Pricer — Interim / Quarterly Report 2014

Feb 12, 2015

Year-end Report 2014

Sales trend up – New strategy launched

Fourth quarter 2014

• Order intake unchanged at SEK 115 (114) million.
• Net sales increased by 14% to SEK 173 (152) million.
• NorgesGruppen has signed an agreement with Pricer´s Norwegian partner PSI Systems, which does not affect the order intake during the quarter.
• The restructuring process effected the fourth quarter with non-recurring costs of SEK 12.1 million.
• Non-recurring costs accounted for in the second quarter for warranty provisions and write-downs deemed sufficient.
• Charles Jackson joined Pricer as Executive Vice President of Global Sales, Marketing and Strategy.

Full year 2014

• Order intake increased by 3% to SEK 541 (523) million.
• Net sales increased by 11 % to SEK 583 (525) million.
• Major order from French Leroy Merlin of SEK 43.9 million mostly to be delivered in 2015.
• The previously announced restructuring process completed with non-recurring costs of SEK 16.0 million in total.
• The Board of Directors will propose to the Annual General Meeting that no dividend will be paid for 2014.

Subsequent events

• At the National Retail Federation's (NRF) Annual Trade Show and Expo 2015 in New York, USA, in January 2015, Pricer presented its new in-store solutions that are based on a unique technology platform.
• PSI Systems agreement with NorgesGruppen resulted in an order intake of over SEK 90 million for Pricer.
• Sales office opened in Düsseldorf, Germany in February.

Fourth quarter	Full year
115 (114)	541 (523)
173.2 (151.9)	583.0 (524.6)
24.6 (21.9)	24.0 (23.7)
7.2 (2.1)	15.9 (14.3)
4.2 (1.4)	2.7 (2.7)
	13.6 (56.5)
	-55.5 (4.2)
-0.05 (-0.04)	-0.51 (0.04)
	56.8 (52.5) -5.1 (-4.9)

¹⁾ Excluding non-recurring costs of SEK 0.0 (6.5) million for Q4 2014 and SEK 37.5 (6.5) million for the full year 2014.

2) Excluding non-recurring costs of SEK 12.1 (6.5) million for Q4 2014 and SEK 69.0 (6.5) million for the full year 2014.

³⁾ Amortization of capitalized development costs have been reclassified from research and development costs to the cost of goods sold. The effect of this is SEK 2.8 (2.9) million for Q4 2014 and SEK 11.2 (9.1) million for the full year 2014.

Comments from CEO Jonas Vestin

Having completed 2014, we can conclude that Pricer during the year has managed to increase sales and orders, at the same time as we completed a major restructuring.

There has been a positive development in the order intake during the second half of 2014, after a decreasing trend in the first half. The order intake increased by 24% compared to 2013 to SEK 281 (227) million in the second half. Note that the new agreement with NorgesGruppen that was communicated in December 2014 is not included in order intake for the fourth quarter but will be included in order intake for the first quarter 2015.

The agreement with NorgesGruppen has laid the foundation for sales growth in 2015, with deliveries already beginning in the first quarter.

Previously reported provisions for warranty, write-down of inventory and development projects have proven sufficient. Work on quality issues related to certain suppliers has been intense, but we can now conclude that we regard the problems to be resolved.

A fundamental improvement program for the operational quality began in 2014 and will continue in 2015.

The restructuring process has also been completed and largely within the previously announced time and cost frames and no additional structural costs are deemed necessary. The Pricer reorganization has brought important new recruits adding new competence in both management and key positions.

At the retail trade show NRF in New York, USA, in January this year, Pricer presented its first in-store solutions based on the digital strategy as announced in 2014. Pricer's infrastructure for electronic pricing is now also including mobile and product positioning in the store and communication with a flashing light on the label, named SmartFlash. This creates a communication platform that communicates intelligently in real time with store staff as well as the customers at the shelf edge.

Reactions from partners and customers are positive. The return on investment for the retail customer is improved when the system, in addition to electronic price optimization, also provides tools for operational efficiency and improved customer interaction. Industry reactions have given Pricer confidence for the future venture and build-up of a strong market position.

The solutions presented in January are important and represent the first step in the digital repositioning process by Pricer. Bringing these solutions to market in a commercialized form will be Pricer's challenge for 2015. Despite the ongoing investments in software development, we expect to see a certain positive effect on sales and operating profit in 2015 and further improvement in 2016. We do, however, not give any forecast for 2015.

