Punktid Technologies AS management's comment on the difference in 2022 results compared to the forecast
Punktid Technologies AS has not only met, but also exceeded the group-wide sales revenue forecasts, demonstrating the efficiency of its business model and the functioning of its strategy. HVK Business OÜ, a wholesale company, has also shown excellent results. The company has exceeded the initially set sales goal of EUR 800 000 by 21%, achieving an annual income of EUR 968 000.
Gamekeys OÜ, despite challenges such as a difficult economic environment and political instability, has shown resilience by achieving a brokerage service volume close to forecasts. Although the annual volume of our mediation service was 8% below the forecasted 2.0 million euros, we evaluate this result positively, taking into account the recommendation to raise capital in a smaller amount and the decline in local sales due to the conflict in Ukraine.
Despite the turbulence, we have decided to increase marketing spending in foreign markets to compensate for the effects of unexpected situations. Although this increased our company's advertising costs in international markets where customer acquisition costs are higher, it shows our company's commitment, flexibility and ability to remain strong in times of crisis. We believe that this strategy will allow us to achieve even better results in the near future.
Compared to the forecast included in the company description of Punktid Technologies AS, the most significant cost differences in 2022 were in various operating costs and labor costs and from the investment side in the field of web development. The depreciation of fixed assets also differed significantly in percentage terms, but in absolute terms the difference remained small (approx. EUR 8000).
The following are comments on the economic results of Punktid Technologies AS in terms of the forecasts reflected in the company description:
Total volume of goods (Sales revenue in the description of the company) 2022 - forecast €2,805,000, actual €2,817,000
The difference between the forecast and the actual result is marginal, the forecast can be considered fulfilled. The forecast of the total volume of goods (sales revenue) includes wholesale and brokerage services (see pages 66-68 of the company description for more details). The actual result exceeded the predicted result.
Goods, raw materials, material and services 2022 - forecast -2,384,250 €, actual -2,600,868 €
The difference between the forecast and the actual result is marginal, the forecast can be considered fulfilled.
Miscellaneous operating expenses 2022 - forecast -€699,180, actual -€396,336.
Operating costs were significantly lower year-on-year, because the amount of capital raised during the public offering of shares was smaller and we could not carry out activities in the planned volume, the main priority for using the raised capital was the development of a new platform. The biggest operational costs were IT services (€48,000), legal costs (€38,000) and advertising costs (€190,920).
Labor costs 2022 - forecast -€200,000, actual -€265,371
The difference in the labor cost compared to the forecast is due to the fact that the salary pressure was higher than forecast when assembling the team.
Total company expenses (Business expenses in the description of the company) 2022 – forecast -€3,298,430, actual -€3,287,289
We included the total volume of expenses during the public offering of shares in the business expense, which is why this number differs from accounting. Business expenses turned out to be marginally smaller than forecast.
EBITDA 2022 - forecast -€478,430, actual -€452,826
The difference between the forecast and the actual result is marginal, the forecast can be considered fulfilled.
EBITDA margin - forecast -17%, actual -16%
The difference between the forecast and the actual result is marginal, the forecast can be considered fulfilled.
Depreciation of fixed assets 2022 – forecasted -€15,000, actual -€23,371
The difference in the depreciation of fixed assets compared to the forecast is due to the fact that additional fixed assets were acquired.
Operating profit (-loss) (EBIT) - forecast -€493,430, actual -€476,197. The actual loss was not significantly different from the predicted loss.
Investments in development - estimated €455,000, actual €184,000
Development investments in 2022 were significantly lower than forecast. This was due to the fact that during the public offering of shares we raised less capital than recommended, so development plans and deadlines had to be adjusted after the public offering of shares. As a result, a significant part of the development costs was postponed to 2023.
The fulfillment of the forecasts for the following years depends on the possibility of raising additional capital.
Company descrioption can be found here: https://punktid.com/sites/default/files/uploaded/Final.ettevotte-kirjeldus.Punktid.2022-03-28.pdf
Consolidated audited annual report 2022 can be found here: https://view.news.eu.nasdaq.com/view?id=b15ef9bbbbc43101c3bb0f520002fee19&lang=en
Contacts for additional information
Hannes Niid
Management Board Member of Punktid Technologies AS
E-mail: invest@punktid.com
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