Earnings Release • Jul 21, 2022
Earnings Release
Open in ViewerOpens in native device viewer
Net sales in the quarter (+36%)
Operating margin in the quarter
Net profit for the quarter
| Amounts in SEK M unless otherwise stated | Q2 | Q2 | 6 mths | 6 mths | Rolling | Full year |
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | 4 Q | 2021 | |
| Order intake | 581 | 408 | 1 131 | 850 | 1 891 | 1 610 |
| Net sales | 530,3 | 389,0 | 996,2 | 781,9 | 1 980,1 | 1 765,8 |
| Gross margin, % | 16,6% | 24,5% | 17,2% | 24,2% | 19,0% | 22,4% |
| Operating profit | -6,8 | 22,6 | -16,5 | 39,9 | 40,8 | 97,2 |
| Operating margin, % | -1,3% | 5,8% | -1,7% | 5,1% | 2,1% | 5,5% |
| Cash flow 1) | 49,5 | -18,2 | 29,2 | -80,8 | -64,7 | -174,7 |
| Net profit for the period | -3,5 | 15,2 | -13,0 | 32,9 | 33,3 | 79,1 |
| Earnings per share, SEK 2) | -0,03 | 0,14 | -0,12 | 0,30 | 0,30 | 0,72 |
| 1) Cash flow from operating activities |
2) Basic earnings per share
We are pleased with the second quarter of the year, which is showing a sharp increase in net sales and order intake compared to the corresponding period last year. The combination of a strong focus on sales, production and delivery and an increase in customer needs lies behind the quarter's growth increase.
Net sales amounted to SEK 530 M, which is an increase of 36 percent compared to the corresponding period in 2021 and 14 percent compared to the previous quarter. Order intake amounted to SEK 581 M and increased by 42 percent year on year and 5.4 percent quarter on quarter.
Operating profit for the quarter amounted to SEK -7 M compared to SEK 23 M in the corresponding period in 2021. A sustained high cost level for electronics components, raw materials and transports continued to put pressure on profitability, but we continue to work on an ongoing basis with profitability-enhancing measures, and we expect to see effects from such measures during the second half of 2022 and into 2023.
During the quarter, the company updated its strategy for the next few years, and the strategy was then presented in June at our first Capital Markets Day in many years. Market growth is accelerating, and our goal is to grow faster than the market by marketing innovative and unique solutions within in-store communication. We are focusing on strengthening our sales organization, securing thought leadership within development and production, and developing new business models to increase our recurring revenue. By following our new strategy, we are planning for net sales of SEK 4,500 M in 2025, of which 10 percent will come from recurring revenue.
We see a number of market trends that are underlying the increase in demand for our solutions, the strongest of which is store digitalization, since most retailers need systems that enable active work with price strategies and streamlining of store processes and contribute to greater satisfaction among their customers.
Another clear trend among both existing customers and new customers is interest in Digital Signage, since store digitalization creates entirely new business opportunities through digital advertising in stores and thus greater revenue from store campaigns and advertisements. We are in a number of exciting customer dialogues regarding solutions that combine Electronic Shelf Label (ESL) and Digital Signage and will launch a solution in the fall.
In addition to store digitalization and Digital Signage, there is very strong interest in solutions that create insight into store operations and make it possible for a retailer, based on this data, to take appropriate measures to refill products and rearrange product placement or change advertising. Pricer's camera solution, ShelfVision, which is based on a Pricer patent, is attracting a lot of customer interest and is currently being tested by a number of customers, with good results.
The launch of four-color labels, which will take place during the year, is creating entirely new possibilities since many grocery stores require four colors if they are to invest in ESLs. This is because red and yellow are a must in their advertising campaigns. Four-color labels are energy intensive, which is a game changer for Pricer, which has the market's most energy-efficient labels and thus is best positioned to deliver a retail-grade solution.
The market trends are also being significantly amplified by an increase in inflation and the lack of staffing, both of which are contributing to a large and immediate need to investment in ESLbased solutions now and in the future.
We are optimistic about the future. Our products and solutions enable communication and streamlining, which increases our customers' sales, lowers their costs and creates an improved customer experience in their stores. With our new strategy in place, we will be able to create many new customer relationships, nurture and develop existing customers, and ultimately actively contribute to strengthening the attraction of the physical store among consumers. This will generate a clear customer benefit and thereby growth, profitability, and conditions for reaching our new financial targets. We look forward to updating you in the future.
Magnus Larsson Acting CEO
During the period, we have seen that the rise in inflation in basically all of our markets is resulting in more interest in our products. Stores want solutions to digitalize and streamline price changes – a task in stores that is very staff-intensive and costly.
In the second quarter, we saw strong demand for our products across a large number of markets, which contributed to Pricer's second-best order intake in a quarter, ever. The broadening of its markets and customer base means that Pricer's growth is less dependent on individual large customer orders and that variation between quarters is lower.
The Canadian market continued to post strong development in the second quarter, and it is clearly Pricer's largest market. Even if a few customers are responsible for these sales, we are seeing in general greater interest in ESL solutions on the Canadian market.
In the region Europe, Middle East and Africa, we are seeing strong growth in Sweden, where we had our strongest order intake ever for a quarter. France continued to be the largest market in this region, driven by an accelerated roll-out rate among franchise stores. It is followed by the Netherlands, where Pricer's customer Plus is showing continued confidence through an order at the end of the quarter for roll-out in an additional 128 stores. We also continued to have good order intake in Norway and Italy, and we are also seeing strong interest in Eastern Europe, which among other things, generated orders from new customers and new markets.
The development in the Asia and Pacific region was stable during the second quarter, primarily driven by New Zealand and Taiwan. Despite a low penetration rate, Pricer is involved in customer dialogues with several large chains in this region.
In countries like the USA and the UK, which have a focus on campaigns, Pricer's launch of the new generation of ESLs, SmartTAG Color, is expected to drive a strong increase in interest for and installation of ESLs. The four colors and the contrast of the labels enable more appealing and creative campaigns in the stores.
Rising inflation, a labor shortage and increasingly competitive retail trade are some of the underlying forces driving greater store automation and efficiency. Consumers are also becoming more demanding when it comes to what constitutes a good shopping experience, and they are demanding clear price information as well as campaigns, content, etc.
Pricer's world-leading scalable solutions for digital store communication serves as the hub of our customer offering and offers the possibility of communicating in real time with both store staff and store visitors.
In the second quarter, we saw strong demand for our products across a large number of markets, which contributed to Pricer's secondbest order intake in a quarter, ever.
Order intake amounted to SEK 581 M (408) in the second quarter, an increase of 42.4 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, order intake rose 27 percent. Order intake is spread across a large number of customers in several geographic markets, with Canada, France, the Netherlands and Norway the individually largest contributors.
