Interim information Punktid Technologies AS 2023 consolidated unaudited report
Board commentary
For the Punktid group, the goal for 2023 was to increase the business profit, which is why major investments were suspended by that time.
In the second half of 2023, Punktid Group achieved the previously set goals and reached a profit. The small loss of the annual report was caused by higher development costs in the first half of the year.
One of the goals for 2023 was to stabilize the volume of goods moving through the Punktid platform and to increase profits as much as possible in a declining economy. The total volume of goods sold on the platform (GMV - Gross Merchandise Value) was 1,269 thousand euros in 2023, and although the volume of goods sold decreased compared to 2022, it is a pleasure to see the goal fulfilled, because the company earned 241 thousand euros as a commission from the Punktid platform, which means it remained stable. Commision fee sales revenue increased by nearly 1% and 2 thousand euros.
In order to reach profit in the second half of the year, we limited ourselves to essential works, reduced costs, and reduced the focus on wholesale sales in order to keep the focus on the platform launched in the first half of the year - with the new platform, we added new options, functions, and made the environment more stable, which brought the desired results.
The volume of goods mediated by the Punktid platform and the commission margin have consistently increased over the past 4 years. If in 2020 the commission margin was 3%, by 2022 it had risen to 13%. In 2023, it improved further to 19%. As a rule, a higher margin in our sector is also proportional to the decreasing sales volume.
Our corrected forecast, which we published in the fall of 2023, was almost on schedule. The adjusted goal was 2.1 million euros, which includes 1.3 million platform merchandise turnover and 0.8 million euros wholesale turnover, and the real numbers were 1.27 and 0.7 million euros, respectively, or a total of 1.97 million euros.
The goal of Punktid 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 | €939 288 | €1 206 954 |
| Gross profit | €355 838 | €210 224 |
| Operating profit before depreciation (EBITDA) | €31 819 | €-452 826 |
| Operating profit (EBIT) | €-14 485 | €-476 197 |
| EBITDA margin (EBITDA/sales revenue) | 3% | -37.5% |
| Operating profit margin (operating profit / sales revenue) | -2% | -39.5% |
| Short-term debt coverage ratio (current assets / short-term liabilities) | 3,02 | 2,82 |
| Assets to equity ratio (assets / equity) | 1,44 | 1,27 |
| Return on equitly (ROE) | -3% | -86% |
| Return on Assets (ROA) | -2% | -68% |
Consolidated statement of financial position
(in Euros)
| 31.12.2023 | 31.12.2022 | Note nr | |
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 18 1360 | 129 039 | |
| Receivables and prepayments | 31 740 | 83 483 | 2 |
| Inventories | 375 910 | 198 731 | 3 |
| Total current assets | 426 010 | 411 253 | |
| Non-current assets | |||
| Property, plant and equipment | 43 342 | 57 636 | 6 |
| Intangible assets | 360 580 | 239 676 | 7 |
| Total non-current assets | 403 922 | 297 312 | |
| Total assets | 829 932 | 708 565 | |
| Liabilities and equity | |||
| Liabilities | |||
| Current liabilities | |||
| Loan liablities | 21 445 | 3 087 | 8 |
| Payables and prepayments | 119 572 | 142 977 | 9 |
| Total current liabilities | 141 017 | 146 064 | |
| Non-current liabilities | |||
| Loan liablities | 113 812 | 3 279 | 8 |
| Total non-current liabilities | 113 812 | 3 279 | |
| Total liabilities | 254 829 | 149 343 | |
| Equity | |||
| Equity held by shareholders and partners in parent company | |||
| Issued capital | 214 982 | 214 982 | 10 |
