Interim / Quarterly Report • Oct 26, 2023
Interim / Quarterly Report
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INTERIM REPORT Q3 2023 January 1–September 30
SEK 622 M Net sales in the quarter
SEK 523 M Order intake
in the quarter
18.1%
Gross margin in the quarter
| Amounts in MSEK unless | Q3 | Q3 | 9 mos. | 9 mos. | Rolling | FY |
|---|---|---|---|---|---|---|
| otherwise stated | 2023 | 2022 | 2023 | 2022 | Q4 | 2022 |
| Order intake | 523 | 546 | 1,908 | 1,678 | 2,555 | 2,325 |
| Net sales | 621.9 | 575.5 | 1,880.6 | 1,571.7 | 2,577 | 2,267.8 |
| of which recurring revenue | 16.6 | 11.4 | 46.6 | 32.0 | 58 | 43.9 |
| Gross profit margin, % | 18.1% | 16.6% | 16.6% | 17.0% | 16.3% | 16.5% |
| Operating profit | 12.0 | 9.7 | –4.7 | –6.8 | 23.1 | 21.1 |
| Operating margin, % | 1.9% | 1.7% | –0.3% | –0.4% | 0.9% | 0.9% |
| Cash flow 1) | –83.0 | 23.3 | –161.1 | 52.5 | 175.5 | 282.7 |
| Profit/loss for the period | –8.9 | 4.4 | –51.8 | –8.5 | –38.5 | 4.8 |
| Earnings per share, SEK 2) | –0.17 | 0.04 | –0.39 | –0.08 | –0.23 | 0.04 |
1) Cash flow from operating activities
2) Basic earnings per share
The third quarter of the year shows an increased sales, increased margins and new strategic contracts that are expected to generate good order intake for many quarters going forward at the same time as order intake during the quarter is lower than expected. This decrease is related to specific transactions and is not a general market trend, where we are noting, as previously, that customer interest and a willingness to invest remain at a high level.
Net sales for the quarter are SEK 622 M, which corresponds to an increase of 8,1 percent compared to the third quarter last year. France is posting a strong quarter that is not only driven by Carrefour but also a number of other chains in the retail and DIY trades. More good news is that Pricer's deliveries in Eastern Europe are rising sharply.
Both net sales and order intake for the quarter are impacted by project delays at two of the company's large customers, where none of the delays are due to a change in budget or changed investment plans. In addition to this, we are seeing in Scandinavia that macroeconomic uncertainty is currently having an impact on investments, but in the longer term there is still strong confidence in store digitalization investments.
Order intake amounted to SEK 523 M, which is just under last year's third quarter and a decrease of 4,2 percent. Order intake comes from a large number of markets, where Italy, Latin America and Spain, among others, are growing rapidly compared to the third quarter last year. On the Spanish market, we are noting that our framework agreement with Carrefour combined with successful pilot installations in June has laid the basis for the orders we have now received for delivery before the end of the year.
In September, Finnish S-Gruppen chose Pricer to be its digital label systems vendor with an ambition to equip 300 stores with Pricer Plaza and digital labels in the next few years. Installation will roll out in seventeen stores already in 2023. US-based Associated Food Stores showed its confidence in Pricer when it announced in July that it had chosen Pricer as its preferred vendor. We are naturally proud of the contracts and partnerships with these leading retailers, which, through strict requirements, have developed a digitalization solution for their members.
The gross margin increased to 18.1 percent compared to 16,6 percent in the second quarter, which is a clear improvement and in line with previous communication. The improvement is a result of reduced component costs and targeted efforts to improve the company's margins by, in part, negotiating prices with both suppliers and customers. We see continued improvement in our margins in the short term and the longer term, and improvement work within a number of different areas is ongoing.
Operating profit improved and amounted to SEK 12 M compared to SEK –2.8 M in the third quarter and SEK 9.7 M in the corresponding quarter in 2022. We are continuing to work actively to balance our operating costs and during the quarter initiated a project that aims to reduce our operating costs with minimal impact on planned growth and thereby our ability to develop, produce, sell and deliver.
Four-color labels and Digital Signage are still generating great interest, resulting in increased order intake and new customers. In line with this, a large European retail chain recently informed its franchises that it recommends four-color labels as the chain's first choice, which benefits Pricer since we are the leading alternative on the market in this segment.
Finally, the previously announced rights issue was completed in August, and Pricer thus received a capital contribution of SEK 257 M. I would like to thank everyone who participated in the issue for your confidence and investment in Pricer. We have strong customer relationships, fantastic employees, and a strong offer in a growing market. Our vision to be retail's first choice in in-store digitalization is an important part of our continued success, and now, thanks to an improved cash position, we have every reason to be optimistic about the future.
Magnus Larsson President and CEO
The third quarter showed a lower growth rate than in the previous quarter, and order intake was lower than in the same period last year. Several significant contracts were signed during the quarter but had a limited impact on order intake for the quarter. They are expected to contribute to order intake in coming quarters.
In Europe, and primarily in France, order intake slowed during the quarter, which primarily is an effect of high order intake earlier in the year. Order backlog continued to be high since there have been some delays in installations. We saw continued weak demand primarily in the Nordics due to the macroeconomic situation – high interest rates and weakened currencies – but the contract signed with the Norwegian retail chain shows that retailers continue to need to replace and upgrade their digital labels. In southern Europe, we saw a boost in demand after a cautious start to the year, with significant growth on a quarterly basis.
Most rewarding during the quarter was the strategically important contract with S-gruppen, one of the leading retail chains in Finland. Pricer previously has only had limited sales in Finland, and this contract is Pricer's first with a major customer in the country. S-gruppen's network of companies in the retail and service sectors includes more than 1,000 stores, of which the largest are the supermarket chains S-market and Prisma. S-gruppen will do pilot installations based on the Pricer Plaza platform in 17 stores before the end of the year and intends over the next few years to make installations in 300 stores.
In the Americas region, demand dropped compared to the previous quarter, with a slight drop compared to the same period the previous year, primarily driven by a small drop in orders placed in the USA and Canada. In the USA, Pricer signed a framework agreement with Associated Food Stores, which is expected to become one of Pricer's most important contracts in the region in coming quarters. Several of the pilot installations that were mentioned previously during the year are still ongoing, and feedback has been positive in general. Overall, Latin America is being impacted by the strong dollar but still showed stable growth.
Asia and the Middle East saw decreased demand, but New Zealand and Eastern Europe demonstrated continued demand, in part through the installations in the Praktiker DIY chain in Bulgaria, which were done during the quarter.
High inflation, a labor shortage, and an increasingly competitive retail trade are some of the underlying forces driving greater store automation and efficiency. In addition, consumers are also becoming more discerning when it comes to what constitutes a good shopping experience and are demanding clear information about price as well as campaigns, product content, etc.
Pricer is addressing these challenges with world-leading and scalable solutions for store automation and digital store communication. These solutions serve as the hub of our customer offering and offer our customers communication in real time with both store staff and store visitors.
Order intake amounted to SEK 523 M (546) in the third quarter, a decrease of 4.2 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, order intake decreased by 11.1 percent. The decrease was driven primarily by a decrease in orders placed by large customers in France.
Order backlog as per September 30, 2023, amounted to SEK 534 M (538), of which the majority is expected to be delivered in Q4 2023.