Order backlog as per June 30, 2022, amounted to SEK 542 M (563), of which the majority is expected to be delivered in Q3 and Q4 2022.
Order intake amounted to SEK 1,131 M (850) in H1, an increase of 33 percent compared to the same period last year. Adjusted for exchange rate fluctuations, order intake rose 21 percent. Order intake is spread across a large number of customers on several geographic markets, with Canada, France, the Netherlands and Norway the individually largest contributors
| Q2 | Q2 | 6 mths | 6 mths Full year | ||
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2022 | 2021 | 2021 |
| Europe, Middle East & Africa | 248,1 | 239,2 | 542,8 | 481,3 | 1006,5 |
| Americas | 243,5 | 127,8 | 406,6 | 257,5 | 672,9 |
| Asia & the Pacific | 38,7 | 22,0 | 46,7 | 43,1 | 86,4 |
| Total net sales | 530,3 | 389,0 | 996,2 | 781,9 | 1 765,8 |
| Q2 | Q2 | 6 mths | 6 mths Full year | ||
|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | 2021 | |
| Net sales | 530,3 | 389,0 | 996,2 | 781,9 | 1 765,8 |
| Cost of goods sold | -442,4 | -293,8 | -824,5 | -592,7 | -1 371,1 |
| Gross profit | 87,9 | 95,1 | 171,6 | 189,2 | 394,7 |
| Gross margin | 16,6% | 24,5% | 17,2% | 24,2% | 22,4% |
| Operating expenses | -96,5 | -74,2 | -185,2 | -148,6 | -291,8 |
| Other income and expenses | 1,8 | 1,7 | -2,9 | -0,7 | -5,6 |
| Operating profit | -6,8 | 22,6 | -16,5 | 39,9 | 97,2 |
| Operating margin | -1,3% | 5,8% | -1,7% | 5,1% | 5,5% |
| Reported | |||
|---|---|---|---|
| current | Reported | Adjusted | |
| Amount in SEK M unless otherwise stated | period | change | for F/X |
| Second quarter compared with the same period last year | |||
| Net sales | 530,3 | 36% | 21% |
| Cost of goods sold | -442,4 | 51% | 30% |
| Gross profit | 87,9 | -8% | -9% |
| Operating expenses | -96,5 | 30% | 26% |
| Other income and expenses | 1,8 | - | - |
| Operating profit | -6,8 | -130% | -122% |
| January - June compared with the same period last year | |||
| Net sales | 996,2 | 27% | 16% |
| Cost of goods sold | -824,5 | 39% | 23% |
| Gross profit | 171,6 | -9% | -7% |
| Operating expenses | -185,2 | 25% | 22% |
| Other income and expenses | -2,9 | - | - |
| Operating profit | -16,5 | -141% | -118% |
Net sales amounted to SEK 530.3 M (389) in the quarter, an increase of 36.3 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, net sales increased by 21 percent. Net sales in Q2 2022 were spread across a large number of customers. The majority of the sales occurred in Canada, France, Norway and Italy.
Gross profit amounted to SEK 87.9 M (95.1), and the gross margin amounted to 16.6 percent (24.5) for the quarter. The change in the gross margin continued to be primarily an effect of higher component and logistics costs. Limited availability and continued cost increases for several standard components and transport solutions are impacting the cost profile. A large portion of the sales were to larger customers that have agreements, where the possibility of transferring increased costs to end customers has been limited. 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 on gross profit were negative compared to last year.
Operating expenses increased to SEK -96.5 M (-74.2) in the quarter, an increase of 30 percent compared to the same quarter last year. This is primarily due to an increase in the number of employees and consultants compared to the same period last year and increased marketing activities. During the quarter, there were also one-off costs in conjunction with organizational changes. Operating expenses are primarily in SEK, but they are also in EUR and USD.
Other income and expenses amounted to SEK 1.8 million (1.7) and consisted of the net effect of realized and unrealized currency revaluations of trade receivables and trade payables.
Operating profit amounted to SEK -6.8 M (22.6), which corresponded to an operating margin of -1.3 percent (5.8).
Financial items, primarily consisting of currency revaluation of balance sheet items, such as cash and cash equivalents, had a negative impact on the quarter and amounted to SEK 0.7 M (-3.2), which was a result of exchange rate fluctuations and interest expenses.
Tax for the quarter amounted to SEK 2.6 M (-4.2), of which SEK 3.6 M (-3.4) refers to deferred tax, and SEK -1 M (-0.7) to current tax. The current tax rate amounted to +16 percent (-4), and the reported total tax rate amounted to -43 percent (-22). Deferred tax assets related to capitalized losses carried forward amounted in the balance sheet on June 30, 2022, to SEK 59.7 M (57.5).
Profit for the period was SEK -3.5 M (15.2).
Translation differences in other comprehensive income of SEK 20.8 M (-4.9) consisted of currency revaluation of net assets in foreign operations.
Net sales amounted to SEK 996.2 M (781.9) in H1, an increase of 27.4 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, net sales increased by 16 percent. Net sales in Q1 2022 were spread across a large number of customers. The majority of the sales occurred in Canada, France, Italy and the Netherlands.
Gross profit amounted to SEK 171.6 M (189.2), and the gross margin amounted to 17.2 percent (24.2) for the period. The change in the gross margin continued to be primarily an effect of higher component and logistics costs. Limited availability and continued cost increases for several standard components and transport solutions are impacting the cost profile. 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 on gross profit were negative compared to last year.
Operating expenses increased to SEK -185.2 M (-148.6) in the period, an increase of 24.6 percent compared to the same period last year. This is primarily due to an increase in the number of employees and consultants compared to the same period last year and increased marketing activities. During the period, there were also one-off costs in conjunction with organizational changes. Operating expenses are primarily in SEK, but they are also in EUR and USD.
Other income and expenses amounted to SEK -2.9 million (-0.7) and consisted of the net effect of realized and unrealized currency revaluations of trade receivables and trade payables.
Operating profit amounted to SEK -16.5 M (39.9), which corresponded to an operating margin of -1.7 percent (5.1).
Financial items, which consist primarily of currency revaluation of balance sheet items such as cash and cash equivalents, had a negative impact during the first six months and amounted to SEK -1.4 M (1.5)
Tax for the period amounted to SEK 4.9 M (-8.5), of which SEK 7.1 M (-6.6) refers to deferred tax and SEK -2.3 M (-1.9) to current tax. The current tax rate amounted to +14 percent (-5), and the reported total tax rate amounted to -27 percent (-21).
Result for the period was SEK -13 M (32.9).
Translation differences in other comprehensive income of SEK 25.5 M (4.7) consisted of currency revaluation of net assets in foreign operations.
