Verkkokauppa.com Oyj HALF-YEAR REPORT for 1 January – 30 June 2024: Low demand and intense price competition weakened Verkkokauppa.com’s profitability
HALF-YEAR REPORT for 1 January – 30 June 2024
Low demand and intense price competition weakened Verkkokauppa.com’s profitability
Verkkokauppa.com Oyj HALF-YEAR REPORT 18 July 2024, 8:00 a.m. EEST
Verkkokauppa.com arranges two virtual news conferences on a result publication day. The news conference in Finnish will be held at 10:00 am Finnish time. The news conference for analysts and institutional investors in English will be at 11:00 am Finnish time. Details of the events and how to participate can be found at the end of this release.
This is a summary of Verkkokauppa.com’s Half-year Report for 1 January – 30 June 2024. The complete report is attached to this release and also available at https://investors.verkkokauppa.com/en
Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in the previous year (reference period). Figures are unaudited.
April – June 2024 in brief
- Revenue was EUR 105.5 million (112.8)
- Gross profit was EUR 17.3 million (18.8) or 16.4 percent of the revenue (16.7%).
- Operating result (EBIT) was EUR -2.0 million (0.8) or -1.9 percent of revenue (0.7%)
- Comparable operating result (comparable EBIT) was EUR -1.7 million (1.0) or -1.6 percent of revenue (0.8%)
- Items affecting comparability were EUR -0.3 million (-0.1)
- Net result was EUR -2.1 million (0.2)
- Earnings per share were EUR -0.05 (0.00)
- Investments were EUR 0.6 million (0.3)
- Operating cash flow was EUR 2.2 million (3.2)
January – June 2024 in brief
- Revenue was EUR 213.5 million (234.8)
- Gross profit was EUR 35.9 million (39.1) or 16.8 percent of the revenue (16.6%).
- Operating result (EBIT) was EUR -2.4 million (0.9) or -1.1 percent of revenue (0.4%)
- Comparable operating result (comparable EBIT) was EUR -1.2 million (2.3) or -0.6 percent of revenue (1.0%)
- Items affecting comparability were EUR -1.2 million, mainly relating to a provision made based on the decision from the Office of the Data Protection Ombudsman on an administration fine. In the comparison period, items affecting comparability were EUR -1.5 million, related to restructuring and additional purchasing price for an acquisition.
- Net result was EUR -3.1 million (-0.2)
- Earnings per share were EUR -0.07 (-0.01)
- Investments were EUR 0.9 million (1.3)
- Operating cash flow was EUR -10.8 million (-0.4)
| KEY RATIOS | 4-6/2024 | 4-6/2023 | Change | 1-6/2024 | 1-6/2023 | Change | 1-12/2023 | ||
| Eur million | |||||||||
| Revenue | 105.5 | 112.8 | -6.5 | % | 213.5 | 234.8 | -9.1 | % | 502.9 |
| Gross profit | 17.3 | 18.8 | -1.6 | MEUR | 35.9 | 39.1 | -3.1 | MEUR | 80.9 |
| Gross margin, % | 16.4% | 16.7% | -0.3 | pp | 16.8% | 16.6% | 0.2 | pp | 16.1% |
| EBITDA | -0.2 | 2.3 | -2.6 | MEUR | 1.1 | 3.9 | -2.9 | MEUR | 11.1 |
| EBITDA, % | -0.2% | 2.1% | -2.3 | pp | 0.5% | 1.7% | -1.2 | pp | 2.2% |
| Operating result | -2.0 | 0.8 | -2.8 | MEUR | -2.4 | 0.9 | -3.3 | MEUR | 4.7 |
| Operating margin, % | -1.9% | 0.7% | -2.6 | pp | -1.1% | 0.4% | -1.5 | pp | 0.9% |
| Comparable operating result | -1.7 | 1.0 | -2.7 | MEUR | -1.2 | 2.3 | -3.5 | MEUR | 6.1 |
| Comparable operating margin, % | -1.6% | 0.8% | -2.5 | pp | -0.6% | 1.0% | -1.6 | pp | 1.2% |
| Net result | -2.1 | 0.2 | -2.3 | MEUR | -3.1 | -0.2 | -2.8 | MEUR | 2.1 |
| Investments | 0.6 | 0.3 | 0.3 | MEUR | 0.9 | 1.3 | -0.4 | MEUR | 1.9 |
| Operating cash flow | 2.2 | 3.2 | -1.0 | MEUR | -10.8 | -0.4 | -10.4 | MEUR | 20.3 |
FINANCIAL GUIDANCE FOR 2024 – updated on 16 July 2024
Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comp. operating result EUR 6.1 million) unless there is a positive market turn in the second half of the year.
The guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is partly seasonal, and the company’s revenue and operating profit depend largely on the sales in the last quarter.
CEO PANU PORKKA’S REVIEW
The operating environment remained challenging in the second quarter. Consumer confidence was low, and consumers postponed their purchasing decisions for discretionary products such as home electronics. Due to subdued demand, market development was also driven by very price-driven campaigning.
Verkkokauppa.com’s second-quarter revenue was EUR 105.5 million (112.8) and declined by 6 percent year-on-year. Sales development was weak; seasonal sales started slowly and were weaker than expected. Despite low demand, the company’s strategic growth drivers – online sales and own-brand sales, fared better than average.
Low sales volumes, on the one hand, and intense price competition and campaign-oriented seasonal sales, on the other, weakened the company’s results. In the low-demand market, we made the pricing decisions necessary to ensure seasonal products and inventory turnover. The gross margin for the quarter was 16.4 percent (16.7%). In addition, cost inflation eroded the positive impact of the efficiency measures taken, and the company’s comparable operating result (EBIT) was EUR -1.7 million (EUR 1.0 million) and -1.6 percent of revenue (0.8%).
We continued determinedly to execute our strategy and strengthen our market position to accelerate the online transition. In June, we reached a significant milestone as we extended one-hour deliveries to be available in the areas of our all stores, for more than 1.7 million customers. The share of fast deliveries continues to grow, and already more than a quarter of all online orders are delivered within an hour.
In a challenging operating environment, we focus also on short-term measures to improve operational efficiency and adjust costs to the prevailing demand situation. At the same time, we are promoting the progress of strategic growth projects to grow our current business and strengthen our position as a forerunner in e-commerce. The recovery of the economy and the market has been slower than expected, and we have updated our financial guidance for 2024.
FINANCIAL DEVELOPMENT
REVENUE AND PROFITABILITY
| 4–6/ | 4–6/ | Change | 1–6/ | 1–6/ | Change | 1–12/ | |||
| EUR million | 2024 | 2023 | 2024 | 2023 | 2023 | ||||
| Revenue | 105.5 | 112.8 | -6.5 | % | 213.5 | 234.8 | -9.1 | % | 502.9 |
| Operating profit | -2.0 | 0.8 | -2.8 | MEUR | -2.4 | 0.9 | -3.3 | MEUR | 4.7 |
| Operating margin, % of revenue | -1.9% | 0.7% | -2.6 | pp | -1.1% | 0.4% | -1.5 | pp | 0.9% |
| Items affecting comparability | 0.3 | 0.1 | 0.1 | MEUR | 1.2 | 1.5 | -0.3 | MEUR | 1.4 |
| Comparable operating profit | -1.7 | 1.0 | -2.7 | MEUR | -1.2 | 2.3 | -3.5 | MEUR | 6.1 |
| Comparable operating margin, % of revenue | -1.6% | 0.8% | -2.5 | pp | -0.6% | 1.0% | -1.6 | pp | 1.2% |
Sales distribution
| Sales, EUR million | 4–6/2024 | 4–6/2023 | Change, % | 1–6 2024 | 1–6 2023 | Change, % | 1–12/2023 |
| Customer segments | |||||||
| Consumers | 70.1 | 75.3 | -7 % | 140.9 | 154.3 | -9 % | 344.1 |
| B2B (inc. wholesale) | 32.2 | 33.9 | -5 % | 66.1 | 74.1 | -11 % | 146.7 |
| Sales channels | |||||||
| Online | 67.4 | 69.9 | -4% | 136.6 | 145.7 | -6% | 316.8 |
| Offline | 34.9 | 39.4 | -11% | 70.4 | 82.7 | -15% | 173.9 |
| Product categories | |||||||
| Core categories* | 89.4 | 93.2 | -4% | 183.9 | 198.3 | -7% | 428.6 |
| Other product categories | 12.9 | 16.1 | -20% | 23.2 | 30.2 | -23% | 62.1 |
| Own brands** | 8.3 | 7.4 | 12% | 14.3 | 13.0 | 10% | 28.5 |
| Website visits, million | 16.6 | 16.9 | -2% | 34.1 | 36.4 | -7% | 79.8 |
*Core categories include five main categories: IT, Entertainment, mobile devices, SDA, and MDA.
