Kvartalsrapport Q1 2023

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===== SIDA 1 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interim report  
1 July – 31 March 2023 
RVRC Holding AB (publ)  
The report concerns the group in which RVRC Holding AB (559129–4623) 
is the parent company and which is referred to in the report as RevolutionRace

===== SIDA 2 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
2 
 
 
THIRD QUARTER HIGHLIGHTS 
 
 
Financial development (Jan – Mar 2023) 
• Net sales for the period increased by 13 percent and amounted to SEK 414 (367) million. 
• Gross profit amounted to SEK 300 (269) million, corresponding to a gross margin of 72.6 (73.1) percent.  
• EBIT amounted to SEK 87 (104) million, corresponding to an EBIT margin of 21.1 (27.8) percent. 
• Average order value (AOV) amounted to SEK 930 (849). 
• Earnings per share before dilution amounted to SEK 0.60 (0.72) and after dilution to SEK 0.60 (0.72). 
 
Significant events 
• Reduced inventory and strong cash flow from operating activities of SEK 101 million. 
• Board member Johan Svanström left the board in February due to a new operational role as CEO of a listed 
company in UK. 
 
Financial overview 
 
 
 
Net sales 
Per quarter and rolling 12 months 
Adjusted EBIT 1) 
Per quarter and rolling 12 months 
EBIT  
Per quarter and rolling 12 months 
 
 
 
 
 
 
 
RevolutionRace financial year is 1 July – 30 June 
1) Excluding costs for the incentive programme (LTIP), which during the second quarter amounted to SEK 12 million.  
* Alternative performance measures, see pages 17–18. 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 SEKm 22/23 21/22 Δ 22/23 21/22 Δ 21/22 2 2/23
Net sales 414 367 13% 1,198 1,013 18% 1,331 1 ,516
Average order value (AOV), (SEK)* 930 849 10% 884 812 9% 803 859
Gross profit* 300 269 12% 856 733 17% 963 1,086
Adjusted EBIT* ¹) 87 104 -16% 254 294 -14% 367 327
EBIT* 87 104 -16% 242 294 -18% 367 315
Result for the period 68 81 -16% 189 230 -18% 288 247
Earnings per share before dilution, SEK 0.60 0.72 -16% 1.67 2.04 -18% 2.55 -
Earnings per share after dilution, SEK 0.60 0.72 -16% 1.67 2.04 -18% 2.55 -
Gross margin* 72.6% 73.1% -0.5 pp 71.5% 72.3% -0.8 pp 72.3% 71.7%
EBIT margin* 21.1% 27.8% -6.7 pp 20.2% 28.7% -8.5 pp 27.0% 20.5%
Adjusted EBIT margin* 21.1% 27.8% -6.7 pp 21.1% 28.7% -7.6 pp 27.0% 21.3%
367
414
0
200
400
600
800
1,000
1,200
1,400
1,600
0
50
100
150
200
250
300
350
400
450
500
550
600
Jan-Mar
21/22
Apr-Jun
21/22
Jul-Sep
22/23
Oct-Dec
22/23
Jan-Mar
22/23
R12
104
87
0
50
100
150
200
250
300
350
400
0
20
40
60
80
100
120
140
160
Jan-Mar
21/22
Apr-Jun
21/22
Jul-Sep
22/23
Oct-Dec
22/23
Jan-Mar
22/23
R12
104
87
0
50
100
150
200
250
300
350
400
0
20
40
60
80
100
120
140
160
Jan-Mar
21/22
Apr-Jun
21/22
Jul-Sep
22/23
Oct-Dec
22/23
Jan-Mar
22/23
R12

