.7 (24.6) (5.4) (3.6) 0.5 3.2 (5.2) (1.2) 11.9 18.3

Adj EBIT margin (%) 1.6 (5.1) 0.2 (1.2) (4.1) (5.8) (1.1) (0.5) 3.6 (2.7) (0.5) 3.0 4.6

Qliro P&L forecasts (SEKm) 2017 2018 2019 2020E 2021E 2022E 2023E

Total lending 1,055 1,530 2,070 2,515 3,015 3,440 3,815Average lending rate, annualized (%) 22.6 20.5 15.2 8.6 9.0 9.6 10.1

Interest income 220.0 280.6 302.2 238.0 278.5 341.3 402.8Interest expenses (16.4) (16.2) (28.6) (39.8) (28.4) (32.4) (35.4)Net interest income (NII) 203.6 264.4 273.6 198.3 250.1 309.0 367.4NII grow th,y/y (%) 46.8 29.8 3.5 (27.5) 26.2 23.5 18.9NII grow th, q/q (%)

Net fee and commission income 7.5 12.2 49.3 183.0 226.3 270.6 311.3Other income 11.7 21.3 22.2 36.1 41.5 48.4 54.4Net sales 222.7 297.9 345.2 417.4 517.8 627.9 733.2

Total income 206.3 281.7 316.6 377.6 489.5 595.6 697.8

Credit losses, net (SEKm) (27.5) (57.4) (73.4) (48.6) (60.8) (68.9) (75.1)Other opex (169.2) (217.7) (238.7) (302.0) (318.0) (355.0) (388.2)

Total opex (excl. D&A) (196.7) (275.1) (312.1) (350.6) (378.8) (423.9) (463.2)Cost ex NLLs/income (%) 88.3 85.9 87.3 89.6 76.4 70.6 66.2Cost/income target 2023 (%) 50.0 50.0 50.0 50.0 50.0 50.0 50.0

EBTDA 26.0 22.8 33.1 66.7 139.0 204.0 269.9D&A (27.5) (38.1) (62.8) (71.9) (77.4) (88.6) (97.6)

EBT (EBIT to group) (1.5) (15.4) (29.7) (5.1) 61.6 115.4 172.4EBT margin (%) (0.7) (5.2) (8.6) (1.2) 11.9 18.4 23.5EBT margin (EBT/tot lending), annualized (%) (0.2) (1.2) (1.6) (0.2) 2.2 3.6 4.8

12M trailing P&Ls (SEKm) 2017 2018 2019 2020E 2021E 2022E 2023E12M trailing EBTDA (SEKm) 26.0 22.8 33.1 66.7 139.0 204.0 269.912M trailing EBTDA margin (EBTDA/tot lending) (%) 2.9 1.8 1.8 2.9 5.0 6.3 7.4Old EBITDA target 2019 onw ards (mid-point) 150.0 150.0 112.5 112.5 112.5 112.5 112.512M trailing EBT (SEKm) (1.5) (15.4) (29.7) (5.1) 61.6 115.4 172.412M trailing EBT margin (EBT/tot lending) (%) (0.2) (1.2) (1.6) (0.2) 2.2 3.6 4.8

(SEK) Q4/ 19 2019 2020E 2021E Q4/ 19 2019 2020E 2021E Q4/ 19 2019 2020E 2021ENet sales 919 2,939 2,828 2,885 954 2,942 3,080 3,191 (3.6) (0.1) (8.2) (9.6)EBIT, reported (48) (93) (14) 86 (13) (57) 18 80 (282.7) (61.4) (180.2) 7.3EBIT, adj. (38) (78) (14) 86 (13) (53) 18 80 (202.8) (47.7) (180.2) 7.3Pre-tax profit (49) (105) (23) 77 (14) (71) 12 75 (242.9) (47.9) (287.7) 2.4Net profit (54) (110) (25) 73 (14) (71) 12 75 (273.4) (55.6) (297.0) (2.7)EPS, reported (0.36) (0.74) (0.16) 0.49 (0.10) (0.48) 0.08 0.50 (273.4) (55.6) (297.0) (2.7)EPS, adj. (0.29) (0.64) (0.16) 0.49 (0.10) (0.44) 0.08 0.50 (196.4) (43.3) (297.0) (2.7)

Sales by areaCDON M arketplace 422 1,112 926 805 448 1,139 1,063 1,053 (6.0) (2.4) (12.9) (23.5)Nelly 399 1,456 1,487 1,565 419 1,475 1,580 1,647 (4.6) (1.3) (5.9) (4.9)Qliro (f. QFS) 97 375 418 519 87 333 441 495 12.1 12.5 (5.0) 4.9Eliminations 1 (4) (4) (4) (0) (5) (3) (3) 353.3 21.6 (18.8) (8.5)T o ta l, co nso lidated 919 2,939 2,828 2,885 954 2,942 3,080 3,191 (3.6) (0 .1) (8 .2) (9 .6 )

EB IT by area, repo rtedCDON M arketplace 17 (2) 19 19 20 1 10 14 (14.5) (249.3) 93.6 41.1Nelly (17) (6) 27 61 (8) 3 46 64 (104.8) (296.6) (41.6) (4.9)Qliro (f. QFS) (34) (30) (5) 62 (11) (7) 15 54 (207.0) (326.0) (133.2) 14.1Group/Other costs (14) (55) (55) (56) (13) (54) (53) (52) (7.1) (1.7) (3.4) (8.2)T o ta l, co nso lidated (48) (93) (14) 86 (13) (57) 18 80 (282.7) (61.4) (180 .2) 7 .3