Cash flow from operating activities amounted to SEK 49.5 M (-18.2) for Q2. The change in working capital during the quarter had a positive impact on cash flow from operating activities of SEK 31.6 M (-51.3). The increase in trade payables to meet the increase in order intake and the decreased inventory due to faster inventory turnover has had a positive impact on cash flow. The increase in trade receivables has had a negative impact on cash flow, but a focus on improved payment terms to customers has meant that trade receivables increased to a lesser extent than trade payables decreased. Since there is a major timing effect in cash flows from operating activities, it should be analyzed over time.
Cash flow from investing activities amounted to SEK -29.8 M (-26.1) in the second quarter and consisted primarily of capitalized development expenditure of SEK -12.2 M (-13.6) for product development and investments in property, plant and equipment of SEK -17.6 M (-12.5) attributable primarily to production equipment.
Cash flow from financing activities amounted to SEK -49.9 M (-56.0) during the second quarter and referred to amortization of lease liabilities of SEK -3.4 M (-3.0) and a change in utilized bank facilities of SEK -46.9 M (0.0).
Exchange rate differences in cash and cash equivalents amounted to SEK 4.7 M (-3.5).
Cash and cash equivalents amounted to SEK 28.4 M (86.1) on June 30, 2022. In addition to cash and cash equivalents, the company had at June 30, 2022, bank overdraft facilities of SEK 250.0 M (50.0), of which SEK 139.3 M (0.0) was utilized and SEK 110.7 M (50.0) was unutilized.
Cash flow from operating activities amounted to SEK 29.2 M (-80.8) for the period. The change in working capital had a negative impact on cash flow from operating activities of SEK -2.3 M (-140.8). An increase in other receivables, consisting primarily of receivables from suppliers, had a negative impact on cash flow. The decrease in inventory and increase in trade payables had a positive impact on cash flow, but trade payables are not increasing at the same rate as other receivables due to a ramp-up in production. The increase in trade receivables due to the increase in net sales at the end of H1 had a negative impact on cash flow. Since there is a major timing effect in cash flows from operating activities, it should be analyzed over time.
Cash flow from investing activities amounted to SEK -43.7 M (-39.3) in H1 and consisted primarily of capitalized development expenditure of SEK -24.0 M (-25.3) in product development and investments in property, plant and equipment of SEK -19.7 M (-14) attributable primarily to production equipment.
Cash flow from financing activities amounted to SEK 21.5 M (-58.9) in H1 and referred to amortization of lease liabilities of SEK -6.6 M (-6.0) and a change in utilized bank facilities of SEK 27.8 M (0.0).
Exchange rate differences in cash and cash equivalents amounted to SEK 4.9 M (2.7).
| Stated in thousands of shares | Class A | Class B | Total |
|---|---|---|---|
| Outstanding shares at the beginning of the year | 226 | 110 746 | 110 972 |
| Issued and converted shares in the year | - | - | - |
| Issued at the end of the period | 226 | 110 746 | 110 972 |
| Treasury shares | - | -619 | -619 |
| Outstanding shares at end of period | 226 | 110 127 | 110 353 |
Class A share carries five votes and class B share carries one vote
From the 2019 performance-based share plan, 29,188 Class B shares were transferred free of charge in June 2022 to the participants. Due to the fulfillment of the performance share plan, Pricer decreased its treasury shares by 29,188 Class B shares.
Pricer's holdings of treasury shares amounted on June 30, 2022, to 619,134 (648,278) Class B shares. These shares are held to be able to meet obligations on matching and performance shares under the outstanding performance share plans.
| Transferred free of | |||
|---|---|---|---|
| Performance | Maximum of | charge to the | |
| share plan (LTI) | shares | Vesting period | participants |
| LTI 2020 | 120 000 | Jun 2020 - May 2023 | Jun 2023 |
| LTI 2021 | 102 000 | Jun 2021 - May 2024 | Jun 2024 |
| LTI 2022* | 420 000 | Jun 2022 - May 2025 | Jun 2025 |
*The purchasing period has been postponed to August, so the maximum number of shares may change.
The value of the promise is expensed during the vesting period. The maximum number of shares in obligations decreased during the second quarter of 2022 due to changes in personnel.
For more information about the performance share plans from 2020 and 2021, please refer to Note 4 of the 2021 Annual Report. Read more under Note 5 2022 Share Performance Plan in this interim report regarding the 2022 share performance plan.
The average number of employees during Q2 was 190 (169), and the number of employees at the end of the period was 189 (173). The average number, including hired staff and consultants, was 223 (203) in the second quarter and 226 (207) at the end of the period. The organization has been strengthened, primarily in sales. Pricer strengthened its presence in a number of geographic regions with the aim of handling both the increase in demand and services related to the growing installed customer base.
The Parent Company's net sales amounted to SEK 840.9 M (789), and the result for the period amounted to SEK -27.2 M (32.1). The Parent Company's cash and cash equivalents amounted to SEK 4.8 M (40.8) 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. More information regarding risks is available in the 2021 Annual Report; see page 33 and Note 20.
Access to standard components that are used by several different industries is restricted, which has affected both lead times and prices. Access to logistics solutions was also significantly reduced.
Uncertainty about the course of the coronavirus pandemic is still high. Pricer is continuing to follow the guidelines and recommendations set up in each country where the company is active.
Pricer is carefully following the global uncertainty as a result of the war in Ukraine. However, Pricer has very limited exposure to affected markets and is experiencing no direct impact on its operations. Even if the war is creating uncertainty in many economies around the world, it is currently too early to assess any long-term impacts
No forecast is provided for 2022.
The same accounting principles and bases for calculation were applied for the Group and the Parent Company as in the latest annual report.
Pricer AB's Annual General Meeting (AGM) was held on May 11, 2022. The Annual General Meeting was held without the physical presence of shareholders, proxies and external parties. The Meeting was held solely via absentee ballot.
The AGM resolved on the re-election of Board members Knut Faremo, Hans Granberg, Jonas Guldstrand, Jenni Virnes and Göran Sundholm and the new-election of Irene Waldemarson. Knut Faremo was re-elected Chair of the Board of Directors. For more detailed information on the content of the decisions, please refer to the complete notification of the AGM and the complete proposals on the company's website, www.pricer.com.
No significant events occurred after the end of the reporting period.
The next interim report will be published on October 27, 2022
October 27, 2022 Interim Report January–September 2022 February 10, 2023 Year-End Report 2022
The undersigned hereby certify that semi-annual report for the Parent Company and the Group provides a true and fair view of the results of the operations, financial position and performance of the Group and describes the risks and significant uncertainties to which the Parent Company and other companies in the Group are exposed.
Stockholm, July 21, 2022
Pricer AB (publ)
Knut Faremo Chair
Hans Granberg Jenni Virnes Jonas Guldstrand
Göran Sundholm Irene Waldemarson
Magnus Larsson
Acting CEO
This report has not been subject to an audit.
Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation.
This information is information that Pricer AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted through the agency of the contact persons mentioned below for publication on July 21, 2022, at 8:30 AM CET.
For more information, please contact: Magnus Larsson, Acting CEO, +46 (0)704 316 851 Susanna Zethelius, CFO, +46 (0)704 440 092
Email: [email protected]
| Amounts in SEK M | Q2 2022 |
Q2 2021 |
6 mths 2022 |
2021 | 6 mths Full year 2021 |
|---|---|---|---|---|---|
| Net sales | 530,3 | 389,0 | 996,2 | 781,9 | 1 765,8 |
| Cost of goods sold | -442,4 | -293,8 | -824,5 | -592,7 | -1 371,1 |
| Gross profit | 87,9 | 95,1 | 171,6 | 189,2 | 394,7 |
| Selling expenses | -53,5 | -39,0 | -101,8 | -75,1 | -149,4 |
| Administrative expenses | -24,9 | -19,5 | -49,5 | -42,9 | -77,9 |
| Research and development costs | -18,0 | -15,8 | -33,9 | -30,5 | -64,5 |
| Other income and expenses | 1,8 | 1,7 | -2,9 | -0,7 | -5,6 |
| Operating profit | -6,8 | 22,6 | -16,5 | 39,9 | 97,2 |
| Net financial items | 0,7 | -3,2 | -1,4 | 1,5 | 0,4 |
| Net profit before tax | -6,1 | 19,4 | -17,9 | 41,4 | 97,6 |
| Income tax | 2,6 | -4,2 | 4,9 | -8,5 | -18,5 |
| Net profit for the period | -3,5 | 15,2 | -13,0 | 32,9 | 79,1 |
| Net profit for the period attributable to: | |||||
| Owners of the Parent Company | -3,5 | 15,2 | -13,0 | 32,9 | 79,1 |
| EARNINGS PER SHARE | |||||
| Kv 2 | Q2 | 6 mån | 6 mths Full year | ||
| 2022 | 2021 | 2022 | 2021 | 2021 | |
| Basic earnings per share, SEK | -0,03 | 0,14 | -0,12 | 0,30 | 0,72 |
| Diluted earnings per share, SEK | -0,03 | 0,14 | -0,12 | 0,30 | 0,71 |
| Number of shares before dilution, millions | 110,3 | 110,2 | 110,3 | 110,1 | 110,2 |
| Diluted number of shares, millions | 110,6 | 111,0 | 110,6 | 111,0 | 111,0 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| Kv 2 | Q2 | 6 mån | 6 mths Full year | ||
| Amounts in SEK M | 2022 | 2021 | 2022 | 2021 | 2021 |
| Net profit for the period | -3,5 | 15,2 | -13,0 | 32,9 | 79,1 |
| Items that are or may be reclassified to profit or loss for the period | 0,0 | 0,0 | |||
| Translation differences | 20,8 | -4,9 | 25,5 | 4,7 | 11,7 |
| Other comprehensive income for the period | 20,8 | -4,9 | 25,5 | 4,7 | 11,7 |
| Net comprehensive income for the period | 17,3 | 10,3 | 12,5 | 37,6 | 90,8 |
| Net comprehensive income for the period attributable to: | |||||
| Owners of the Parent Company | 17,3 | 10,3 | 12,5 | 37,6 | 90,8 |
| Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 |
| ASSETS | |||||
| Intangible assets | 372,1 | 360,9 | 355,8 | 352,9 | 349,3 |
| Property, plant and equipment | 56,5 | 41,7 | 42,7 | 41,6 | 40,9 |
| Right-of-use assets | 29,7 | 32,0 | 34,9 | 37,5 | 40,0 |
| Deferred tax assets | 68,6 | 64,9 | 61,5 | 62,4 | 68,4 |
| Total non-current assets | 526,9 | 499,5 | 494,8 | 494,5 | 498,6 |
| Inventories | 569,4 | 564,9 | 633,1 | 546,3 | 444,3 |
| Trade receivables | 376,1 | 306,5 | 351,3 | 288,6 | 295,1 |
| Prepaid expenses and accrued income | 20,8 | 51,8 | 29,7 | 14,3 | 17,6 |
| Other current receivables | 307,1 | 181,8 | 205,3 | 223,3 | 269,5 |
| Cash and cash equivalents | 28,4 | 53,9 | 16,5 | 40,4 | 86,1 |
| Total current assets | 1 301,8 | 1 158,9 | 1 235,9 | 1 112,9 | 1 112,6 |
| TOTAL ASSETS | 1 828,7 | 1 658,5 | 1 730,7 | 1 607,3 | 1 611,2 |
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Share capital | 111,0 | 111,0 | 111,0 | 111,0 | 111,0 |
| Other capital contributions | 389,2 | 389,6 | 390,4 | 392,6 | 392,8 |
| Reserves | 53,0 | 32,2 | 27,5 | 25,0 | 20,5 |
| Accumulated profits including profit for the year | 144,7 | 258,5 | 268,0 | 253,8 | 221,8 |
| Shareholder's equity attributable to the Parent Company's shareholders | 697,9 | 791,3 | 796,9 | 782,4 | 746,1 |
| LIABILITIES | |||||
| Non-current provisions | 25,2 | 23,4 | 22,1 | 23,5 | 26,6 |
| Non-current lease liabilities | 19,0 | 21,2 | 24,0 | 26,6 | 29,5 |
| Total non-current liabilities | 44,2 | 44,6 | 46,2 | 50,1 | 56,1 |
| Liabilities to credit institutions | 139,3 | 186,2 | 111,5 | 65,3 | - |
| Advances from customer | 11,2 | 10,3 | 8,6 | 13,2 | 16,1 |
| Trade payables | 672,9 | 478,1 | 650,9 | 523,3 | 602,0 |
| Current lease liabilities Other current liabilites |
12,6 141,9 |
12,6 25,3 |
12,8 21,3 |
12,8 71,2 |
12,3 70,6 |
| Accrued expense and deferred income | 81,7 | 86,2 | 60,6 | 65,0 | 81,7 |
| Current provisions | 27,0 | 23,9 | 21,9 | 24,1 | 26,2 |
| Total current liabilities | 1086,6 | 822,5 | 887,7 | 774,8 | 808,9 |
| Total liabilities | 1130,8 | 867,2 | 933,8 | 824,9 | 865,1 |
| TOTAL EQUITY AND LIABILITIES | 1 828,7 | 1 658,5 | 1 730,7 | 1 607,3 | 1 611,2 |
| Basic shareholders' equity per share, SEK | 6,33 | 7,17 | 7,22 | 7,09 | 6,76 |
| Diluted shareholders' equity per share, SEK | 6,31 | 7,14 | 7,17 | 7,04 | 6,72 |
| 6 mths | 3 mths | Full year | 9 mths | 6 mths | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 |
| Equity at the beginning of the period | 796,9 | 796,9 | 819,0 | 819,0 | 819,0 |
| Net profit for the period | -13,0 | -9,5 | 79,1 | 64,9 | 32,9 |
