Interim / Quarterly Report • Nov 7, 2014
Interim / Quarterly Report
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Order intake SEK 166 (113) m
Operating profit 1) SEK 15.2 (6.9) m
January-September
• Net sales SEK 158.3 (151.6) m • Gross margin SEK 28.8% (22.1%) • Cash flow SEK -34.8 (-17.4) m
• Net sales SEK 409.8 (372.7) m • Cash flow SEK -43.2 (4.0) m
No significant events have occurred after Q3.
During my first months at Pricer, we have started the extensive change process initiated by the Board of Directors. However, I would like to begin by commenting on the financial performance in the third quarter. Order intake increased by 47% yearon-year, based on orders from all around the world, including a major order from French hardware store Leroy Merlin.
The net sales have stabilized and the gross margin and operating profit have increased in third quarter compared to the same quarter last year. The cash flow was SEK -34 million during third quarter as a result of a temporary increase in working capital, which we estimate will improve in fourth quarter.
During the quarter we secured the previously announced flagship order from Dairy Farm in Singapore, but we also succeeded in selling our pricing solutions to new retail segments. This broadens Pricer's market beyond the food retail industry.
My initial period at Pricer has been spent with meetings with employees, clients and partners. Our client relationships are backed by strong loyalty figures. The Pricer team has impressive technical know-how and understands the needs of our clients. This, combined with passion and pride for the Company, makes Pricer a market leader in innovations of technical solutions, in particular in implementing these solutions. Pricer's market presence is characterized by Pricer being a fundamental part of our clients' business model.
We commenced a substantial change process in third quarter with respect to our operational work and business model. This involves becoming more efficient in our operating activities and improving control with focus on quality, working capital and sales processes. This active change process is incurring certain non-recurring costs which were estimated at approximately SEK 15 million in second quarter 2014, with SEK 4.1 million now having impacted the third quarter. The final results will be reported in the fourth quarter.
Pricer's strong technical know-how and technical ambition, together with a world leading installed base of 13,000 stores, serve as the foundation for Pricer's new strategic direction for 2015 and onwards. This direction is based on an increasingly digitalized retail industry, characterized by omni-channel (retail in store, online and with smartphone), increased needs for proactive price optimization and requirements for personal communication with the consumer.
Pricer's solutions enable retailers to guarantee desired price levels in real time simultaneously in-store and online, which enables differentiating prices versus discount systems, time of day or online shopping. From the perspective of the consumer, the same solution can provide personalized offers, recommendations and in-store navigation. This illustrates Pricer's contribution to upgrade the retail revenue model and the consumer experience.
Several projects with integrated store chains have been initiated both in Central Europe and in Eastern Europe, which is an example of Pricer's objective of broadening its market.
Pricer has commenced a major installation in Asia excluding Japan for the first time. In Singapore, our client Dairy Farm, the owner of the Guardian and Cold Storage chains, has begun installing Pricer's system in its 200 stores.
We have continued to see good order intake with above-average margins in South America. Sales in the US are stable, but need to further increase to be sufficiently profitable.
Europe, the Middle East and Africa Sales for the region totalled SEK 352.3 (312.6) million.
Sales for the region totalled SEK 29.1 (45.2) million.
Sales for the region totalled SEK 28.4 (14.9) million.
Order intake was SEK 166 (113) million in third quarter, which is equal to a 47% increase in comparison to the same period 2013. This increase was 38% excluding currency exchange difference.
The Swedish krona weakened, mainly against the euro and the dollar in comparison to the corresponding period of the past year.
The order intake for third quarter included an order from Leroy Merlin in France worth SEK 43.9 million, which mainly refers to 2015
Sales totalled SEK 158.3 (151.6) million in third quarter. The increase in sales was 4% in comparison to third quarter last year.
When converted into the same exchange rate as the last year, sales fell by 2%. Sales totalled SEK 562 (517) million on a rolling annual basis, which is a 9% increase.
Gross profit came in at SEK 45.6 (33.5) million and the gross margin was 28.8% (22.1%) for third quarter.
Operating expenses, excluding non-recurring costs, increased to SEK 30.4 (26.6) million for third quarter.
Operating profit totalled SEK 15.2 (6.9) million for third quarter, with an operating margin at 9.6% (4.6%).