Market performance during the year

Norway emerges more and more as a leading market for electronic price marking systems together with France and Japan.

In France, the company received additional important orders from Intermarché, which has been a key customer in 2014 with a total of 140 stores contracted. Media Markt's advertising during the year, shows that the market drivers are changing. According to Media Markt´s press release, the company has regained market share in the Netherlands during the quarter thanks to Pricer's solutions. Delhaize in Belgium has also placed significant orders in the fourth quarter and the Italian market has developed well during the same quarter. Continued successful roll-out of the Pricer system for Dairy Farms in Singapore and the completion of a retail installation in Japan by our partner Ishida also led to growth in Asia in 2014.

Europe, Middle East and Africa

Sales in the region totaled SEK 493.3 (443.9) million.

America

Sales in the region totaled SEK 44.7 (51.6) million.

Asia and Pacific

Sales in the region totaled SEK 45.1 (29.1) million.

Orders, net sales and profit1) for fourth quarter

Order intake was SEK 115 (114) million in the fourth quarter, an increase of 1 percent compared to the fourth quarter of 2013. The agreement with NorgesGruppen by our partner PSI Systems reported in the fourth quarter has led to orders over SEK 90 million in the first quarter of 2015.

Net sales totaled SEK 173.2 (151.9) million in the quarter. The increase in sales was 14 percent compared to the fourth quarter of last year. Adjusted for currency fluctuations, net sales increased by 7 percent.

Gross profit was SEK 42.6 (33.2) million, and the gross margin was 24.6 (21.9) percent for the quarter.

Operating expenses, excluding non-recurring costs increased to SEK 35.4 (31.1) million for the quarter. Operating expenses in the fourth quarter have been charged with costs for the development of the new digital strategy and new products linked to this.

Operating profit was SEK 7.2 (2.1) million for the quarter, an operating margin of 4.2 (1.4) percent.

Orders, net sales and profit2) for Full year 2014

Order intake for the full year was SEK 541 (523) million, a rise of 3 percent compared to last year.

Net sales totaled SEK 583.0 (524.6) million for the full year. The increase in sales was 11 percent compared last year.

Gross profit was SEK 139.8 (124.4) million and the gross margin was 24.0 (23.7) percent for the full year.

Operating expenses, excluding non-recurring items were SEK 123.9 (110.1) million for the full year, representing an increase of approximately 13 percent year on year. The increase was primarily due to a lower capitalization rate for development costs and costs related to the development of the new digital strategy.

Operating profit was SEK 15.9 (14.3) million for the full year and is primarily an effect of the negative results in the first quarter.

Translation differences in other comprehensive income consisted of foreign currency translation of net assets in foreign subsidiaries in euros and dollars, primarily goodwill.

• 1) Excluding non-recurring costs of SEK 12.1 (6.5) million in the fourth quarter
• 2) Excluding non-recurring costs of SEK 69.0 (6.5) million for the full year 2014

CURRENCY TRANSLATION DIFFERENCE ORDER INTAKE & SALES

	Q 4	Q 4	Full y ear	Full y ear
	2014	2013	2014	2013
% change in Order intake	1%	50%	3%	2%
whereof currency translation difference	6%	3%	5%	-2%
% change in Order intake adjusted for currency translation difference -5%		47 %	-2%	4%
% change in Net sales	14%	5%	11%	-4%
whereof currency translation difference	7 %	1%	5%	-2%
% change in Net sales adjusted for currency translation difference 7 %		4%	6%	-2%

NET SALES AND OPERATING PROFIT2), SEK M
	Q 4	Q 4	Full y ear	Full year
	2014	2013	2014	2013
Net sales	17 3,2	151,9	583,0	524,6
Cost of goods sold1	-130,6	-118,7	-443,2	-400,2
Gross profit1	42,6	33,2	139,8	124,4
Gross margin1	24,6%	21,9%	24,0%	23,7 %
Operating expenses2&3	-35,4	-31,1	-123,9	-110,1
Operating profit4	7 ,2	2,1	15,9	14,3
Operating margin4 References 1-3, see page 1	4,2%	1,4%	2,7 %	2,7 %

Cash flow and financial position

Fourth quarter

Cash flow from operating activities was SEK 56.8 (52.5) million in the fourth quarter. A significant improvement has taken place during the quarter, which is an effect of ongoing projects to reduce capital tied up in inventory and accounts receivable.

Full year 2014

Cash flow from operating activities was SEK 13.6 (56.5) for the full year. Working capital (including provisions) was SEK 238.4 (269.6) million at the end of the period. Part of the non-recurring costs have reduced cash flow.