Order intake amounted to SEK 1,908 M (1,678) during the first nine months, an increase of 13.7 percent compared to the same period last year. Adjusted for exchange rate fluctuations, order intake rose 2.6 percent. The three countries that contributed the most were France, Canada and Italy.
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| Europe | 345.6 | 254.3 | 1,107.3 | 752.3 | 1,103.9 |
| Americas | 181.6 | 251.2 | 581.8 | 657.2 | 931.2 |
| Asia, Middle East and Central & Eastern Europe |
94.7 | 70.0 | 191.5 | 162.1 | 232.7 |
| Total net sales | 621.9 | 575.5 | 1,880.6 | 1,571.7 | 2,267.8 |
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| Net sales | 621.9 | 575.5 | 1,880.6 | 1,571.7 | 2,267.8 |
| Cost of goods sold | –509.5 | –480.1 | –1,567.9 | –1,304.6 | –1,892.8 |
| Gross profit | 112.4 | 95.4 | 312.7 | 267.1 | 375.0 |
| Gross profit margin | 18.1% | 16.6% | 16.6% | 17.0% | 16.5% |
| Operating expenses | –97.4 | –73.8 | –312.6 | –259.0 | –362.8 |
| Other income and expenses | –3.0 | –11.9 | –4.9 | –14.9 | 8.9 |
| Operating profit | 12.0 | 9.7 | –4.7 | –6.8 | 21.1 |
| Operating margin | 1.9% | 1.7% | –0.3% | –0.4% | 0.9% |
Net sales, SEK M
Quarter Rolling 4 quarters 2022 2023
| Amounts in MSEK unless otherwise stated | Reported cur rent period |
Reported change |
Adjusted for exchange rate fluctua tions |
|---|---|---|---|
| Third quarter compared to the same period last year | |||
| Net sales | 621.9 | 8% | 2% |
| Cost of goods sold | –509.5 | 6% | 4% |
| Gross profit | 112.4 | 18% | –6% |
| Operating expenses | –97.4 | 32% | 28% |
| Other income and expenses | –3.0 | – | – |
| Operating profit | 12.0 | 23% | –180% |
| January–September compared to the same period last year |
|||
| Net sales | 1,880.6 | 20% | 11% |
| Cost of goods sold | –1,567.9 | 20% | 13% |
| Gross profit | 312.7 | 17% | 1% |
| Operating expenses | –312.6 | 21% | 17% |
| Other income and expenses | –4.9 | – | – |
| Operating profit | –4.7 | –30% | 445% |
Net sales amounted to SEK 621.9 M (575.5) in the quarter, an increase of 8.1 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, net sales increased by 2 percent. France, Canada and Bulgaria were the countries with the highest net sales.
Net sales increased as a result of deliveries on the strong order intake earlier in the year. Delays in a few larger customer projects had a negative impact on net sales in the quarter.
Of net sales, SEK 16.6 M (11.4) refers to recurring revenue. The increase is driven primarily by new customers, where the majority of installations are in Pricer Plaza.
Gross profit amounted to SEK 112.4 M (95.4), and the gross margin amounted to 18.1 percent (16.6) for the quarter. Gross margin improved compared to last year thanks to decreased component costs, but this was offset by ongoing rollouts in markets with lower margins on installations. The majority of the company's costs for goods sold were in USD, while net sales were generated primarily in USD and EUR. The currency effects had a positive impact on gross profit compared to last year.
Operating expenses increased to SEK –97.4 M (–73.8) in the quarter, an increase of 34.0 percent compared to the same quarter last year. The increase is driven primarily by an increase of personnel costs, primarily within the sales organization and administration. Compared to last quarter, capitalized development expenditure decreased and by a general increase related to inflation and currency developments. Operating expenses are primarily in SEK, but they are also in EUR and USD.
Other income and expenses amounted to SEK –3.0 M (–11.9) and consisted of the net effect of realized and unrealized currency revaluations of trade receivables and trade payables.
Operating profit amounted to SEK 12.0 M (9.7), which corresponded to an operating margin of 1.9 percent (1.7).
Financial items, which consist primarily of interest expenses but also currency revaluation of balance sheet items such as cash and cash equivalents, had a negative impact on the quarter and amounted to SEK –18.9 M (–4.1).
Tax for the quarter amounted to SEK –1.9 M (–1.1), of which SEK 0 M (0) refers to deferred tax and SEK –1.9 M (–1.1) to current tax. The current tax rate amounted to 28 percent (20), and the reported total tax rate amounted to 28 percent (–20). Deferred tax assets related to capitalized losses carried forward amounted in the balance sheet on Saturday, September 30, 2023, to SEK 68.0 M (59.7).
Profit for the period was SEK –8.9 M (4.4).
Translation differences in other comprehensive income of SEK 59.2 M (16.8) consisted of currency revaluation of net assets in foreign operations.
Net sales amounted to SEK 1,880.6 M (1,571.7) for the period, an increase of 19.7 percent compared to the same period last year. Adjusted for exchange rate fluctuations, net sales increased by 11 percent. France, Canada and Italy were the countries with the highest net sales.
Gross profit amounted to SEK 312.7 M (267.1), and the gross margin amounted to 16.6 percent (17.0) for the period. Gross margin decreased compared to the same period last year. As of the second quarter, component costs have fallen and been at a lower level than last year, but due to inventory tie-up this did not generate a large effect until the third quarter. The majority of the company's costs for goods sold were in USD, while net sales were generated primarily in USD and EUR. The currency effects had a positive impact on gross profit compared to last year.
Operating expenses increased to SEK –312.6 M (–259.0) in the period, an increase of 20.7 percent compared to the same period last year. The increase is driven in part by an increase in the number of employees, primarily within the sales organization and administration, and by one-off costs for, among other things, the implementation of strategic initiatives taken by the company to improve profitability and growth in the long run. A general increase is linked to inflation, the company's expanding operations and currency development. Operating expenses are primarily in SEK, but they are also in EUR and USD.
Other income and expenses amounted to SEK –4.9 M (–14.9) and consisted of the net effect of realized and unrealized currency revaluations of trade receivables and trade payables.
Operating profit amounted to SEK –4.7 M (–6.8), which corresponded to an operating margin of –0.3 percent (–0.4).
Financial items, which consist primarily of interest rates and currency revaluation of balance sheet items such as cash and cash equivalents impacted the period negatively and amounted to SEK –42.2 M (–5.6)
Tax for the period amounted to SEK –4.9 M (3.8), of which SEK 0.7 M (7.0) refers to deferred tax and SEK –5.6 M (–3.2) to current tax. The current tax rate amounted to +12 percent (26), and the reported total tax rate amounted to +7 percent (–31).
Profit for the period was SEK –51.8 M (–8.5).
Translation differences in other comprehensive income of SEK 84.9 M (42.2) consisted of currency revaluation of net assets in foreign operations.
Cash flow from operating activities amounted to SEK –83 M (23.3) for Q3. The change in working capital during the quarter had a negative impact on cash flow from operating activities of SEK –95.7 M (8.4). The increase in working capital was driven primarily by an increase in inventories during the period as a result of the delayed customer projects in the quarter.
Cash flow from investing activities amounted to SEK –21.7 M (–28.3) in the third quarter and consisted primarily of capitalized development expenditure of SEK –13.6 M (–18) for product development and investments in property, plant and equipment of SEK –8.1 M (–10.3) attributable primarily to production equipment.
