Interim / Quarterly Report • Jul 20, 2021
Interim / Quarterly Report
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Q2 • INTERIM REPORT • January–June 2021
Net sales in the quarter (+35%)
Operating margin in the quarter
Net profit for the quarter
| Amounts in SEK M unless | Q2 | Q2 | 6 mths | 6 mths | Rolling | Full year |
|---|---|---|---|---|---|---|
| otherwise stated | 2021 | 2020 | 2021 | 2020 | 4 Q | 2020 |
| Order intake | 408 | 324 | 850 | 695 | 1 744 | 1 588 |
| Net sales | 389,0 | 287,6 | 781,9 | 513,6 | 2 027,8 | 1 759,5 |
| Gross margin, % | 24,5% | 22,9% | 24,2% | 26,6% | 23,5% | 24,0% |
| Operating profit | 22,6 | 3,5 | 39,9 | 10,8 | 184,3 | 155,2 |
| Operating margin, % | 5,8% | 1,2% | 5,1% | 2,1% | 9,1% | 8,8% |
| Cash flow 1) | -18,2 | 21,3 | -80,8 | 23,5 | 160,6 | 264,9 |
| Net profit for the period | 15,2 | -6,9 | 32,9 | 8,0 | 152,4 | 127,5 |
| Earnings per share, SEK 2) | 0,14 | -0,06 | 0,30 | 0,07 | 1,38 | 1,16 |
| 1) Cash flow from operating activities |
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2) Basic earnings per share
Good conditions for continued high market growth in the coming years
Operating profit, SEK M
Net sales in the second quarter amounted to SEK 389 M (288), which means an increase of 35 percent compared to the same period last year. Excluding currency effects net sales grew 49 percent, and in terms of volume, during the quarter, we delivered twice as many digital labels as we did during the corresponding period the previous year. Net sales were distributed over a large number of customers with a wide geographic spread and market activity in all important markets remain high.
Paper labels are increasingly being replaced by digital labels, but despite this, the penetration rate of ESL (Electronic Shelf Label) systems remains very low from a global retail perspective. The low degree of penetration in combination with the fact that pricing of goods is one of the most central processes in store operations constitutes good conditions for continued high market growth in the coming years.
Order intake in the second quarter amounted to SEK 408 M (324), which is in line with the last three quarters and corresponds to an increase of 26 percent compared to the previous year. In addition to the steadily growing flow of small and medium-sized orders that are generated by either our local sales organizations or our global network of partners, there are regular call-off orders from the framework agreements that were communicated in recent years. With several parallel framework agreements, we have a smoother and more stable inflow of orders than we have seen historically, even though large customer projects can create lumpiness between quarters and may also do so going forward. The order backlog increased marginally during the quarter and amounted at the end of June to SEK 563 M.
The gross margin of 24.5 percent (22.9) and the operating profit of SEK 22.6 M (3.5) continue to be under pressure from high component and logistics costs. Otherwise, the gross margin is primarily a result of the product and contract mix that was invoiced in the quarter. We are continuing to invest in a strengthened market presence, which forms the basis for a closer dialogue with our customers and a broader service offering. Combined with a continued high rate of innovation in product development, this has increased the operating expenses, primarily in the form of staff and consultants.
We are in a very exciting phase of the company's now 30-year history. In addition to providing the market's most stable and high-performing ESL system, we offer our customers a broad palette of services and software-based solutions. Using our cloud-based platform Pricer Plaza as a starting point, we can assist with everything from operations and monitoring of the ESL system to analysis based on real-time information, thus ensuring efficient performance of prioritized in-store tasks. We are still in an early phase of this development, but we are already seeing results from our investments in the form of increased service and licensing revenue, albeit at continued low levels.
The cash flow is a result of timing effects between incoming and outgoing payments. The high capital tie-up at the end of the second quarter is attributable to the high rate of production and delivery, combined with longer transport times than normal. In the second quarter we also initiated investments into more scalable production solutions that we intend to continue with in the fall to meet the increased demand we are experiencing in the market. As communicated previously, we advise that cash flow should always be analyzed over time.
As country borders open and travel restrictions are lifted, we look forward to more face-to-face meetings during the second half of the year. I would like to extend once again a warm "Thank You" to our fantastic employees and partners for the endurance and problem-solving abilities that they have demonstrated since the start of the pandemic. I truly admire the work that made the company's great development to date possible, and I look forward to the exciting journey and growth that lies ahead of us.
Helena Holmgren President and CEO
Macrotrends for store digitalization continue to be strong and global
Macrotrends for store digitalization continue to be strong and global. In addition to a sharp increase in e-commerce, the pandemic has resulted changed behavioral patterns in terms of how and where consumers are shopping. Depending on the degree of lock-down in each country, the trends are unfolding at varying speeds and sometimes in different directions, but the emergence of a hybrid model between physical and digital channels is common to all markets. The new reality means that retail is facing a major transformation as the capacity for ecommerce needs to be expanded, while at the same time the attractiveness of the physical store needs to increase.
Consumers' online shopping experience with regards to, for example, availability, convenience and flexibility is increasingly impacting the expectations of what constitutes a good shopping experience in stores. By offering well-stocked shelves, synchronized prices across channels, and increased availability of store staff for personal service, physical stores are trying to attract consumers to come back to the store. This in turn increases the need for system support, such as an ESL system, to automate and streamline processes as well as the flow of data.
The tradition among retailers to design their own technology solutions combined with an increased expectation on use-cases to be supported by the ESL system result in increasingly complex procurement processes and integration projects. In addition to the increased technical complexity, requirements on data security, sustainability and quality are also becoming higher. A consequence of this development is that it raises the bar for 'good enough' ESL-solutions, thus making it increasingly difficult for new market players to establish themselves on a global basis.
The pandemic is continuing in many areas around the world, even if the restrictions have been lifted in several of our most important markets. The largest impact during the second quarter continues to be in the supply and logistics chains. The absence of air traffic has resulted in temporary increases in transport times and shipping costs for both air and sea transports. There also continues to be a global shortage of a number of standard components, which makes production planning difficult and results in higher manufacturing costs. Pricer works with long forecasts in its supply chain, which has made it easier to maintain a good rate of production even if the lead times to customers are several weeks longer than normal.