** Own brands are included in Core and other product categories accordingly.
APRIL–JUNE 2024
Revenue totaled EUR 105.5 million (112.8) and declined by 6% year-on-year. Demand in the second quarter was subdued due to weak consumer confidence and constrained purchasing power. Season sales got off to a slow start and were quieter than expected.
Sales in the consumer segment declined by 7 percent year-on-year and its share accounted for 69 percent (69%) of product sales. Sales to corporate customers (B2B) was down by 5 percent year-on-year and accounted for 32 percent (31%) of product sales.
Sales in core categories declined by 4 percent and accounted for 87 percent (85%) of product sales. Product categories that sold better than in the comparison period included large household appliances, watches and IT. Own brand product sales grew by 12 percent and accounted for 8 percent (7%) of product sales. In the own-brand products, there was increased demand in categories like sports, household appliances and IT.
Verkkokauppa.com’s online sales declined slightly from the comparison period and was EUR 67.4 million (69.9) and 66 percent of product sales (64%). Consumers’ store visits declined and offline sales in the quarter declined by -11 percent and accounted for 34 percent (36%) of product sales.
The revenue from Verkkokauppa.com’s customer financing services increased and totaled EUR 1.9 million (1.6), including interest income, fees and commissions.
Gross margin was 16.4 percent (16.7%). The gross margin was impacted by low demand, intense price competition, increased logistics costs and measures related to accelerating inventory turnover.
In April–June, personnel expenses were EUR 9.3 million (8.3), with an increase of 12 percent. Growth was mainly due to salary increases following the collective agreements and strategic competence recruitments, as well as lower personnel costs due to temporary layoffs in the comparison period. Other operating expenses remained at the previous year’s level and amounted to EUR 8.2 (8.3) million.
The company’s operating result (EBIT) in April–June was EUR -2.0 million (0.8), down by EUR -2.8 million. The decline was mainly due to lower sales volume and higher fixed costs than in the comparison period. The operating result (EBIT) was -1.9 percent (0.7%) of revenue. The comparable operating result (comparable EBIT) was EUR -1.7 million (1.0), down by EUR -2.7 million from the comparison period. Items affecting comparability were EUR -0.3 million, related to the additional purchase price of an acquisition and legal services in connection to an administrative fine.
The net profit for the period was EUR -2.1 million (0.2).
Earnings per share in the second quarter were EUR -0.05 (0.00).
JANUARY–JUNE 2024
Verkkokauppa.com’s revenue in January–June amounted to EUR 213.5 million (234.8) and declined by -9 percent year-on-year.
The revenue from Verkkokauppa.com’s customer financing services increased to EUR 4.0 million (3.0), including both interest income and commissions. Credit loss provisions amounted to EUR 1.1 (1.1) million at the end of June.
In January–June, personnel expenses declined by -4.7 percent year-on-year and amounted to EUR 18.3 (19.2) million. Other operating expenses in the review period amounted to EUR 16.8 million (16.2).
The company’s operating result (EBIT) in January–June was EUR -2.4 million (0.9), it declined by EUR -3.3 million. Operating result was -1.1 percent (0.4%) of revenue. Comparable EBIT was EUR -1.2 million (2.3), which declined by EUR 3.5 million from the comparison period. Items affecting comparability totaled EUR -1.2 million during the reporting period, mainly related to a matter regarding the administrative fine from the Office of the Data Protection Ombudsman. In January-June 2023, EUR -1.5 million impacted the comparability and was mainly related to change negotiations.
