Interim / Quarterly Report • Aug 19, 2015
Interim / Quarterly Report
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| Amounts in SEK M unless otherwise | Q 2 | Q 2 6 months 6 months | ||
|---|---|---|---|---|
| stated | 2015 | 2014 | 2015 | 2014 |
| Order intake | 296,0 | 127,0 | 565,0 | 260,0 |
| Net sales | 236,6 | 147,9 | 384,1 | 251,5 |
| Gross margin 1, 3) | 18,3% | 22,4% | 20,5% | 21,6% |
| Operating profit 2) | 8,2 | 2,7 | 9,1 | $-6,5$ |
| Operating margin 2) | 3,5% | 1,8% | 2,4% | $-2,6%$ |
| Cash flow from operating activities | $-57,9$ | -37.7 | $-15,9$ | $-8,4$ |
| Profit for the period | 7,1 | $-50.8$ | 8,4 | $-60,8$ |
| Earnings per share (SEK) | 0.06 | $-0,46$ | 0,08 | $-0.55$ |
As communicated in the report for the first quarter, certain contracts will still burden the gross margin during the coming quarters. The second quarter's historically low level of 18 percent continues to be affected by currency-, product-, and contract mix. The net sales in the period have been dominated by final deliveries of large old contracts with lower margins and contracts with only graphic labels, that have lower gross margins than segment based labels.
In tough competition, Pricer has historically taken on a number of large contracts with low margins to secure market share and competitive
position. Some of the contracts have been further impacted by currency effects during the year. These deliveries have thus burdened the margin of the second quarter. These are contracts that are expected to be phased out during the coming year.
Pricer's purchases are mainly conducted in US dollars at the same time that the largest part of sales is in Euro. Negotiations with both customers and suppliers regarding price adjustments have a delayed effect and will be realized in coming deliveries. During the first half year, Pricer has gradually adjusted price levels to compensate for a considerably stronger US dollar compared with last year, which short term has affected sales on certain high margin markets in a negative way. My overall assessment is that the weak gross margin has reached its lowest level during the second quarter and that we can now gradually see a strengthening of the margin due to the operational work taking place related to customers, partners and suppliers.
I am pleased that Pricer is continuing to grow on a rolling twelve months basis, with net sales of SEK 716 (555) M, order intake of SEK 846 (487) M and a gradually improving rolling twelve months' operating profit as well as a substantially larger order backlog. The growth in net sales further means that the installed base also continues to increase, on which we are building our strategy for digital solutions that will expand our margins. As indicated in the report for the first quarter, the strong increase in order intake and net sales have also increased the working capital requirements, resulting in a negative cash flow for the quarter.
Previously announced orders from PSI Group for Coop Norway and NorgesGruppen, deliveries to the "Do-It-Yourself" chain Leroy-Merlin in France and a significant order from a large food retail chain in France, have been the most important contributors to the record high sales numbers in the second quarter.
Even if we see an overall market growth for digital systems for dynamic retail pricing, it will be crucial for margin expansion that our new digital solutions and the associated sale of software is established in the market. This work is moving according to plan with growing intensity in all parts of Pricer's organization. As previously communicated, we believe that this will have a gradual positive effect on the result starting from next year. We have given an update regarding this work in the section on Market development below.
As in previous reports, we do not provide any forecast for 2015.
Overall, we have seen positive market development during the quarter. Pricer responded well to the competition, which meant that sales and order intake were at an all-time high both during the second quarter and during the first half of the year. Demand is driven by several different factors. In France, there is a stronger demand for replacing existing systems as well as a trend for chains that have not adopted electronic shelf labels (ESL) to move directly to graphic labels. Globally, the industry's entry into new segments can be seen within for example durable goods and consumer electronics. An increased interest for this type of solutions in Norway and Italy is also contributing to increased sales. The positive market development creates an opportunity for Pricer to give
priority to customers that are aiming for a broader digitalization of the store rather than only electronic price changes.