Profit for the period came in at SEK 14.5 (5.3) million for third quarter.
The value of the order intake for the period was SEK 426 (409) million, which is corresponds to a 4% increase in comparison to the same period last year.
Sales totalled SEK 409.8 (372.7) million for the period. The increase in sales was 10% year-onyear.
Gross profit came in at SEK 105.6 (97.4) million and the gross margin was 25.8% (26.1%).
Operating expenses excluding non-recurring costs amounted to SEK 96.9 (85.2) million for the period, which is equal to an increase of approximately 14% in comparison to the last year, as a result of higher
depreciation and amortization as well as a lower rate of capitalization of development projects.
The operating profit totalled SEK 8.7 (12.2) million for the period and is primarily a result of the loss in first quarter.
Profit for the period came in at SEK 6.5 (9.1) million.
Translation differences in other comprehensive income consisted of currency translation of net assets in
foreign subsidiaries in euro, mainly goodwill.
| Q 3 | Q 3 9 m onths 9 m onths | Full year | |||
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| % change in Order intake | 47 % | 1% | 4% | -6% | 2% |
| whereof currency translation difference | 9% | 7 % | 5% | -2% | -2% |
| % change in Order intake adjusted for currency translation difference 38% | -6% | -1% | -4% | 4% | |
| % change in Net sales | 4% | 24% | 10% | -8% | -4% |
| whereof currency translation difference | 6% | 0% | 5% | -2% | -2% |
| % change in Net sales adjusted for currency translation difference -2% | 24% | 5% | -6% | -2% |
| Q 3 | Q 3 9 m onths 9 m onths | |||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Net sales | 158,3 | 151,6 | 409,8 | 37 2,7 |
| Cost of goods sold1 | -112,7 | -118,1 | -304,2 | -27 5,3 |
| Gross profit1 | 45,6 | 33,5 | 105,6 | 97 ,4 |
| Gross margin1 | 28,8% | 22,1% | 25,8% | 26,1% |
| Operating expenses2&3 | -30,4 | -26,6 | -96,9 | -85,2 |
| Operating profit4 | 15,2 | 6,9 | 8,7 | 12,2 |
| Operating margin4 | 9,6% | 4,6% | 2,1% | 3,3% |
Reference 1-4, see page 8
Third quarter Cash flow from operating activities totalled SEK -34.8 (-17.4) million and was negatively impacted by a temporary increase in the working capital at the end of the quarter
Period from 1 January to 30 September
Cash flow from operating activities was SEK -43.2 (4.0) million.
The amount of working capital (including provisions) was SEK 292.3 (320.1) million at the end of the period and increased by 8% since the beginning of the year, when it was SEK 269.6 million.
The value of cash and cash equivalents at the end of the period was SEK 15.7 (25.9) million. In addition to cash and cash equivalents available, Pricer has an unutilised bank overdraft facility in the amount of SEK
32 million and an additional SEK 50 million as a standby line of credit.
The fair value of derivatives at the end of the period was - (SEK 0.5 million) for assets and -0 (SEK 1.3 million) for liabilities.
ISSUED AND OUTSTANDING SHARES
| Stated in thousands of shares | Series A | Series B | T otal |
|---|---|---|---|
| Issued at the beginning of the year, 2014-01-01 | 226 | 1 10 416 | 110 642 |
| Issued and conv erted shares in the y ear | 330 | 330 | |
| Issued at the end of the period, 2014-09-30 | 226 | 110 7 46 | 110 97 2 |
| Treasury shares | - | -1 07 9 | -1 07 9 |
| Outstanding shares, 2014-09-30 | 226 | 109 667 | 109 893 |
| Class A share holds five votes and class B share one vote |
An employee share scheme adopted by the Annual General Meeting in May was launched in second quarter. 330,000 shares have been issued and repurchased at the issue price and are now held by the Company in exchange for an undertaking to issue matching shares in three years. The value of this undertaking is treated in accordance with IFRS 2 and is recognized as an expense during the term.
Third quarter
Capital expenditures totalled SEK 1.7 (4.8) million in third quarter, consisting mainly of capitalized development costs in the amount of SEK 1.5 (3.1) million.