Cash outflow from financing activities amounted to SEK 272.8 M (–2.7) in the third quarter and referred mainly to the new issue, adjusted for transaction costs, of SEK 280.6 M and lease liabilities of SEK –3.7 M (–3.8).
Exchange rate differences in cash and cash equivalents amounted to SEK –6.2 M (0).
Cash and cash equivalents amounted to SEK 257.2 M (22.2) on Saturday, September 30, 2023. In addition to cash and cash equivalents, the company had at Saturday, September 30, 2023, bank overdraft facilities of SEK 48 M (200.0), of which SEK 0 M (140.5) was utilized and SEK 48 M (59.5) was unutilized.
At the end of the period, the Group had net debt of SEK 13.4 M.
Cash flow from operating activities amounted to SEK –161.1 M (52.5) for the period. The change in working capital had a negative impact on cash flow from operating activities of SEK –184.5 M (6.1). Working capital increased primarily due to normalized payment terms to suppliers. Since there is a large timing effect in cash flow from operating activities, this should be analyzed over time.
Cash flow from investing activities amounted to SEK –55.4 M (–72.1) in the period and consisted primarily of capitalized development expenditure of SEK –42.3 M (–42.1) for product development and investments in property, plant and equipment of SEK –13.2 M (–30) attributable primarily to production equipment.
Cash flow from financing activities amounted to SEK 259 M (18.9) during the period January–September and referred to the new issue of SEK 280.6 M, interest rates and amortization of lease liabilities of SEK –10.5 M (–10.5)
Exchange rate differences in cash and cash equivalents amounted to SEK –2.8 M (6.4).
| Denominated in 000s of shares | Class A | Class B | Total |
|---|---|---|---|
| Issued at beginning of year | 226 | 110,746 | 110,972 |
| Issued & converted shares during the year | – | 52,993 | 52,993 |
| Issued at end of year | 226 | 163,739 | 163,965 |
| Of which treasury shares | – | –599 | –599 |
| Shares outstanding at end of period | 226 | 163,140 | 163,366 |
Class A has five votes and Class B has one vote
From the 2020 performance-based share plan, 20,000 Class B shares were transferred free of charge in June 2023 to the participants. Due to the fulfillment of the performance share plan, Pricer decreased its treasury shares by 20,000 Class B shares.
Pricer's holdings of treasury shares amounted on Saturday, September 30, 2023, to 599,134 (619,134) Class B shares. These shares are held to be able to meet obligations on matching and performance shares under the outstanding performance share plans.
The value of the promise is expensed during the vesting period.
For more information about the performance share plans, please refer to Note 4 of the annual report for 2022.
| Outstanding performance share plan (LTI) |
Maximum number of shares |
Vesting period | Transferred free of charge to the partic ipants |
|---|---|---|---|
| LTI 2021 | 102,000 | June 2021–May 2024 |
June 2024 |
| LTI 2022 | 220,800 | June 2022–May 2025 |
June 2025 |
The average number of employees during Q3 was 207 (190), and the number of employees at the end of the period was 213 (193). The average number, including hired staff and consultants, was 226 (225) in the third quarter and 232 (230) at the end of the period. The average number of hired consultants decreased, and the average number of employees
increased compared to last year as part of the company's initiative to reduce operating expenses per employee.
The Parent Company's net sales amounted to SEK 1,680.6 M (1,408.3), and the profit for the period amounted to SEK –80.1 M (–27.0). The Parent Company's cash and cash equivalents amounted to SEK 184.1 M (0.8) at the end of the period.
Pricer's earnings and financial position are affected by various risk factors that must be considered when assessing the Group and the Parent Company and their future potential. These risks apply primarily to the development of the market for not only digital shelf edge labels and systems and large currency fluctuations but also to political factors affecting trade such as import duties. In view of the client structure and the scope of the agreement, a delay in the installations or large fluctuations in exchange rates can have a significant effect in any given quarter. Interest rate risk is the risk that changes in market rates will have a negative impact on the income statement balance sheet and cash flow negatively. The interest rate risk exposure arises mainly from outstanding external loans. Pricer currently has no fixed-rate assets; instead, cash and cash equivalents are cash and cash equivalents are placed as bank deposits and there is also an interest rate exposure through a overdraft facility and for bond loans. A change in the interest rate situation therefore has a direct impact on the consolidated earnings.
Pricer is carefully following the global uncertainty as a result of the war in Ukraine and the conflict in Israel. However, Pricer has very limited exposure to affected markets and is experiencing a limited impact on its operations. More information regarding risks is available in the annual report for 2022; see page 33 and Note 20.
No forecast is issued for 2023.
The same accounting principles and bases for calculation were applied for the Group and the Parent Company as in the latest annual report.
On July 13, a directed new issue of SEK 44 M to Sterling Active Fund and Quaero Capital were completed. The rights issue of SEK 257 M was unanimously approved at an Extraordinary General Meeting held on August 8. The rights issued was registered on September 6. Through the new issue, Pricer's share capital increased by SEK 52,993,356 to SEK 163,965,137, and the number of shares increased by 52,993,356 to 163,965,137 share (of which 163,739,614 B shares). The issue amount has reinforced the balance sheet with SEK 301 M before issue expenses.
No significant events occurred after the end of the reporting period.
February 8, 2024 Year-End Report No later than April 10, 2024 2023 Annual Report May 7, 2024 Annual General Meeting
April 25, 2024 Interim Report January–March 2024 July 18, 2024 Interim Report January–June 2024 October 24, 2024 Interim Report July–September 2024
Year-End Report to be published February 8, 2024
The Board of Directors and the CEO hereby certify that this interim report provides a true and fair view of the operations, financial position and performance for the Parent Company and the Group and describes the significant risks and uncertainties to which the Parent Company and other companies in the Group are exposed.
This interim report for Pricer AB (publ) was submitted on the authorization of the Board of Directors.
Stockholm, Thursday, October 26, 2023 Pricer AB (publ)
Magnus Larsson CEO
This interim report has not been subject to an audit.
This information is information that Pricer AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted through the agency of the contact person mentioned below for publication on October 26, 2023, at 8:30 AM CET.