===== SIDA 3 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
3 
 
 
Comments from the CEO 
 
RevolutionRace continues to increase sales with good profitability 
RevolutionRace has continued its profitable growth journey in the third quarter and is continuing to take market share. 
Net sales in the quarter amounted to SEK 414 million, corresponding to growth of 13 percent year on year. We have thus 
advanced our market position further in a weak market, while at the same time the company’s financial position was 
also strengthened during the quarter by operating profit of SEK 87 million and strong cash flow amounting to SEK 101 
million.  
As communicated previously, a lower sales increase was 
noted at the start of the third quarter compared with the 
same period in the previous year, which was a strong 
quarter. The quarter, however, ended stronger, resulting 
overall in another quarter of good growth.  
We are noticing continued uncertainty in the market with 
weak consumer sentiment and extensive price reductions 
and markdowns in the industry. An uncertain world can 
also create opportunities, however, and I am convinced 
that our strong customer offering that never compromises 
on quality, design and price is a success factor even in a 
more challenging market. The fact that RevolutionRace is 
growing by 13 percent while earnings and cash flow are 
also strong, in a quarter characterised by a tougher market 
climate, sends a message of strength that enhances our 
market position further.   
Continued international growth  
RevolutionRace is an international brand and we are 
continuing to grow and to gain market share in many 
markets. In the third quarter sales from countries outside 
the Nordics accounted for a total of 78 percent of our total 
sales. This is confirmation that we are on the right path in 
our international growth strategy. The Rest of World region 
grew by 32 percent in the quarter, with particularly 
positive development noted in the Netherlands. The DACH 
region continued to grow by 18 percent in the third 
quarter, again with strong sales towards the end of the 
quarter. Sales in the Nordics decreased and there was 
negative growth due to a tougher consumer climate and a 
weak market. Our assessment is that we are continuing to 
win market share. 
EBIT margin of 21 percent and strong cash flow  
EBIT for the quarter amounted to SEK 87 million, 
corresponding to an EBIT margin of 21.1 percent. This is a 
very strong operating margin given the prevailing market 
climate. We noted substantial discounts in the market due 
to high inventory levels, but we still succeeded in keeping 
our gross margin at a good level. Our logistics costs were 
higher than last year, while at the same time we decided, 
among other things, to increase our market investments in 
growth markets. Compared with the same period last year 
we also note a negative earnings effect of SEK 9 million 
attributable to currency effects in the items Other 
operating income/expense. 
Our inventory continued to decrease for the second 
consecutive quarter, by around SEK 46 million, which is in 
line with the plan communicated previously. The decrease 
in inventory contributed to strong cash flow and we ended 
the third quarter with net cash of SEK 130 million. This feels 
extremely strong in the current market and provides a 
foundation for the future. 
Unmatched value at every step  
We are proud of our global community, which now amounts 
to more than one million followers on social media and more 
than 470,000 unique product reviews. Close relationships 
with our customers and their product reviews have always 
been a key part of our strategy, not least since they help our 
customers find the right products but also because it gives us 
valuable feedback. Our direct communication with the 
customers enables us to continually evaluate and refine our 
offering, to ensure unmatched value at every step. Our 
community is also our foremost channel for inspiring people 
and showcasing to them our wide range of products.  
We are continuing to expand our product assortment and a 
year ago we launched our footwear assortment with a 
limited number of models. During the year we have 
launched more models and we can see that shoe sales are 
growing fast. Our biggest product category remains pants, 
but it is pleasing and important that other product 
categories are also growing with high customer ratings. It 
inspires us to continue our focus on launching timeless, 
hardwearing, high quality products that can be used 
frequently over a long period, which is also an important 
part of our sustainability efforts.  
To strengthen our customer offering further we extended 
our collaboration with our logistics partner in Sweden, Bring 
Shelfless (formerly DreamLogistics), during the quarter. Since 
2021 Shelfless has handled a large part of RevolutionRace’s 
logistics from a production facility in Borås.  
Outlook 
I am convinced that RevolutionRace’s offering is very well 
positioned, with a unique combination of a strong brand, 
high quality design and competitive prices. Our scalable and 
digital business model makes us agile and enables an 
international presence with great potential to continue to 
win market share. Despite the uncertainty in the world 
around us, we are focusing on continued profitable growth 
and we note, so far in the fourth quarter, a sales growth 
slightly higher than in the third quarter, with strong 
development in the regions DACH and RoW.  
 
Paul Fischbein, CEO

===== SIDA 4 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
4 
 
 
FINANCIAL DEVELOPMENT  
 
Third quarter (Jan – Mar 2023) 
Operating income 
Net sales in the third quarter amounted to SEK 414 (367) 
million, an increase of 13 (7 in local currencies) percent. The 
increase in net sales is attributable to higher demand for 
the company's multifunctional products in the regions 
DACH and Rest of the World (RoW). Net sales in the Nordics 
decreased by 11 percent to SEK 91 (102) million. Net sales 
in DACH increased by 18 percent to SEK 235 (199) million 
and in RoW by 32 percent to SEK 88 (66) million.  
 
 The regions share of net sales in the third quarter 
 
Operating income for the period amounted to SEK 414 
(373) million. The difference between net sales and 
operating income comprises other operating income which 
is mainly attributable to net amount of exchange gains and 
losses. The net amount for the quarter is negative, resulting 
in Other operating costs of SEK 4 million compared to an 
Other operating income of SEK 5 million in the 
corresponding quarter last year. Effective from the start of 
the current financial year the group reports the result of 
exchange gains and losses as a net amount; comparative 
figures for operating income have been adjusted in 
accordance with the changed accounting principle. 
Gross profit 
Gross profit increased by 12 percent to SEK 300 (269) 
million, corresponding to a gross margin of 72.6 (73.1) 
percent. The gross margin is negatively affected by an 
average higher USD purchase price on goods sold and price 
reductions. At the same time, the gross margin was 
positively affected by a favorable market mix.  
 
 
 
Operating profit (EBIT) 
Operating profit (EBIT) amounted to SEK 87 (104) million, 
corresponding to an EBIT margin of 21.1 (27.8) percent. 
Goods for resale increased to SEK -113 (-99) million driven by 
increased net sales. Other external costs amounted to SEK -
186 (-150) million. The development is attributable, among 
other things, to increased logistics costs and market 
investments. Personnel expenses in the quarter amounted 
to SEK -22 (-19) million.  
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 86 (103) million. Profit for 
the period was SEK 68 (81) million. Earnings per share before 
dilution amounted to SEK 0.60 (0.72) and after dilution to 
SEK 0.60 (0.72). 
Cash flow 
Cash flow from operating activities increased and amounted 
to SEK 101 (-3) million. The increase is mainly attributable to 
the result and a decrease in inventory relative to the 
previous quarter. Cash flow from investment activities 
amounted to SEK -1 (-1) million. Cash flow from financing 
activities includes a reduction in loan debt of SEK -18 (-168) 
million and amounted to SEK -19 (-169) million. Cash flow for 
the period amounted to SEK 81 (-172) million. 
Financial position 
Net cash amounted to SEK 130 (5) million. Cash and cash 
equivalents amounted to SEK 146 (71) million. The interest-
bearing debt of SEK 16 (66) consist of lease liabilities of SEK 
16 (6) million and liabilities to credit institutions of SEK 0  (60) 
million. The group's total credit facility amounts to 
approximately SEK 600 million, which at the end of the 
quarter was unutilized. 
Net working capital 
Net working capital amounted to SEK 173 (143) million. The 
change is mainly attributable to build up of inventory during 
the last calendar year. 
Investments 
Investments affecting cash flow amounted to SEK 1 (1) 
million. Investments in intangible assets amounted to SEK 1 
(1) million and are mainly attributable to activation of 
expenditures related to software development. Investments 
in tangible assets amounted to SEK 0 (0) million. 
Personnel 
The average number of employees during the period was 
132 (112). The average number of FTEs was 128 (109). The 
increase in the number of employees is explained by the 
company's growth during the past year and to enable future 
sales growth. 
 
