Punktid Technologies AS consolidated audited annual report 2022
Board commentary
In 2022, thanks to the IPO, Punktid increased investments in various areas. After the IPO we immediately began to fulfill the promises we made to investors, including the creation of a new platform, growing turnover and assembling a team.
Negotiations and preparations for the transition to the new platform began already in January 2022 in cooperation with Trinidad Wiseman OÜ (TWN). We decided to switch to the Drupal 9 system based on the long-term cooperation with TWN developed over the years, where they had previously worked with our old Drupal 7 platform and were familiar with the technical side. After the results of the IPO, we had to make some adjustments and leave some functionalities for the future (Phases 2 and 3) in order to get the core ready as soon as possible (Phase 1).
Assembling the team allowed us to speed up the development of the Punktid platform. In addition, we got the opportunity to test different specialists in positions that we previously filled partially or did not deal with at all. We created a completely new position SEO (Search Engine Optimization), the results of which were clearly visible by the end of the year. However, a separate social media position did not give the desired results, and we decided to liquidate it at the end of the year.
In terms of increasing turnover, we were able to maintain our 2022 goal throughout the year. We set a goal of EUR 2 million in turnover for the platform and we came very close, achieving EUR 1.84 million euros in turnover.
Economic Indicators
The volume of goods moved through the Punktid platform and wholesale was EUR 2 817 000 in 2022, of which wholesale made up EUR 968 000 and goods moved through the platform EUR 1 849 000, this represents a 35% increase compared to the periood of the previous annual report 10.02.21-31.12.21.
Revenue
Punktid Group’s sales revenue increased by 62.7% compared to the previous year, reaching EUR 1 207 thousand in 2022. Of this, EUR 239 000 were commissions for the Punktid platform, and EUR 968 000 were wholesale.
Punktid platform sales and gross merchendise võlume (GMV) (Gamekeys OÜ)
The sales revenue of the Punktid platform is formed by the commission fee for the goods sold on the platform. In 2022, retail consumers made purchases through the Punktid platform for a total of EUR 1 849 000, from which the company earned EUR 239 000 as a commission or sales revenue. Compared to 2021, sales revenue increased by nearly 74% and EUR 102 000.
Estonia and the neighboring countries – Latvia, Finland and Lithuania – are considered the biggest market of the platform. Their share of the võlume of goods passing through the platform is 96%.
The total volume of goods sold on the Punktid platform (GMV - Gross merchandise value) wasEUR 1 849 000 in 2022. Compared to 2021, the volume of goods sold on the platform increased by EUR 267 000 and by 17%. One of the important goals for 2022 was to increase the volume of goods moving through the platform.
The volume of goods mediated by the points platform and the commission margin have been consistently increasing over the past 4 years. If in 2019 the commissionargin was around 4.5%, by 2021 it had risen to 8%. In 2022, it further improved to 13%.
The increase in sales revenue through the platform was the result of active expansion and testing of new markets. In addition, we managed to offer several products at the right time when our competitors were out of stock or in limited supply. Such timely offers opened up opportunities for us to increase sales in the high margin product sector.
Punktid wholesale (HVK Business OÜ)
Punktid wholesale consists of the sale of goods purchased from the warehouse to distributors. Wholesale sales totaled EUR 968 000 in 2022. Compared to the previous year, the increase was 42%, or nearly EUR 285 000 (Compared to 2021 pro forma data).
Consolidated statement of financial position
(in Euros)
|
31.12.2022 |
31.12.2021 |
Lisa nr |
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
129 039 |
26 154 |
|
|
Financial investments |
0 |
199 |
|
|
Receivables and prepayments |
83 483 |
19 233 |
2 |
|
Inventories |
198 731 |
114 316 |
3 |
|
Total current assets |
411 254 |
159 902 |
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
57 637 |
24 921 |
6 |
|
Intangible assets |
239 676 |
98 603 |
7 |
|
Total non-current assets |
297 312 |
123 524 |
|
|
Total assets |
708 567 |
283 424 |
|
|
Liabilities and equity |
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Loan liablities |