Europe, Middle East & Africa
Americas
Asia & the Pacific
Order intake for the second quarter amounted to SEK 408 M (324), an increase of 26 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, order intake rose 38 percent. Order intake is spread across a large number of customers on several geographic markets, with Canada, France and Norway the largest individual contributors. Order intake for the quarter includes an order from a leading Canadian retail chain of SEK 57 M. Pricer's Norwegian retailer StrongPoint AS signed a new framework agreement in the quarter with Coop Norway with an estimated value for Pricer of around SEK 140 M. Orders under this agreement will be placed and delivered until December 2022, which means that the agreement did not have a material impact on the order intake for the second quarter.
Order backlog as per June 30, 2021, amounted to SEK 563 M (903), of which the majority is expected to be delivered in Q3 and Q4 2021.
Order intake amounted to SEK 850 M (695) for the first six months, an increase of 22 percent compared to the same period last year. Adjusted for exchange rate fluctuations, order intake rose 35 percent. Canada, France, and Norway comprise the largest countries. The order intake has a wide geographic spread and includes several new customers that signed during the year.
| Q2 | Q2 | 6 mths | 6 mths | Full year | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2021 | 2020 | 2020 |
| Europe, Middle East & Africa | 239,2 | 114,4 | 481,3 | 309,9 | 839,5 |
| Americas | 127,8 | 164,5 | 257,5 | 193,6 | 883,0 |
| Asia & the Pacific | 22,0 | 8,9 | 43,1 | 10,0 | 37,0 |
| Total net sales | 389,0 | 287,6 | 781,9 | 513,6 | 1 759,5 |
| Q2 | Q2 | 6 mths | 6 mths | Full year | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2021 | 2020 | 2020 |
| Net sales | 389,0 | 287,6 | 781,9 | 513,6 | 1 759,5 |
| Cost of goods sold | -293,8 | -221,8 | -592,7 | -376,8 | -1 336,4 |
| Gross profit | 95,1 | 65,9 | 189,2 | 136,7 | 423,1 |
| Gross margin, % | 24,5% | 22,9% | 24,2% | 26,6% | 24,0% |
| Operating expenses | -74,2 | -62,1 | -148,6 | -127,6 | -282,1 |
| Other income and expenses | 1,7 | -0,2 | -0,7 | 1,8 | 14,2 |
| Operating profit | 22,6 | 3,5 | 39,9 | 10,8 | 155,2 |
| Operating margin, % | 5,8% | 1,2% | 5,1% | 2,1% | 8,8% |
| 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 | 389,0 | 35% | 49% |
| Cost of goods sold | -293,8 | 32% | 48% |
| Gross profit | 95,1 | 44% | 53% |
| Operating expenses | -74,2 | 19% | 23% |
| Other income and expenses | 1,7 | - | - |
| Operating profit | 22,6 | 548% | 659% |
| January - June compared with the same period last year | |||
| Net sales | 781,9 | 52% | 67% |
| Cost of goods sold | -592,7 | 57% | 76% |
| Gross profit | 189,2 | 38% | 42% |
| Operating expenses | -148,6 | 16% | 19% |
| Other income and expenses | -0,7 | - | - |
| Operating profit | 39,9 | 268% | 286% |
Net sales amounted to SEK 389.0 M (287.6) in the quarter, an increase of 35 percent compared to the same quarter last year. Adjusted for exchange rate fluctuations, net sales increased by 49 percent. Net sales in Q2 2021 were spread across a large number of customers. The majority of the sales occurred in Canada, France and Norway.
Gross profit amounted to SEK 95.1 M (65.9), and the gross margin amounted to 24.5 percent (22.9) for the quarter. The change in the gross margin continued to be primarily an effect of the product and contract mix. Access to shipping solutions, both air and sea, has continued to be a challenge in the second quarter, which, combined with the shortage of some standard components that are used in several industries, has impacted both lead times and prices. 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 negative impact on gross profit compared to last year.
Operating expenses increased to SEK -74.2 M (-62.1) in the quarter, an increase of 19 percent compared to the same quarter last year. The increase was primarily a result of increased costs for staff and consultants related to investments in product development, an enhanced market presence to enable a broader customer service offer, and IT infrastructure. The increase is offset somewhat by lower costs for share-based compensation during the quarter. Operating expenses are primarily in SEK, but they are also in EUR and USD.
Other income and expenses amounted to SEK 1.7 M (-0.2) and consisted of the net effect of realized and unrealized currency revaluations of trade receivables and trade payables.
Operating profit amounted to SEK 22.6 M (3.5), which corresponded to an operating margin of 5.8 percent (1.2). An increase in the gross profit led to an increase in both the operating profit and the operating margin.
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 -3.2 M (-9.7), which was largely due to negative translation effects on currency accounts in USD.
Tax for the quarter amounted to SEK -4.2 M (-0.7), of which SEK -3.4 M (0.2) refers to deferred tax and SEK -0.7 M (-0.9) to current tax. The current tax rate amounted to -4 percent (+14), and the reported total tax rate amounted to -22 percent (+11). A deferred tax asset is reported for all of the parent company's tax loss carry-forwards from the end of 2020; therefore, the reported total tax rate for 2021 will be higher than in previous years. Deferred tax assets related to capitalized losses carried forward amounted in the balance sheet on June 30, 2021, to SEK 57.5 M (70.4).
Profit for the period was SEK 15.2 M (-6.9). The increase compared to the last year can be attributable to an increase in operating profit.
Translation differences in other comprehensive income of SEK -4.9 M (-19.8) consisted of currency revaluation of net assets in foreign operations.
Net sales amounted to SEK 781.9 M (513.6) in H1, an increase of 52 percent compared to the same period last year. Adjusted for exchange rate fluctuations, net sales increased by 67 percent. Net sales were spread across a large number of customers. The majority of the sales occurred in France, Canada, Norway and the USA.
Gross profit amounted to SEK 189.2 M (136.7), and the gross margin amounted to 24.2 percent (26.6) for the period. The change in the gross margin continued to be primarily a consequence of the product and contract mix as well as the increased component and logistics costs. 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 -148.6 M (-127.6) in the period, an increase of 16 percent compared to the same period last year. The increase was primarily a result of increased costs for staff and consultants related to product development, an enhanced market presence, and investments in a broader customer service offer.
Other income and expenses amounted to SEK -0.7 M (1.8) for the period and consisted of the net effect of realized and unrealized currency revaluations of trade receivables and trade payables.
Operating profit amounted to SEK 39.9 M (10.8), which corresponded to an operating margin of 5.1 percent (2.1). An increase in the gross profit led to an increase in the operating profit and the operating margin.