The increased demand that has characterized the whole industry during the first half of 2015 is expected to continue. A couple of large tenders are ongoing with regard to the upcoming twelve months period. Pricer is however still subject to a challenging situation when it comes to margins, mainly due to the expensive US dollar and a continued strong demand for graphic labels. This new generation of labels has a lower margin than the segment labels.
Pricer's largest customers during the quarter were NorgesGruppen through our Norwegian partner PSI, the
French Do-It-Yourself chain Leroy Merlin, the French food retail chain Carrefour, Pricer's Italian partner Nicolis and the Belgian food retailer Delhaize.
In June, it was announced that Delhaize joined forces with Dutch Ahold, creating a new food retail giant, the world's second largest after Walmart. Pricer has a longstanding and strong relationship with Delhaize where the majority of integrated supermarkets in Belgium have been equipped with Pricer's graphic labels over several years. Together with Ahold, Pricer is today running new pilot projects outside Europe which can contribute to an expansion of digital in-store solutions into new geographical markets.
Pricer is working in close collaboration with a number of strategically important retail chains. Together, Pricer is experimenting with solutions that respond to operational and consumer needs. A number of pilot installations of our pioneering solutions are underway in Sweden, France and the UK, as well as several other countries.
| Q 2 | Q 2 6 months 6 months Full year | ||||
|---|---|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2015 | 2014 | 2014 |
| Europe, Middle East and Africa | 219,9 | 128.1 | 349.6 | 216.5 | 493.3 |
| America | 11,8 | 10.0 | 23,4 | 14.1 | 44.7 |
| Asia & the Pacific | 4,9 | 9,8 | 11,1 | 20.9 | 45.1 |
| Total net sales | 236.6 | 147.9 | 384,1 | 251.5 | 583.0 |
The growing online retail presence is a clear challenge and opportunity for 'Brick & Mortar' stores and consumer mobile engagement is one of the solutions. In line with Pricer's solutionoriented strategy, the company's platform is upgraded to include new functions to enable new solutions that are enhancing the shopping experience for Retail in-store consumers.
During the second quarter, the first Bluetooth sticks were delivered. The Bluetooth stick can be plugged into the platform in already existing installations to create beacons for indoor
positioning and the solution does not rely on batteries to operate.
With Pricer's unique offering with integrated indoor positioning, the shoppers' experience of the visit to the store is improved. The solution allows shoppers to easily search for articles and prepare a shopping list in their homes. When they arrive in the store, the list is automatically sorted and a quick path through the store is shown on the store map.
The solution also includes a so-called geofence functionality which allows retailers to divide their stores into smaller areas. When customers cross the boundary of an area they can be informed of which area they have entered, a targeted promotion can be pushed to them or they can be given a friendly welcome or farewell message.
| Amounts in SEK M unless otherwise stated | Q 2 | Q2 | 6 months 6 months | |
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Order intake | 296.0 | 127.0 | 565.0 | 260,0 |
| Net sales | 236,6 | 147.9 | 384.1 | 251,5 |
| Gross margin 3) | 18,3% | $-3.0\%$ | 20,5% | 6,7% |
| Gross margin, excl. non-recurring costs 1, 3) | 18.3% | 22.4% | 20.5% | 21.6% |
| Operating profit | 8,2 | $-50.1$ | 9,1 | $-59.3$ |
| Operating profit, excl. non-recurring costs 2) | 8,2 | 2.7 | 9,1 | $-6.5$ |
| Operating margin | 3.5% | -33.9% | 2.4% | -23,6% |
| Operating margin, excl. non-recurring costs 2) | 3,5% | 1.8% | 2,4% | $-2,6%$ |
| Cash flow from operating activities | $-57.9$ | $-37.7$ | $-15.9$ | $-8.4$ |
| Profit for the period | 7.1 | $-50.8$ | 8.4 | $-60.8$ |
| Earnings per share (SEK) | 0.06 | $-0.46$ | 0.08 | $-0.55$ |
Excluding non-recurring costs of SEK 37.5 M for Q2 2014 and SEK 37.5 M for the period ending 30 June 2014. $1$
Excluding non-recurring costs of SEK 52.8 M for Q2 2014 and SEK 52.8 M for the period ending 30 June 2014. $2)$ Depreciations of capitalized development costs were during 2014 reclassified from the research and development $3)$ cost function to cost of goods sold. The effect of this is SEK 2.8 M for quarter 2 2014 and SEK 5.6 M for the period ending 30 June 2014.