Magnus Larsson, President and CEO, +46 (0)704 316 851 Susanna Zethelius, CFO, +46 (0)704 440 092 Email: [email protected]
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| Net sales | 621.9 | 575.5 | 1,880.6 | 1,571.7 | 2,267.8 |
| Cost of goods sold | –509.5 | –480.1 | –1,567.9 | –1,304.6 | –1,892.8 |
| Gross profit | 112.4 | 95.4 | 312.7 | 267.1 | 375.0 |
| Selling expenses | –49.4 | –44.6 | –163.6 | –146.4 | –203.1 |
| Administrative expenses | –36.3 | –26.0 | –110.0 | –75.6 | –107.8 |
| Research and development costs | –11.7 | –3.1 | –38.9 | –37.0 | –51.9 |
| Other income and expenses | –3.0 | –11.9 | –4.9 | –14.9 | 8.9 |
| Operating profit | 12.0 | 9.7 | –4.7 | –6.8 | 21.1 |
| Net financial income/expense | –18.9 | –4.1 | –42.2 | –5.5 | –16.7 |
| Profit/loss before tax | –6.9 | 5.6 | –46.9 | –12.3 | 4.4 |
| Income tax | –1.9 | –1.1 | –4.9 | 3.8 | 0.4 |
| Profit/loss for the period | –8.9 | 4.4 | –51.8 | –8.5 | 4.8 |
| Net profit for the period attributable to: | |||||
| Owners of the Parent Company | –8.9 | 4.4 | –51.8 | –8.5 | 4.8 |
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | 2022 | |
| Earnings per share, basic, SEK | –0.05 | 0.04 | –0.38 | –0.08 | 0.04 |
| Earnings per share, diluted, SEK | –0.05 | 0.04 | –0.38 | –0.08 | 0.04 |
| Number of shares outstanding, basic, million | 163.4 | 110.3 | 137.0 | 110.4 | 110.4 |
| Number of shares outstanding, diluted, million | 163.7 | 110.6 | 137.3 | 110.6 | 110.6 |
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| Profit/loss for the period | –8.9 | 4.4 | –51.8 | –8.5 | 4.8 |
| Items that have been or can be reclassified to profit or loss for the period |
|||||
| Translation differences | 59.2 | 16.8 | 84.9 | 42.2 | 41.4 |
| Other comprehensive income for the period | 59.2 | 16.8 | 84.9 | 42.2 | 41.4 |
| Comprehensive income for the period | 50.3 | 21.2 | 33.1 | 33.7 | 46.2 |
| Comprehensive income for the period attributable to: | |||||
| Owners of the Parent Company | 50.3 | 21.2 | 33.1 | 33.7 | 46.2 |
| Sept 30 | June 30 | Mar 31 | Dec 31 | Sept 30 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| ASSETS | |||||
| Intangible assets | 423.2 | 425.4 | 405.4 | 396.6 | 386.9 |
| Property, plant and equipment | 66.9 | 62.1 | 62.9 | 62.6 | 64.0 |
| Right-of-use asset | 19.3 | 21.5 | 23.3 | 26.4 | 29.2 |
| Deferred tax assets | 68.0 | 68.1 | 67.7 | 67.5 | 68.5 |
| Total non-current assets | 577.5 | 577.1 | 559.3 | 553.1 | 548.7 |
| Inventories | 690.5 | 543.7 | 613.5 | 670.3 | 734.1 |
| Trade receivables | 314.0 | 318.4 | 254.6 | 303.0 | 416.7 |
| Prepaid expenses and accrued income | 18.5 | 21.5 | 16.8 | 15.1 | 19.8 |
| Other current receivables | 358.3 | 367.9 | 263.4 | 278.4 | 329.5 |
| Cash and cash equivalents | 257.2 | 95.3 | 96.7 | 217.5 | 22.2 |
| Total current assets | 1,638.5 | 1,346.8 | 1,245.0 | 1484.2 | 1522.4 |
| TOTAL ASSETS | 2,216.0 | 1,923.9 | 1,804.3 | 2037.3 | 2071.1 |
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Share capital | 164.0 | 111.0 | 111.0 | 111.0 | 111.0 |
| Other capital contributions | 617.4 | 390.2 | 390.1 | 389.8 | 389.8 |
| Reserves | 84.9 | 94.6 | 72.5 | 68.9 | 69.7 |
| Accumulated profits including profit for the year | 111.2 | 119.5 | 135.3 | 162.5 | 149.2 |
| Shareholder's equity attributable to the Parent Com | 977.5 | 715.3 | 708.9 | 732.2 | 719.2 |
| pany's shareholders | |||||
| LIABILITIES | |||||
| Non-current provisions | 4.1 | 9.3 | 14.0 | 22.5 | 27.1 |
| Non-current liabilities to credit institutions | 239.3 | 239.0 | 238.3 | 240.0 | – |
| Non-current lease liabilities | 9.1 | 10.2 | 10.9 | 14.2 | 17.2 |
| Total non-current liabilities | 252.5 | 258.5 | 263.2 | 276.7 | 44.3 |
| Liabilities to credit institutions | – | – | – | – | 140.5 |
| Advances from customers | 18.2 | 25.5 | 19.2 | 25.3 | 18.1 |
| Trade payables | 773.6 | 713.6 | 607.5 | 842.1 | 880.6 |
| Current lease liabilities | 11.5 | 12.7 | 14.0 | 13.8 | 13.7 |
| Other current liabilities | 24.4 | 41.1 | 35.9 | 42.0 | 140.2 |
| Accrued expenses and deferred income | 108.1 | 113.9 | 121.7 | 83.1 | 84.7 |
| Current provisions | 50.3 | 43.3 | 33.9 | 22.0 | 29.6 |
| Total current liabilities | 986.0 | 950.1 | 832.2 | 1028.4 | 1307.5 |
| Total liabilities | 1,238.5 | 1,208.7 | 1,095.4 | 1305.0 | 1351.8 |
| TOTAL EQUITY AND LIABILITIES | 2,216.0 | 1,923.9 | 1,804.3 | 2037.3 | 2071.1 |
| Equity per share, basic, SEK | 5.98 | 6.48 | 6.43 | 6.64 | 6.52 |
| Equity per share, diluted, SEK | 5.97 | 6.46 | 6.40 | 6.62 | 6.50 |
| 9 mos. | 6 mos. | 3 mos. | FY | 9 mos. | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| Equity at start of period | 732.2 | 732.2 | 732.2 | 796.9 | 796.9 |
| Profit/loss for the period | –51.8 | –43.0 | –27.2 | 4.8 | –8.5 |
| Other comprehensive income for the period | 16.0 | 25.7 | 3.6 | 41.4 | 42.2 |
| Comprehensive income for the period | –35.8 | –17.3 | –23.6 | 46.2 | 33.7 |
| Decrease in treasury shares | 0.5 | 0.5 | – | 0.4 | 0.4 |
| Dividend | – | 0.0 | – | –110.3 | –110.3 |
| New issue | 280.6 | – | – | – | – |
| Share-based payment, equity-settled | – | –0.2 | 0.3 | –0.9 | –1.4 |
| Total transactions with owners of the Group | 281.1 | 0.3 | 0.3 | –110.9 | –111.3 |
| Equity at end of period | 977.5 | 715.3 | 708.9 | 732.2 | 719.2 |
| Attributable to: | |||||
| – Owners of the Parent Company | 977.5 | 715.3 | 708.9 | 732.2 | 719.2 |
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| OPERATING ACTIVITIES | |||||
| Operating profit | 12.0 | 9.7 | –4.7 | –6.8 | 21.1 |
| Adjustments for non-cash items | 12.3 | 11.2 | 62.2 | 69.1 | 98.5 |
| – of which amortization/depreciation and impairment | 14.9 | 15.9 | 44.7 | 47.6 | 63.1 |
| – of which other non-cash items | –2.6 | –4.7 | 17.5 | 21.5 | 35.3 |
| Interest received | 0.2 | – | 0.2 | – | 0.9 |
| Interest paid | –8.9 | –4.9 | –27.8 | –11.0 | –17.6 |