Financial items, which consist primarily of currency revaluation of balance sheet items such as cash and cash equivalents, impacted the period positively and amounted to SEK 1.5 M (-1.5).
Tax for the period amounted to SEK -8.5 M (-1.4), of which SEK -6.6 M (0.3) refers to deferred tax and SEK -1.9 M (-1.7) to current tax. The current tax rate amounted to -5 percent (-18), and the reported total tax rate amounted to -21 percent (-15). A deferred tax asset is reported for all of the parent company's tax loss carry-forwards from the end of 2020; therefore, the reported total tax rate for 2021 will be higher than in previous years.
Profit for the period was SEK 32.9 M (8.0). The increase compared to last year can be attributable to an increase in operating profit.
Translation differences in other comprehensive income of SEK 4.7 M (1.3) consisted of currency revaluation of net assets in foreign operations.
Cash flow from operating activities amounted to SEK -18.2 M (21.3) for Q2. The change in working capital during the quarter had a negative impact on cash flow from operating activities of SEK -51.3 M (8.6). The high production rate to deliver the order backlog combined with longer lead times for transport resulted in increased inventory and receivables from suppliers (for component purchases that are re-invoiced). Trade payables attributable to production also increased during the quarter. Since there is a major timing effect from operating activities, the cash flow should be analyzed over time.
Cash flow from investing activities amounted to SEK -26.1 M (-15.9) in the second quarter and consisted primarily of capitalized development expenditures of SEK -13.6 M (-14.0) for continued investments in product development and investments in property, plant and equipment of SEK -12.5 M (-2.0) attributable primarily to production equipment and investments in enhanced production capacity.
Cash flow from financing activities amounted to SEK -56.0 M (-44.7) during the second quarter and referred to the dividend of SEK -55.0 M (-44.1), amortization of lease liabilities of SEK -3.0 M (-2.8) and a decrease in treasury shares of SEK 2.1 M (2.1). According to a resolution by the Annual General Meeting, the dividend was divided into two payouts of SEK 0.50 (0.40) per share each, which are paid in May and November 2021.
Exchange rate differences in cash and cash equivalents amounted to SEK -3.5 M (-7.9), which was a result of negative translation effects on currency accounts in USD and EUR.
Cash and cash equivalents amounted to SEK 86.1 M (132.9) on June 30, 2021. In addition to cash and cash equivalents, the company had on June 30, 2021, an unutilized overdraft facility of SEK 50 M (50).
Cash flow from operating activities amounted to SEK -80.8 M (23.5) for the period. The change in working capital had a negative impact of SEK -140.8 M (-10.4) on cash flow from operating activities, primarily due to an increase in inventory, which reduced cash flow, and an increase in trade payables, which improved cash flow. Trade payables were also paid during the year for large deliveries that occurred in Q4 2020, where customer payments were made before the end of the year.
Cash flow from investing activities amounted to SEK -39.3 M (-37.2) during the first six months and consisted primarily of capitalized development expenditures of SEK -25.3 M (-28.6) and investments in property, plant and equipment of SEK -14.0 M (-8.6) attributable to production equipment.
Cash flow from financing activities amounted to SEK -58.9 M (-47.6) during the first six months and referred to the dividend of SEK -55.0 M (-44.1), amortization of lease liabilities of SEK -6.0 M (-5.6), and a decrease in treasury shares of SEK 2.1 M (2.1).
Exchange rate differences in cash and cash equivalents amounted to SEK 2.7 M (-0.1).
| ISSUED AND OUTSTANDING SHARES | ||||
|---|---|---|---|---|
| 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 | - | -648 | -648 | |
| Outstanding shares at end of period | 226 | 110 098 | 110 324 | |
| Class A share carries five votes and class B share carries one vote | ||||
| From the 2018 performance-based share plan, 228,858 Class B shares were transferred free of charge in June 2021 to the participants. Due to the fulfillment of the performance-based share plan, Pricer decreased its treasury shares by 228,858 Class B shares. |
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| Pricer's holdings of treasury shares amounted on June 30, 2021, to 648,278 (477,136) Class B | ||||
| shares. These shares are held to be able to meet obligations on matching and performance shares under the outstanding performance-based share plans. |
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| Transferred free of | ||||
| Performance | Maximum of | charge to the | ||
| share plan (LTI) LTI 2019 |
shares 240 000 |
Vesting period Jun 2019 - May 2022 |
participants Jun 2022 |
|
| LTI 2020 | 330 000 | Jun 2020 - May 2023 | Jun 2023 | |
| LTI 2021 | 279 000 | Jun 2021 - May 2024 | Jun 2024 | |
| Employees The average number of employees during the second quarter was 169 (145), and the number of employees at the end of the period was 173 (147). The average number including hired staff and consultants was 203 (171) in the second quarter and 207 (174) at the end of the period. The organization was strengthened in several areas, such as customer project management, support, product development, and sales. We have strengthened our presence in a number of geographic markets with the aim of managing both the increased demand and the growing installed customer base. |
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| Parent Company | ||||
| The Parent Company's net sales amounted to SEK 789.0 M (579.9), and the profit for the period amounted to SEK 32.1 M (-2.3). The Parent Company's cash and cash equivalents amounted to SEK 40.8 M (108.9) at the end of the period. |
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| Risks and uncertainty factors | ||||
| 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 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 |
| Transferred free of | |||
|---|---|---|---|
| Performance | Maximum of | charge to the | |
| share plan (LTI) | shares | Vesting period | participants |
| LTI 2019 | 240 000 | Jun 2019 - May 2022 | Jun 2022 |
| LTI 2020 | 330 000 | Jun 2020 - May 2023 | Jun 2023 |
| LTI 2021 | 279 000 | Jun 2021 - May 2024 | Jun 2024 |
installations or large fluctuations in exchange rates can have a significant effect in any given quarter. More information regarding risks is available in the 2020 Annual Report; see page 32 and Note 20.
Pricer, like other global companies, is affected by pandemics, and during the years 2020–2021 the company was affected by COVID-19. 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 has also been significantly reduced due to the ongoing pandemic.
Uncertainty about the course of the pandemic is still high. Pricer is continuing to follow the guidelines and recommendations set up in each country where the company is active. The health of the staff has continued to be Pricer's top priority.
No forecast is provided for 2021.
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 April 29, 2021. Given the extraordinary situation caused by the COVID-19 pandemic, the meeting was held solely via absentee ballot, without physical participation. The AGM resolved on the re-election of Board members Knut Faremo, Hans Granberg, Jonas Guldstrand and Jenni Virnes and the new-election of Göran Sundholm. 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.