Order intake was SEK 296 (127) M in the second quarter, an increase of 133 percent compared to the second quarter last year. The order intake for the second quarter include an order from PSI, relating to the Coop stores in Norway and a large order from a French food retail chain. The remaining order intake was spread over a large number of customers mainly in Europe.
Net sales amounted to SEK 236.6 (147.9) M during the quarter. The increase was 60 percent compared to the same quarter last year. Adjusted for changes in exchange rates, sales increased by 41 per cent.
Gross profit amounted to SEK 43.4 (-4.4) M and gross margin to 18.3 (-3.0) percent in the second quarter. Gross profit in the second quarter last year was negatively affected by a non-recurring provision of SEK 37.5 M, relating to quality problems. Excluding non-recurring costs the gross profit for the second quarter 2014 amounted to SEK 33.1 M, which translates into a gross margin of 22.4 percent.
Operating expenses decreased to SEK 35.2 (45.7) M in the second quarter. Operating expenses in the second quarter last year were burdened by a write-off of development projects, amounting to SEK 15.3 M. Adjusted for this, operating expenses have increased with SEK 4.8 M compared to the second quarter last year. The share price increase in the second quarter has resulted in higher costs for the share saving programs from 2013 and 2014. In addition the launch of a warrant based incentive program has generated costs in the second quarter. In addition, the increased investments and costs related to the new solution-oriented strategy continue to drive costs in the second quarter.
Operating profit amounted to SEK 8.2 (-50.1) M and operating margin to 3.5 (-33.9) percent in the second quarter. Operating profit in the second quarter last year was burdened by the provision and the write-off mentioned above. Excluding non-recurring items in 2014 the operating profit has improved by SEK 5.5 M between the quarters, translating into an expansion of the operating margin by 1.7 percentage points from 1.8 percent in 2014 to 3.5 percent in 2015.
Profit for the period amounted to SEK 7.1 (-50.8) M.
Translation differences in other comprehensive income of SEK-5.5 (9.8) M consisted of foreign currency translation of net assets in foreign subsidiaries in euro and dollars, which mainly consisted of goodwill.
Order intake was SEK 565 (260) M in the period, an increase of 117 percent compared to the second quarter last year.
Net sales amounted to SEK 384.1 (251.5) M during in the period, an increase of 53 percent compared to the second quarter last year. Adjusted for changes in exchange rates, sales increased by 36 per cent.
Gross profit amounted to SEK 78.7 (16.9) M and gross margin to 20.5 (6.7) percent in the period. Gross profit in the second quarter last year was negatively affected by a provision of SEK 37.5 M, relating to quality problems. No such costs have burdened gross profit in 2015.
Operating expenses decreased to SEK 69.6 (76.2) M in the period. Operating expenses in the second quarter last year were burdened by a write-off of development projects amounting to SEK 15.3 M. Adjusted for this, operating expenses have increased with SEK 8.7 M compared to the second quarter last year. The increase is mainly driven by the launch of the new solution-oriented strategy in combination with an increase in number of staff as a part of the investment in the new strategy.
Operating profit amounted to SEK 9.1 (-59.3) M and operating margin to 2.4 (-23.6) percent.
Profit for the period amounted to SEK 8.4 (-60.8) M.
Translation differences in other comprehensive income of SEK-10.5 (10.1) M consisted of foreign currency translation of net assets in foreign subsidiaries in euro and dollars, which mainly consisted of goodwill.