Cash and cash equivalents at the end of the period were SEK 53.0 (48.9) million. In addition to cash, Pricer has an unutilized overdraft totaling SEK 50 million and an additional SEK 50 million as a credit commitment.

The fair value of derivatives at the end of the period were; asset SEK 0 (0.1) million and liabilities SEK 0 (1.1) million.

Equity

During the second quarter, a share savings program was launched for employees as determined at the Annual General Meeting in May 2014. 330,000 shares have been issued and repurchased at the issue price, and are now held by the company ahead of the commitment for matching shares in three years. The value of the commitment has been accounted for in accordance with IFRS 2 and is expensed over the vesting period.

ISSUED AND OUTSTANDING SHARES

Stated in thousands of shares	Series A	Series B	T otal
Issued at the beginning of the y ear, 2014-01-01	226	110 416	110 642
Issued and conv erted shares in the year		330	330
Issued at the end of the period, 201 4-12-31	226	110 7 46	110 97 2
Treasury shares	-	-1 07 9	-1 07 9
Outstanding shares at end-of period	226	1 09 667	109 893

Class A share holds five votes and class B share one vote

Capital expenditures

Fourth quarter

Investments in fixed assets were SEK 3.6 (3.5) million in the fourth quarter, and consisted mainly of capitalized development costs of SEK 2.7 (3.5) million.

Full year 2014

Investments in fixed assets were SEK 11.6 (26.1) million for the full year and consisted mainly of capitalized development costs of SEK 7.4 (20.3) million.

Parent Company

The Parent Company's net sales totaled SEK 465.8 (433.3) million and net profit was SEK -61.7 (-7.5) million for the full year, corresponding to SEK 0.6 (-1.0) million before non-recurring costs. Cash and cash equivalents were SEK 44.5 (37.6) million at the end of the period.

Personnel

The average number of employees was 79 (77) for the period, and the number of employees at the end of the period was 83 (77).

Jonas Vestin took over as CEO on August 14. Harald Bauer, Pricer's CFO who was also acting CEO, left the company at the same time. Claes Wenthzel joined in late August as interim CFO.

Charles Jackson took over as Executive Vice President for Pricer's global sales, marketing and strategy in December.

Helena Holmgren will take over as the new CFO in March 2015.

Adjusted operating profit

As previously reported the second quarter of 2014 was charged with non-recurring cost totaling SEK 52.8 million related primarily to component problems for delivered goods. Cost of goods sold was charged with SEK 37.5 million. Of these provisions, SEK 21.9 million remain at December 31, which is considered to cover the remaining costs. Furthermore research and development costs were charged by SEK 15.3 million in the same quarter, relating to impairment of development projects that are no longer deemed to be launched.

The structural changes announced in the second quarter were charged to earnings at SEK 16.0 million of which SEK 12.1 million in the fourth quarter. Operating profit excluding these nonrecurring costs amounted to SEK 7.2 (2.1) million in the fourth quarter.

ADJUSTED OPERATING PROFIT

	Q 4	Q 4	Full year	Full y ear
Amounts in SEK M	2014	2013	2014	2013
Operating profit	-4,9	-4,4	-53,1	7 ,8
Component problems	-	6,5	37 ,5	6,5
Write-down of development project	0,2	-	15,5	-
Structural change	11,9	-	16,0	-
Total adjustment	12,1	6,5	69,0	6,5
Adjusted operating profit	7 ,2	2,1	15,9	14,3

Risks and uncertainties

Pricer's results and financial position are affected by various risk factors that need to be considered when assessing the Group and the Parent Company and their future potential. These risks primarily refer to the development of the electronic shelf labels market. With the customer structure in mind and the extensive scope of the agreements, any delay of the installations could have a significant impact on an individual quarter. Other risks, see Annual Report 2013, Pages 12 and 38.

Related parties

No significant transactions have occurred with related parties that significantly affected the Group's or Parent Company's financial status or earnings.

Accounting policies

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions in the Annual Accounts Act (ÅRL). The interim report has been prepared in accordance with the Annual Accounts Act Chap. 9 and RFR 2. The Group and Parent Company have applied the same accounting policies and methods of calculation as those used in the last annual report.

The new or revised IFRS that have come into force on 1 January 2014 have not had any material effect on the consolidated financial statements.