| Income tax paid | –2.9 | –1.1 | –6.5 | –4.9 | –4.8 |
| Cash flow from operating activities before changes in working | 12.7 | 14.9 | 23.4 | 46.4 | 98.1 |
| capital | |||||
| Cash flow from changes in working capital | |||||
| Increase(–)/decrease(+) inventories | –148.1 | –142.3 | –13.8 | –48.7 | –0.5 |
| Increase(–)/decrease(+) trade receivables | –9.5 | –35.1 | –4.7 | –64.8 | 61.6 |
| Increase(–)/decrease(+) other current receivables | 11.4 | –20.2 | –81.6 | –111.6 | –56.0 |
| Increase(+)/decrease(–) trade payables | 75.4 | 225.4 | –75.0 | 252.4 | 170.5 |
| Increase(+)/decrease(–) other current liabilities | –24.9 | –19.4 | –9.3 | –21.3 | 8.9 |
| Cash flow from changes in working capital | –95.7 | 8.4 | –184.5 | 6.1 | 184.6 |
| Cash flow from operating activities | –83.0 | 23.3 | –161.1 | 52.5 | 282.7 |
| INVESTING ACTIVITIES | |||||
| Acquisition of intangible fixed assets | –13.6 | –18.0 | –42.3 | –42.1 | –55.3 |
| Acquisition of property, plant and equipment | –8.1 | –10.3 | –13.2 | –30.0 | –32.4 |
| Cash flow from investing activities | –21.7 | –28.3 | –55.4 | –72.1 | –87.7 |
| FINANCING ACTIVITIES | |||||
| Amortization of lease liabilities | –3.6 | –3.8 | –10.5 | –10.5 | –13.5 |
| Non-current liabilities to credit institutions | –1.5 | – | –5.0 | – | 240.0 |
| Factoring expenses | –2.7 | – | –6.6 | – | –1.2 |
| Dividend paid | – | – | – | – | –110.3 |
| New issue | 300.9 | – | 300.9 | – | – |
| Transaction costs | –20.3 | – | –20.3 | – | – |
| Decrease in treasury shares | – | – | 0.5 | 0.4 | 0.4 |
| Net change overdraft facilities | – | 1.2 | – | 28.9 | –111.5 |
| Cash flow from financing activities | 272.8 | –2.7 | 259.0 | 18.9 | 3.8 |
| Cash flow for the period | 168.1 | –7.7 | 42.5 | –0.7 | 198.8 |
| Cash and cash equivalents at start of period | 95.3 | 28.4 | 217.5 | 16.5 | 16.5 |
| Exchange rate differences in cash and cash equivalents | –6.2 | – | –2.8 | 6.4 | 2.1 |
| Cash and cash equivalents at end of period | 257.2 | 20.7 | 257.2 | 22.2 | 217.5 |
| Unutilized bank facilities | 48.0 | 59.5 | 48.0 | 59.5 | 48.0 |
| Available funds at end of period | 305.2 | 80.2 | 305.2 | 81.7 | 267.5 |
| Q3 | Q2 | Q1 | Q4 | Q3 | |
|---|---|---|---|---|---|
| 2023 | 2023 | 2023 | 2022 | 2022 | |
| Order intake | 523 | 678 | 707 | 648 | 546 |
| Order intake – rolling four quarters | 2,555 | 2,578 | 2,481 | 2,325 | 2,130 |
| Net sales | 621.9 | 687.2 | 571.4 | 696.1 | 575.5 |
| of which recurring revenue | 16.6 | 15.5 | 14.5 | 11.9 | 11.4 |
| Net sales – rolling four quarters | 2,576.6 | 2,530.3 | 2,373.3 | 2,267.8 | 2,059.6 |
| Operating profit | 12,0 | –2.8 | –13.9 | 27.9 | 9.7 |
| Operating profit – rolling four quarters | 23,1 | 20.9 | 16.9 | 21.1 | 10.4 |
| Profit/loss for the period | -8,9 | –15.8 | –27.2 | 13.3 | 4.4 |
| Cash flow from operating activities | –83.0 | 19.0 | –96.4 | 230.3 | 23.3 |
| Cash flow from operating activities – rolling four quarters | 69.2 | 176.2 | 198.1 | 282.7 | 53.1 |
| Number of employees at end of period | 213 | 197 | 198 | 193 | 193 |
| Equity/asset ratio | 44% | 37% | 39% | 36% | 35% |
| 9 mos. | 9 mos. | FY | |
|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2022 |
| Net sales | 1,680.6 | 1,408.3 | 1,908.4 |
| Cost of goods sold | –1,545.8 | –1,270.7 | –1,726.6 |
| Gross profit | 134.8 | 137.6 | 181.9 |
| Selling expenses | –70.8 | –66.2 | –89.8 |
| Administrative expenses | –72.1 | –52.3 | –74.2 |
| Research and development costs | –37.7 | –37.0 | –51.9 |
| Other income and expenses | –3.1 | –15.1 | 8.7 |
| Operating profit | –49.1 | –33.0 | –25.3 |
| Net financial income/expense | –31.8 | –1.0 | –12.6 |
| Profit/loss before tax | –80.9 | –34.0 | –37.9 |
| Income tax | 0.8 | 7.0 | 4.5 |
| Profit/loss for the period | –80.1 | –27.0 | –33.3 |
| 9 mos. | 9 mos. | FY | |
|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2022 |
| Profit/loss for the period | –80.1 | –27.0 | –33.3 |
| Other comprehensive income for the period | |||
| Items that have been or can be reclassified to profit or loss for the period |
|||
| Other comprehensive income for the period | – | ||
| Comprehensive income for the period | –80.1 | –27.0 | –33.3 |
| Sept 30 | June 30 | Mar 31 | Dec 31 | Sept 30 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| ASSETS | |||||
| Non-current assets | |||||
| Intangible assets | 133.1 | 127.8 | 120.8 | 115.7 | 111.3 |
| Property, plant and equipment | 63.4 | 58.6 | 59.4 | 58.9 | 60.0 |
| Financial assets | |||||
| Participations in group companies | 10.0 | 10.0 | 9.9 | 180.1 | 190.0 |
| Receivables from group companies | – | 6.4 | 6.0 | – | 10.8 |
| Deferred tax asset | 66.5 | 66.5 | 66.2 | 65.8 | 67.9 |
| Total financial assets | 76.5 | 82.9 | 82.1 | 245.9 | 268.7 |
| Total non-current assets | 273.0 | 269.3 | 262.2 | 420.0 | 440.1 |
| Current assets | |||||
| Inventories | 407.3 | 301.5 | 336.7 | 480.0 | 422.1 |
| Current receivables | |||||
| Trade receivables | 116.6 | 103.7 | 89.5 | 95.3 | 169.0 |
| Receivables from group companies | 275.5 | 229.9 | 186.9 | 177.5 | 326.6 |
| Other current receivables | 297.2 | 312.7 | 231.7 | 259.4 | 324.8 |
| Prepaid expenses and accrued income | 12.1 | 13.5 | 11.5 | 11.4 | 10.9 |
| Total current receivables | 701.3 | 659.8 | 519.6 | 543.6 | 831.2 |
| Non-current receivables from Group companies | 188.1 | 180.5 | 180.2 | 14.6 | – |
| Total non-current receivables | 188.1 | 180.5 | 180.2 | 14.6 | – |
| Cash and bank balances | 184.1 | 27.0 | 48.6 | 186.4 | 0.8 |
| Total current assets | 1,480.8 | 1,168.9 | 1,085.1 | 1,219.9 | 1,254.1 |
| TOTAL ASSETS | 1,753.8 | 1,438.1 | 1,347.3 | 1,645.1 | 1,694.2 |
| Sept 30 | June 30 | Mar 31 | Dec 31 | Sept 30 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| EQUITY AND LIABILITIES | |||||
| Shareholders' equity | |||||
| Restricted equity | |||||