Period from 1 January to 30 September
Capital expenditures totalled SEK 8.0 (22.7) million during the period, consisting mainly of capitalized development costs in the amount of SEK 4.7 (16.8) million.
The Parent Company's net sales totalled SEK 344.5 (315.8) million and net profit for the period amounted to SEK -52.4 (3.8) million for the period from 1 January to 30 September, which is equal to SEK 4.5 million before non-recurring costs. The Parent Company's cash and cash equivalents amounted to SEK 3.7 (11.4) million at the end of the period.
The average number of employees was 79 (79) during the period and the number of employees at the end of the period was 78 (77).
Jonas Vestin joined Pricer as CEO on 14 August. Harald Bauer, Pricer's CFO, who also served as
Acting CEO, left the company at the same time. Claes Wenthzel joined as Interim CFO at the end of August.
| Q 3 | 9 m onths | Full year | |
|---|---|---|---|
| Amounts in SEK M | 2014 | 2014 | 2013 |
| Operating profit | 11,1 | -48,2 | 7 ,8 |
| Component problems | 0,0 | 37 ,5 | 6,5 |
| Write-down of dev elopment project | 0,0 | 1 5,3 | 0,0 |
| Structural change | 4,1 | 4,1 | 0,0 |
| Total adjustment | 4,1 | 56,9 | 6,5 |
| Adjusted operating profit | 15,2 | 8,7 | 14,3 |
The structural changes announced in second quarter had an impact on profit in third quarter with SEK 4.1 million. The operating profit excluding these non-recurring costs increased and was SEK 15.2 (6.9) million in third quarter.
As previously reported, non-recurring costs and provisions of SEK 52.8 million impacted profit in second quarter 2014.
The cost of goods sold was impacted to the tune of SEK 37.5 million in second quarter, referring to an increase in provisions for warranties and impairment losses on inventories. SEK 24 million remain as of 30 September.
Research and development costs were impacted in second quarter with SEK 15.3 million for impairment losses on development projects no longer estimated to be launched.
Pricer's financial performance and financial position is affected by various risk factors that should be taken into account when assessing the Group and the Parent Company and their future potential. These risks mainly involve the market trend for electronic shelf labels. In consideration of our client structure and the large scope of our contracts, a delay in installations could have a material impact on an individual quarter. For other risks, please see the annual report.
No substantial transactions have taken place with related parties that have a
material impact on the Group or the Parent Company's financial performance or financial position.
This interim report for the Group has been prepared in compliance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act (SAA). The interim report for the Parent Company has been prepared in compliance with SAA Chapter 9 and RFR 2 (recommendation by the Swedish Financial Reporting Board). The accounting policies and calculation bases applied for the Group and the Parent Company are the same as those in the most recent annual report.
The new or revised IFRS that have entered into force on 1 January 2014 have not had any material impact on the Group's financial statements.
We are not making any forecast for 2014.
The year-end report for January– December 2014 will be published on 12 February 2015. The Annual General Meeting will be held on 23 April 2015.
Stockholm, 7 November 2014
Board of Directors
Pricer AB Corp. id. 556427-7993
We have reviewed the summary interim financial information (interim report) of Pricer AB as of 30 September 2014 and the nine-month period then ended. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, November 7, 2014 KPMG AB