The amortization of capitalized development costs recognized during the year has been reclassified from research and development costs to cost of goods sold. The amount for 2014 is SEK 11.2 million and SEK 9.1 million for 2013. This in order to clarify the link to the sales that the developed products generate after launch, which is normally also when amortization begins.

Outlook

No forecast is given for 2015.

Annual General Meeting and dividend

The AGM will be held on April 23 at 4pm at the Stockholm Waterfront Congress Center. The last day to request matters to be addressed at the AGM is March 19.

The Board will not be proposing a dividend for 2014 at the AGM.

The annual report for 2014 will be published on Pricer's website in early April and distributed to those who request a copy.

Next reporting date

The Interim Report for January – March 2015 will be published April 23, 2015.

Stockholm, February 12, 2015

Board and CEO

In its capacity as issuer, Pricer AB is releasing the information in this year-end report 2014 in accordance with the Swedish Securities Exchange Act (2007:528). The information was distributed to the media for publication at 8.30 CEST on Thursday, February 12 2015.

For more information, please contact:

Jonas Vestin CEO or Claes Wenthzel CFO, Pricer AB: +46 (0)8-505 582 00

RAPPORT ÖVER KONCERNENS TOTALRESULTAT I SAMMANDRAG

	Kv 4	Kv 4	Helår	Helår
Belopp i MSEK	2014	2013	2014	2013
Nettoomsättning	17 3,2	151 ,9	583,0	524,6
Kostnad för sålda v aror1, 5)	-130,6	-125,2	-480,7	-406,7
Bruttoresultat1)	42,6	26,7	102,3	117 ,9
Försäljnings- och administrationskostnader3)	-41,1	-26,6	-11 8,7	-94,9
Forsknings- och utv ecklingskostnader2, 5)	-6,4	-4,5	-36,7	-1 5,2
Rörelseresultat4)	-4,9	-4,4	-53,1	7 ,8
Finansiella intäkter och kostnader, netto	0,5	0,4	-0,1	-0,1
Resultat före skatt4)	-4,4	-4,0	-53,2	7 ,7
Skatt	-0,7	-0,9	-2,3	-3,5
Periodens resultat4)	-5,1	-4,9	-55,5	4,2
Övrigt totalresultat
Poster som har omförts eller kan omföras till periodens resultat
Omräkningsdifferenser	1 3,7	10,2	23,8	1 2,2
Kassaflödessäkringar, netto	-	0,3	0,2	-0,5
Skatt hänförlig till poster i öv rigt totalresultat	-0,7	-0,7	-1,2	-0,6
Periodens övrigt totalresultat	13,0	9,8	22,8	11,1
Periodens totalresultat	7 ,9	4,9	-32,7	15,3
Periodens resultat hänförligt till:
Moderbolagets ägare	-5,1	-4,9	-55,5	4,2
Periodens totalresultat hänförligt till:
Moderbolagets ägare	7 ,9	4,9	-32,7	1 5,3

1) Inklusiv e engångskostnader på 0 (6,5) MSEK för kv artal 4 2014 och 37 ,5 (6,5) MSEK för helåret 201 4 2) Inklusiv e engångskostnader på 1 ,1 (0) MSEK för kv artal 4 2014 och 1 6,4 (0) MSEK för helåret 2014 3) Inklusiv e engångskostnader på 1 1,0 (0) MSEK för kvartal 4 2014 och 15,1 (0) MSEK för helåret 201 4 4) Inklusiv e engångskostnader på 1 2,1 (6,5) MSEK för kv artal 4 2014 och 69,0 (6,5) MSEK för helåret 2014 5) Av skriv ningar av aktiv erade utv ecklingskostnader har omklassificeras från funktionen forsknings- och utv ecklingskostnader till kostnad för sålda v aror, effekten av detta är 2,8 (2,9) MSEK för kv artal 4 201 4 och 11 ,2 (9,1) MSEK för helåret 201 4.