| Share capital | 164.0 | 111.0 | 111.0 | 111.0 | 111.0 |
| Statutory reserve | 104.8 | 104.8 | 104.8 | 104.8 | 104.8 |
| Legal reserve for internally generated development expenditure | 151.0 | 145.7 | 138.7 | 133.6 | 111.4 |
| Total restricted equity | 419.8 | 361.5 | 354.5 | 349.4 | 327.2 |
| Non-restricted equity | |||||
| Share premium reserve | 193.2 | 193.0 | 193.1 | 192.8 | 192.4 |
| Retained earnings | 123.2 | –99.1 | –92.1 | –53.7 | –31.4 |
| Net profit for the year | –80.1 | –60.0 | –34.6 | –33.3 | –27.0 |
| Total non-restricted equity | 236.3 | 33.9 | 66.4 | 105.8 | 133.9 |
| Total equity | 656.1 | 395.4 | 420.9 | 455.2 | 461.1 |
| Provisions | |||||
| Provisions | 37.9 | 37.8 | 36.1 | 34.1 | 44.7 |
| Total provisions | 37.9 | 37.8 | 36.1 | 34.1 | 44.7 |
| Non-current liabilities | |||||
| Non-current liabilities to credit institutions | 239.3 | 239.0 | 238.3 | 240.0 | – |
| Non-current liabilities to Group companies | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total non-current liabilities | 239.4 | 239.1 | 238.4 | 240.1 | 0.1 |
| Current liabilities | |||||
| Liabilities to credit institutions | – | – | – | – | 140.5 |
| Advances from customers | 0.2 | 0.3 | 0.1 | – | 0.4 |
| Trade payables | 760.5 | 696.4 | 588.5 | 829.1 | 872.9 |
| Liabilities to group companies | 21.7 | 17.6 | 10.4 | 43.4 | 15.1 |
| Other current liabilities | –5.7 | 0.3 | –1.5 | 4.9 | 117.4 |
| Accrued expenses and deferred income | 43.7 | 51.2 | 54.4 | 38.2 | 41.9 |
| Total current liabilities | 820.5 | 765.8 | 652.0 | 915.7 | 1,188.3 |
| TOTAL EQUITY AND LIABILITIES | 1,753.8 | 1,438.1 | 1,347.3 | 1,645.1 | 1,694.2 |
| 9 mos. | 6 mos. | 3 mos. | FY | 9 mos. | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| Equity at start of period | 455.2 | 455.2 | 455.2 | 599.5 | 599.5 |
| Comprehensive income for the period | –80.1 | –60.0 | –34.6 | –33.3 | –27.0 |
| Decrease in treasury shares | 0.5 | 0.5 | – | 0.4 | 0.4 |
| New issue | 280.6 | – | – | – | – |
| Dividend | – | – | – | –110.3 | –110.3 |
| Share-based payment, equity-settled | –0.1 | –0.3 | – | –1.0 | –1.5 |
| Equity at end of period | 656.1 | 395.4 | 420.6 | 455.2 | 461.0 |
This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company was prepared in accordance with Chapter 9 of the Annual Accounts Act and RFR 2, Accounting for Legal Entities, issued by the Swedish Financial Reporting Council. The same accounting principles and bases for calculation were applied for the Group and the Parent Company as in the latest annual report.
The same accounting principles and bases for calculation were applied for the Group and the Parent Company as in the latest annual report.
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| Revenue from goods | 564.7 | 546.5 | 1,723.8 | 1,485.6 | 2,129.9 |
| Revenue from services | 47.1 | 20.0 | 121.0 | 58.2 | 96.9 |
| Revenue from licensees | 10.1 | 9.1 | 35.8 | 28.0 | 41.1 |
| Total | 621.9 | 575.5 | 1,880.6 | 1,571.7 | 2,267.8 |
The company has allocated discounts proportionally for all performance obligations in the agreement except for when there is observable proof that the entire discount refers to one or several, but not all, performance obligations.
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | 2022 | |
| Direct customers | 66% | 56% | 70% | 59% | 62% |
| Resellers | 34% | 44% | 30% | 41% | 38% |
| Total | 100% | 100% | 100% | 100% | 100% |
For financial instruments measured at amortized cost — trade receivables, other current receivables and cash and cash equivalents, liabilities to credit institutions, trade payables, lease debt, and other current interest-free liabilities — the fair value is assessed to correspond to the carrying amount. The fair values of other non-current and current liabilities are not assessed to deviate substantially from their carrying amounts.
The company complies with the covenants linked to the bond loan, no covenants have been breached during the year and Pricer has fulfilled the requirement for a new issue.
| Sept 30 | Sept 30 | Dec 31 | |
|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2022 |
| Loan and trade receivables | 927.4 | 765.7 | 789.5 |
| Total financial assets | 927.4 | 765.7 | 789.5 |
| Non-current liabilities to credit institutions | 239.3 | – | 240.0 |
| Liabilities to credit institutions | – | 140.5 | – |
| Lease liabilities | 20.6 | 31.0 | 28.1 |
| Other financial liabilities | 776.4 | 992.1 | 843.5 |
| Total financial liabilities | 1,136.3 | 1,163.5 | 1,111.6 |
The Annual General Meeting held on June 7, 2023, resolved to approve the presented proposal for the incentive program in the form of a performance share plan. However, the Board of Directors decided that no performance share plan will be introduced for 2023.
Significant related party transactions are described in Note 23 of the consolidated financial statements in the 2022 Annual Report. No related party relationships changed and no significant transactions took place with related parties that significantly affect the Group's or Parent Company's financial position or earnings compared to the description in the annual report for 2022 that was published on April 28, 2023.
Floating charges (chattel mortgages) are a type of general collateral in the form of an undertaking to the bank. Pledged assets refer primarily to pledged shares in Pricer Inc., Pledged assets refer primarily to pledged shares in Pricer Inc., Pricer SRL and Pricer SAS for bond loans in 2022 that fall due in 2026. According to the bond loan with Ture Invest AB , the parent company has undertaken to ensure that certain financial ratios related to gross margin, profit and balance sheet ratios are maintained for the Group. These commitments are to be met on a calendar quarterly basis. The Parent Company guarantees are issued to customs authorities and landlords.