..
and a strong state
| QZ | Q 2 6 months 6 months Full year | ||||
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| % change in Order intake | 133% | $-17%$ | 117% | $-12%$ | 3% |
| whereof currency translation difference | 29% | 4% | 32% | 3% | 5% |
| % change in Order intake adjusted for currency translation difference |
104% | $-21%$ | 85% | $-15%$ | $-2%$ |
| % change in Net sales | 60% | 16% | 53% | 14% | 11% |
| whereof currency translation difference | 19% | 5% | 17% | 4% | 5% |
| % change in Net sales adjusted for currency translation difference |
41% | 11% | 36% | 10% | 6% |
| Q 2 | Q 2 6 months 6 months | |||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Net sales | 236,6 | 147,9 | 384,1 | 251,5 |
| Cost of goods sold 1) | $-193.2$ | $-152.3$ | $-305.4$ | $-234.6$ |
| Gross profit | 43.4 | $-4.4$ | 78.7 | 16.9 |
| Gross margin | 18,3% | $-3.0\%$ | 20.5% | 6,7% |
| Operating expenses | $-35,2$ | $-45.7$ | $-69.6$ | $-76,2$ |
| Operating profit | 8,2 | $-50.1$ | 9,1 | $-59.3$ |
| Operating margin | 3,5% | -33.9% | 2,4% | $-23,6%$ |
Depreciations of capitalized development costs were during 2014 reclassified from the research and development $\left| \right|$ cost function to cost of goods sold. The effect of this is SEK 2.8 M for quarter 2 2014 and SEK 5.6 M for the period ending 30 June 2014.
| Q 2 | Q 2 6 months 6 months | |||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Net sales | 236.6 | 147.9 | 384.1 | 251.5 |
| Cost of goods sold, excl. non-recurring costs 1, 2) | $-193.2$ | $-114.8$ | $-305.4$ | $-1971$ |
| Gross profit, excl. non-recurring costs 1, 2) | 43.4 | 33.1 | 78.7 | 54,4 |
| Gross margin, excl. non-recurring costs 1, 2) | 18.3% | 22.4% | 20.5% | 21.6% |
| Operating expenses, excl. non-recurring costs $1, 3$ ) | $-35.2$ | $-30.4$ | $-69.6$ | $-60.9$ |
| Operating profit, excl. non-recurring costs 4) | 8.2 | 2.7 | 9,1 | $-6.5$ |
| Operating margin, excl. non-recurring costs 4) | 3.5% | l.8% | 2.4% | $-2.6%$ |
Depreciations of capitalized development costs were during 2014 reclassified from the research and development $1)$ cost function to cost of goods sold. The effect of this is SEK 2.8 M for quarter 2 2015 and SEK 5.6 M for the period ended 30 June.
Excluding non-recurring costs of SEK 37.5 M for Q2 2014 and SEK 37.5 M for the period ending 30 June 2014. $(2)$
Excluding non-recurring costs of SEK 15.3 M for Q2 2014 and SEK 15.3 M for the period ending 30 June 2014. $3)$
4) Excluding non-recurring costs of SEK 52.8 M for Q2 2014 and SEK 52.8 M for the period ending 30 June 2014.
Second quarter
Cash flow from current activities amounted to SEK -57.9 (-37.7) M in the second quarter as a result of increased working capital requirements driven by increased net sales and order intake.
Cash flow from operating activities was SEK -15.9 (-8.4) M in the period, also driven by increased working capital requirements.
Cash and cash equivalents at the end of the period amounted to SEK 27.6 (33.9) M. In addition to cash and cash equivalents, Pricer has an unused overdraft facility amounting to SEK 50 M and an additional SEK 50 M in a credit facility.
| Stated in thousands of shares | Series A | Series B | Total |
|---|---|---|---|
| Issued at the beginning of the year, 2015-01-01 | 226 | 110 746 | 110 972 |
| Issued and converted shares in the year | O. | ||
| Issued at the end of the period, 2015-06-30 | 226 | 110 746 | 110 972 |
| Treasury shares | $-1076$ | -1 076 | |
| Outstanding shares at end-of period | 226. | 109 670 | 109896 |
The average number of employees was 81 (76) and the number of employees at the end of the period was 85 (78).