The net profit for the period was EUR -3.1 (-0.2) million.
Earnings per share for January–June were EUR -0.07 (0.03).
FINANCE AND INVESTMENTS
In January–June 2024, the operating cash flow totaled EUR -10.8 million (-0.4). Operating cash flow before the change in working capital was EUR 0.6 million (3.7). The company’s net financial expenses were
EUR -1.2 million (-0.9).
Investments in the first half was EUR 0.9 million (1.3). In the second quarter, the investments totaled EUR 0.6 million (0.3) and were mainly related to the operational development of logistics and the improvement of online customer experience. During the quarter, investments included capitalized wages and salaries in the amount of EUR 0.3 million (0.4).
The company renewed its financing arrangements and signed in June a EUR 20 million bank loan and a EUR 25 million revolving credit facility. New three-year contracts replace earlier arrangements. The principal of the bank loan is repaid every six months. The revolving credit facility was not utilized at the end of June.
PERSONNEL
At the end of June 2024, the total number of employees was 694 (695). This includes both full and part-time employees.
CORPORATE SUSTAINABILITY
The company actively monitors the evolving corporate sustainability legislation and has continued to prepare for reporting following the Sustainability Reporting Directive (CSRD) for the financial year 2024. The company has completed the double materiality analysis required by the directive. As a result of the analysis, Verkkokauppa.com identified seven essential themes to report: E1 climate change, E2 pollution, E5 circular economy and resource use, S1 own workforce, S2 value chain employees, S4 consumers and end users, and G1 business conduct. The company is currently revisiting its sustainability program in order to align it more effectively with the corporate strategy and to the results of the dual materiality analysis.
LONG-TERM INCENTIVE PLANS
Verkkokauppa.com has a share-based incentive plan (Performance Marching Share Plan 2023–2027) for the CEO and the members of the Management Team. The plan has three performance periods covering the financial years 2023–2025, 2024–2026 and 2025–2027. The Board has on 13 February 2024 resolved on the commencement on the second matching period for years 2024–2026.
No new shares will be issued in connection with the payment of the share rewards and therefore the resolution will not have a dilutive effect.
For more detailed information on the share-based incentive plan, see the company’s Financial Statements and Remuneration report.
CHANGES IN THE MANAGEMENT TEAM
On 6 May 2024, Jesper Blomster was appointed as the new CFO of Verkkokauppa.com and a member of the Management Team.
CAPITAL MARKETS DAY
Verkokauppa.com organized a Capital Markets Day for investors, analysts, and financial media in Helsinki on 30 May 2024. At the event, the company’s management presented the cornerstones of the strategy for accelerating profitable growth and the journey towards the financial targets for the strategy period. It was also possible to follow the presentations via a live webcast. Recordings of the presentations and presentation materials are available on the company’s investor website.
LEGAL DISPUTES AND POSSIBLE LEGAL PROCEEDINGS
On 15 March 2024, the Company announced that the Office of the Data Protection Ombudsman had imposed an administrative fine of EUR 856,000 on Verkkokauppa.com. The penalty is based on the Data Protection Ombudsman’s interpretation, according to which Verkkokauppa.com would have neglected to define a retention period for the customer data of its online store customers by the EU’s General Data Protection Regulation. Verkkokauppa.com considers the penalty to be unjustified. The decision of the Office of the Data Protection Ombudsman is not legally binding. Verkkokauppa.com has appealed the decision to the Administrative Court, and the matter is still being processed.
The company has recognized a provision for the penalty which is reported as an item affecting comparability.
ANNUAL GENERAL MEETING 2024
The Annual General Meeting was held as a remote meeting in Helsinki on 4 April 2024. The Annual General Meeting adopted the Annual accounts for the financial year 2023 and decided not to pay dividend, discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2023, approved the remuneration report for the company’s governing bodies and authorized the Board of Directors to decide on the repurchase and issuance of the Verkkokauppa.com’s own shares. In addition, the Annual General Meeting approved the proposals of the Shareholders’ Nomination Board concerning the election and remuneration of the Board of Directors and the auditor. The firm of authorized public accountants PricewaterhouseCoopers Oy was elected as the company’s auditor, and Mikko Nieminen, APA, acts as the auditor with principal responsibility. PricewaterhouseCoopers Oy will also act as the sustainability reporting assurance provider of the company.
