Unisport A/S

The income statement for 2022 shows a loss of DKK 1.9 million against a profit of DKK 2.4 million last year and the balance sheet as 31 December 2022 shows an equity of DKK 13.8 million.
In the annual report for 2021, Management expected a growth in revenue and profits in 2022.
The Company realized a very strong growth in revenue and profits (adjusted for one-off costs as mentioned above) compared to 2022 and over delivered on the expectations. Online traffic and revenue were positively impacted by the macro trends moving more consumers into the online sales. In addition, the Group has successfully continued expanding its customer base and recurring business due to customer retention projects.

The income statement for 2022 reflects the following:
Gross Merchandise Value (GMV):
GMV comprise the value of all merchandise sold to customers after cancellations and returns and excluding VAT. GMV has been added to report the total value of sales through the Group´s sales platforms. Sale of goods for resale to other Group companies are not included.
GMV amounted to DKK million 691.1 (2021: DKK 591.1 million) and therefore increased by 17%. GMV was positively impacted by high growth from sales and marketing activities that has led to a 19% increase in number of customers surpassing more than 900,000 active customers during the last 12 months for the first time ever. An amount of almost 1.3 million orders were shipped to customers during 2022, an increase of 15% versus 2021.
Revenue:
Revenue grew 24% compared to 2021 and amounted to DKK 701.5 million (2021: DKK 568.0 million). Revenue was positively impacted by high growth from sales and marketing activities that has led to a net increase in number of customers. Additionally, sale of goods for resale to other Group companies has contributed positively to revenue.
Profitability:
A significant part of the growth comes from new markets requiring additional investments especially in terms of customer acquisition costs and last mile costs. During 2022 the exchange rates for SEK/DKK decreased by 5 percent. Since Sweden is a key market for the Company, it has had a negative impact to revenue and profitability of the Swedish online business. The Group had a significantly higher profitability following the successful growth and improved cost efficiency.
One-off costs:
As mentioned in the Operating Review section, the Group moved its central warehouse in 2nd half of 2022. This led to significant one-off costs, totalling mDKK 13.5 million.
Balance sheet
The balance sheet as of 31 December 2022 amounts to DKK 308.4 million compared to DKK 223.8 million in 2021. The increase/decrease was primarily due to a combination of (1) increase/decreased changes in inventories (DKK 72.4 million), (2) increase/decrease in Fixed Assets due to increase in leased assets related to new central warehouse (DKK 21.0 million).
Total equity as of 31 December 2022 amounts to DKK 13.8 million, compared to DKK 15.7 million as of 31 December 2021. The change in equity reflects the effect of the profit/loss for the year.
Management considers the Company's financial performance in the year satisfactory.