RESULT AT PER AKT IE

	Kv 4	Kv 4	Helår	Helår
	2014	2013	2014	2013
Resultat per aktie före utspädning, SEK	-0,05	-0,04	-0,51	0,04
Resultat per aktie efter utspädning, SEK	-0,05	-0,04	-0,51	0,04
Antal aktier, miljoner	109,9	109,9	109,9	109,9
Antal aktier efter utspädning, miljoner	109,9	109,9	109,9	109,9

OMSÄT T NING PER GEOGRAFISK MARKNAD

	Kv 4	Kv 4	Helår	Helår
Belopp i MSEK	2014	2013	2014	2013
Europa, Mellanöstern & Afrika	141 ,0	131 ,6	493,3	443,9
Amerika	15,6	6,1	44,7	51 ,6
Asien & Stillahav sområdet	1 6,7	1 4,2	45,1	29,1
Sum m a om sättning	17 3,2	151,9	583,0	524,6

Pricer AB Year-end Report 2014

STATEMENT OF CONSOLIDATED FINANCIAL POSITION IN SUMMARY

Amounts in SEK M	2014-12-31	2013-12-31
Intangible fixed assets	263,4	269,1
Tangible fixed assets	8,1	7 ,2
Deferred tax assets	101 ,7	101 ,2
T otal fixed assets	37 3,2	37 7 ,5
Inv entories	157 ,7	148,4
Current receiv ables	231,3	226,4
Cash and cash equiv alents	53,0	48,9
T otal current assets	442,0	423,7
T OT AL ASSET S	815,2	801,2
Shareholders' equity	659,7	691 ,9
T otal equity	659,7	691,9
Long-term liabilities	4,9	4,1
Short-term liabilities	150,6	105,2
T otal liabilities	155,5	109,3
T OT AL EQUIT Y AND LIABILIT IES	815,2	801,2
Pledged assets	60,5	60,4
Contingent liabilities	0,8	0,8
Basic shareholders' equity per share, SEK	6,00	6,30
Diluted shareholders' equity per share, SEK	6,00	6,30

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY IN SUMMARY

	Full y ear	Full y ear
Amounts in SEK M	2014	2013
Equity at beginning of period	691,9	7 03,5
Result for the period	-55,5	4,2
Other comprehensiv e income for the period	22,8	11,1
Net comprehensive income for the period	-32,7	15,3
Share issue	0,3	0,8
Repurchase of own shares	-0,3	-0,8
Dividend	-	-27 ,5
Share based pay ments, equity settled	0,5	0,6
Total transactions with owners of the Group	0,5	-26,9
Equity at end of period	659,7	691,9
Attributable to:
- Owners of the Parent Company	659,7	691 ,9

STATEMENT OF CONSOLIDATED CASH FLOWS IN SUMMARY

	Q 4	Q 4	Full y ear	Full y ear
Amounts in SEK M	2014	2013	2014	2013
Profit before tax	-4,4	-4,0	-53,2	7 ,7
Adjustment for non-cash items	7 ,9	4,6	54,7	13,5
whereof depreciations and amortizations	3,8	3,6	15,5	11 ,7
Paid income tax	-0,7	-1,1	-3,9	0,1
Change in working capital	54,0	53,0	16,0	35,2
Cash flow from operating activities	56,8	52,5	13,6	56,5
Cash flow from investing activities	-3,6	-3,5	-11,6	-26,1
Cash flow from financing activities	-17,8	-26,7	-	-27 ,5
Cash flow for the period	35,4	22,3	2,0	2,9
Cash and cash equivalents at beginning of period	15,7	25,9	48,9	45,7
Exchange-rate difference in cash and cash equiv alents	1,9	0,7	2,1	0,3
Cash and cash equivalents at end of period	53,0	48,9	53,0	48,9
Unutilised bank ov erdraft facilities	50,0	50,0	50,0	50,0
Disposable funds at end of period	103,0	98,9	103,0	98,9

KEY RATIOS

	Q 4	Q 3	Q 2	Q 1	Q 4
Amounts in SEK M	2014	2014	2014	2014	2013
Order intake	115	166	127	133	11 4
Order intake - rolling 4 quarters	541	540	487	51 3	523
Net sales	17 3,2	158,3	147 ,9	103,6	151,9
Net sales - rolling 4 quarters	583,0	561,7	555,0	535,0	524,6
Operating profit1)	7 ,2	15,2	2,7	-9,2	2,1
Operating profit1) - rolling 4 quarters	15,9	1 0,8	2,5	8,9	14,3
Profit for the period1)	7 ,0	14,5	2,0	-10,0	1,6
Cash flow from operating activities	56,8	-34,8	-37 ,7	32,1	52,5
Cash flow from op.activ ities - rolling 4 quarters	13,6	9,3	26,7	51,5	56,5
Number of employees, end of period	83	7 8	7 8	7 6	7 7
Equity ratio	81 %	80%	81 %	86%	86%

1 ) Excluding non-recurring costs of SEK 1 2.1 M in Q4 201 4, SEK 4.1 M in Q3 201 4, SEK 52.8 M in Q2 201 4, and SEK 6.5 M in Q4 201 3 .