Tomas Gerhardsson Anna-Karin Forsberg Authorized Public Accountant Auditor in charge
Authorized Public Accountant
As the publisher, Pricer AB has published information for January–September 2014 in this interim report pursuant to the Securities Market Act (2007:528). This information was disclosed to the media for publication on Friday, 7 November 2014 at 8:45 am
Jonas Vestin CEO or Claes Wenthzel CFO, Pricer AB: +46 (0) 8-505 582 00
| STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME IN SUMMARY |
|---|
| ----------------------------------------------------------- |
| Q 3 | Q 3 9 m onths 9 m onths | Full y ear | |||
|---|---|---|---|---|---|
| Amounts in SEK M | 2014 | 2013 | 2014 | 2013 | 2013 |
| Net sales | 158,3 | 151,6 | 409,8 | 37 2,7 | 524,6 |
| Cost of goods sold1 ) | -112,7 | -118,1 | -341,7 | -27 5,3 | -397 ,6 |
| Gross profit1 ) | 45,6 | 33,5 | 68,1 | 97 ,4 | 127 ,0 |
| Selling and administrativ e expenses3) | -27 ,7 | -20,6 | -7 7 ,6 | -68,3 | -94,9 |
| Research and dev elopment costs2) | -6,8 | -6,0 | -38,7 | -16,9 | -24,3 |
| Operating profit4) | 11,1 | 6,9 | -48,2 | 12,2 | 7 ,8 |
| Net financial items | 0,7 | -0,2 | -0,6 | -0,5 | -0,1 |
| Profit before tax4) | 11,8 | 6,7 | -48,8 | 11,7 | 7 ,7 |
| Income tax | -1,4 | -1,4 | -1 ,6 | -2,6 | -3,5 |
| Profit for the period4) | 10,4 | 5,3 | -50,4 | 9,1 | 4,2 |
| Other com prehensive incom e | |||||
| Items that have or may be accounted for in the profit for the period | |||||
| Translation differences | 0,0 | -3,4 | 10,1 | 2,0 | 12,2 |
| Cash flow hedges, net | 0,0 | -0,8 | 0,2 | -0,8 | -0,5 |
| Tax relating to items in other comprehensiv e income | 0,1 | 0,4 | -0,5 | 0,1 | -0,6 |
| Other com prehensive incom e for the period | 0,1 | -3,8 | 9,8 | 1,3 | 11,1 |
| Net com prehensive incom e for the period | 10,5 | 1,5 | -40,6 | 10,4 | 15,3 |
| Profit for the period attributable to: | |||||
| Owners of the Parent Company | 10,4 | 5,3 | -50,4 | 9,1 | 4,2 |
| Non-controlling interest | - | - | - | - | - |
| Other com prehensive incom e for the period attributable to: | |||||
| Owners of the Parent Company | 10,5 | 1,5 | -40,6 | 10,4 | 15,3 |
| Non-controlling interest | - | - | - | - | - |
1) Including non-recurring costs of SEK 37 .5 M in Q2 2014 and SEK 6.5 M in Q4 2013
2) Including non-recurring costs of SEK 15.3 M in Q2 2014
3) Including non-recurring costs of SEK 4.1 M in Q3 2014
4) Affected by non-recurring costs totalling SEK 56.9 M in 2014 and SEK 6.5 M in Q4 2013
| Q 3 | Q 3 9 m onths 9 m onths | Full y ear | |||
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| Basic earnings per share, SEK | 0,09 | 0,05 | -0,46 | 0,08 | 0,04 |
| Diluted earnings per share, SEK | 0,09 | 0,05 | -0,46 | 0,08 | 0,04 |
| 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 3 | Q 3 9 m onths 9 m onths | Full y ear | |||
|---|---|---|---|---|---|
| Amounts in SEK M | 2014 | 2013 | 2014 | 2013 | 2013 |
| Europe, Middle East and Africa | 135,8 | 131,8 | 352,3 | 312,3 | 443,9 |
| America | 15,0 | 11,5 | 29,1 | 45,5 | 51,6 |
| Asia & the Pacific | 7 ,5 | 8,3 | 28,4 | 14,9 | 29,1 |
| T otal net sales | 158,3 | 151,6 | 409,8 | 37 2,7 | 524,6 |
| Amounts in SEK M | 2014-09-30 2013-09-30 | 2013-12-31 | |
|---|---|---|---|
| Intangible fixed assets | 255,3 | 262,1 | 269,1 |
| Tangible fixed assets | 8,1 | 7 ,7 | 7 ,2 |
| Deferred tax assets | 1 01,9 | 101,6 | 101 ,2 |
| T otal fixed assets | 365,3 | 37 1,4 | 37 7 ,5 |
| Inv entories | 1 80,1 | 154,5 | 148,4 |
| Current receivables | 253,4 | 284,6 | 226,4 |