Composition of the Board of Directors 2024
The Annual General Meeting confirmed the number of board members to be seven, and the following persons were re-elected: Robin Bade, Henrik Pankakoski, Kati Riikonen, Samuli Seppälä and Arja Talma (Chairperson). As new members of the Board of Directors were elected Irmeli Rytkönen and Enel Sintonen.
The compositions of the Board committees were decided to be as follows: members of the Remuneration Committee are Arja Talma (Chairperson), Robin Bade and Henrik Pankakoski. Members of the Audit Committee are Enel Sintonen (Chairperson), Arja Talma (Vice Chairperson), Kati Riikonen and Irmeli Rytkönen.
On 4 April 2024, Verkkokauppa.com published a stock exchange release on the decisions of the Annual General Meeting and the constitutive meeting of the Board of Directors, the release is available on the company’s website.
Dividend
The Annual General Meeting resolved that the company deviates from its dividend distribution policy to improve its equity ratio and that no dividend be distributed from the profit of the 2023 financial year.
FLAGGING NOTIFICATIONS
On 3 May 2024, Verkkokauppa.com received a notification following Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which Samuli Seppälä’s holding in Verkkokauppa.com Oyj’s shares and votes has fallen below the 30 percent threshold on 3 May 2024. After the notification, Samuli Seppälä’s shares accounted for 29.43 percent of the company’s shares and votes, i.e. a total of 13,347,000 Verkkokauppa.com shares.
EVENTS AFTER THE REPORTING PERIOD
On 16 July 2024, Verkkokauppa.com lowered its financial guidance for 2024 and provided preliminary information on financial performance for the first half of the year. Verkkokauppa.com’s market environment has remained challenging. The recovery of the economy and the market demand has been slower than expected, and due to low consumer confidence, customers have been postponing their purchasing decisions, especially in discretionary purchases. As a consequence, the company has updated its financial guidance for 2024. According to the new guidance, Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comp. operating result EUR 6.1 million) unless there is a positive market turn in the second half of the year.
The guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is partly seasonal, and the company’s revenue and operating profit depend largely on the sales in the last quarter.
According to previous financial guidance, the company expected revenue for 2024 to remain at the level of 2023 and comparable operating profit (comparable EBIT) to increase from 2023 (2023: EUR 6.1 million).
SHARE TRADING AND SHARES
Verkkokauppa.com shares (VERK) in Nasdaq Helsinki stock exchange in January–June 2024:
| No. of shares traded | Share of no. of total shares, % | The total value of traded shares, EUR million | Last, EUR | High, EUR | Low, EUR | Average, EUR |
| 4,254,640 | 9.38 | 9,989,070 | 2.20 | 2.71 | 2.16 | 2.35 |
Verkkokauppa.com Market Capitalization and Shareholders
| 30 June 2024 | |
| Market capitalization (excl. own shares), EUR million | 99.8 |
| Number of shareholders (of which nominee shareholders) | 19,642 (8) |
| Nominee registrations and direct foreign shareholders, % | 11.12 |
| Households, % | 50.86 |
| Financial and insurance corporations, % | 16.46 |
| Other Finnish investors, % | 21.55 |
At the end of June 2024, the company’s largest shareholders according to the shareholder register held by Euroclear Finland Ltd were Samuli Seppälä (29.4%), Varma Mutual Pension Insurance Company (9.6%), Ilmarinen Mutual Pension Insurance Company (4.8%), Mandatum Life Insurance Company Limited (4.7%), and Nordea Small Cap Fund (3.1%).
On 30 June 2024, the share capital was EUR 100,000 and the total number of shares in the company was 45,354,532 including 119,287 treasury shares held by the company. The treasury shares have no voting rights, and no dividend is paid to them. The treasury shares accounted for 0.26 percent of all shares. During January–June, the company transferred a total of 26,432 treasury shares as part of the remuneration of Board members and key employees.