Nordics
22%
DACH
57%
Rest of 
world
21%

===== SIDA 5 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
5 
 
 
Nine months (Jul 2022 – Mar 2023) 
Operating income 
Net sales during the nine-month period amounted to SEK 
1,198 (1,013) million, an increase of 18 (12 in local 
currencies) percent. The increase in net sales is attributable 
to higher demand for the company's multifunctional 
products in the regions DACH and RoW. Net sales in the 
Nordics amounted to SEK 304 (342) million. Net sales in 
DACH increased by 34 percent to SEK 657 (491) million and 
in RoW by 31 percent to SEK 237 (181) million.  
 The regions share of net sales in the nine-month period 
 
Operating income for the period amounted to SEK 1,201 
(1,023) million. The difference between net sales and 
operating income comprises other operating income which 
is mainly attributable to net amount of exchange gains and 
losses. The net amount for the period is positive, resulting 
in Other operating income of SEK 3 (10) million. Effective 
from the start of the current financial year the group 
reports the result of exchange gains and losses as a net 
amount; comparative figures for operating income have 
been adjusted in accordance with the changed accounting 
principle. 
Gross profit 
Gross profit increased by 17 percent to SEK 856 (733) 
million, corresponding to a gross margin of 71.5 (72.3) 
percent. The gross margin is negatively affected by an 
average higher USD purchase price on goods sold and price 
reductions. At the same time, the gross margin was 
positively affected by a favorable market mix.  
Operating profit (EBIT) 
Operating profit (EBIT) amounted to SEK 242 (294) million, 
corresponding to an EBIT margin of 20.2 (28.7) percent. The 
progression in operating margin is mainly due to an 
increase in costs attributable to an AGM-approved incentive  
programme (LTIP) of SEK 12 million that were expensed in 
the second quarter of SEK 12 million. 
Adjusted for this one-time cost, EBIT amounted to SEK 254 
million (adjusted EBIT margin 21.1 percent).  
Other external costs amounted to SEK -528 (-392) million. 
The development is attributable, among other things, to 
increased logistics costs and market investments. 
Goods for resale increased to SEK -342 (-281) million driven 
by increased net sales. Personnel expenses in the period 
amounted to SEK -84 (-53) million of which SEK 11 million is 
attributable to LTIP.  
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 238 (291) million. Profit 
for the period was SEK 189 (230) million. Earnings per share 
before dilution amounted to SEK 1.67 (2.04) and after 
dilution to SEK 1.67 (2.04). 
Cash flow 
Cash flow from operating activities increased and amounted 
to SEK 176 (19) million. The increase is mainly attributable to 
the result and the reduction in inventory. Cash flow from 
investment activities amounted to SEK -4 (-3) million. Cash 
flow from financing activities was SEK -101 (-242) million, 
which is mainly attributable to LTIP and distributed dividend 
of SEK 87 (72) million. Cash flow for the period amounted to 
SEK 71 (-226) million. 
Financial position 
Net cash amounted to SEK 130 (5) million. Cash and cash 
equivalents amounted to SEK 146 (71) million. The interest-
bearing debt of SEK 16 (66) million consist of lease liabilities 
of SEK 16 (6) million and liabilities to credit institutions of 
SEK 0 (60) million. The group's total credit facility amounts to 
approximately SEK 600 million, which at the end of the 
quarter was unutilized. 
Net working capital 
Net working capital amounted to SEK 173 (143) million. The 
change is mainly attributable to build up of inventory. 
Investments 
Investments affecting cash flow amounted to SEK 4 (3) 
million. Investments in intangible assets amounted to SEK 2  
(3) million and are mainly attributable to activation of 
expenditures related to software development. Investments 
in tangible assets amounted to SEK 2 (0) million. 
Personnel 
The average number of employees during the period was 
132 (104). The average number of FTEs was 129 (101). The 
increase in the number of employees is explained by the 
company's growth during the past year and to enable future 
sales growth.
  
Nordics
25%
DACH
55%
Rest of 
world
20%

===== SIDA 6 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
6 
 
 
Other information 
Financial goals 
During the financial year 2020/21, the Board of RVRC Holding AB established a number of  long-term financial goals as and 
a dividend policy for the company. 
 