On July 8, 2021, Pricer signed a temporary credit agreement with Nordea for an additional SEK 50 M, increasing the total credit facility to SEK 100 M. The agreement is valid until December 31, 2021, and has primarily been signed to manage working capital needs driven by high demand combined with temporarily longer lead times as a result of limited access to shipping and some standard components.
Otherwise, no significant events occurred after the end of the reporting period.
The next interim report will be published on October 22, 2021
October 22, 2021 Interim Report January–September 2021 February 11, 2022 Year-End Report 2021
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 20, 2021
Pricer AB (publ)
Knut Faremo Chair
Hans Granberg Jenni Virnes
Jonas Guldstrand Göran Sundholm
Helena Holmgren President and 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 20, 2021, at 8:30 AM CET.
For more information, please contact: Helena Holmgren, President and CEO Tel: +46 (0)702 870 068 Email: [email protected]
| Amounts in SEK M | Q2 2021 |
Q2 2020 |
6 mths 2021 |
6 mths 2020 |
Full year 2020 |
|---|---|---|---|---|---|
| Net sales | 389,0 | 287,6 | 781,9 | 513,6 | 1 759,5 |
| Cost of goods sold | -293,8 | -221,8 | -592,7 | -376,8 | -1 336,4 |
| Gross profit | 95,1 | 65,9 | 189,2 | 136,7 | 423,1 |
| Selling expenses | -39,0 | -32,8 | -75,1 | -71,5 | -148,7 |
| Administrative expenses | -19,5 | -16,6 | -42,9 | -33,7 | -78,0 |
| Research and development costs | -15,8 | -12,7 | -30,5 | -22,4 | -55,4 |
| Other income and expenses | 1,7 | -0,2 | -0,7 | 1,8 | 14,2 |
| Operating profit | 22,6 | 3,5 | 39,9 | 10,8 | 155,2 |
| Net financial items | -3,2 | -9,7 | 1,5 | -1,5 | -21,5 |
| Net profit before tax | 19,4 | -6,2 | 41,4 | 9,4 | 133,6 |
| Income tax | -4,2 | -0,7 | -8,5 | -1,4 | -6,2 |
| Net profit for the period | 15,2 | -6,9 | 32,9 | 8,0 | 127,5 |
| Net profit for the period attributable to: | |||||
| Owners of the Parent Company | 15,2 | -6,9 | 32,9 | 8,0 | 127,5 |
| EARNINGS PER SHARE | |||||
| Q2 | Q2 | 6 mths | 6 mths | Full year | |
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Basic earnings per share, SEK | 0,14 | -0,06 | 0,30 | 0,07 | 1,16 |
| Diluted earnings per share, SEK | 0,14 | -0,06 | 0,30 | 0,07 | 1,15 |
| Number of shares before dilution, millions | 110,2 | 110,3 | 110,1 | 110,4 | 110,3 |
| Diluted number of shares, millions | 111,0 | 111,4 | 111,0 | 111,4 | 111,2 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| Amounts in SEK M | Q2 2021 |
Q2 2020 |
6 mths 2021 |
6 mths 2020 |
Full year 2020 |
| Net profit for the period | 15,2 | -6,9 | 32,9 | 8,0 | 127,5 |
| Items that are or may be reclassified to profit or loss for the period | |||||
| Translation differences | -4,9 | -19,8 | 4,7 | 1,3 | -19,1 |
| Other comprehensive income for the period | -4,9 | -19,8 | 4,7 | 1,3 | -19,1 |
| Net comprehensive income for the period | 10,3 | -26,6 | 37,6 | 9,3 | 108,4 |
| Net comprehensive income for the period attributable to: |
| Amounts in SEK M | Jun 30 2021 |
Mar 31 2021 |
Dec 31 2020 |
Sep 30 2020 |
Jun 30 2020 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Intangible assets | 349,3 | 346,6 | 338,0 | 352,3 | 346,5 |
| Property, plant and equipment | 40,9 | 30,5 | 30,3 | 30,0 | 28,7 |
| Right-of-use assets | 40,0 | 43,3 | 43,7 | 46,3 | 48,5 |
| Deferred tax assets | 68,4 | 71,8 | 75,0 | 77,4 | 76,7 |
| Total non-current assets | 498,6 | 492,2 | 487,0 | 506,0 | 500,4 |
| Inventories | 444,3 | 274,2 | 301,5 | 464,3 | 413,9 |
| Trade receivables | 295,1 | 263,2 | 235,6 | 312,6 | 155,2 |
| Prepaid expenses and accrued income | 17,6 | 13,3 | 9,5 | 13,4 | 17,2 |
| Other current receivables | 269,5 | 133,8 | 98,5 | 200,9 | 335,0 |
| Cash and cash equivalents | 86,1 | 189,9 | 262,4 | 150,5 | 132,9 |
| Total current assets | 1 112,6 | 874,4 | 907,5 | 1 141,8 | 1 054,2 |
| TOTAL ASSETS | 1 611,2 | 1 366,6 | 1 394,5 | 1 647,7 | 1 554,6 |
| EQUITY AND LIABILITIES EQUITY |
|||||
| Share capital | 111,0 | 111,0 | 111,0 | 111,0 | 111,0 |
| Other capital contributions | 392,8 | 394,9 | 393,2 | 408,3 | 405,5 |
| Reserves | 20,5 | 25,4 | 15,8 | 36,7 | 36,2 |
| Accumulated profits including profit for the year | 221,8 | 316,8 | 299,1 | 249,0 | 179,7 |
| Shareholder's equity attributable to the Parent Company's | |||||
| shareholders | 746,1 | 848,1 | 819,0 | 805,0 | 732,4 |
| LIABILITIES | |||||
| Non-current provisions | 26,6 | 25,6 | 24,0 | 18,7 | 17,0 |
| Non-current lease liabilities | 29,5 | 32,9 | 33,5 | 36,0 | 38,1 |
| Total non-current liabilities | 56,1 | 58,5 | 57,6 | 54,7 | 55,1 |
| Advances from customer | 16,1 | 12,6 | 6,4 | 9,8 | 7,5 |
| Trade payables | 602,0 | 309,7 | 384,4 | 609,8 | 603,9 |
| Current lease liabilities | 12,3 | 12,2 | 11,8 | 11,8 | 11,7 |
| Other current liabilites | 70,6 | 14,6 | 19,5 | 57,2 | 55,4 |
| Accrued expense and deferred income | 81,7 | 86,7 | 73,0 | 79,8 | 70,5 |
| Current provisions | 26,2 | 24,3 | 22,8 | 19,7 | 18,0 |
| Total current liabilities | 808,9 | 460,1 | 517,9 | 788,1 | 767,1 |
| Total liabilities | 865,1 | 518,6 | 575,5 | 842,8 | 822,2 |