| Share premium | 1 019 437 | 983 260 | |
| Own shares | -1 | -1 | |
| Retained earnings (loss) | -639 647 | -158 493 | |
| Annual period profit (loss) | -19 668 | -480 526 | |
| Total equity held by shareholders and partners in parent company | 575 103 | 559 222 | |
| Total equity | 575 103 | 559 222 | |
| Total liabilities and equity | 829 932 | 708 565 |
Consolidated income statement
(in Euros)
| 2023 | 2022 | Note nr | |
| Revenue | 939 288 | 1 206 954 | 11 |
| Other income | 631 | 621 | |
| Work performed by entity and capitalised | 56 115 | 0 | |
| Raw materials and consumables used | -640 196 | -997 351 | 12 |
| Other operating expenses | -174 945 | -396 336 | 13 |
| Employee expense | -148 489 | -265 334 | 14 |
| Depreciation and impairment loss (reversal) | -46 305 | -23 371 | 6,7 |
| Other expenses | -584 | -1 380 | |
| Operating profit (loss) | -14 485 | -476 197 | |
| Interest income | 2 | 0 | |
| Interest expenses | -4 886 | -4 206 | |
| Other financial income and expenses | -299 | -123 | |
| Profit (loss) before tax | -19 668 | -480 526 | |
| Annual period profit (loss) | -19 668 | -480 526 | |
| Profit (loss) from shareholders and partners in parentcompany | -19 668 | -480 526 |
Consolidated statement of cash flows
(in Euros)
| 2023 | 2022 | |
| Cash flows from operating activities | ||
| Operating profit (loss) | -14 485 | -476 197 |
| Adjustments | ||
| Depreciation and impairment loss (reversal) | 46 305 | 23 371 |
| Profit (loss) on sale of fixed assets | -348 | 0 |
| Other adjustments | 414 | 0 |
| Total adjustments | 46 371 | 23 371 |
| Changes in receivables and prepayments related to operating activities | 51 743 | -64 250 |
| Changes in inventories | -177 179 | -84 415 |
| Changes in payables and prepayments related to operating activities | -28 159 | 78 191 |
| Total cash flows from operating activities | -121 709 | -523 300 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment and intangible assets | -158 060 | -195 953 |
| Proceeds from sales of property, plant and equipment andintangible assets | 7750 | 0 |
| Other cash receipts from sales of other financialinvestments | 0 | 241 |
| Interest received | 2 | 24 |
| Total cash flows from investing activities | -150 308 | -195 688 |
| Cash flows from financing activities | ||
| Loans received | 134 644 | 0 |
| Repayments of loans received | -18 360 | -25 739 |
| Proceeds from overdraft | 15 000 | -14 093 |
| Repayments of finance lease liabilities | -3 182 | -2 600 |
| Interest paid | -2 641 | -4 206 |
| Proceeds from issuing shares | 0 | 868 701 |
| Proceeds from sales of treasury shares | 36 177 | 0 |
| Other cash outflows from financing activities | -300 | 0 |
| Total cash flows from financing activities | 161 338 | 822 063 |
| Total cash flows | -110 679 | 103 075 |
| Cash and cash equivalents at beginning of period | 129 039 | 26 154 |
| Change in cash and cash equivalents | -110 679 | 103 075 |
| The effect of changes in foreign exchange rates | 0 | -190 |
| 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 | |
| 31.12.2021 | 195 390 | 134 151 | -1 | -158 492 | 171 047 |
| Annual period profit (loss) | 0 | 0 | 0 | -480 526 | -480 526 |
| Issued share capital | 19 592 | 849 109 | 0 | 0 | 868 701 |
| 31.12.2022 | 214 982 | 983 260 | -1 | -639 019 | 559 222 |
| Restated balance31.12.2022 | 214 982 | 983 260 | -1 | -639 019 | 559 222 |
| Annual period profit (loss) | 0 | 0 | 0 | -19 668 | -19 668 |
| Other changes in equity | 0 | 36 177 | 0 | -628 | 35 549 |
| 30.12.2023 | 214 982 | 1 019 437 | -1 | -659 315 | 575 103 |
Contacts for additional information
Hannes Niid
Management Board Member of Punktid Technologies AS
E-mail: invest@punktid.com
Attachments:
01.05 Punktid Technologies AS AA 2023 ENG.pdf