3 087 |
45 506 |
8 |
|
Payables and prepayments |
142 977 |
65 343 |
9 |
|
Total current liabilities |
146 064 |
110 849 |
|
|
Non-current liabilities |
|
|
|
|
Loan liablities |
3 279 |
1 528 |
8 |
|
Total non-current liabilities |
3 279 |
1 528 |
|
|
Total liabilities |
149 343 |
112 377 |
|
|
Equity |
|
|
|
|
Equity held by shareholders and partners in parent company |
|
|
|
|
Share capital |
214 982 |
195 390 |
10 |
|
Share premium |
983 260 |
134 151 |
|
|
Own shares |
-1 |
-1 |
|
|
Retained earnings (loss) |
-158 493 |
0 |
|
|
Annual period profit (loss) |
-480 526 |
-158 493 |
|
|
Total equity held by shareholders and partners in parent company |
559 222 |
171 047 |
|
|
Total equity |
559 222 |
171 047 |
|
|
Total liabilities and equity |
708 565 |
283 424 |
|
Consolidated income statement
(in Euros)
|
|
2022 |
10.02.2021-
31.12.2021 |
Lisa nr |
|
Revenue |
1 206 954 |
741 538 |
11 |
|
Other income |
621 |
629 |
|
|
Work performed by entity and capitalised |
0 |
7 045 |
|
|
Raw materials and consumables used |
-997 351 |
-574 875 |
12 |
|
Other operating expenses |
-396 336 |
-192 331 |
13 |
|
Labor expense |
-265 334 |
-120 931 |
14 |
|
Depreciation and impairment loss |
-23 371 |
-12 418 |
|
|
Other expenses |
-1 380 |
-1 875 |
|
|
Operating profit (loss) |
-476 197 |
-153 218 |
|
|
Interest expenses |
-4 206 |
-5 071 |
|
|
Other financial income and expenses |
-123 |
-204 |
|
|
Profit (loss) before tax |
-480 526 |
-158 493 |
|
|
Annual period profit (loss) |
-480 526 |
-158 493 |
|
|
Profit (loss) from shareholders and partners in parent company |
-480 526 |
-158 493 |
|
Consolidated statement of cash flows
(in Euros)
|
|
2022 |
10.02.2021-
31.12.2021 |
|
Cash flows from operating activities |
|
|
|
Operating profit (loss) |
-476 197 |
-153 218 |
|
Adjustments |
|
|
|
Depreciation and impairment loss (reversal) |
23 371 |
12 418 |
|
Other adjustments |
0 |
-105 486 |
|
Total adjustments |
23 371 |
-93 068 |
|
Changes in receivables and prepayments related to operating activities |
-64 250 |
-3 731 |
|
Changes in inventories |
-84 415 |
21 880 |
|
Changes in payables and prepayments related to operating activities |
78 191 |
7 562 |
|
Total cash flows from operating activities |
-523 300 |
-220 575 |
|
Cash flows from investing activities |
|
|
|
Purchase of property, plant and equipment and intangible assets |
-195 953 |
-35 614 |
|
Other cash payments to acquire other financial investments |
0 |
-199 |
|
Other cash receipts from sales of other financial investments |
241 |
0 |
|
Repayments of loans given |
0 |
2 556 |
|
Interest received |
24 |
70 |
|
Total cash flows from investing activities |
-195 688 |
-33 187 |
|
Cash flows from financing activities |
|
|
|
Repayments of loans received |
-25 739 |
-33 455 |
|
Proceeds from overdraft |
-14 093 |
-4 734 |
|
Repayments of finance lease liabilities |
-2 600 |
-4 545 |
|
Interest paid |
-4 206 |
-5 071 |
|
Proceeds from issuing shares |
868 701 |
289 002 |
|
Proceeds from repurchased treasury shares |
0 |
-1 |
|
Total cash flows from financing activities |
822 063 |
241 196 |
|
Total cash flows |
103 075 |
-12 566 |
|
Cash and cash equivalents at beginning of period |
26 154 |
38 993 |
|
Change in cash and cash equivalents |
103 075 |
-12 566 |
|
Effect on exchange rate changes on cash and cash equivalents |
-190 |
-273 |
|
Cash and cash equivalents at end of period |
129 039 |
26 154 |
Consolidated statement of changes in equity
(in Euros)
|
|
Equity held by shareholders in parent company |
|
|
|
Share capital |
Share premium |
Own shares |
Retained earnings(loss) |
Total |
|
10.02.2021 |
2 500 |
138 663 |
0 |
0 |
141 163 |
|
Annual period profit (loss) |
0 |
0 |
0 |
-158 493 |
-158 493 |
|
Issue of equity |
192 860 |
96 112 |
0 |
0 |
289 002 |
|
Changes through other distributions to owners |
0 |
0 |
-1 |
0 |
-1 |
|
Other changes in equity |
0 |
-100 624 |
0 |
0 |
-100 624 |
|
31.12.2022 |
195 390 |
134 151 |
-1 |
-158 493 |
171 047 |
|
Annual period profit (loss) |
0 |
0 |
0 |
-480 526 |
-480 526 |
|
Issue of equity |
19 592 |
849 109 |
0 |
0 |
868 701 |
|
31.12.2022 |
214 982 |
983 260 |
-1 |
-639 019 |
559 222 |
"On 31.05.2023, the Supervisory Board of Punktid Technologies AS has unanimously formalized the report, with which it has approved the 2022 financial year report prepared by the management board to be submitted to the general meeting of shareholders."
Contacts for additional information
Hannes Niid
Management Board Member of Punktid Technologies AS
E-mail: invest@punktid.com
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