• Net sales during the financial year 2023/2024 shall amount to at least SEK 2 billion  
• The company shall maintain an annual EBIT margin of at least 25 percent  
• RevolutionRace intends to distribute surplus capital to shareholders after considering long- term financial stability, 
growth opportunities and strategic initiatives. With these considerations in mind, RevolutionRace intends to distribute 
40-60 percent of profits for the year. 
Significant events after the end of the period 
No significant events after the end of the period.  
Future prospects 
RevolutionRace's strategy is to continue to capitalize on the transformation from physical in -store trading to ecommerce 
and strong expected market growth. The company focuses on driving continued high growth in existing and new markets 
combined with good profitability. The company does not provide a forecast. 
Items affecting comparability 
Items affecting comparability amount to 0 (0) MSEK for the third quarter and -12 (0) MSEK for the period July 2022 to 
March 2023. The item is attributable to the AGM-approved LTIP and is included in Personnel costs and Other external costs 
in the income statement. 
Parent company 
RVRC Holding AB (publ), org. nr. 559129–4623, is a Swedish public company with domicile in Borås, Sweden. 
Net sales for the third quarter of SEK 3 (2) million and SEK 15 (5) million for the period July 2022 to March 2023. The net 
sales are attributable to intra-group services related to group management. The Parent Company's profit for the third  
quarter amounted to SEK -1 (-2) million. 
Risks and uncertainties 
A full description of the risks and uncertainties associated with RevolutionRace can be found in the annual report 2021/22 
published on 12 October 2022.  
RevolutionRace is an international company and its operations as such can be affected by several risk factors  in the form of 
both operational and financial risks. The risks related to the industry and the company include, but  are not limited to, 
trends linked to people's interest in nature as well as increased competition. An economic  downturn or change in consumer 
preferences could have a negative impact on the Group's net sales and profitability. 
RevolutionRace is further exposed to external factors that the company cannot influence , such as, for example,  
the effects of increased inflation. 
Since RevolutionRace operates globally, the company is exposed to changes in exchange rates, which may  have a negative 
impact on the company's revenues as they are reported in SEK but since a large proportion of  net sales originate from other 
currencies. In addition, the company's products are produced in Asia, which entails a currency risk also on the cost side. The 
company works actively to reduce currency risks by futureproofing the Swedish krona against mainly EUR and USD.

===== SIDA 7 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
7 
 
 
About RevolutionRace 
RVRC Holding AB (publ) (RevolutionRace) is a fast-growing outdoor company offering multifunctional products including 
clothes, shoes, backpacks, and accessories to people with an active lifestyle. RevolutionRace ambition is to create high -
quality, colorful, and affordable outdoor products with an amazing design and fit at unmatched value under the tagline 
“Nature is our playground.” The company operates with a digital D2C business model reaching customers in more than 35 
countries with 18 unique webshops. The company was founded in 2013 and is listed on Nasdaq Stockholm since 2021. 
RevolutionRace is on a mission – to make nature accessible for everyone! 
 
Borås, May 9, 2023 
 
Paul Fischbein 
CEO 
 
Contact details
 
Jesper Alm, CFO  
E-mail: jesper.alm@revolutionrace.se 
 
Kajsa Andersson, press contact 
E-mail: kajsa.andersson@revolutionrace.se  
Phone: +46 72 23 08 765 
 
 
 
 
Auditor's audit 
This interim report has been subject to a review by the company’s auditors. 
 
This information is information that RVRC Holding 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 person set out above, at 
07:30 CET on May 9, 2023.

===== SIDA 8 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
8 
 
 
Review report 
 
RVRC Holding AB (publ), org. nr 559129-4623 
 
Introduction 
We have reviewed the condensed interim report for RVRC Holding AB (publ) as at March 31, 2023 and for the nine months 
period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation 
of this interim report in accordance with IAS 34 and the Swedish 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 Statements 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 is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and 
other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain 
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do 
not express an audit opinion. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in 
all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in 
accordance with the Swedish Annual Accounts Act regarding the Parent Company. 
 
Gothenburg, 9
th of May 2023 
Ernst & Young AB 
 
 
Andreas Mast 
Authorized Public Accountant

===== SIDA 9 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
9 
 
 
FINANCIAL REPORTS 
 
Group income statement 
 
Group statement on other comprehensive income 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 22/23 21/22 22/23 21/22 21/22
 Operating income
 Net sales 3 414 367 1,198 1,013 1,331
 Other operating income 4 0 5 3 10 25
 414 373 1,201 1,023 1,356
 
 Operating expenses
 Goods for resale -113 -99 -342 -281 -369
 Other external expenses -186 -150 -528 -392 -539
 Personnel expenses -22 -19 -84 -53 -77
Depreciation and amortisation of tangible and intangible assets -2 -1 -5 -3 -5
 Other operating expenses 4 -4 0 0 0 0
 -327 -269 -959 -729 -990
 
 Operating profit (EBIT) 87 104 242 294 367
 
 Financial income and expenses
 Financial income 0 0 0 0 0
 Financial expenses -2 -1 -4 -3 -3
 -2 -1 -4 -3 -3
 
 Profit before tax 86 103 238 291 363
 
 Income tax -18 -22 -49 -61 -75
 Profit for the period 68 81 189 230 288 
 Attributable to parent company´s shareholders 68 81 189 230 288 
 Earnings per share
 Earnings per share before dilution, SEK 0.60 0.72 1.67 2.04 2.55
 Earnings per share after dilution, SEK 0.60 0.72 1.67 2.04 2.55
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 22/23 21/22 22/23 21/22 21/22
 Profit for the period 68 81 189 230 288
 