STATEMENT OF INCOME AND STATEMENT OF COMPREHENSIVE INCOME OF PARENT COMPANY IN SUMMARY

STATEMENT OF INCOME

	Full y ear	Full y ear
Amounts in SEK M	2014	2013
Net sales	465,8	433,3
Cost of goods sold1, 5)	-444,9	-384,3
Gross profit1)	20,9	49,0
Selling and administrativ e expenses3)	-46,7	-41 ,8
Research and dev elopment costs2, 5)	-36,7	-15,2
Operating profit4)	-62,5	-8,0
Income and expenses from financial items	-0,4	0,0
Profit before tax4)	-62,9	-8,0
Income tax	1,2	0,5
Profit for the period4)	-61,7	-7 ,5

STATEMENT OF COMPREHENSIVE INCOME

	Full y ear	Full y ear
Amounts in SEK M	2014	2013
Profit for the period	-61,7	-7 ,5
Comprehensive income for the period
Items that have or may be accounted for in the profit for the period
Translation differences	5,3	3,0
Cash flow hedges, net	0,2	-0,4
Tax relating to items in other comprehensive income	-1,2	-0,6
Comprehensive incom e for the period	4,3	2,0
Net comprehensive incom e for the period	-57 ,4	-5,5

1) Including non-recurring costs of SEK 37 .5 (6.5) M for the full y ear 201 4

2) Including non-recurring costs of SEK 16.4 (0) M for the full year 2014

3) Including non-recurring costs of SEK 8.2 (0) M for the full year 2014

4) Including non-recurring costs of SEK 62.1 (6.5) M for the full year 2014

5) Amortization of capitalized development costs have been reclassified from research and

development costs to the cost of goods sold. The effect of this is SEK 2.8 (2.9) million for Q4 2014 and SEK 11 .2 (9.1 ) million for the full year 2014

PARENT COMPANY BALANCE SHEET IN SUMMARY

Amounts in SEK M	2014-12-31	2013-12-31
Intangible fixed assets	20,8	40,4
Tangible fixed assets	7 ,3	6,0
Financial fixed assets	386,9	37 9,1
T otal fixed assets	415,0	425,5
Inv entories	125,1	120,1
Current receiv ables	97 ,2	134,3
Cash and cash equiv alents	44,5	37 ,5
T otal current assets	266,8	291,9
T OT AL ASSET S	681,8	7 17 ,4
Shareholders' equity	552,7	609,6
T otal equity	552,7	609,6
Prov isions	30,9	11,1
Long-term liabilities	0,1	0,1
Current liabilities	98,1	96,6
T otal liabilities	129,1	107 ,8
T OT AL EQUIT Y AND LIABILIT IES	681,8	7 17 ,4
Pledged assets	59,6	59,6
Contingent liabilities	-	-

PARENT COMPANY STATEMENT OF CHANGES IN EQUITY IN SUMMARY

	Full year	Full y ear
Amounts in SEK M	2014	2013
Equity at beginning of period	609,6	642,2
Net comprehensiv e income for the period	-57 ,4	-5,5
Share issue	0,3	0,8
Repurchase of own shares	-0,3	-0,8
Div idend	-	-27 ,5
Share based payments, equity settled	0,5	0,4
Equity at end of period	552,7	609,6

About Pricer

Pricer provides the retail industry's leading electronic display and Electronic Shelf Label (ESL) platform, solutions, and services for intelligently communicating, managing, and optimizing price and product information on the retail floor. The platform is based on a two-way communication protocol to ensure a complete traceability and effective management of resources. The Pricer system significantly improves consumer benefit and store productivity by simplifying work in the store.

Pricer, founded in 1991 in Uppsala, Sweden, offers the most complete and scalable ESL solution. Pricer has installations in over 50 countries with the largest ESL world market share. Customers include many of the world's top retailers and some of the foremost retail chains in Europe, Japan and the USA. Pricer, in co-operation with qualified partners, offers a totally integrated solution together with supplementary products, applications and services.

Pricer AB (publ.) is quoted on the Nasdaq OMX Stockholm, Small Cap list. For further information, please visit www.pricer.com

Sweden

Pricer AB Website: www.pricer.com Box 215 Telephone: +46 8 505 582 00 SE-101 24 Stockholm Corporate Identity number: 556427-7993

Visiting adress: Västra Järnvägsgatan 7 SE-111 64 Stockholm Sweden