| TOTAL EQUITY AND LIABILITIES | 1 611,2 | 1 366,6 | 1 394,5 | 1 647,7 | 1 554,6 |
| Basic shareholders' equity per share, SEK | 6,78 | 7,70 | 7,44 | 7,29 | 6,63 |
| Diluted shareholders' equity per share, SEK | 6,72 | 7,64 | 7,37 | 7,21 | 6,58 |
| 6 mths | 3 mths | Full year | 9 mths | 6 mths | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2021 | 2020 | 2020 | 2020 |
| Equity at the beginning of the period | 819,0 | 819,0 | 810,2 | 810,2 | 810,2 |
| Net profit for the period | 32,9 | 17,7 | 127,5 | 77,3 | 8,0 |
| Other comprehensive income for the period | 4,7 | 9,6 | -19,1 | 1,8 | 1,3 |
| Net comprehensive income for the period | 37,6 | 27,3 | 108,4 | 79,1 | 9,3 |
| Repurchase of own shares | - | - | -16,0 | - | - |
| Decreased number of treasury shares | 2,1 | - | 2,1 | 2,1 | 2,1 |
| Dividend | -110,2 | - | -88,3 | -88,2 | -88,2 |
| Share based payments, equity settled | -2,4 | 1,7 | 2,6 | 1,7 | -1,1 |
| Total transactions with owners of the Group | -110,5 | 1,7 | -99,6 | -84,3 | -87,1 |
| Equity at the end of the period | 746,1 | 848,1 | 819,0 | 805,0 | 732,4 |
| Attributable to: | |||||
| - Owners of the parent company | 746,1 | 848,1 | 819,0 | 805,0 | 732,4 |
| Q2 | Q2 | 6 mths | 6 mths | Full year | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2021 | 2020 | 2020 |
| OPERATING ACTIVITIES | |||||
| Operating profit | 22,6 | 3,5 | 39,9 | 10,8 | 155,2 |
| Adjustment for non-cash items | 11,7 | 10,4 | 22,7 | 25,5 | 54,1 |
| - of which depreciations and amortizations | 14,1 | 9,7 | 28,1 | 19,5 | 45,5 |
| - whereof other non-cash items | -2,4 | 0,7 | -5,4 | 6,0 | 8,6 |
| Interest received | 0,0 | - | 0,0 | 0,1 | 0,2 |
| Interest paid | -0,3 | -0,3 | -0,6 | -0,7 | -1,3 |
| Paid income tax | -0,9 | -1,0 | -2,0 | -1,9 | -4,6 |
| Cash flow from operating activities before changes in working | |||||
| capital | 33,1 | 12,7 | 60,0 | 33,9 | 203,6 |
| Cash flow from changes in working capital | |||||
| Increase(-)/decrease(+) inventories | -173,6 | -229,1 | -141,4 | -195,2 | -87,3 |
| Increase(-)/decrease(+) trade receivables | -33,1 | 36,7 | -65,5 | -8,5 | -77,0 |
| Increase(-)/decrease(+) other current receivables | -140,1 | -197,2 | -179,3 | -271,6 | -28,7 |
| Increase(+)/decrease(-) trade payables | 291,7 | 398,2 | 235,1 | 445,8 | 217,6 |
| Increase(+)/decrease(-) other current liabilites | 3,8 | 0,0 | 10,3 | 19,0 | 36,6 |
| Cash flow from changes in working capital | -51,3 | 8,6 | -140,8 | -10,4 | 61,2 |
| Cash flow from operating activities | -18,2 | 21,3 | -80,8 | 23,5 | 264,9 |
| INVESTING ACTIVITIES | |||||
| Acquisition of intangible assets | -13,7 | -14,0 | -25,4 | -28,6 | -45,6 |
| Acquisition of tangible assets | -12,4 | -2,0 | -13,9 | -8,6 | -16,3 |
| Cash flow from investing activities | -26,1 | -15,9 | -39,3 | -37,2 | -61,9 |
| FINANCING ACTIVITIES | |||||
| Amortization of lease liabilities | -3,0 | -2,8 | -6,0 | -5,6 | -11,0 |
| Dividend paid | -55,0 | -44,1 | -55,0 | -44,1 | -88,3 |
| Decreased number of treasury shares | 2,1 | 2,1 | 2,1 | 2,1 | 2,1 |
| Repurchase of treasury shares | - | - | - | - | -16,0 |
| Net cash used in financing activities | -56,0 | -44,7 | -58,9 | -47,6 | -113,2 |
| Net cash flow for the period | -100,3 | -39,4 | -179,1 | -61,3 | 89,7 |
| Cash and cash equivalents at beginning of period | 189,9 | 180,1 | 262,4 | 194,2 | 194,2 |
| Exchange rate losses/gains in cash and cash equivalents | -3,5 | -7,9 | 2,7 | -0,1 | -21,5 |
| Cash and cash equivalents at end of period | 86,1 | 132,9 | 86,1 | 132,9 | 262,4 |
| Unutilized bank overdraft facility | 50,0 | 50,0 | 50,0 | 50,0 | 50,0 |
| Available funds at end of period | 136,1 | 182,9 | 136,1 | 182,9 | 312,4 |
| 6 mths | 6 mths | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 |
| Net sales | 789,0 | 579,9 | 1 672,1 |
| Cost of goods sold | -658,0 | -507,5 | -1 392,2 |
| Gross profit | 131,0 | 72,4 | 279,8 |
| Selling expenses | -34,2 | -32,3 | -65,1 |
| Administrative expenses | -27,3 | -22,0 | -54,3 |
| Research and development costs | -30,5 | -22,4 | -55,4 |
| Other income and expenses | -0,7 | 1,8 | 14,3 |
| Operating profit | 38,3 | -2,4 | 119,3 |
| Result from financial items: | |||
| Interest income and similar profit/loss items | 2,2 | 0,4 | 0,2 |
| Interest expenses and similar profit/loss items | -0,1 | -0,9 | -20,6 |
| Profit/loss before tax | 40,4 | -2,9 | 99,0 |
| Income tax | -8,3 | 0,6 | -1,5 |
| Net profit for the period | 32,1 | -2,3 | 97,4 |
| 6 mths | 6 mths | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 |
| Net profit for the period | 32,1 | -2,3 | 97,4 |
| 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 | 32,1 | -2,3 | 97,4 |
| Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2021 | 2020 | 2020 | 2020 |
| ASSETS | |||||
| Non-current assets | |||||
| Intangible assets | 93,7 | 88,2 | 84,7 | 86,2 | 82,0 |
| Property, plant and equipment | 39,1 | 28,7 | 28,5 | 27,6 | 26,0 |
| Financial assets | |||||
| Participations in group companies | 190,3 | 191,2 | 190,9 | 186,7 | 186,2 |
| Recevables from group companies | 10,0 | 9,3 | 11,7 | 10,6 | 9,6 |
