Punktid Technologies AS

09/30/2024 | Press release | Distributed by Public on 09/30/2024 06:41

Punktid Technologies AS 2024 consolidated six-month unaudited report

Punktid Technologies
Interim information

Punktid Technologies AS 2024 consolidated six-month unaudited report

Board commentary

In the first half of 2024, Punktid Grupp made great progress in the direction of international expansion and optimization. We expanded payment options across Europe by adding credit card payments and bank links for local markets, which makes our platform even more user-friendly. In marketing, the introduction of the Google Shopping marketing channel has shown a strong start, which has resulted in very good coverage throughout Europe.

In the Estonian and Baltic markets, we observed a continued decline in purchasing power and an even greater fall than the usual decline in purchases at the beginning of the year. The total volume of goods sold through the Punktid platform decreased by nearly 40% in the Estonian market in January (normally average seasonal difference -22%) compared to retail sales in December 2023 (EUR 101,000 in December 2023 vs. EUR 63,000 in January 2024), which had a negative impact on our 2024 I half-year financial results and slowed expansion plans. At the same time, thanks to cost reduction, the group's comprehensive cash flows improved (first half of 2023 -107,887 EUR vs. firstt half of 2024 EUR 10,811)

According to the decision made in the second half of 2023(1), Punktid Grupp has deliberately reduced wholesale activities in order to focus on the development and expansion of the platform. This was also driven by the change of the main supplier, where the long delay in the confirmation of the contract has prevented the continuation of meaningful business activities in wholesale.

Despite these challenges, previously made strategic decisions have started to bear fruit. Hiring a new CTO(2) (chief technical officer) in the spring has significantly increased the efficiency and speed of development work. In addition, this year we have focused on expanding the product range, adding new products every week. As a result, the first two months of the second half of 2024 showed significant growth. July, which is normally our month with the lowest turnover, achieved the highest monthly turnover of the year so far (EUR 102,000), also surpassing the sales of December 2023 (EUR 101,000 EUR).

In the first half of 2024, we opened the German market, for which we are still making final changes and improvements at the time of publishing this announcement. At the same time, we are preparing to enter the Spanish market, for which we also organized the sale of our shares in June. The opening and future expansion of the Spanish domain is facilitated by the AI ​​translation interface integrated by our new CTO.

Despite the challenges encountered in the first half of the year, Punktid Grupp is in a good position, having managed to balance the decline in the Baltic market with sales from foreign markets. We are continuing our growth path, strengthening our position in the international market and offering our customers the best possible service.

(1)https://view.news.eu.nasdaq.com/view?id=b832f2e97f8bb5d2f3a6d435800166584&lang=en
(2)https://view.news.eu.nasdaq.com/view?id=b5d27f4164ba65a9eb357e70e153bab5d&lang=en

Key financial ratios

30.06.2024 30.06.2022
Sales revenue €101 004 €536 479
Gross profit €43 383 €165 287
Operating profit before depreciation (EBITDA) €-35 734 €-63 031
Consumption €-25 780 €-22 656
Operating profit (EBIT) €-61 514 €-85 687
Net profit (loss) €-67 897 €-85 896
Gross profit margin (gross profit / sales revenue) 42.95% 30.81%
EBITDA margin (EBITDA / sales revenud) -35.38% -11.75%
Operating profit margin (operating profit / sales revenue) -60.90% -15.97%
Net profit margin (net profit / sales revenud) -67.22% -16.20%
Short-term debt coverage ratio (current assets / short-term liabilities) 1.77 1.38
Assets to equity ratio (assets / equity) 1.85 1.43
Return on equitly (ROE) -12% -18%
Return on Assets (ROA) -7% -13%

Consolidated statement of financial position
(in Euros)


30.06.2024 30.06.2023 Note nr
Assets
Current assets
Cash and cash equivalents 29 171 21 152
Receivables and prepayments 6 649 37 560 2
Inventories 572 724 219 222 3
Total current assets 608 544 277 934
Non-current assets
Property, plant and equipment 39 944 47 088 6
Intangible assets 359 095 351 549 7
Total non-current assets 399 039 398 637
Total assets 1 007 583 676 571
Liabilities and equity
Liabilities
Current liabilities
Loan liablities 19 645 98 086 8
Payables and prepayments 323 250 102 880 9
Total current liabilities 342 895 200 966
Non-current liabilities
Loan liablities 119 057 3 279 8
Total non-current liabilities 119 057 3 279
Total liabilities 461 952 204 245
Equity
Equity held by shareholders and partners in parent company
Share capital 214 982 214 982 10
Share premium 1 057 861 983 260
Own shares 0 -1
Retained earnings (loss) -659 315 -639 019
Annual period profit (loss) -67 897 -86 896
Total equity held by shareholders and partners in parent company 545 631 472 326
Total equity 545 631 472 326
Total liabilities and equity 1 007 583 676 571

Consolidated income statement
(in Euros)

01.01.2024
30.06.2024 		01.01.2023
30.06.2023 		Note nr
Revenue 101 004 536 479 11
Other income 225 564
Capitalized self-constructed assets 0 39 564
Goods, raw materials and service -57 621 -411 320 12
Other operating expenses -53 029 -119 955 13
Labor expense -26 018 -107 933 14
Depreciation and impairment loss -25 780

Attachments:
Konsolideeritud vahearuanne 30.06.2024 ENG.pdf