 Other comprehensive income
 Exchange rate differences upon translation of foreign subsidiaries                                  0 0 0 0 0
 Other comprehensive income for the period, after tax 0 0 0 0 0
 
 Comprehensive income for the period 68 81 189 230 288
 Attributable to parent company´s shareholders 68 81 189 230 288
 Items reclassified or which may be reclassified to profit for the period

===== SIDA 10 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
10 
 
 
 
Group statement of financial position 
 
 SEKm Note 2023-03-31 2022-03-31 2022-06-30
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work 9 9 9
 Trademarks 171 171 171
 Goodwill 617 617 617
 797 797 797
 
 Tangible assets
 Expenditures on third-party property 1 0 0
 Equipment, tools and installations 1 1 1
 Right of use assets 15 5 8
 17 6 9
 
 Deferred tax asset 2 1 1
 2 1 1
 
 Total non-current assets 816 805 807
 
 Current assets
 Goods in warehouse 375 263 307
 Goods in transit 10 94 127
 Right of return assets 12 6 8
 Sum inventory 398 364 442
 Accounts receivable 0 0 0
 Current tax assets 1 0 5
 Other current receivables 32 61 50
 Derivative instrument 2 0 3 8
 Prepaid expenses and accrued income 9 7 7
 Cash and cash equivalents 146 71 75
 Total current assets 586 506 587
 
 Total assets 1,402 1,311 1,394

===== SIDA 11 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
11 
 
 
Group statement of financial position 
 
 SEKm Note 2023-03-31 2022-03-31 2022-06-30
 
 EQUITY AND LIABILITIES
 
 Equtiy
 Share capital 1 1 1
 Other contributed capital 723 716 716
 Reserves, translation differences -0 0 -0
 Retained earnings 171 -30 -30
 Profit for the period 189 230 288
 Total equity 1,084 917 975
 
 Long-term liabilities
 Liabilities to credit institutions - 60 20
 Lease liabilities 12 4 7
 Deferred tax liabilities 35 36 36
 Total long-term liabilities 47 100 63
 
 Current liabilities
 Lease liabiliti 4 2 2
 Accounts payable 61 145 185
 Other current liabilitites 59 42 40
 Derivative instru 2 3 2 3
 Tax liabilities 12 35 50
 Repayment liabilities 49 24 31
 Prepaid income and accrued expenses 83 44 46
 Total current liabilities 271 294 357
 
 TOTAL EQUITY AND LIABILITIES 1,402 1,311 1,394

===== SIDA 12 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
12 
 
 
Group statement on cash flow 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar
 SEKm 22/23 21/22 22/23 21/22
 
 Operating activities
 Operating profit (EBIT) 87 104 242 294
 Adjustment for non-cash items
 Depreciation and amortisation 2 1 5 3
 Interest paid -1 -1 -4 -2
 Paid income tax -13 -12 -85 -59
Cash flow from operating activities before changes in working capital 75 92 158 236
 
 Increase (-)/Decrease(+) in inventory 46 -42 44 -220
 Increase (-)/Decrease(+) in operating receivables 27 -21 24 -49
 Increase (+)/Decrease(-) in operating liabilities -47 -32 -50 53
 Cash flow from operating activities 101 -3 176 19
 
 Investing activities
 Acquisition of tangible assets -0 0 -2 -0
 Acquisition of intangible assets -1 -1 -2 -3
 Cash flow from investing activities -1 -1 -4 -3
 
 Financing activities
 Amortisation of lease liabilities -1 -0 -2 -1
 Repayment of borrowings -18 -168 -20 -168
 Fees related to borrowings 1 0 0 0
 Dividend paid 0 0 -87 -72
 Warrants, program 2021/24 0 0 -0 -1
 Warrants, program 2022/26 -1 0 7 0
 Cash flow from financing activities -19 -169 -101 -242
 
 Cash flow for the period 81 -172 71 -226
 Cash and cash equivalents at start of period 65 243 75 296
 Exchange rate differences in cash and cash equivalents -0 0 -0 0
 Cash and cash equivalents at end of period 146 71 146 71

===== SIDA 13 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
13 
 
 
Group statement on changes in equity 
 
 SEKm Share capital 
Other 
contributed 
capital 
Reserves, 
translation 
differences 
Retained 
earnings 
Profit for 
the period Total equity 
 Opening balance, 1 July 2021 1 716 -0 -129 172 760
 
 Transfer of profits for the previous period 0 0 0 172 -172 0
 Profit for the period -  -  -  -  230 230
 Other comprehensive income -  -  0 -  -  0
 Comprehensive profit/loss for the year 0 0 0 172 58 230
 
 Transactions with owners
 Dividend - - - -72 - -72
 Warrants, program 2021/24 -  -1 -  -  -  -1
 Total 0 -1 0 -72 0 -73
 
 Closing balance, 31 March 2022 1 716 0 -30 230 917
 
 
 Opening balance, 1 July 2022 1 716 -0 -30 288 975
 
 Transfer of profits for the previous period 0 0 0 288 -288 0
 Profit for the period -  -  -  -  189 189
 Other comprehensive income -  -  0 -  -  0
 Comprehensive profit/loss for the year 0 0 0 288 -99 189
 
 Transactions with owners
 Dividend - - - -87 - -87
 Warrants, program 2021/24 - -0 - - - -0
 Warrants, program 2022/26 - 8 - - - 8
 Total 0 8 0 -87 0 -79
 