| Other comprehensive income for the period | 25,5 | 4,7 | 11,7 | 9,2 | 4,7 |
| Net comprehensive income for the period | 12,5 | -4,8 | 90,8 | 74,1 | 37,6 |
| Repurchase of own shares | - | - | - | - | - |
| Decreased number of treasury shares | 0,4 | - | 2,1 | 2,1 | 2,1 |
| Dividend | -110,3 | - | -110,2 | -110,2 | -110,2 |
| Share based payments, equity settled | -1,5 | -0,8 | -4,9 | -2,6 | -2,4 |
| Total transactions with owners of the Group | -111,5 | -0,8 | -113,0 | -110,7 | -110,5 |
| Equity at the end of the period | 697,9 | 791,3 | 796,9 | 782,4 | 746,1 |
| Attributable to: | |||||
| - Owners of the parent company | 697,9 | 791,3 | 796,9 | 782,4 | 746,1 |
| Q2 | Q2 | 6 mths | 6 mths | Full year | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2022 | 2021 | 2021 |
| OPERATING ACTIVITIES | |||||
| Operating profit | -6,8 | 22,6 | -16,5 | 39,9 | 97,2 |
| Adjustment for non-cash items | 30,7 | 11,7 | 57,9 | 22,7 | 41,7 |
| - of which depreciations and amortizations | 16,0 | 14,1 | 31,7 | 28,1 | 56,7 |
| - whereof other non-cash items | 14,6 | -2,4 | 26,2 | -5,4 | -15,0 |
| Interest received | 0,0 | 0,0 | 0,0 | ||
| Interest paid | -3,3 | -0,3 | -6,0 | -0,6 | -2,4 |
| Paid income tax | -2,6 | -0,9 | -3,8 | -2,0 | -3,1 |
| Cash flow from operating activities before changes in working | |||||
| capital | 17,9 | 33,1 | 31,5 | 60,0 | 133,4 |
| Cash flow from changes in working capital | |||||
| Increase(-)/decrease(+) inventories Increase(-)/decrease(+) trade receivables |
19,6 -79,0 |
-173,6 -33,1 |
93,5 -29,6 |
-141,4 -65,5 |
-324,8 -119,2 |
| Increase(-)/decrease(+) other current receivables | -92,8 | -140,1 | -91,3 | -179,3 | -126,9 |
| Increase(+)/decrease(-) trade payables | 210,1 | 291,7 | 27,0 | 235,1 | 289,4 |
| Increase(+)/decrease(-) other current liabilites | -26,4 | 3,8 | -1,9 | 10,3 | -26,7 |
| Cash flow from changes in working capital | 31,6 | -51,3 | -2,3 | -140,8 | -308,1 |
| Cash flow from operating activities | 49,5 | -18,2 | 29,2 | -80,8 | -174,7 |
| INVESTING ACTIVITIES | |||||
| Acquisition of intangible assets | -12,2 | -13,7 | -24,0 | -25,4 | -45,4 |
| Acquisition of tangible assets | -17,6 | -12,4 | -19,7 | -13,9 | -21,4 |
| Cash flow from investing activities | -29,8 | -26,1 | -43,7 | -39,3 | -66,8 |
| FINANCING ACTIVITIES | |||||
| Amortization of lease liabilities | -3,4 | -3,0 | -6,6 | -6,0 | -12,1 |
| Dividend paid | 0,0 | -55,0 | 0,0 | -55,0 | -110,2 |
| Decreased number of treasury shares | 0,4 | 2,1 | 0,4 | 2,1 | 2,1 |
| Repurchase of treasury shares | - | - | - | - | |
| Change of overdraft facility | -46,9 | 27,8 | 111,5 | ||
| Net cash used in financing activities | -49,9 | -56,0 | 21,5 | -58,9 | -8,7 |
| Net cash flow for the period | -30,2 | -100,3 | 7,0 | -179,1 | -250,3 |
| Cash and cash equivalents at beginning of period | 53,9 | 189,9 | 16,5 | 262,4 | 262,4 |
| Exchange rate losses/gains in cash and cash equivalents | 4,7 | -3,5 | 4,9 | 2,7 | 4,4 |
| Cash and cash equivalents at end of period | 28,4 | 86,1 | 28,4 | 86,1 | 16,5 |
| Unutilized bank overdraft facility | 110,7 | 50,0 | 110,7 | 50,0 | 88,5 |
| Available funds at end of period | 139,1 | 136,1 | 139,1 | 136,1 | 105,0 |
| 6 mths | 6 mths | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2021 |
| Net sales | 840,9 | 789,0 | 1 689,5 |
| Cost of goods sold | -756,0 | -658,0 | -1 435,7 |
| Gross profit | 84,8 | 131,0 | 253,8 |
| Selling expenses | -47,8 | -34,2 | -69,3 |
| Administrative expenses | -34,2 | -27,3 | -54,0 |
| Research and development costs | -33,9 | -30,5 | -64,5 |
| Other income and expenses | -3,1 | -0,7 | -5,8 |
| Operating profit | -34,2 | 38,3 | 60,3 |
| Result from financial items: | |||
| Interest income and similar profit/loss items | 4,7 | 2,2 | 2,9 |
| Interest expenses and similar profit/loss items | -4,8 | -0,1 | -1,3 |
| Profit/loss before tax | -34,3 | 40,4 | 61,8 |
| Income tax | 7,1 | -8,3 | -12,9 |
| Net profit for the period | -27,2 | 32,1 | 49,0 |
| 6 mths | 6 mths | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2021 |
| Net profit for the period | -27,2 | 32,1 | 49,0 |
| Comprehensive income for the period | - | - | - |
| Items that are or may be reclassified to profit or loss for the period | - | - | - |
| Comprehensive income for the period | - | - | - |
| Net comprehensive income for the period | -27,2 | 32,1 | 49,0 |
| Amounts in SEK M | Jun 30 2022 |
Mar 31 2022 |
Dec 31 2021 |
Sep 30 2021 |
Jun 30 2021 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Intangible assets | 102,5 | 100,0 | 97,6 | 95,4 | 93,7 |
| Property, plant and equipment | 52,6 | 38,0 | 38,9 | 39,0 | 39,1 |
| Financial assets | |||||
| Participations in group companies | 189,9 | 190,0 | 190,0 | 190,3 | 190,3 |
| Recevables from group companies | 9,3 | 6,7 | 11,7 | 10,3 | 10,0 |
| Deferred tax assets | 68,0 | 64,3 | 60,9 | 61,1 | 65,4 |
| Total financial assets | 267,3 | 261,1 | 262,6 | 261,6 | 265,8 |
| Total non-current assets | 422,4 | 399,1 | 399,1 | 396,1 | 398,6 |
| Current assets | |||||
| Inventories, etc. | 324,9 | 315,5 | 380,5 | 404,1 | 228,5 |