Torbjörn Möller joined as COO in May and is a member of the executive management team.
As previously reported, 2014 was burdened with non-recurring costs of a total of SEK 69.0 M relating mainly to component problems for goods delivered and a large-scale structural change. Of the provisions made with regard to quality problems, SEK 15.5 M remained at 30 June, which is considered sufficient to cover the remaining costs.
| Q 1 | Q 2 | Q 3 | $Q_4$ | Q 1 | Q 2 | |
|---|---|---|---|---|---|---|
| Amounts in SEK M | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 |
| Operating profit | $-9.2$ | $-50.1$ | 11,1 | $-4.9$ | O,9 | 8,2 |
| Component problems | $\overline{\phantom{0}}$ | 37,5 | $\overline{\phantom{a}}$ | $\overline{\phantom{0}}$ | ||
| Write-down of development project | - | 15.3 | - | 0.2 | ||
| Structural change | 4.1 | 11,9 | ||||
| Total adjustment | 52,8 | 4.1 | 12.1 | |||
| Operating profit, excl. non-recurring costs | $-9.2$ | 2.7 | 15.2 | 7.2 | 0.9 | 8.2 |
Pricer's results 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 are primarily associated with the progress of the market for electronic shelf-edge labels and large currency fluctuations. In view of the client structure and the extensive scale of the agreement, a delay in the installations or large fluctuations in exchange rates can have a significant effect in an individual quarter. For other risks, please see the 2014 Annual Report, pages 10 and 39.
No significant transactions took place with related parties that significantly affect the Group's or parent company's financial position or results.
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 the Annual Accounts Act, Chapter 9, and RFR 2. The same accounting principles and bases for calculation were applied for the group and the parent company as in the latest annual report.
A reclassification of depreciations of capitalized development costs was carried out in 2014 from research and development expenses to cost of goods sold. The amount for the second quarter of 2014 is SEK 2.8 M and SEK 5.6 M for the period ending 30 June 2014. This is to clarify the link to the sale generated by the developed products after launch, when depreciation normally also begins.
Forecasts No forecast is issued for 2015.
Next reporting date The Interim Report for January - September 2015 is published on 6 November 2015.
Stockholm, 19 August 2015
The Board of Directors and the CEO
In its capacity as issuer, Pricer AB publishes the information in this Interim Report in accordance with the Securities Markets Act (2007:528). The information was issued to the media for publication on Wednesday, 19 August 2015.
Jonas Vestin, CEO, or Helena Holmgren, CFO, Pricer AB: 08-505 582 00.
| Q 2 | Q 2 6 months 6 months Full year | ||||
|---|---|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2015 | 2014 | 2014 |
| Net sales | 236,6 | 147.9 | 384,1 | 251.5 | 583.0 |
| Cost of goods sold 1, 5) | $-193,2$ | $-152,3$ | $-305,4$ | $-234,6$ | $-480,7$ |
| Gross profit 1) | 43,4 | $-4, 4$ | 78.7 | 16.9 | 102.3 |