| Deferred tax assets | 65,4 | 70,1 | 73,8 | 76,4 | 75,8 |
| Total financial assets | 265,8 | 270,6 | 276,4 | 273,7 | 271,6 |
| Total non-current assets | 398,6 | 387,5 | 389,6 | 387,5 | 379,6 |
| Current assets | |||||
| Inventories, etc. | 228,5 | 138,2 | 184,8 | 184,9 | 227,1 |
| Current receivables | |||||
| Trade receivables | 148,4 | 106,7 | 79,9 | 158,2 | 63,5 |
| Receivables from current group companies | 242,1 | 166,8 | 153,2 | 299,0 | 179,2 |
| Other current receivables | 267,3 | 129,5 | 91,7 | 194,9 | 322,8 |
| Prepaid expenses and accrued income | 13,7 | 8,8 | 7,0 | 8,8 | 10,3 |
| Total current receivables | 671,4 | 411,8 | 331,9 | 660,9 | 575,7 |
| Cash and cash equivalents | 40,8 | 147,0 | 225,1 | 134,6 | 108,9 |
| Total current assets | 940,7 | 697,0 | 741,7 | 980,4 | 911,8 |
| TOTAL ASSETS | 1 339,3 | 1 084,5 | 1 131,3 | 1 367,9 | 1 291,4 |
| L II ∙ L L $\tilde{\phantom{a}}$ |
|
|---|---|
| BRINGING TRUST TO RETAIL |
| Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2021 | 2020 | 2020 | 2020 |
| 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 | 92,1 | 86,9 | 83,7 | 84,4 | 79,8 |
| Total restricted equtiy | 307,9 | 302,7 | 299,5 | 300,2 | 295,6 |
| Non-restricted equity | |||||
| Share premium reserve | 195,9 | 197,9 | 196,2 | 211,3 | 208,5 |
| Retained earnings | 49,2 | 164,6 | 70,4 | 69,8 | 74,3 |
| Net profit for the year | 32,1 | 16,3 | 97,4 | 61,9 | -2,3 |
| Total non-restricted equity | 277,2 | 378,8 | 364,0 | 343,0 | 280,5 |
| Total equity | 585,0 | 681,5 | 663,5 | 643,2 | 576,1 |
| PROVISIONS | |||||
| Provisions | 38,6 | 35,7 | 33,5 | 28,9 | 26,3 |
| Total provisions | 38,6 | 35,7 | 33,5 | 28,9 | 26,3 |
| 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 | |||||
| Advances from customer | 1,1 | 5,0 | 0,5 | - | - |
| Trade payables | 598,6 | 305,2 | 378,2 | 605,3 | 601,1 |
| Liabilities to group companies | 13,4 | 12,0 | 18,1 | 9,2 | 8,1 |
| Other current liabilities | 60,2 | 2,8 | 3,1 | 45,7 | 48,5 |
| Accrued expenses and deferred income | 42,4 | 42,1 | 34,4 | 35,6 | 31,1 |
| Total current liabilities | 715,6 | 367,2 | 434,3 | 695,8 | 688,8 |
| TOTAL EQUITY AND LIABILITIES | 1 339,3 | 1 084,5 | 1 131,3 | 1 367,9 | 1 291,4 |
| 6 mths | 3 mths | Full year | 9 mths | 6 mths | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 | 2020 | 2020 |
| Equity at the beginning of the period | 663,5 | 663,5 | 665,6 | 665,6 | 665,6 |
| Net comprehensive income for the period | 32,1 | 16,3 | 97,4 | 61,9 | -2,3 |
| Repurchase of own shares | - | - | -16,0 | - | - |
| Decreased number of treasury shares | 2,1 | - | 2,1 | 2,1 | 2,1 |
| Dividend | -110,2 | - | -88,3 | -88,2 | -88,2 |
| Share based payments, equity settled | -2,4 | 1,7 | 2,6 | 1,7 | -1,1 |
| Equity at the end of the period | 585,0 | 681,5 | 663,5 | 643,2 | 576,1 |
| Q2 | Q1 | Q4 | Q3 | Q2 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2021 | 2021 | 2020 | 2020 | 2020 |
| Order intake | 408 | 443 | 454 | 440 | 324 |
| Order intake - rolling 4 quarters | 1 744 | 1 660 | 1 588 | 1 978 | 1 761 |
| Net sales | 389,0 | 392,9 | 680,3 | 565,7 | 287,6 |
| Net sales - rolling 4 quarters | 2 027,8 | 1 926,5 | 1 759,5 | 1 317,0 | 983,9 |
| Operating profit | 22,6 | 17,3 | 69,3 | 75,1 | 3,5 |
| Operating profit - rolling 4 quarters | 184,3 | 165,2 | 155,2 | 109,9 | 59,7 |
| Net profit for the period | 15,2 | 17,7 | 50,2 | 69,3 | -6,9 |
| Cash flow from operating activities | -18,2 | -62,6 | 203,1 | 38,2 | 21,3 |
| Cash flow from operating activities - rolling 4 quarters | 160,6 | 200,1 | 264,9 | 187,6 | 144,5 |
| Number of employees, end of period | 173 | 163 | 150 | 147 | 147 |
| Equity/assets ratio | 46% | 62% | 59% | 49% | 47% |
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 | 2021 | 2020 | 2021 | 2020 | 2020 |
| Revenue from goods | 362,8 | 271,6 | 730,6 | 481,2 | 1 670,4 |
| Revenue from services | 19,7 | 13,1 | 38,7 | 26,3 | 72,5 |
| Revenue from licenses | 6,5 | 2,9 | 12,6 | 6,1 | 16,6 |
| Total | 389,0 | 287,6 | 781,9 | 513,6 | 1 759,5 |
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 | |
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Direct customers | 50% | 74% | 56% | 62% | 72% |
| Resellers | 50% | 26% | 44% | 38% | 28% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 |
| Premises | 35,4 | 45,5 | 40,4 |
| Cars | 4,6 | 3,0 | 3,3 |
| Total | 40,0 | 48,5 | 43,7 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 |
| Within one year | 12,3 | 11,7 | 11,8 |
| Between one and five years | 28,8 | 34,9 | 31,4 |
| More than five years | 0,7 | 3,2 | 2,1 |
| Total | 41,8 | 49,8 | 45,3 |
| Q2 | Q2 | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 |
| Depreciation of right-of use assets | 3,1 | 2,9 | 11,8 |
| (of which premises) | 2,7 | 2,6 | 10,4 |
| (of which cars) | 0,4 | 0,3 | 1,3 |
| Interest expense for lease liabilities | 0,3 | 0,3 | 1,1 |
| Amortization of lease liabilities | 3,0 | 2,7 | 11,0 |
For financial instruments measured at amortized cost — trade receivables, other current receivables and cash and cash equivalents, 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.