| Cash and cash equiv alents | 15,7 | 25,9 | 48,9 |
| T otal current assets | 449,2 | 465,0 | 423,7 |
| T OT AL ASSET S | 814,5 | 836,4 | 801,2 |
| Shareholders' equity | 651,8 | 686,8 | 691 ,9 |
| Non-controlling interest | - | - | - |
| T otal equity | 651,8 | 686,8 | 691,9 |
| Long-term liabilities | 3,7 | 3,8 | 4,1 |
| Short-term liabilities | 159,0 | 145,8 | 105,2 |
| T otal liabilities | 162,7 | 149,6 | 109,3 |
| T OT AL EQUIT Y AND LIABILIT IES | 814,5 | 836,4 | 801,2 |
| Pledged assets | 60,4 | 60,4 | 60,4 |
| Contingent liabilities | 0,8 | 0,8 | 0,8 |
| Basic shareholders' equity per share, SEK | 5,93 | 6,25 | 6,30 |
| Diluted shareholders' equity per share, SEK | 5,93 | 6,25 | 6,30 |
| 9 m onths | 9 m onths | Full y ear | |
|---|---|---|---|
| Amounts in SEK M | 2014 | 2013 | 2013 |
| Equity at beginning of period | 691,9 | 7 03,5 | 7 03,5 |
| Result for the period | -50,4 | 9,1 | 4,2 |
| Other comprehensive income for the period | 9,8 | 1,3 | 11,1 |
| Net comprehensive income for the period | -40,6 | 1 0,4 | 15,3 |
| Share issue | 0,3 | 0,8 | 0,8 |
| Repurchase of own shares | -0,3 | -0,8 | -0,8 |
| Div idend | - | -27 ,5 | -27 ,5 |
| Share based pay ments, equity settled | 0,5 | 0,4 | 0,6 |
| Total transactions with owners of the Group | 0,5 | -27,1 | -26,9 |
| Equity at end of period | 651,8 | 686,8 | 691,9 |
| Attributable to: | |||
| - Owners of the Parent Company | 651,8 | 686,8 | 691 ,9 |
| - Non-controlling interest | - | - | - |
| T otal | 651,8 | 686,8 | 691,9 |
| Q 3 | Q 3 9 m onths 9 m onths | Full y ear | |||
|---|---|---|---|---|---|
| Amounts in SEK M | 2014 | 2013 | 2014 | 2013 | 2013 |
| Profit before tax | 11,8 | 6,7 | -48,8 | 11,7 | 7 ,7 |
| Adjustment for non-cash items | -3,8 | 5,7 | 46,8 | 8,9 | 13,5 |
| whereof depreciations and amortizations | 4,0 | 3,0 | 11,7 | 8,1 | 11,7 |
| Paid income tax | -1,1 | 1,1 | -3,2 | 1,2 | 0,1 |
| Change in working capital | -41,7 | -30,9 | -38,0 | -17 ,8 | 35,2 |
| Cash flow from operating activities | -34,8 | -17,4 | -43,2 | 4,0 | 56,5 |
| Cash flow from investing activities | -1,7 | -4,7 | -8,0 | -22,6 | -26,1 |
| Cash flow from financing activities | 17 ,8 | 26,7 | 17 ,8 | -0,8 | -27,5 |
| Cash flow for the period | -18,7 | 4,6 | -33,4 | -19,4 | 2,9 |
| Cash and cash equiv alents at beginning of period | 33,9 | 21,5 | 48,9 | 45,7 | 45,7 |
| Exchange-rate difference in cash and cash equiv alents | 0,5 | -0,2 | 0,2 | -0,4 | 0,3 |
| Cash and cash equivalents at end of period | 15,7 | 25,9 | 15,7 | 25,9 | 48,9 |
| Unutilised bank ov erdraft facilities | 32,2 | 23,2 | 32,2 | 23,2 | 50,0 |
| Disposable funds at end of period | 47 ,9 | 49,1 | 47 ,9 | 49,1 | 98,9 |
| Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | |
|---|---|---|---|---|---|
| Amounts in SEK M | 2014 | 2014 | 2014 | 2013 | 2013 |
| Order entry | 166 | 127 | 133 | 114 | 113 |
| Order entry - rolling 4 quarters | 540 | 487 | 513 | 523 | 485 |
| Net sales | 158,3 | 147 ,9 | 103,6 | 151,9 | 151,6 |
| Net sales - rolling 4 quarters | 561,7 | 555,0 | 535,0 | 524,6 | 516,9 |
| Operating profit | 15,2 | 2,7 | -9,2 | 2,1 | 6,9 |
| Operating profit - rolling 4 quarters | 10,8 | 2,5 | 8,9 | 14,3 | 23,7 |
| Profit for the period | 14,5 | 2,0 | -10,0 | 1,6 | 5,3 |
| Cash flow from operating activities | -34,8 | -37 ,7 | 32,1 | 52,5 | -17 ,4 |
| Cash flow from op.activities - rolling 4 quarters | 9,3 | 26,7 | 51,5 | 56,5 | 13,3 |
| Number of employees, end of period | 7 8 | 7 8 | 7 6 | 7 7 | 7 9 |
| Equity ratio | 80% | 81% | 86% | 86% | 82% |
1 ) Excluding non-recurring costs of SEK 52.8 M in Q2 201 4, SEK 4.1 M in Q3 and SEK 6.5 M in Q4 201 3.