Share-related authorizations
At the end of June 2024, the Board had valid authorization to decide on the repurchase of a maximum of 4,535,453 own shares in one or several installments and to decide on a share issue of a maximum of 4,535,453 shares by one or more decisions. The proposed maximum authorized number represents ten percent of the total number of shares in the company. Authorizations were valid until the Annual General Meeting, however, no longer than until 30 June 2025.
More information about Verkkokauppa.com’s shares and shareholders and management holdings can be found on the company’s investor website https://investors.verkkokauppa.com/en
SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES
Verkkokauppa.com’s business operations involve risks and uncertainties related to its overall strategy, execution of corporate transactions and investments, sourcing operations, logistics, information technology, compliance and other operational factors. These risks can impact the company’s operations, financial position or performance and may require the company to make changes to its business model.
The demand for our assortment, availability of products, and competitive environment are factors that impact Verkkokauppa.com’s business. The company faces risks related to changes in both consumer and B2B customer behavior and preferences, supply chain disruptions, and intensified competition from other players in the market.
Verkkokauppa.com is also subject to macroeconomic and geopolitical risks that could impact on its operations and financial performance. For example, the number of distributed denial-of-service attacks against companies has increased. Uncertainties related to intensified geopolitical conflicts, the crisis in Ukraine, and global macroeconomic factors such as inflation and the development of financial markets as well as changes in the employment situation can weaken the purchasing power and investment ability of consumers and corporates. Uncertainties in the Finnish economy may lead to decisions, such as raising consumer taxes, which are weakening consumers’ purchasing power. The company provides financing and flexible payment terms to its customers, which involves a risk of possible credit losses. The development of the economy may affect the company’s operational or financial performance.
The assessment of the most significant business risks and uncertainties is presented in the Report of the Board of Directors 2023.
FINANCIAL GUIDANCE FOR 2024 – updated on 16 July 2024
Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comp. operating result EUR 6.1 million) unless there is a positive market turn in the second half of the year.
The guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is partly seasonal, and the company’s revenue and operating profit depend largely on the sales in the last quarter.
Helsinki, Finland, 18 July 2024
Verkkokauppa.com Oyj
Board of Directors
NEWS CONFERENCES
A press conference for analysts, investors and media will be held in Finnish over a Livestream webcast on Thursday, 18 July 2024 at 10:00 a.m. (EET), in which Verkkokauppa.com’s CEO Panu Porkka will present the developments in the reporting period.
A press conference in English will be held over Livestream webcast on Thursday, 18 July 2024 at 11:00 a.m. (EEST). Questions can be sent beforehand or during the presentation via e-mail to investors@verkkokauppa.com.
Presentation materials for both events are available at https://investors.verkkokauppa.com/en. For both press conferences, the Livestream webcast is available at www.verklive.com.
COMPANY RELEASES
Verkkokauppa.com will arrange events and publish its financial reports as follows:
- Interim report for January – September 2024 on Thursday 24 October 2024
- Financial statements bulletin for the year 2024 on Thursday 6 February 2025.
More information:
Panu Porkka, CEO, Verkkokauppa.com Oyj
panu.porkka@verkkokauppa.com
Jesper Blomster, CFO, Verkkokauppa.com Oyj
jesper.blomster@verkkokauppa.com
Tel. +358 40 570 3083
Marja Mäkinen, Head of Investor Relations and Corporate Communications, Verkkokauppa.com Oyj
marja.makinen@verkkokauppa.com
Tel. +358 40 671 2999
Verkkokauppa.com is an e-commerce pioneer that stands passionately on the customer’s side. Verkkokauppa.com accelerates the transition of commerce to online with Finland’s fastest deliveries and ultimate convenience. The company leads the way by offering one-hour deliveries to over 1.7 million customers, a winning assortment and probably always cheaper prices. Every day, the company strives to find more streamlined ways to surpass its customers´ expectations and to create a new norm for buying and owning.
Verkkokauppa.com was founded in 1992 and has been online since day one. The company’s revenue in 2023 was EUR 503 million and it employs around 700 people. Verkkokauppa.com is listed on the Nasdaq Helsinki stock exchange.
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