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M | 2021 | 2020 | 2020 |
| Loan and trade receivables | 641,9 | 617,8 | 589,6 |
| Total financial assets | 641,9 | 617,8 | 589,6 |
| Lease liabilities | 41,8 | 49,8 | 45,3 |
| Other financial liabilities | 657,8 | 648,0 | 400,9 |
| Total financial liabilities | 699,6 | 697,8 | 446,2 |
The Annual General Meeting on April 29, 2021, resolved to establish an incentive program in the form of a share performance plan (LTI 2021) 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 2021 performance share plan, a maximum of 279,000 shares can be transferred free of charge to the participants in June 2024 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 2020 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 2020 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 | 2021 | 2020 | 2020 | 2021 | 2020 | 2020 |
| Pledged assets | ||||||
| Floating charges | 59,6 | 59,6 | 59,6 | 59,6 | 59,6 | 59,6 |
| Blocked funds | - | - | - | - | 0,9 | - |
| Total | 59,6 | 59,6 | 59,6 | 59,6 | 60,5 | 59,6 |
| Contingent liabilities | ||||||
| Bank guarantee | - | - | - | - | 0,9 | - |
| Customs authorities | 0,1 | 0,1 | 0,1 | 5,3 | 5,8 | 5,1 |
| Landlords | 1,7 | 1,7 | 1,7 | 1,7 | 1,7 | 1,7 |
| Total | 1,8 | 1,8 | 1,8 | 7,0 | 8,4 | 6,8 |
| Amounts in SEK M | Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
|---|---|---|---|---|---|---|
| Net sales | 225,9 | 287,6 | 565,7 | 680,3 | 392,9 | 389,0 |
| Cost of goods sold | -155,1 | -221,8 | -432,0 | -527,5 | -298,9 | -293,8 |
| Gross profit | 70,9 | 65,9 | 133,7 | 152,7 | 94,0 | 95,1 |
| Gross margin, % | 31,4% | 22,9% | 23,6% | 22,5% | 23,9% | 24,5% |
| Selling expenses | -38,7 | -32,8 | -32,6 | -44,6 | -36,2 | -39,0 |
| Administrative expenses | -17,1 | -16,6 | -21,2 | -23,1 | -23,4 | -19,5 |
| Research and development costs | -9,7 | -12,7 | -11,3 | -21,7 | -14,7 | -15,8 |
| Other income and expenses | 2,0 | -0,2 | 6,4 | 6,0 | -2,4 | 1,7 |
| Operating profit | 7,3 | 3,5 | 75,1 | 69,3 | 17,3 | 22,6 |
| Operating margin, % | 3,3% | 1,2% | 13,3% | 10,2% | 4,4% | 5,8% |
| Net financial items | 8,2 | -9,7 | -5,2 | -14,9 | 4,7 | -3,2 |
| Net profit before tax | 15,6 | -6,2 | 69,9 | 54,4 | 22,0 | 19,4 |
| Income tax | -0,7 | -0,7 | -0,6 | -4,2 | -4,3 | -4,2 |
| Net profit for the period | 14,8 | -6,9 | 69,3 | 50,2 | 17,7 | 15,2 |
| Net profit for the period attributable to: | ||||||
| Owners of the Parent Company | 14,8 | -6,9 | 69,3 | 50,2 | 17,7 | 15,2 |
| EARNINGS PER SHARE | ||||||
| Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
|
| Basic earnings per share, SEK | 0,13 | -0,06 | 0,63 | 0,46 | 0,16 | 0,14 |
| Diluted earnings per share, SEK | 0,13 | -0,06 | 0,62 | 0,45 | 0,16 | 0,14 |
| Number of shares before dilution, millions | 110,3 | 110,3 | 110,5 | 110,2 | 110,1 | 110,2 |
| Diluted number of shares, millions | 111,2 | 111,4 | 111,7 | 111,1 | 111,0 | 111,0 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
| Amounts in SEK M | 2020 | 2020 | 2020 | 2020 | 2021 | 2021 |
| Net profit for the period Items that are or may be reclassified to profit or loss for the period |
14,8 | -6,9 | 69,3 | 50,2 | 17,7 | 15,2 |
| Translation differences | 21,1 | -19,8 | 0,5 | -20,9 | 9,6 | -4,9 |
| Other comprehensive income for the period | 21,1 | -19,8 | 0,5 | -20,9 | 9,6 | -4,9 |
| Net comprehensive income for the period | 35,9 | -26,6 | 69,8 | 29,3 | 27,3 | 10,3 |
| Net comprehensive income for the period attributable to: | ||||||
| Owners of the Parent Company | 35,9 | -26,6 | 69,8 | 29,3 | 27,3 | 10,3 |
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
|---|---|---|---|---|---|---|
| Amounts in SEK M | 2020 | 2020 | 2020 | 2020 | 2021 | 2021 |
| OPERATING ACTIVITIES | ||||||
| Operating profit | 7,3 | 3,5 | 75,1 | 69,3 | 17,3 | 22,6 |
| Adjustment for non-cash items | 15,2 | 10,4 | 10,3 | 18,3 | 11,0 | 11,7 |
| - of which depreciations and amortizations | 9,8 | 9,7 | 12,9 | 13,1 | 14,0 | 14,1 |
| - whereof other non-cash items | 5,4 | 0,7 | -2,6 | 5,2 | -3,0 | -2,4 |
| Interest received | - | - | - | 0,1 | - | 0,0 |
| Interest paid | -0,4 | -0,3 | -0,3 | -0,2 | -0,3 | -0,3 |
| Paid income tax | -0,9 | -1,0 | -1,8 | -0,9 | -1,1 | -0,9 |
| Cash flow from operating activities before | ||||||
| changes in working capital | 21,2 | 12,7 | 83,2 | 86,5 | 26,9 | 33,1 |
| Cash flow from changes in working capital | ||||||
| Increase(-)/decrease(+) inventories | 33,9 | -229,1 | -51,7 | 159,6 | 32,2 | -173,6 |
| Increase(-)/decrease(+) trade receivables | -45,1 | 36,7 | -161,0 | 92,5 | -32,4 | -33,1 |
| Increase(-)/decrease(+) other current receivables | -74,4 | -197,2 | 138,2 | 104,7 | -39,2 | -140,1 |