| Parent Company | Group | |||||
|---|---|---|---|---|---|---|
| Sept 30 | Sept 30 | Dec 31 | Sept 30 | Sept 30 | Dec 31 | |
| Amounts in MSEK | 2023 | 2022 | 2022 | 2023 | 2022 | 2022 |
| Pledged assets | ||||||
| Floating charge | 300.0 | 150.0 | 300.0 | 300.0 | 150.0 | 300.0 |
| Participations in group companies | 10.0 | – | 9.9 | 180.1 | – | 115.0 |
| Total | 310.0 | 150.0 | 309.9 | 480.1 | 150.0 | 415.0 |
| Contingent liabilities | ||||||
| Customs services | 0.3 | 0.3 | 0.3 | 6.8 | 6.7 | 6.6 |
| Rent guarantee | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 |
| Total | 2.0 | 2.0 | 2.0 | 8.5 | 8.4 | 7.4 |
| Q1 | Q2 | Q3 | Q3 | Q4 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| Net sales | 571.4 | 687.2 | 621.9 | 575.5 | 696.1 |
| Cost of goods sold | –481.4 | –577.0 | –509.5 | –480.1 | –588.1 |
| Gross profit | 90.0 | 110.2 | 112.4 | 95.4 | 107.9 |
| Gross profit margin, % | 15.8% | 16.0% | 18.1% | 16.6% | 15.5% |
| Selling expenses | –59.7 | –54.5 | –49.4 | –44.6 | –56.7 |
| Administrative expenses | –34.3 | –39.3 | –36.3 | –26.0 | –32.2 |
| Research and development costs | –12.8 | –14.4 | –11.7 | –3.1 | –14.9 |
| Other income and expenses | 2.9 | –4.8 | –3.0 | –11.9 | 23.7 |
| Operating profit | –13.9 | –2.8 | 12.0 | 9.7 | 27.9 |
| Operating margin, % | –2.4% | –0.4% | 1.9% | 1.7% | 4.0% |
| Financial items | –12.1 | –11.2 | –18.9 | –4.1 | –11.1 |
| Profit/loss before tax | –26.0 | –14.0 | –6.9 | 5.6 | 16.7 |
| Income tax | –1.2 | –1.8 | –1.9 | –1.1 | –3.4 |
| Profit/loss for the period | –27.2 | –15.8 | –8.9 | 4.4 | 13.3 |
| Net profit for the period attributable to: | |||||
| Owners of the Parent Company | –27.2 | –15.8 | –8.9 | 4.4 | 13.3 |
| Q1 | Q2 | Q3 | Q3 | Q4 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| Earnings per share, basic, SEK | –0.25 | –0.14 | –0.17 | 0.04 | 0.12 |
| Earnings per share, diluted, SEK | –0.25 | –0.14 | –0.17 | 0.04 | 0.12 |
| Number of shares outstanding, basic, million | 110.3 | 110.4 | 163.4 | 110.3 | 110.3 |
| Number of shares outstanding, diluted, million | 110.8 | 110.8 | 163.7 | 110.6 | 110.6 |
| Q1 | Q2 | Q3 | Q3 | Q4 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2022 | 2022 | 2022 |
| Profit/loss for the period | –27.2 | –15.8 | –8.9 | 4.4 | 13.3 |
| Items that have been or can be reclassified to profit or loss for the period |
|||||
| Translation differences | 3.6 | 22.1 | 59.2 | 16.8 | –0.8 |
| Other comprehensive income for the period | 3.6 | 22.1 | 59.2 | 16.8 | –0.8 |
| Comprehensive income for the period | –23.6 | 6.3 | 26.7 | 21.2 | 12.5 |
| Comprehensive income for the period attrib utable to: |
|||||
| Owners of the Parent Company | –23.6 | 6.3 | 26.7 | 21.2 | 12.5 |
| Q1 | Q2 | Q3 | Q3 | Q4 | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2023 | 2023 | 2022 | 2022 |
| OPERATING ACTIVITIES | |||||
| Operating profit | –13.9 | –2.8 | 12.0 | 9.7 | 27.9 |
| Adjustments for non-cash items | 26.5 | 23.3 | 12.3 | 11.2 | 29.4 |
| – of which amortization/depreciation and impair ment |
14.8 | 14.9 | 14.9 | 15.9 | 15.6 |
| – of which other non-cash items | 11.7 | 8.4 | –2.6 | –4.7 | 13.8 |
| Interest received | 0.0 | 0.0 | 0.2 | – | 0.9 |
| Interest paid | –10.7 | –9.1 | –8.9 | –4.9 | –6.6 |
| Income tax paid | –0.3 | –0.2 | –2.9 | –1.1 | 0.2 |
| Cash flow from operating activities before changes in working capital |
–1.6 | 11.3 | 12.7 | 14.9 | 51.7 |
| Cash flow from changes in working capital | |||||
| Increase(–)/decrease(+) inventories | 55.9 | 78.4 | –148.1 | –142.3 | 48.3 |
| Increase(–)/decrease(+) trade receivables | 48.7 | –44.0 | –9.5 | –35.1 | 126.4 |
| Increase(–)/decrease(+) other current receivables | 14.0 | –106.9 | 11.4 | –20.2 | 55.6 |
| Increase(+)/decrease(–) trade payables | –242.8 | 92.3 | 75.4 | 225.4 | –81.9 |
| Increase(+)/decrease(–) other current liabilities | 27.7 | –12.1 | –24.9 | –19.4 | 30.2 |
| Cash flow from changes in working capital | –96.5 | 7.7 | –95.7 | 8.4 | 178.5 |
| Cash flow from operating activities | –94.9 | 19.0 | –83.0 | 23.3 | 230.3 |
| INVESTING ACTIVITIES | |||||
| Acquisition of intangible fixed assets | –13.3 | –15.3 | –13.6 | –18.0 | –13.3 |
| Acquisition of property, plant and equipment | –3.3 | –1.8 | –8.1 | –10.3 | –2.4 |
| Cash flow from investing activities | –16.6 | –17.1 | –21.7 | –28.3 | –15.7 |
| Amortization of lease liabilities | –3.4 | –3.6 | –3.6 | –3.8 | –3.0 |
| Non-current liabilities | –1.8 | –1.7 | –1.5 | – | 240.0 |
| Factoring expenses | –1.6 | –2.2 | –2.7 | – | –1.2 |
| Dividend paid | – | – | – | –110.3 | |
| New issue | – | – | 300.9 | – | – |
| Transaction costs | – | – | –20.3 | – | – |
| Decrease in treasury shares | – | 0.5 | – | – | – |
| Increase in treasury shares | – | – | – | – | – |
| Net change overdraft facilities | – | – | – | 1.2 | –140.5 |
| Cash flow from financing activities | –6.8 | –7.0 | 272.8 | –2.7 | –15.0 |
| Cash flow for the period | –120.5 | –5.1 | 168.1 | –7.7 | 199.6 |
| Cash and cash equivalents at start of period | 217.5 | 96.7 | 95.3 | 28.4 | 22.2 |
| Exchange rate differences in cash and cash equivalents |
–0.4 | 3.4 | –6.2 | 1.5 | –4.3 |
| Cash and cash equivalents at end of period | 96.7 | 94.9 | 257.2 | 22.2 | 217.5 |
| Unutilized bank facilities | 48.0 | 48.0 | 48.0 | 59.5 | 50.0 |
| Available funds at end of period | 146.8 | 142.9 | 305.2 | 81.7 | 267.5 |
In addition to the key financial ratios that are covered by the IFRS framework, this report also includes other key ratios and measures, so-called alternative performance measures, that Pricer considers to be important for monitoring, analyzing and managing its operations. These key ratios and measures also provide Pricer's stakeholders with useful information about the company's financial position, profit and loss and development in a consistent manner. The reconciliation and definitions of the alternative key ratios and measures used in this report and that cannot be inferred directly from the financial statements are presented below.