| Current receivables | |||||
| Trade receivables | 123,3 | 103,7 | 125,2 | 141,8 | 148,4 |
| Receivables from current group companies | 285,9 | 296,9 | 319,8 | 154,3 | 242,1 |
| Other current receivables | 302,6 | 178,7 | 199,1 | 218,0 | 267,3 |
| Prepaid expenses and accrued income | 8,8 | 44,8 | 24,1 | 10,7 | 13,7 |
| Total current receivables | 720,6 | 624,1 | 668,2 | 524,7 | 671,4 |
| Cash and cash equivalents | 4,8 | 0,7 | 0,5 | 1,3 | 40,8 |
| Total current assets | 1 050,2 | 940,3 | 1 049,3 | 930,1 | 940,7 |
| TOTAL ASSETS | 1 472,6 | 1 339,4 | 1 448,3 | 1 326,1 | 1 339,3 |
| Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 |
| EQUITY AND LIABILITIES | |||||
| Shareholders' equity | |||||
| Restricted equity | |||||
| Share capital | 111,0 | 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 | 102,6 | 100,0 | 97,6 | 94,3 | 92,1 |
| Total restricted equtiy | 318,4 | 315,8 | 313,5 | 310,1 | 307,9 |
| Non-restricted equity | |||||
| Share premium reserve | 192,3 | 192,6 | 193,4 | 195,7 | 195,9 |
| Retained earnings | -22,6 | 90,3 | 43,6 | 47,0 | 49,2 |
| Net profit for the year | -27,2 | -13,1 | 49,0 | 48,9 | 32,1 |
| Total non-restricted equity | 142,5 | 269,8 | 286,0 | 291,5 | 277,2 |
| Total equity | 460,8 | 585,6 | 599,5 | 601,7 | 585,0 |
| PROVISIONS | |||||
| Provisions | 40,8 | 35,6 | 32,7 | 36,0 | 38,6 |
| Total provisions | 40,8 | 35,6 | 32,7 | 36,0 | 38,6 |
| NON-CURRENT LIABILITES | |||||
| Non-current liabilities | 0,1 | 0,1 | 0,1 | 0,1 | 0,1 |
| Total non-current liabilites | 0,1 | 0,1 | 0,1 | 0,1 | 0,1 |
| CURRENT LIABILITES | |||||
| Liabilities to credit institutions | 139,3 | 186,2 | 111,5 | 65,3 | - |
| Advances from customer | 0,0 | 0,0 | 0,6 | 0,1 | 1,1 |
| Trade payables | 663,1 | 472,6 | 640,0 | 517,4 | 598,6 |
| Liabilities to group companies | 15,0 | 11,7 | 24,9 | 14,8 | 13,4 |
| Other current liabilities | 115,1 | 3,7 | 5,2 | 58,7 | 60,2 |
| Accrued expenses and deferred income | 38,3 | 44,0 | 33,8 | 32,2 | 42,4 |
| Total current liabilities | 970,9 | 718,1 | 816,1 | 688,4 | 715,6 |
| TOTAL EQUITY AND LIABILITIES | 1 472,6 | 1 339,4 | 1 448,3 | 1 326,1 | 1 339,3 |
| 6 mths | 9 mths | Full year | 9 mths | 6 mths | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 |
| Equity at the beginning of the period | 599,5 | 599,5 | 663,5 | 663,5 | 663,5 |
| Net comprehensive income for the period | -27,2 | -13,1 | 49,0 | 48,9 | 32,1 |
| Repurchase of own shares | - | - | - | - | - |
| Decreased number of treasury shares | 0,4 | - | 2,1 | 2,1 | 2,1 |
| Dividend | -110,3 | - | -110,2 | -110,2 | -110,2 |
| Share based payments, equity settled | -1,5 | -0,8 | -4,9 | -2,6 | -2,4 |
| Equity at the end of the period | 460,8 | 585,6 | 599,5 | 601,7 | 585,0 |
| Q2 | Q1 | Q4 | Q3 | Q2 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 |
| Order intake | 581 | 551 | 453 | 307 | 408 |
| Order intake - rolling 4 quarters | 1 891 | 1 718 | 1 610 | 1 611 | 1 744 |
| Net sales | 530,3 | 465,9 | 487,9 | 496,0 | 389,0 |
| Net sales - rolling 4 quarters | 1 980,1 | 1 838,8 | 1 765,8 | 1 958,2 | 2 027,8 |
| Operating profit | -6,8 | -9,7 | 17,2 | 40,1 | 22,6 |
| Operating profit - rolling 4 quarters | 40,8 | 70,2 | 97,2 | 149,3 | 184,3 |
| Net profit for the period | -3,5 | -9,5 | 14,2 | 32,0 | 15,2 |
| Cash flow from operating activities | 49,5 | -20,3 | 0,6 | -94,5 | -18,2 |
| Cash flow from operating activities - rolling 4 quarters | -64,7 | -132,5 | -174,7 | 27,8 | 160,6 |
| Number of employees, end of period | 189 | 190 | 180 | 180 | 173 |
| Equity/assets ratio | 38% | 48% | 46% | 49% | 46% |
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.
| Q2 | Q2 | 6 mths | 6 mths Full year | ||
|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2022 | 2021 | 2021 |
| Revenue from goods | 498,2 | 362,8 | 939,1 | 730,6 | 1 657,6 |
| Revenue from services | 20,6 | 19,7 | 38,2 | 38,7 | 84,6 |
| Revenue from licenses | 11,5 | 6,5 | 18,9 | 12,6 | 23,6 |
| Total | 530,3 | 389,0 | 996,2 | 781,9 | 1 765,8 |
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.
| Q2 | Q2 | 6 mths | 6 mths Full year | ||
|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | 2021 | |
| Direct customers | 68% | 50% | 61% | 56% | 57% |
| Resellers | 32% | 50% | 39% | 44% | 43% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2021 |
| Premises | 25,8 | 35,4 | 30,3 |
| Cars | 3,9 | 4,6 | 4,5 |
| Total | 29,7 | 40,0 | 34,9 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2021 |
| Within one year | 12,6 | 12,3 | 12,8 |
| Between one and five years | 19,0 | 28,8 | 24,0 |
| More than five years | - | 0,7 | - |
| Total | 31,5 | 41,8 | 36,8 |
| Q2 | Q2 | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2022 | 2021 | 2021 |
| Depreciation of right-of use assets | 0,0 | 3,1 | 12,4 |
| (of which premises) | 0,0 | 2,7 | 10,9 |
| (of which cars) | 0,0 | 0,4 | 1,5 |
| Interest expense for lease liabilities | 0,4 | 0,3 | 1,0 |
| Amortization of lease liabilities | 0,0 | 3,0 | 12,1 |
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. Liabilities to credit institutions refers to bank overdraft facilities.
