Punktid Technologies AS 2023 consolidated six-month unaudited report
Board commentary
In the second half of 2023, Punktid group achieved the previously set goal and returned to profit. For the entire Punktid group, the main goal of the second half of the year was profit maximization, which is why major investments were suspended for that time.
In order to return to profitability, we limited ourselves to essential works and cut costs, and we also minimized wholesale sales in order to keep the focus on the stabilization of the platform launched in the first half of the year, both in terms of functionality and sales made through the platform. The decisions made brought results and we achieved profit already in the III quarter. The difference between sales through the platform in Q3 and Q4 was positive, indicating that sales had stabilized. Unfortunately, the IV quarter did not show such an increase as we are used to seeing in previous years. One major reason is the reduced purchasing power of people both in Estonia and elsewhere in the Baltic region. We can also conclude this from the fact that the website traffic had not changed much, and in the IV quarter the number of purchases increased by 12.8% compared to the III quarter, which is correlated with the turnover growth in the 2023 III quarter vs. the IV quarter of the same year, but the average shopping cart amount has decreased. In addition, we can see that there is also an upward trend in purchases paid with partial and installment payments.
Usually, sales in September increase significantly compared to the summer, but in 2023 we did not see that kind of sharp increase. September sales did increase by 7% compared to August, and sales continued to increase monthly until the end of the year, which is also usual in our sector, but overall sales numbers were still lower than the previous year. According to the management, this is mainly due to the worsening economic situation of Estonia and its immediate neighbors and people's choice on what to spend money on.
In the second half of the year, we also worked on the preparation for the expansion of the platform to new markets. Due to the problems of the payment service provider that was in use at the time, we experienced a temporary setback with this activity in the fall, when we were forced to do additional unplanned development work to integrate and set up a new payment service. In the IV quarter, we successfully integrated a new payment service and continued with preparations for expansion to new markets.
The goal of Punctid Technologies AS is to continue to remain profitable and, as possible, to continue investing in order to expand into new markets.
We thank our investors for their trust and support.
Key financial ratios
|
|
31.12.2023 |
31.12.2022 |
|
Sales revenue |
€402 810 |
€744 379 |
|
Operating profit before depreciation (EBITDA) |
€93 860 |
€-228 574 |
|
Operating profit (EBIT) |
€70 118 |
€-243 608 |
|
Operating profit margin (operating profit / sales revenue) |
17% |
-33% |
|
Short-term debt coverage ratio (current assets / short-term liabilities) |
3.01 |
2.82 |
|
Assets to equity ratio (assets / equity) |
1.44 |
1.27 |
|
Return on equitly (ROE) |
12% |
-44% |
|
Return on Assets (ROA) |
8% |
-34% |
Consolidated statement of financial position
(in Euros)
|
31.12.2023 |
31.12.2022 |
Note nr |
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
18 360 |
129 039 |
|
|
Financial investments |
0 |
0 |
|
|
Receivables and prepayments |
29 376 |
83 483 |
2 |
|
Inventories |
377 184 |
198 731 |
3 |
|
Total current assets |
424 920 |
411 253 |
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
43 145 |
57 636 |
6 |
|
Intangible assets |
360 777 |
239 676 |
7 |
|
Total non-current assets |
403 922 |
297 312 |
|
|
Total assets |
828 842 |
708 565 |
|
|
Liabilities and equity |