| Sept 30 | Sept 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M unless otherwise stated | 2023 | 2022 | 2022 |
| PERFORMANCE RATIOS | |||
| Operating expenses | |||
| Selling expenses | –163.6 | –146.4 | –203.1 |
| Administrative expenses | –110.0 | –75.6 | –107.8 |
| Research and development costs | –38.9 | –37.0 | –51.9 |
| Operating expenses | –312.6 | –259.0 | –362.8 |
| MARGIN RATIOS | |||
| Net sales | 1,880.6 | 1,571.7 | 2,267.8 |
| of which recurring revenue | 46.6 | 11.4 | 43.9 |
| Gross profit | 312.7 | 267.1 | 375.0 |
| Gross margin, percent | 16.6% | 17.0% | 16.5% |
| Operating profit | –4.7 | –6.8 | 21.1 |
| Operating margin, percent | –0.3% | –0.4% | 0.9% |
| CAPITAL AND FINANCIAL RATIOS | |||
| Equity/asset ratio | |||
| Total assets | 2,216.0 | 2,071.0 | 2,037.2 |
| Shareholders' equity | 977.5 | 719.2 | 732.2 |
| Equity/assets ratio, percent | 44% | 35% | 36% |
| RETURN METRICS | |||
| Equity per share, before/after dilution | |||
| Number of outstanding shares, millions | 163.4 | 110.3 | 110.3 |
| Dilution effect, millions | 0.3 | 0.2 | 0.2 |
| Shareholders' equity | 977.5 | 719.2 | 732.2 |
| Equity per share, basic, SEK | 5.98 | 6.52 | 6.64 |
| Equity per share, diluted, SEK | 5.97 | 6.51 | 6.62 |
| Earnings per share, before/after dilution | |||
| Average number of outstanding shares, millions | 137.0 | 110.4 | 110.4 |
| Dilution effect, millions | 0.3 | 0.2 | 0.2 |
| Profit/loss for the period | –51.8 | –8.5 | 4.8 |
| Earnings per share, basic, SEK | –0.38 | –0.08 | 0.04 |
| Earnings per share, diluted, SEK | –0.38 | –0.08 | 0.04 |
| Q3 | Q3 | 9 mos. | 9 mos. | FY | |
|---|---|---|---|---|---|
| Amounts in MSEK | 2023 | 2022 | 2023 | 2022 | 2022 |
| Recurring revenue | 16.6 | 11.4 | 46.6 | 32.0 | 43.9 |
| Non-recurring revenue | 605.3 | 564.7 | 1,834.0 | 1,539.7 | 2,223.9 |
| Total | 621.9 | 576.1 | 1,880.6 | 1,571.7 | 2,267.8 |
| Share of recurring revenue | 2.7% | 2.0% | 2.5% | 2.1% | 2.0% |
Recurring revenue corresponds to the value of provided ongoing contracted services over a contract term that are automatically renewed or extend beyond the next twelve months and can be unilaterally recalled by Pricer in the event the customer does not pay.
| ALTERNATIVE KEY RATIOS | DEFINITION | REASON FOR USE |
|---|---|---|
| PERFORMANCE RATIOS | ||
| Change adjusted for exchange rate | Relationship between the period's profit/loss and the com | This measure is used by management to follow underlying |
| fluctuations/change in local currency | parative period's profit/loss translated using the period's exchange rates. |
change in profit/loss in comparable currencies. |
| Gross profit | Net sales less cost of goods sold | Gross profit is an important measure for management since it is used to analyze the company's underlying development excluding factors such as the product mix and price changes that can give rise to sharp fluctuations in net sales. |
| Operating expenses | Refers to selling expenses, administrative expenses and R&D expenses that are included in operating activities. |
Operating expenses provide an overall picture of expenses that are charged to operating activities and are an import ant internal measure that management can influence to a large extent. |
| Items affecting comparability | Expenses of a non-recurring nature that are not part of operating activities, such as personnel costs related to restructurings. |
This measure is used by management to understand which costs are not part of the underlying operating activities. |
| Operating expenses adjusted for costs affecting comparability |
Operating expenses minus items affecting comparability. | This measure is used by management to enable com parability of operating expenses between periods and to forecast future cost trends. |
| Operating profit | Profit before financial items and tax. | Operating profit provides an overall picture of the total profit generation in operating activities. This is a very important metric for internal use that management can influence to a greater extent than net profit. |
| Rolling four quarters | Financial KPIs and measurements based on the four most recent quarters. |
Rolling four quarters are used to show financial develop ment over time adjusted for any seasonal effects. |
| MARGIN RATIOS | ||
| Gross profit margin | Gross profit as a percentage of net sales. | The gross margin is used for both internal evaluation and individual sales/contracts and to monitor development over time for the company as a whole. |
| Operating margin | Operating profit as a percentage of net sales. | Operating margin is one of management's most important measures for performance monitoring since it measures the company's ability to convert net sales into operating profit. |
| CAPITAL AND FINANCIAL RATIOS | ||
| Equity/asset ratio | Equity as a percentage of total assets. | A traditional measure that gives an indication of the com pany's ability to pay its debts. |
| RETURN METRICS | ||
| Equity per share, before/after dilution | Equity attributable to owners of the Parent Company divided by the weighted number of shares before/after dilution on the balance sheet date. The dilutive effect can arise from the company's outstanding warrants or perfor mance share plans. |
This measure is used to show development of equity per share over time and enable comparability with other companies. |
| Earnings per share, before/after dilution | Profit for the period attributable to owners of the Parent Company divided by the average number of shares outstanding before/after dilution during the period. The dilutive effect can arise from the company's outstanding warrants or performance share plans. |
This measure is used to show development of earnings per share over time and to enable comparability with other companies. |
| OTHER METRICS | ||
| Order intake | The value of binding customer orders, invoiced service contracts and call-off under framework agreements. Does not include the anticipated future value of frameworks agreements. |
Order intake is used to measure demand for the com pany's products and services during a specific period. This measure is also an important indicator of increases/ decreases in demand between periods. |
| Change in order intake adjusted for ex change rate fluctuations |
Relationship between the period's order intake and the comparative period's order intake translated using the period's exchange rates. |
This measure is used by management to follow underlying change in order intake in comparable currencies. |
| Order backlog | The value of incoming orders that have not yet been invoiced. |
The size of the order backlog gives an indication of net sales development from a short to mid-term perspective. |
| Recurring revenue | Recurring revenue is the value of the provision of an on-going contracted service or good over a contractual term, which is automatically renewed or extends beyond the next coming 12 months, and which can unilaterally be revoked by Pricer in case of non-payment from customer |
Show how much of the external net sales is recurring. Recurring revenue is primarily revenue from maintenance and support services and digital subscription services. |
Pricer is a leading global technology company serving the rapidly growing smart retail market with in-store digital solutions that enhance both store performance and the shopping experience.
Through digital price labels, advanced technology such as optical wireless communication and AI, as well as continuous innovation, Pricer is laying the framework for communication and efficiency in stores. The industry leading Pricer platform delivers benefits from 30 years of deployment experience and is fast, robust, interconnectable and scalable.
Pricer was founded in Sweden in 1991, and the company's Class B share is listed on Nasdaq Stockholm Mid Cap.
For more information, visit www.pricer.com
Pricer AB Website: www.pricer.com Box 215 Telephone: +46 8 505 582 00 Street address: Västra Järnvägsgatan 7 SE-111 64 Stockholm
SE-101 24 Stockholm Corporate registration number: 556427-7993
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