| Amounts in SEK M | Jun 30 2022 |
Jun 30 2021 |
Dec 31 2021 |
|---|---|---|---|
| Loan and trade receivables | 707,6 | 641,9 | 579,6 |
| Total financial assets | 707,6 | 641,9 | 579,6 |
| Liabilities to credit institutions | 139,3 | - | 111,5 |
| Lease liabilities | 31,5 | 41,8 | 36,8 |
| Other financial liabilities | 784,3 | 657,8 | 672,5 |
| Total financial liabilities | 955,1 | 699,6 | 820,8 |
The Annual General Meeting on May 11, 2022, resolved to establish an incentive program in the form of a share performance plan (LTI 2022) for certain senior executives and key employees, whereupon the participants, after an initial investment in Pricer's Class B shares, receive one matching share right and one performance-based share right per invested Class B share. Following the vesting period of three years, the share rights entitle the participants to receive one matching share and up to five performance shares depending on the outcome of the performance conditions. From the 2022 performance share plan, a maximum of 420,000 shares can be transferred free of charge to the participants in June 2025 in the event the predefined performance targets are fully met. The value of the promise is expensed during the vesting period.
Significant related party transactions are described in Note 23 of the consolidated financial statements in the 2021 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 2021 Annual Report.
Floating charges (chattel mortgages) are a type of general collateral in the form of an undertaking to the bank. In the case of the Parent Company, guarantees are issued to customs authorities and landlords.
| Parent company | Group | |||||
|---|---|---|---|---|---|---|
| Jun 30 | Jun 30 | Dec 31 | Jun 30 | Jun 30 | Dec 31 | |
| Amounts in SEK M | 2022 | 2021 | 2021 | 2022 | 2021 | 2021 |
| Pledged assets | ||||||
| Floating charges | 150,0 | 59,6 | 100,0 | 150,0 | 59,6 | 100,0 |
| Total | 150,0 | 59,6 | 100,0 | 150,0 | 59,6 | 100,0 |
| Contingent liabilities | ||||||
| Customs authorities | 0,3 | 0,1 | 0,3 | 6,4 | 5,3 | 5,7 |
| Landlords | 1,7 | 1,7 | 1,7 | 1,7 | 1,7 | 1,7 |
| Total | 2,0 | 1,8 | 2,0 | 8,1 | 7,0 | 7,4 |
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
|---|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 |
| Net sales | 530,3 | 465,9 | 487,9 | 496,0 | 389,0 | 392,9 |
| Cost of goods sold | -442,4 | -382,2 | -389,5 | -388,9 | -293,8 | -298,9 |
| Gross profit | 87,9 | 83,8 | 98,4 | 107,2 | 95,1 | 94,0 |
| Gross margin, % | 16,6% | 18,0% | 20,2% | 21,6% | 24,5% | 23,9% |
| Selling expenses | -53,5 | -48,3 | -41,1 | -33,2 | -39,0 | -36,2 |
| Administrative expenses | -24,9 | -24,6 | -19,1 | -15,9 | -19,5 | -23,4 |
| Research and development costs | -18,0 | -15,9 | -18,9 | -15,0 | -15,8 | -14,7 |
| Other income and expenses | 1,8 | -4,7 | -2,1 | -2,9 | 1,7 | -2,4 |
| Operating profit | -6,8 | -9,7 | 17,2 | 40,1 | 22,6 | 17,3 |
| Operating margin, % | -1,3% | -2,1% | 3,5% | 8,1% | 5,8% | 4,4% |
| Net financial items | 0,7 | -2,1 | 0,2 | -1,3 | -3,2 | 4,7 |
| Net profit before tax | -6,1 | -11,8 | 17,4 | 38,9 | 19,4 | 22,0 |
| Income tax | 2,6 | 2,3 | -3,1 | -6,9 | -4,2 | -4,3 |
| Net profit for the period | -3,5 | -9,5 | 14,2 | 32,0 | 15,2 | 17,7 |
| Net profit for the period attributable to: | ||||||
| Owners of the Parent Company | -3,5 | -9,5 | 14,2 | 32,0 | 15,2 | 17,7 |
| EARNINGS PER SHARE | ||||||
| Kv 2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
|
| Basic earnings per share, SEK | -0,03 | -0,09 | 0,13 | 0,29 | 0,14 | 0,16 |
| Diluted earnings per share, SEK | -0,03 | -0,09 | 0,13 | 0,29 | 0,14 | 0,16 |
| Number of shares before dilution, millions | 110,3 | 110,3 | 110,3 | 110,3 | 110,2 | 110,3 |
| Diluted number of shares, millions | 110,6 | 110,8 | 111,1 | 111,2 | 111,0 | 111,2 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| Kv 2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 |
| Net profit for the period Items that are or may be reclassified to profit or loss for the period |
-3,5 | -9,5 | 14,2 | 32,0 | 15,2 | 17,7 |
| Translation differences | 20,8 | 4,7 | 2,5 | 4,5 | -4,9 | 9,6 |
| Other comprehensive income for the period | 20,8 | 4,7 | 2,5 | 4,5 | -4,9 | 9,6 |
| Net comprehensive income for the period | 17,3 | -4,8 | 16,7 | 36,5 | 10,3 | 27,3 |
| Net comprehensive income for the period attributable to: | ||||||
| Owners of the Parent Company | 17,3 | -4,8 | 16,7 | 36,5 | 10,3 | 27,3 |
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
|---|---|---|---|---|---|---|
| Amounts in SEK M | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 |
| OPERATING ACTIVITIES | ||||||
| Operating profit | -6,8 | -9,7 | 17,2 | 40,1 | 22,6 | 17,3 |
| Adjustment for non-cash items | 30,7 | 27,2 | 3,4 | 15,5 | 11,7 | 11,0 |
| - of which depreciations and amortizations | 16,0 | 15,6 | 14,6 | 14,0 | 14,1 | 14,0 |
| - whereof other non-cash items | 14,6 | 11,5 | -11,2 | 1,5 | -2,4 | -3,0 |
| Interest received | - | - | - | 0,0 | - | |
| Interest paid | -3,3 | -2,7 | -1,3 | -0,5 | -0,3 | -0,3 |
| Paid income tax | -2,6 | -1,2 | 0,0 | -1,0 | -0,9 | -1,1 |
| Cash flow from operating activities before changes in working | ||||||
| capital | 17,9 | 13,6 | 19,3 | 54,1 | 33,1 | 26,9 |
| Cash flow from changes in working capital | ||||||
| Increase(-)/decrease(+) inventories | 19,6 | 74,0 | -84,6 | -98,7 | -173,6 | 32,2 |
| Increase(-)/decrease(+) trade receivables | -79,0 | 49,3 | -59,0 | 5,3 | -33,1 | -32,4 |
| Increase(-)/decrease(+) other current receivables | -92,8 | 1,5 | 2,6 | 49,9 | -140,1 | -39,2 |