| Increase(+)/decrease(-) trade payables | 47,6 | 398,2 | 16,4 | -244,6 | -56,6 | 291,7 |
| Increase(+)/decrease(-) other current liabilites | 19,0 | 0,0 | 13,2 | 4,5 | 6,5 | 3,8 |
| Cash flow from changes in working capital | -19,0 | 8,6 | -45,0 | 116,6 | -89,5 | -51,3 |
| Cash flow from operating activities | 2,2 | 21,3 | 38,2 | 203,1 | -62,6 | -18,2 |
| INVESTING ACTIVITIES | ||||||
| Acquisition of intangible assets | -14,6 | -14,0 | -10,9 | -6,1 | -11,7 | -13,7 |
| Acquisition of tangible assets | -6,6 | -2,0 | -4,3 | -3,4 | -1,5 | -12,4 |
| Cash flow from investing activities | -21,2 | -15,9 | -15,2 | -9,6 | -13,2 | -26,1 |
| FINANCING ACTIVITIES | ||||||
| Amortization of lease liabilities | -2,9 | -2,8 | -2,8 | -2,6 | -3,0 | -3,0 |
| Dividend paid | - | -44,1 | - | -44,2 | - | -55,0 |
| Decreased number of treasury shares | - | 2,1 | - | - | - | 2,1 |
| Increased number of treasury shares | - | - | - | -16,0 | - | - |
| Cash flow from financing activities | -2,9 | -44,7 | -2,8 | -62,8 | -3,0 | -56,0 |
| Net cash flow for the period | -21,9 | -39,4 | 20,2 | 130,8 | -78,8 | -100,3 |
| Cash and cash equivalents at beginning of period | 194,2 | 180,1 | 132,9 | 150,5 | 262,4 | 189,9 |
| Exchange rate losses/gains in cash and cash | ||||||
| equivalents | 7,8 | -7,9 | -2,5 | -18,9 | 6,2 | -3,5 |
| Cash and cash equivalents at end of period | 180,1 | 132,9 | 150,5 | 262,4 | 189,9 | 86,1 |
| Unutilized bank overdraft facility | 50,0 | 50,0 | 150,0 | 50,0 | 50,0 | 50,0 |
| Available funds at end of period | 230,1 | 182,9 | 300,5 | 312,4 | 239,9 | 136,1 |
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.
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| Amounts in SEK M unless otherwise stated | 2021 | 2020 | 2020 |
| PERFORMANCE MEASURE | |||
| Operating expenses | |||
| Selling expenses | -75,1 | -71,5 | -148,7 |
| Administrative expenses | -42,9 | -33,7 | -78,0 |
| Research and development costs | -30,5 | -22,4 | -55,4 |
| Operating expenses | -148,6 | -127,6 | -282,1 |
| MARGIN RATIOS | |||
| Net Sales | 781,9 | 513,6 | 1 759,5 |
| Gross Profit | 189,2 | 136,7 | 423,1 |
| Gross profit margin, % | 24,2% | 26,6% | 24,0% |
| Operating profit | 39,9 | 10,8 | 155,2 |
| Operating margin, % | 5,1% | 2,1% | 8,8% |
| CAPITAL AND FINANCIAL RATIOS | |||
| Equity/assets ratio | |||
| Total assets | 1 611,2 | 1 554,6 | 1 394,5 |
| Equity | 746,1 | 732,4 | 819,0 |
| Equity/assets ratio, % | 46% | 47% | 59% |
| RETURN RATIOS | |||
| Equtiy per share basic/diluted | |||
| Number of outstanding shares, million | 110,2 | 110,3 | 110,2 |
| Dilution, million | 0,9 | 1,0 | 0,9 |
| Equity | 746,1 | 732,4 | 819,0 |
| Equity per share basic, SEK | 6,77 | 6,64 | 7,43 |
| Equity per share diluted, SEK | 6,72 | 6,58 | 7,37 |
| Earnings per share, before and after dilution | |||
| Avarage number of outstanding shares, million | 110,1 | 110,4 | 110,3 |
| Dilution, million | 0,9 | 1,0 | 0,9 |
| Net profit | 32,9 | 8,0 | 127,5 |
| Earnings per share, before dilution, SEK | 0,30 | 0,07 | 1,16 |
| Earnings per share, after dilution, SEK | 0,30 | 0,07 | 1,15 |
| 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 manufactures the world's most reliable system of electronic shelf labels (ESL), which help retailers all over the world resolve important challenges introduced by modernization. Pricer's digital solutions optimize employee-intensive processes, ensure price information, and improve the buying experience for the customer.
With over 200 million labels installed in over 17,000 installations in more than 60 countries, Pricer is the world-leader in digital retail solutions.
For many years, Pricer's ideas, technology and employees have changed how the grocery retail trade functions and transformed an entire industry. Pricer is today the only supplier with optical wireless communication, which creates a scalable and reliable system that is not disrupted by other Wi-Fi systems. In addition, the battery performance of Pricer's labels is the market leader, featuring significantly less energy consumption than other communication systems without sacrificing speed and flexibility.
Pricer's customers today primarily operate in the grocery retail, DIY, electronics, and pharmacy industries. Customer needs and consumer preferences are the drivers for Pricer's innovative and sustainable solutions.
Pricer was founded in 1991 in Sweden, and the company's Class B share is listed on Nasdaq Stockholm Mid Cap.
For more 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
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