Total NRIs (10.0) (14.6) 0.0 0.0 0.0 (4.6) 0.0 0.0 n.a. n.a. n.a. n.a.T o ta l gro up EB IT , adj (excl. N R Is) (38) (78) (14) 86 (13) (53) 18 80 (202.8 ) (47.7) (180.2) 7 .3

N ew est imates Old est imates D if ference (%)

Qliro Group - consolidated interim financial statement(SEKm) Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20E Q2/20E Q3/20E Q4/20E 2019 2020E 2021E 2022E 2023ENet sales 1,038 653 733 634 919 608 719 624 876 2,939 2,828 2,885 3,041 3,182COGS (799) (478) (503) (444) (710) (449) (497) (438) (675) (2,135) (2,059) (2,048) (2,137) (2,214)

Gross profit 238 175 230 190 209 159 222 186 202 803 769 837 904 968SG&A costs (233) (219) (227) (201) (226) (206) (229) (193) (144) (873) (773) (781) (797) (812)Other operating income/costs 11 11 (2) 3 (21) 12 (1) 4 (25) (9) (11) 30 34 36Non-recurring items 0 0 0 (5) (10) 0 0 0 0 (15) 0 0 0 0

EBIT 16 (33) 1 (12) (48) (35) (8) (3) 32 (93) (14) 86 141 192Of w hich: NRIs 0 0 0 (5) (10) 0 0 0 0 (15) 0 0 0 0Of w hich: Qliro Financial Services (7) 2 0 2 (24) (6) (4) 1 4 (20) (5) 62 115 172

EBIT excl. NRIs 16 (33) 1 (8) (38) (35) (8) (3) 32 (78) (14) 86 141 192EBIT excl. NRIs & Qliro 23 (36) 1 (9) (14) (30) (4) (4) 28 (58) (9) 25 25 20Net f inancial items (3) (11) (1) (1) (1) (2) (1) (1) (4) (13) (9) (9) (10) (10)

Reported pre-tax profit 14 (44) 0 (13) (49) (37) (9) (5) 28 (105) (23) 77 131 182Minority interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total taxes (8) 0 0 0 (5) 4 0 0 (5) (5) (1) (4) (7) (9)

Net profit (cont. operations), reported 6 (44) 1 (13) (54) (34) (9) (4) 22 (110) (25) 73 124 173Net profit (cont. operations), adj for NRIs net of tax 6 (44) 1 (8) (45) (34) (9) (4) 22 (97) (25) 73 124 173

EPS, reported (SEK) 0.04 (0.30) 0.00 (0.09) (0.36) (0.22) (0.06) (0.03) 0.15 (0.74) (0.16) 0.49 0.83 1.16EPS, adj (cont. oper) 0.04 (0.30) 0.00 (0.06) (0.30) (0.22) (0.06) (0.03) 0.15 (0.65) (0.16) 0.49 0.83 1.16

Sales grow th (%) (13.5) (8.8) (9.2) (4.7) (11.4) (6.9) (1.8) (1.5) (4.7) (8.9) (3.8) 2.0 5.4 4.6Organic sales grow th (%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.EBIT grow th (%) (54.4) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 63.2 36.5EBIT (ex. NRIs) grow th (%) (54.4) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 63.2 36.5EBIT (ex. NRIs & Qliro) grow th (%) (28.1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.6 (22.1)Pre-tax profit grow th (%) (58.3) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 70.3 38.9EPS, adj (cont. oper) grow th (%) (73.4) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 70.3 38.9

Gross margin (%) 23.0 26.7 31.4 29.9 22.7 26.1 30.9 29.8 23.0 27.3 27.2 29.0 29.7 30.4Gross margin, chg, y/y (pp) 1.2 7.8 6.4 3.6 (0.2) (0.6) (0.5) (0.1) 0.3 4.1 (0.1) 1.8 0.7 0.7SG&A excl NRIs (SEKm) 222 208 229 197 247 194 230 189 170 881 783 751 763 776SG&A/sales (excl NRIs) (%) 21.4 31.9 31.3 31.1 26.9 31.9 32.0 30.3 19.4 30.0 27.7 26.0 25.1 24.4SG&A/sales (excl NRIs), chg, y/y (pp) 2.6 5.7 4.9 4.9 5.5 0.1 0.7 (0.8) (7.5) 5.3 (2.3) (1.7) (0.9) (0.7)EBIT margin (%) 1.6 (5.1) 0.2 (1.9) (5.2) (5.8) (1.1) (0.5) 3.6 (3.2) (0.5) 3.0 4.6 6.0EBIT (ex. NRIs) margin (%) 1.6 (5.1) 0.2 (1.2) (4.1) (5.8) (1.1) (0.5) 3.6 (2.7) (0.5) 3.0 4.6 6.0EBIT (ex. NRIs & Qliro) margin (%) 2.3 (5.5) 0.1 (1.5) (1.5) (4.9) (0.6) (0.6) 3.2 (2.0) (0.3) 0.9 0.8 0.6Pre-tax margin (%) 1.3 (6.8) 0.0 (2.0) (5.3) (6.1) (1.3) (0.7) 3.2 (3.6) (0.8) 2.7 4.3 5.7Net profit margin (%) 0.5 (6.8) 0.1 (2.0) (5.9) (5.5) (1.3) (0.7) 2.6 (3.8) (0.9) 2.5 4.1 5.4Net profit margin, adjusted (%) 0.5 (6.8) 0.1 (1.3) (4.9) (5.5) (1.3) (0.7) 2.6 (3.3) (0.9) 2.5 4.1 5.4Tax rate (%) (59.6) (0.1) 66.7 0.0 10.8 (10.0) (1.0) (5.0) (18.9) 4.7 5.0 (5.0) (5.0) (5.0)

No of shares, f. dil, avg, adj. (m) 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3 149.3