| Increase(+)/decrease(-) trade payables | 210,1 | -183,1 | 132,2 | -77,9 | 291,7 | -56,6 |
| Increase(+)/decrease(-) other current liabilites | -26,4 | 24,5 | -9,8 | -27,2 | 3,8 | 6,5 |
| Cash flow from changes in working capital | 31,6 | -33,9 | -18,7 | -148,6 | -51,3 | -89,5 |
| Cash flow from operating activities | 49,5 | -20,3 | 0,6 | -94,5 | -18,2 | -62,6 |
| INVESTING ACTIVITIES | ||||||
| Acquisition of intangible assets | -12,2 | -11,9 | -10,5 | -9,5 | -13,7 | -11,7 |
| Acquisition of tangible assets | -17,6 | -2,1 | -3,7 | -3,8 | -12,4 | -1,5 |
| Cash flow from investing activities | -29,8 | -13,9 | -14,2 | -13,3 | -26,1 | -13,2 |
| FINANCING ACTIVITIES | ||||||
| Amortization of lease liabilities | -3,4 | -3,2 | -3,1 | -3,1 | -3,0 | -3,0 |
| Dividend paid | 0,0 | - | -55,2 | - | -55,0 | - |
| Decreased number of treasury shares | 0,0 | - | - | - | 2,1 | - |
| Increased number of treasury shares | 0,4 | - | - | - | - | - |
| Change of overdraft facility | -46,9 | 74,6 | 46,3 | 65,3 | - | - |
| Cash flow from financing activities | -49,9 | 71,4 | -12,0 | 62,2 | -56,0 | -3,0 |
| Net cash flow for the period | -30,2 | 37,2 | -25,5 | -45,7 | -100,3 | -78,8 |
| Cash and cash equivalents at beginning of period | 53,9 | 16,5 | 40,4 | 86,1 | 189,9 | 262,4 |
| Exchange rate losses/gains in cash and cash equivalents | 4,7 | 0,2 | 1,7 | 0,0 | -3,5 | 6,2 |
| Cash and cash equivalents at end of period | 28,4 | 53,9 | 16,5 | 40,4 | 86,1 | 189,9 |
| Unutilized bank overdraft facility | 110,7 | 63,8 | 88,5 | 34,7 | 50,0 | 50,0 |
| Available funds at end of period | 139,1 | 117,7 | 105,0 | 75,1 | 136,1 | 239,9 |
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.
| Amounts in SEK M unless otherwise stated | Jun 30 2022 |
Jun 30 2021 |
Dec 31 2021 |
|---|---|---|---|
| PERFORMANCE MEASURE | |||
| Operating expenses | |||
| Selling expenses | -101,8 | -75,1 | -149,4 |
| Administrative expenses | -49,5 | -42,9 | -77,9 |
| Research and development costs | -33,9 | -30,5 | -64,5 |
| Operating expenses | -185,2 | -148,6 | -291,8 |
| MARGIN RATIOS | |||
| Net Sales | 996,2 | 781,9 | 1 765,8 |
| Gross Profit | 171,6 | 189,2 | 394,7 |
| Gross profit margin, % | 17,2% | 24,2% | 22,4% |
| Operating profit | -16,5 | 39,9 | 97,2 |
| Operating margin, % | -1,7% | 5,1% | 5,5% |
| CAPITAL AND FINANCIAL RATIOS | |||
| Equity/assets ratio | |||
| Total assets | 1 828,7 | 1 611,2 | 1 730,7 |
| Equity | 697,9 | 746,1 | 796,9 |
| Equity/assets ratio, % | 38% | 46% | 46% |
| RETURN RATIOS | |||
| Equtiy per share basic/diluted | |||
| Number of outstanding shares, million | 110,3 | 110,2 | 110,3 |
| Dilution, million | 0,3 | 0,9 | 0,8 |
| Equity | 697,9 | 746,1 | 796,9 |
| Equity per share basic, SEK | 6,33 | 6,77 | 7,22 |
| Equity per share diluted, SEK | 6,31 | 6,72 | 7,17 |
| Earnings per share, before and after dilution | |||
| Avarage number of outstanding shares, million | 110,3 | 110,1 | 110,2 |
| Dilution, million | 0,3 | 0,9 | 0,8 |
| Net profit | -13,0 | 32,9 | 79,1 |
| Earnings per share, before dilution, SEK | -0,12 | 0,30 | 0,72 |
| Earnings per share, after dilution, SEK | -0,12 | 0,30 | 0,71 |
| ALTERNATIVE KEY RATIOS | DEFINITION | REASON FOR USE |
|---|---|---|
| PERFORMANCE METRIC | ||
| Change adjusted for exchange rate fluctuations/change in local currency |
Relationship between the period's profit/loss and the comparative period's profit/loss translated using the period's exchange rates. |
This measure is used by management to follow underlying 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 important internal measure that management can influence to a large extent. |
| Items affecting comparability | Expenses of a non-recurring nature that are not part of the 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 items affecting comparability |
Operating expenses minus items affecting comparability. |
This measure is used by management to enable comparability 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 development 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 company's ability to pay its debts. |
| RETURN RATIOS | ||
| 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 performance based share plans. |
This measure is used to show development of equity per share over time and enable comparability with other companies. |
| ALTERNATIVE KEY RATIOS | DEFINITION | REASON FOR USE |
|---|---|---|
| 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 based share plans. |
This measure is used to show development of earnings per share over time and to enable comparability with other companies. |
| OTHER RATIOS | ||
| 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 company'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 exchange 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. |
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 electronic shelf labels, advanced technology, such as optical wireless communication and AI, and continuous innovation,
Pricer offers the foundation for in-store communication and efficiency.
The industry leading Pricer platform delivers benefits from 30 years of deployment experience and is fast, robust, interconnectable and scalable.
Pricer was founded in 1991 in Sweden, and the company's Class B share is listed on Nasdaq Stockholm Mid Cap.
For further information, please visit www.pricer.com
Pricer AB Website: www.pricer.com Box 215 Telephone: +46 8 505 582 00 SE-101 24 Stockholm, Sweden CIN: 556427-7993 Street address: Västra Järnvägsgatan 7 SE-111 64 Stockholm
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.