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Loan liablities |
21 445 |
3 087 |
8 |
|
Payables and prepayments |
119 553 |
142 977 |
9 |
|
Total current liabilities |
140 998 |
146 064 |
|
|
Non-current liabilities |
|
|
|
|
Loan liablities |
113 812 |
3 279 |
8 |
|
Total non-current liabilities |
113 812 |
3 279 |
|
|
Total liabilities |
254 810 |
149 343 |
|
|
Equity |
|
|
|
|
Equity held by shareholders and partners in parent company |
|
|
|
|
Share capital |
214 982 |
214 982 |
10 |
|
Share premium |
1 019 437 |
983 260 |
|
|
Own shares |
-1 |
-1 |
|
|
Retained earnings (loss) |
-726 530 |
-394 887 |
|
|
Annual period profit (loss) |
66 144 |
-244 132 |
|
|
Total equity held by shareholders and partners in parent company |
574 032 |
559 222 |
|
|
Total equity |
574 032 |
559 222 |
|
|
Total liabilities and equity |
828 842 |
708 565 |
|
Consolidated income statement
(in Euros)
|
|
01.07.2023
31.12.2023 |
01.07.2022
31.12.2023 |
Note nr |
|
Revenue |
402 810 |
744 379 |
11 |
|
Other income |
198 |
108 |
|
|
Capitalized self-constructed assets |
16 551 |
0 |
|
|
Goods, raw materials and service |
-228 813 |
-628 913 |
12 |
|
Other operating expenses |
-57 796 |
-200 136 |
13 |
|
Labor expense |
-43 805 |
-143 206 |
14 |
|
Depreciation and impairment loss |
-23 742 |
-14 982 |
6,7 |
|
Other expenses |
-285 |
-858 |
|
|
Operating profit (loss) |
70 118 |
-243 608 |
|
|
Interest expenses |
-3 675 |
-524 |
|
|
Other financial income and expenses |
-299 |
0 |
|
|
Profit (loss) before tax |
66 144 |
-244 132 |
|
|
Annual period profit (loss) |
66 144 |
-244 132 |
|
Consolidated statement of cash flows
(in Euros)
|
|
01.07.2023 31.12.2023 |
01.07.2022
31.12.2022 |
|
Cash flows from operating activities |
|
|
|
Operating profit (loss) |
70 118 |
-243 608 |
|
Adjustments |
|
|
|
Depreciation and impairment loss (reversal) |
23 742 |
14 982 |
|
Profit (loss) on sale of fixed assets |
-157 |
0 |
|
Other adjustments |
0 |
85 |
|
Total adjustments |
23 585 |
15 067 |
|
Changes in receivables and prepayments related to operating activities |
8 185 |
-61 550 |
|
Changes in inventories |
-157 963 |
-23 131 |
|
Changes in payables and prepayments related to operating activities |
26 769 |
37 252 |
|
Total cash flows from operating activities |
-29 306 |
-275 970 |
|
Cash flows from investing activities |
|
|
|
Purchase of property, plant and equipment and intangible assets |
-41 289 |
-179 693 |
|
Disposal of fixed assets |
750 |
241 |
|
Interest received |
1 |
18 |
|
Total cash flows from investing activities |
-40 538 |
-179 434 |
|
Cash flows from financing activities |
|
|
|
Loans received |
44 144 |
0 |
|
Repayments of loans received |
-9 360 |
-1 565 |
|
Change in overdraft balance |
0 |
-3 500 |
|
Repayments of finance lease liabilities |
-1 834 |
-1 221 |
|
Interest paid |
-1 775 |
-524 |
|
Received from the sales of own shares |
36 177 |
0 |
|
Other financial payments |
-300 |
0 |
|
Total cash flows from financing activities |
67 052 |
-6 810 |
|
Total cash flows |
-2 792 |
-462 214 |
|
Cash and cash equivalents at beginning of period |
21 152 |
591 313 |
|
Change in cash and cash equivalents |
-2 792 |
-462 214 |
|
The effect of changes in foreign exchange rates |
0 |
-60 |
|
Cash and cash equivalents at end of period |
18 360 |
129 039 |
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 |
Restated balance
31.12.2022 |
214 982 |
983 260 |
-1 |
-639 019 |
559 188 |
|
Annual period profit (loss) |
0 |
0 |
0 |
-87 511 |
-87 511 |
|
30.06.2023 |
214 982 |
983 260 |
-1 |
-726 530 |
471 711 |
|
Annual period profit (loss) |
0 |
0 |
0 |
66 144 |
66 144 |
|
Sales of own shares |
0 |
36 177 |
0 |
0 |
36 177 |
|
30.06.2023 |
214 982 |
1 019 437 |
-1 |
-660 386 |
574 032 |
Contacts for additional information
Hannes Niid
Management Board Member of Punktid Technologies AS
E-mail: invest@punktid.com
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