 Closing balance, 31 March 2023 1 723 -0 171 189 1,084

===== SIDA 14 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
14 
 
 
Parent company 
 
Parent company income statement 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm 22/23 21/22 22/23 21/22 21/22
 
 Operating income
 Net sales 3 2 15 5 7
 3 2 15 5 7
 Operating costs
 Other operating expenses -2 -1 -6 -6 -6
 Personnel expenses -2 -2 -15 -5 -7
 Other operating expenses -0 -0 -0 -0 -0
 -4 -3 -21 -11 -13
 
 Operating profit (EBIT) -1 -2 -6 -6 -7
 
 Financial income and expenses
 Profit from participations in group companies 0 0 90 0 0
 Interest expenses and equivalents -0 -0 -1 -2 -2
 Interest income and equivalents 0 0 -0 0 2
 -0 -0 89 -2 -0
 
 Appropriations
 Group contribution received 0 0 0 0 7
 0 0 0 0 7
 
 Profit or loss before tax -1 -2 83 -8 0
 
 Income tax 0 0 0 0 0
 Profit/Loss for the period -1 -2 83 -8 0

===== SIDA 15 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
15 
 
 
 
Parent company statement of financial position 
 
 
 SEKm 2023-03-31 2022-03-31 2022-06-30
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work 0 0 0
 Total intangible assets 0 0 0
 
 Financial assets
 Participations in group companies 644 644 644
 Receivables from group companies 0 0 0
 Total financial assets 644 644 644
 
 Total non-current assets 644 644 644
 
 Current assets
 Tax receivables 0 0 4
 Receivables from group companies 12 5 7
 Other receivables 0 0 0
 Prepaid expenses and accrued income 4 2 3
 Total current receivables 16 7 14
 
 Cash and cash equivalents
 Cash and cash equivalents 1 1 0
 Total cash and cash equivalents 1 1 0
 
 Total current assets 17 8 14
 
 TOTAL ASSETS 661 652 659

===== SIDA 16 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
16 
 
 
 
Parent company statement of financial position 
 
 
 SEKm 2023-03-31 2022-03-31 2022-06-30
 
 EQUITY AND LIABILITIES
 
 Equity
 Restricted equity
 Share capital 1 1 1
 1 1 1
 
 Unrestricted equity
 Share premium reserve 443 433 433
 Retained earnings 124 211 211
 Profit for the period 82 -8 -0
 650 636 645
 
 Total equity 651 637 646
 
 Non-current liabilities
 Liabilities to credit institutions 0 0 0
 Total non-current liabilities 0 0 0
 
 Current liabilities
 Accounts payable 0 0 0
 Liabilities to Group companies 6 13 11
 Other liabilities 1 0 1
 Tax liabilities 0 0 0
 Prepaid income and accrued expenses 3 1 1
 Total current liabilities 10 15 13
 
 TOTAL EQUITY AND LIABILITIES 661 652 659

===== SIDA 17 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
17 
 
 
 
Definitions 
Items affecting comparability 
Items affecting comparability refer to events of a material nature that 
make it difficult for the company to achieve good transparency and 
comparability over time in the financial statements. For example, 
LTIP or write downs 
Key performance measures 
Some key measures that management and analysts use to assess the 
Group's performance are not defined by IFRS (alternative performance 
measures – “APM”. The following table follows definitions and a 
description of the purpose of all key measures. The Company applies 
ESMA's guidelines for alternative performance measures.
 
 
Key measure Definition Purpose 
Adjusted EBIT 1 Operating profit (EBIT) adjusted by items affecting 
comparability. 
Adjusted EBIT is used to maintain the clarity and 
comparability of the profit of the day-to-day 
operations. 
Adjusted EBIT margin 1 Adjusted EBIT as a percentage of operating income.  
 
Operating income = Net sales + Other operating 
income. 
Adjusted EBIT margin is used to show the deegre of 
profitability, excluding items affecting comparability.  
Average net order value (AOV) 1 Net sales for the period divided by number of orders 
for the period. 
Average net order value (AOV) is used to analyse the 
profitability per order. 
Cash flow from operations Cash flow attributable to operations, investment and 
financial activities not included. 
KPI defined by IFRS. 
Earnings per share before dilution (SEK) Net profit for the period attributable to holders of 
ordinary shares of the parent company, before 
dilution. 
KPI defined by IFRS. 
Earnings per share after dilution (SEK) Net profit for the period attributable to holders of 
ordinary shares of the parent company, after dilution.  
KPI defined by IFRS. 
EBIT margin 1 Earnings before interest and taxes divided by 
operating income. 
 
Operating income = Net sales + Other operating 
income. 
EBIT margin is used to analyse the degree of 
profitability of the operating business. 
EBT Earnings before taxes. KPI defined by IFRS. 
EBITDA 1 Operating profit before depreciation and write-
downs of tangible and intangible assets. 
 
EBITDA is used to show the profitability of the sale of 
goods. 
EBITDA-margin 1 EBITDA as a percentage of operating income. 
 