| Selling and administrative expenses 3) | $-30.2$ | $-24.2$ | $-60,3$ | $-49.9$ | $-118,7$ |
| Research and development costs 2, 5) | $-4,9$ | $-21,5$ | $-9,2$ | $-26,3$ | $-36,7$ |
| Operating profit 4) | 8,2 | $-50.1$ | 9,1 | $-59,3$ | $-53,1$ |
| Net financial items | O.1 | $-0,7$ | 2,2 | $-1,3$ | -0,1 |
| Profit before tax 4) | 8,3 | $-50,8$ | 11,3 | $-60.6$ | $-53,2$ |
| Income tax | $-1,3$ | O, O | $-3,0$ | $-0,2$ | $-2,3$ |
| Profit for the period 4) | 7,1 | $-50.8$ | 8.4 | $-60.8$ | $-55.5$ |
| Other comprehensive income | |||||
| Items that have or may be accounted for in the profit for the period | |||||
| Translation differences | $-5,5$ | 9,8 | $-10.5$ | 10,1 | 23,8 |
| Cash flow hedges, net | O,2 | O, O | O,2 | O,2 | |
| Tax relating to items in other comprehensive income | O,1 | $-0,6$ | 0,6 | $-0,6$ | $-1,2$ |
| Other comprehensive income for the period | $-5,4$ | 9,4 | $-9,9$ | 9,7 | 22,8 |
| Net comprehensive income for the period | 1,7 | $-41.4$ | $-1,5$ | $-51.1$ | $-32,7$ |
| Profit for the period attributable to: | |||||
| Owners of the Parent Company | 7,1 | $-50.8$ | 8,4 | $-60.8$ | $-55.5$ |
| Other comprehensive income for the period attributable to: | |||||
| Owners of the Parent Company | 1,7 | $-41.4$ | $-1.5$ | $-51,1$ | $-32.7$ |
| Q 2 | Q 2 6 months 6 months Full year | ||||
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| Basic earnings per share, SEK | 0.06 | $-0.46$ | 0.08 | $-0.55$ | $-0.51$ |
| Diluted earnings per share, SEK | 0.06 | $-0.46$ | 0.08 | $-0.55$ | $-0.51$ |
| Number of shares, millions | 109.9 | 109.9 | 109.9 | 109.9 | 109.9 |
| Diluted number of shares, millions | 109,9 | 109.9 | 109,9 | 109,9 | 109.9 |
| Q 2 | Q 2 6 months 6 months Full year | ||||
|---|---|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2015 | 2014 | 2014 |
| Europe, Middle East and Africa | 219,9 | 128,1 | 349.6 | 216.5 | 493.3 |
| America | 11.8 | 10.0 | 23.4 | 14.1 | 44.7 |
| Asia & the Pacific | 4.9 | 9.8 | 11.1 | 20,9 | 45.1 |
| Total net sales | 236.6 | 147.9 | 384,1 | 251.5 | 583.0 |
| Amounts in SEK M | 2015-06-30 2014-06-30 2014-12-31 | ||
|---|---|---|---|
| Intangible fixed assets | 255,8 | 257.3 | 263,4 |
| Tangible fixed assets | 10.2 | 8,7 | 8,1 |
| Deferred tax assets | 101,7 | 102,2 | 101,7 |
| Total fixed assets | 367,7 | 368.2 | 373,2 |
| Inventories | 151,3 | 165,9 | 157,7 |
| Current receivables | 315,7 | 228,1 | 231,3 |
| Cash and cash equivalents | 27,6 | 33,9 | 53,0 |
| Total current assets | 494,5 | 427,9 | 442,0 |
| TOTAL ASSETS | 862,3 | 796,1 | 815,2 |
| Shareholders' equity | 659,7 | 641,1 | 659,7 |
| Total equity | 659.7 | 641.1 | 659.7 |
| Long-term liabilities | 4,0 | 3,1 | 4,9 |
| Short-term liabilities | 198,5 | 151,9 | 150,6 |
| Total liabilities | 202,6 | 155,0 | 155,5 |
| TOTAL EQUITY AND LIABILITIES | 862,3 | 796,1 | 815,2 |
| Pledged assets | 60.4 | 60,4 | 60,5 |
| Contingent liabilities | O, 8 | 0.8 | 0,8 |
| Basic shareholders' equity per share, SEK | 6,00 | 5,83 | 6,00 |
| . . . | $\sim$ $\sim$ $\sim$ | $-27$ | $\sim$ $\sim$ |
| 6 months | 6 months | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2014 |