| 9 m onths 9 m onths | Full y ear | ||
|---|---|---|---|
| Amounts in SEK M | 2014 | 2013 | 2013 |
| Net sales | 344,5 | 315,8 | 433,3 |
| Cost of goods sold1 ) | -325,2 | -264,9 | -37 5,2 |
| Gross profit1 ) | 19,3 | 50,9 | 58,1 |
| Selling and administrativ e expenses3) | -32,7 | -29,8 | -41,8 |
| Research and development costs2) | -38,7 | -16,9 | -24,3 |
| Operating profit4) | -52,1 | 4,2 | -8,0 |
| Income and expenses from financial items | -0,6 | -0,4 | 0,0 |
| Profit before tax4) | -52,7 | 3,8 | -8,0 |
| Income tax | 0,3 | 0,0 | 0,5 |
| Profit for the period4) | -52,4 | 3,8 | -7 ,5 |
| 9 m onths 9 m onths | Full y ear | ||
|---|---|---|---|
| Amounts in SEK M | 2014 | 2013 | 2013 |
| Profit for the period | -52,4 | 3,8 | -7 ,5 |
| Comprehensive income for the period | |||
| Items that have or may be accounted for in the profit for the period | |||
| Translation differences | 2,2 | 0,5 | 3,0 |
| Cash flow hedges, net | 0,2 | -0,8 | -0,4 |
| Tax relating to items in other comprehensive income | -0,5 | 0,1 | -0,6 |
| Com prehensiv e incom e for the period | 1,9 | -0,2 | 2,0 |
| Net com prehensiv e incom e for the period | -50,5 | 3,6 | -5,5 |
1) Including non-recurring costs of SEK 37 .5 M in Q2 2014 and SEK 6.5 M in Q4 2013
2) Including non-recurring costs of SEK 15.3 M in Q2 2014
3) Including non-recurring costs of SEK 4.1 M in Q3 2014
4) Affected by non-recurring costs totalling SEK 56.9 M in 2014 and SEK 6.5 M in Q4 2013
| Amounts in SEK M | 2014-09-30 | 2013-09-30 | 2013-12-31 |
|---|---|---|---|
| Intangible fixed assets | 21,1 | 40,1 | 40,4 |
| Tangible fixed assets | 7 ,1 | 6,4 | 6,0 |
| Financial fixed assets | 382,9 | 37 6,8 | 37 9,1 |
| T otal fixed assets | 411,1 | 423,3 | 425,5 |
| Inv entories | 136,8 | 125,0 | 120,1 |
| Current receiv ables | 145,8 | 200,2 | 134,3 |
| Cash and cash equivalents | 3,7 | 11,4 | 37 ,5 |
| T otal current assets | 286,3 | 336,6 | 291,9 |
| T OT AL ASSET S | 697 ,4 | 7 59,9 | 7 17 ,4 |
| Shareholders' equity | 559,6 | 618,6 | 609,6 |
| T otal equity | 559,6 | 618,6 | 609,6 |
| Prov isions | 27 ,8 | 8,1 | 11,1 |
| Long-term liabilities | 0,1 | 0,1 | 0,1 |
| Current liabilities | 109,9 | 133,1 | 96,6 |
| T otal liabilities | 137 ,8 | 141,3 | 107 ,8 |
| T OT AL EQUIT Y AND LIABILIT IES | 697 ,4 | 7 59,9 | 7 17 ,4 |
| Pledged assets | 59,6 | 59,6 | 59,6 |
| Contingent liabilities | - | - | - |
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