(operating income = net sales + other operating 
income) 
EBITDA-margin is used to show the profitability of the 
operating business 
Gross profit 1 Net sales less direct costs related to purchase of 
goods including freight and customs to warehouse.  
Gross profit is used to analyse the profitability of the 
sale of goods. 
Gross margin 1 Gross profit divided by net sales. Gross profit margin is used to show the degree of 
profitability of the sale of goods. 
Net sales Total sales less exchange gains related to operational 
assets and liabilities. 
Net sales is used to analyse sales less exchange rate 
gains. 
Net sales growth, local currency1 Net sales for the period in local currency translated to 
SEK with comparison period currency rates, 
compared with net sales in comparison period.  
Net sales growth, local currency is used to compare 
RevolutionRace growth, excluding currency effects.  
Net debt/Net cash 1 Interest-bearing current and long-term liabilities 
reduced by interest-bearing assets, cash and cash 
equivalents. 
Net debt/Net cash is used to determine if the 
company will be able to fulfil its financial 
commitments. 
Net working capital 1 Current assets reduced by cash and cash equivalents 
minus non-interest-bearing current liabilities. 
Net working capital is used to analyse the condition 
of the company to finance the day-to-day operations. 
Number of orders 1 Number of orders before cancellations and returns in 
the period. 
Number of orders is used to measure the level of 
customer activity and to calculate the average net 
order value (AOV). 
Operating profit (EBIT) 1 Earnings before interest and taxes Operating profit (EBIT) is used to analyse the 
profitability of the operating business. 
Result for the period Result for the period. KPI defined by IFRS. 
   
1) Alternative performance measures according to the guidelines of ESMA.

===== SIDA 18 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
18 
 
 
Reconciliation tables, alternative performance measures 
 
 
 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 Gross profit 22/23 21/22 22/23 21/22 21/22 22/23
 Net sales 414 367 1,198 1,013 1,331 1,516
 Goods for resale -113 -99 -342 -281 -369 -430
 Gross profit 300 269 856 733 963 1,086
 Operating profit (EBIT)
 Operating income 414 373 1,201 1,023 1,356 1,534
 Operating expenses -327 -269 -959 -730 -990 -1,219
 Operating profit (EBIT) 87 104 242 294 367 315
 Adjusted EBIT
 Operating profit (EBIT) as reported 87 104 242 294 367 315
 Costs related to LTIP (+) 0 0 12 0 0 12
 Adjusted EBIT 87 104 254 294 367 327
 EBIT margin
 Earnings before interest and taxes 87 104 242 294 367 315
 Operating income 414 373 1,201 1,023 1,356 1,534
 EBIT Margin 21.1% 27.8% 20.2% 28.7% 27.0% 20.5%
 Adjusted EBIT margin
 Adjusted EBIT 87 104 254 294 367 327
 Operating income 414 373 1201 1023 1356 1534
 Adjusted EBIT margin 21.1% 27.8% 21.1% 28.7% 27.0% 21.3%
 Net working capital
 Current assets 586  506 586 506 587 586
 Cash and cash equivalents (-) -146 -71 -146 -71 -75 - 146
 Current liabilities (-) -271 -294 -271 -294 -357 - 271
 Current interest-bearing liabilities (+) 4 2 4 2 2 4
 Net working capital  173  143 173 143 157 173
 Net debt(+)/Net cash (-)
 Interest-bearing debt  16  66 16 66 28 16
 Interest-bearing assets (-)  0  0 0 0 0 0
 Cash and cash equivalents (-)  -146  -71 -146 -71 -75 -146
 Net debt(+)/Net cash (-)  -130  -5 -130 -5 -47 -130
 Number of orders and average order value (AOV)
 Number of orders ('000) 444 433 1355 1248 1659 1766
 Net sales 414 367 1198 1013 1331 1516
 Average order value (AOV); (SEK) 930 849 884 812 803 859

===== SIDA 19 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
19 
 
 
NOTES 
All amounts in the report are rounded off to the nearest million Swedish kronor (SEKm), unless otherwise stated. Therefore, 
calculations in tables do not always sum up, figures between 0 and 0.5 are reported as 0.  
 
 NOTE 1  Accounting principles 
RVRC Holding AB applies the International Financial Reporting Standards (IFRS) as adopted by the European 
Community (EC). The financial statements for the Group and the interim report have been prepared 
according to applicable sections of the Annual Accounts Act and IAS 34 Interim financial reporting.  
 
The financial statements of the parent company have been prepared according to Annual Accounts Act and 
RFR For complete information regarding accounting and valuation principles applied by the group, please 
see the annual report that was published on October 12, 2022. 
 
New and amended standards and interpretations that have not yet been applied by the Group  
RVRC Holding AB has made the assessment that there are no existing IFRS changes during July 2022 – September 2022 
which are estimated having a significant effect on income statement and financial position for the group.  
 
New and changed accounting principles   
RVRC Holding AB has changed the accounting principle regarding the presentation of exchange rate gains and exchange 
rate losses as of the start of the current financial year. The assessment made is that the change in accounting principle 
creates greater clarity regarding the company's income and costs linked to the business. The changed accounting principle 
means that exchange rate gains and exchange rate losses are net reported in other operating income in the case of a 
positive net, and in Other operating expenses in the case of a negative net, for each individual reporting period. The change 
means that the comparison periods' Other operating income, Other operating expenses  and EBIT margin have been 
adjusted in accordance with the changed accounting principle. 
 
 
 
 NOTE 2  Fair value of financial instruments
 
 
 
 
For other financial assets and liabilities, carrying amount represents a good approximation of fair value.  
 