| Equity at beginning of period | 659,7 | 691,9 | 691,9 |
| Result for the period | 8,4 | $-60,8$ | $-55,5$ |
| Other comprehensive income for the period | $-9.9$ | 9,7 | 22,8 |
| Net comprehensive income for the period | $-1,5$ | $-51.1$ | $-32.7$ |
| Share issue | 0,3 | 0,3 | |
| Repurchase of own shares | $-0,3$ | $-0.3$ | |
| Dividend | |||
| Share based payments, equity settled | 1,5 | 0,3 | 0,5 |
| Total transactions with owners of the Group | 1,5 | 0,3 | O,5 |
| Equity at end of period | 659.7 | 641,1 | 659,7 |
| Attributable to: | |||
| - Owners of the Parent Company | 659.7 | 641,1 | 659,7 |
| Q 2 | Q 2 6 months 6 months Full year | ||||
|---|---|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2015 | 2014 | 2014 |
| Profit before tax | 8,3 | $-50,8$ | 11,3 | $-60,6$ | $-53,2$ |
| Adjustment for non-cash items | 6,9 | 47,8 | 4,5 | 50,6 | 54,7 |
| whereof depreciations and amortizations | 3,8 | 4,3 | 7,6 | 7,7 | 15,5 |
| Paid income tax | $-1,1$ | $-1,1$ | $-2,6$ | $-2,1$ | $-3,9$ |
| Change in working capital | $-72,1$ | $-33,6$ | $-29,2$ | 3,7 | 16,0 |
| Cash flow from operating activities | $-57.9$ | $-37.7$ | $-15,9$ | $-8,4$ | 13,6 |
| Cash flow from investing activities | $-3,2$ | $-2,7$ | $-9,7$ | $-6,3$ | $-11.6$ |
| Cash flow from financing activities | |||||
| Cash flow for the period | $-61,2$ | $-40,4$ | $-25,7$ | $-14,7$ | 2,0 |
| Cash and cash equivalents at beginning of period | 90,8 | 74,1 | 53,0 | 48,9 | 48,9 |
| Exchange-rate difference in cash and cash equivalents | $-2,1$ | O,2 | O,2 | $-0,3$ | 2,1 |
| Cash and cash equivalents at end of period | 27,6 | 33,9 | 27,6 | 33,9 | 53,0 |
| Unutilised bank overdraft facilities | 50,0 | 50,0 | 50,0 | 50,0 | 50,0 |
| Disposable funds at end of period | 77,6 | 83,9 | 77,6 | 83.9 | 103.0 |
| Q 2 | $\Omega$ 1 | $Q_4$ | Q 3 | Q 2 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2015 | 2015 | 2014 | 2014 | 2014 |
| Order intake | 296 | 269 | 115 | 166 | 127 |
| Order intake - rolling 4 quarters | 846 | 677 | 541 | 540 | 487 |
| Net sales | 236,6 | 147.5 | 173.2 | 158.3 | 147.9 |
| Net sales - rolling 4 quarters | 715,6 | 626,9 | 583,0 | 561,7 | 555,0 |
| Operating profit, excl. non-recurring costs 1) | 8,2 | 0.9 | 7,2 | 15,2 | 2.7 |
| Operating profit, excl. non-recurring costs 1) - rolling 4 quarters | 31,5 | 26,0 | 15,9 | 10.8 | 2,5 |
| Profit for the period 1) | 7,1 | 1,3 | 7,0 | 14.5 | 2,0 |
| Cash flow from operating activities | $-57.9$ | 42,0 | 56.8 | $-34.8$ | $-37.7$ |
| Cash flow from op activities - rolling 4 quarters | 6.1 | 26.3 | 13,6 | 9.3 | 26.7 |
| Number of employees, end of period | 85 | 82 | 83 | 78 | 78 |
| Equity ratio | 77% | 80% | 81% | 80% | 81% |
| 6 months 6 months Full year | |||
|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2014 |
| Net sales | 325.4 | 221.0 | 465.8 |
| Cost of goods sold 1, 5) | $-287.7$ | $-234.2$ | $-444.9$ |
| Gross profit 1) | 37,7 | $-13.2$ | 20,9 |
| Selling and administrative expenses 3) | $-25,2$ | $-19,8$ | $-46,7$ |
| Research and development costs 2, 5) | $-9,2$ | $-26,2$ | $-36,7$ |