 
 
 
 
 
 
 
 
 
 Financial assets
Reported 
value Fair value  
Reported 
value Fair value  
Reported 
value Fair value 
 Financial assets reported at fair value via income 
statement
 Derivative intstrument
 Foreign exchange forwards 0 0 3 3 8 8
2023-03-31 2022-03-31 2022-06-30
 
 Financial liabilities
Reported 
value Fair value  
Reported 
value Fair value  
Reported 
value Fair value 
 Financial liabilities reported at fair value via income 
statement
 Derivative intstrument
 Foreign exchange forwards 3 3 2 2 3 3
2023-03-31 2022-03-31 2022-06-30

===== SIDA 20 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
20 
 
 
 NOTE 3  Income from agreements with customers 
The company has one operating segment and has for the breakdown of income identified one category, 
geographical area, for which the smallest entity is market which belongs to a region. The definition of a 
market relates to the site on which the sales take place, for example revolutionrace.se for Sweden and 
revolutionrace.de for Germany.    
 
Below, net sales is presented per geographical market and region, respectively.  
 
 
 
 NOTE 4  Other operating income and other operating expenses 
  
 
 
 NOTE 5  External Related Party Transactions  
The company has no external transactions with external related parties in the period. 
 
 NOTE 6  Number of shares and warrants 
 
Number of shares 
 
 
 
Number of warrants 
 
 
RevolutionRace has two incentive programs comprising warrants for senior executives and key personnel. The warrants 
have been transferred to the participants at market price. In the second quarter, a buyback of 102,145 warrants in the 
2021/24 incentive program and 100,000 warrants in the 2022/26 incentive program was carried out. 
   
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
Market 22/23 21/22 Δ    22/23 21/22 Δ   21/22
 Germany 206 172 19% 566 431 31% 571
 Sweden 44 51 -14% 142 159 -10% 204
 Finland 21 26 -19% 81 106 -23% 130
 Other 143 119 20% 409 318 28% 426
 Total net sales 414 367 13%  1,198 1,013 18% 1,331 
   
    
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
Region 22/23 21/22 Δ    22/23 21/22 Δ   21/22
 Nordics 91 102 -11% 304 342 -11% 442
 DACH 235 199 18% 657 491 34% 658
 Rest of world 88 66 32% 237 181 31% 232
 Total net sales 414 367 13% 1,198 1,013 18% 1,331
 
 Jan-Mar Jan-Mar   Jul-Mar Jul-Mar  Jul-Jun 
 Other operating income and other operating expenses 22/23 21/22 Δ    22/23 21/22 Δ   21/22  
Exchange rate gains 5 16 -68% 51 36 43% 55 
Exchange rate losses -9 -11 -15% -49 -27 83% -36
 Other 0 0 -20% 1 1 -47% 6
Total net sales -4 5 -169% 3 10 -70% 25
 Date Description Change in number of shares Total number of shares
2022-07-01 Opening balance 112 918 918
2023-03-31 Closing balance 112 918 918
Description Utlilisation period
Subscription 
price
Number of shares 
per warrant Issued Allocated
2021/24 incentive program 2024-07-01 - 2024-12-31 94.83 1.03 1 889 677 1,547,386
2022/26 incentive program 2025-11-15 - 2026-05-15 38.81 1.02 2 125 000 1,837,000

===== SIDA 21 =====

RVRC Holding AB (publ) Interim Report, January – March 2023 
21 
 
 
 NOTE 7  Currency rates 
RevolutionRace has a currency exposure mainly towards SEK, EUR, GBP, NOK and DKK for inflow and towards 
USD, EUR and SEK for outflow. RevolutionRace has accordingly an exposure towards these currencies. For inflow 
EUR is the primary currency and for outflow the primary currency is USD.  
 
Below currency cross rates for SEK/EUR and SEK/USD for information purposes.
 
 
 
 
 
Source: European Central Bank 
 
AR = average rate  
CR = closing rate 
Currency AR CR AR CR AR CR AR CR
SEK/EUR 11.20 11.28 10.48 10.34 10.92 11.28 10.27 10.34
SEK/USD 10.44 10.37 9.35 9.31 10.57 10.37 8.95 9.31
Jan-Mar Jan-Mar Jul-Mar Jul-Mar
22/23 21/22 22/23 21/22

===== SIDA 22 =====

Financial Calendar  Contact 
Full year report (Q4) 2022/23 15 August 2023 RVRC Holding AB 
Annual Report 2022/23 17 October 2023 Nils Jakobssonsgatan 5D 
Interim report Jul–Sept (Q1) 2023/24 7 November 2023 504 30 Borås 
Annual General Meeting 2022/23 21 November 2023 Sweden 
Interim report Jul-Dec (Q2) 2023/24 30 January 2024 corporate.revolutionrace.com 
Interim report Jul-Mar (Q3) 2023/24 7 May 2024  
Full year report (Q4) 2023/24 13 August 2024  
 
In the event of discrepancies between the English and Swedish reports, the Swedish version shall govern.  
This report contains forward -looking statements that reflect the company's current expectations. Although the Company believes that the 
expectations reflected in such forward -looking statements are reasonable, it cannot be guaranteed that expectations will prove correct as they are 
subject to risks and uncertainties that could cause actual results to differ materially depending on a number of factors. Suc h factors include, but are 
not limited to, changes in consumer demand, changing economic, market and competitive conditions, exchange rate fluctuations, developments in 
product liability disputes, regulatory environment changes and other government measures. Forward -looking statements relate only to expectations 
as of the date they were made, and beyond what is required by applicable law, the Company undertakes no responsibility for updating any of them 
in the event of new information or future events.