| Operating profit 4) | 3.3 | $-59.2$ | $-62,5$ |
| Income and expenses from financial items | 2,2 | $-1,2$ | $-0,4$ |
| Profit before $\text{tax}^{4}$ | 5.4 | $-60.4$ | $-62.9$ |
| Income tax | $-0.8$ | O.3 | 1,2 |
| Profit for the period 4) | 4.6 | $-60.1$ | $-61,7$ |
| 6 months 6 months Full year | |||
|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2014 |
| Profit for the period | 4.6 | $-60.1$ | $-61.7$ |
| Comprehensive income for the period | |||
| Items that have or may be accounted for in the profit for the period | |||
| Translation differences | $-2.8$ | 2,4 | 5.3 |
| Cash flow hedges, net | O 2 | O.2 | |
| Tax relating to items in other comprehensive income | 0.6 | $-0.6$ | $-1,2$ |
| Comprehensive income for the period | $-2,1$ | 2,0 | 4,3 |
| Net comprehensive income for the period | 2,4 | $-58.1$ | -57.4 |
| Amounts in SEK M | 2015-06-30 2014-06-30 | 2014-12-31 | |
|---|---|---|---|
| Intangible fixed assets | 21,3 | 22,5 | 20,8 |
| Tangible fixed assets | 9,5 | 7,6 | 7,3 |
| Financial fixed assets | 373,2 | 385,4 | 386,9 |
| Total fixed assets | 403.9 | 415.5 | 415,0 |
| Inventories | 114,7 | 118,2 | 125,1 |
| Current receivables | 239,5 | 128,2 | 97,2 |
| Cash and cash equivalents | 19,6 | 28,1 | 44,5 |
| Total current assets | 373,8 | 274,5 | 266,8 |
| TOTAL ASSETS | 777,7 | 690,0 | 681,8 |
| Shareholders' equity | 556,6 | 551,8 | 552,7 |
| Total equity | 556,6 | 551,8 | 552.7 |
| Provisions | 26,3 | 33,2 | 30,9 |
| Long-term liabilities | 1,6 | O,1 | O,1 |
| Current liabilities | 193,2 | 104,9 | 98,1 |
| Total liabilities | 221,1 | 138,2 | 129,1 |
| TOTAL EQUITY AND LIABILITIES | 777,7 | 690,0 | 681,8 |
| Pledged assets | 59,6 | 59,6 | 59,6 |
| Contingent liabilities |
| 6 months | 6 months | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2015 | 2014 | 2014 |
| Equity at beginning of period | 552,7 | 609.6 | 609,6 |
| Net comprehensive income for the period | 2.4 | $-58.1$ | $-57.4$ |
| Share issue | 0,3 | O.3 | |
| Repurchase of own shares | $-0.3$ | $-0.3$ | |
| Dividend | |||
| Share based payments, equity settled | 1.5 | O.3 | 0,5 |
| Equity at end of period | 556.6 | 551.8 | 552.7 |
Pricer AB, founded in Sweden in 1991, is world-leading in digital shelf-edge solutions that both increase stores' productivity and enhance the shopping experience. Pricer's platform is based on infrared technology. It is fast, robust, scalable and can be connected to digital applications.
The list of customers includes many of the world's leading retail chains, both large and small: Do-It-Yourself suppliers, electronics chains and specialty stores. To date, Pricer has sold more than 110 million shelf labels to more than 13,500 stores in 50 countries.
Pricer's shares are listed on the NASDAQ OMX Stockholm Small Cap list. For more information, please visit www.pricer.com.
Pricer AB Box 215 SE-101 24 Stockholm Website: www.pricer.com Telephone no.: +46 8 505 582 00 Corporate registration number: 556427-7993
Office address: Västra Järnvägsgatan 7 SE-111 64 Stockholm
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