News Column

CONSOLIDATED INTERIM REPORT FOR IV QUARTER AND 12 MONTHS OF 2013 (UNAUDITED)

February 18, 2014

Tallinn, 2014-02-19 07:30 CET (GLOBE NEWSWIRE) -- In 2013 Pro Kapital continued the preparations of the real estate development projects planned for the upcoming years. Development activities were carried on with Peterburg road shopping centre project and first part of new stage of Tondi Quarter in Tallinn, Tallinnas Residential Complex in Riga and in Vilnius the preparation works have been held for starting the construction works with Saltiniu Namai new residential project. Status of the development projects: Peterburi road shopping centre (Tallinn): building licence obtained, agreements were concluded among others with operators for Cinema and Entertainment centre areas in the entertainment complex. Ülemiste 5 (Tallinn): detail plan adopted. Project not started. Tondi Quarter (Tallinn): building license for the 2nd stage obtained, presales started. Kalaranna District (Tallinn): detailed plan approval in process. The agreement for development or roads and infrastructure of Tallinnís Kalaranna landplot was signed with Tallinn City Planning Office as a part of Kalaranna detailed planning process. Tallinas Quarter (Riga): projecting works in process in order to apply for the building licence. Kliversala District (Riga): detail plan works in process. Zvaigznes Quarter (Riga): building licence for reconstruction of the existing building issued. äaltiniu Namai (Vilnius): 1st stage completed and on sale, two more buildings have received the building licence with presale started in one of them. At the end of the reporting period AS Pro Kapital Grupp recorded net revenue 12,3 mln EUR, -23,6% compared to the same period in 2012 (2013 Q4: 3,0 mln EUR; 2012 Q4: 2,9 mln EUR). Recorded net loss of -2,8 mln EUR for twelve months (2013 Q4: -0,7 mln EUR; 2012 Q4: -1,2 mln EUR) of 2013 was caused mainly by low stock for sales base and low net sales volume and is in line with Companyís expectations. Overall loans from financial institutions was 12,1 mln EUR as of December 31, 2013. Key Financial Figures 2013 12 M 2012 12 M Revenue, th, EUR 12 287 16 078 Gross profit, th. EUR 3 088 3 328 Gross profit, % 23,6% 20,7% Operating result, th. EUR -1 912 -4 613 Operating result, % -15,6% -28,7% Net result, th. EUR -2 794 -5 866 Net result, % -22,7% -36,5% 31.12.2013 31.12.2012 Total Assets, th. EUR 98 382 100 262 Total Liabilities, th. EUR 33 466 34 135 Total Equity, th. EUR 64 916 66 127 Debt/ Equity * 0,52 0,52 Return on Assets, % ** -2,81% -0,60% Return on Equity, % *** -4,26% -1,68% Earnings per share, EUR -0,05 -0,11 Net asset value per share, EUR **** 1,20 1,24 *debt / equity = total debt / total equity **return on assets = net profit/loss / total average assets ***return on equity = net profit/loss / total average equity **** net asset value per share = net equity / number of shares Main events The shareholders meeting of 5th of April 2013 decided to conditionally increase the share capital of Pro Kapital by issuing up to 1 400 000 new shares of the Company. The offering of new shares of AS Pro Kapital Grupp took place from 26th of April 2013 until 10th of May 2013, during of which in total 921 153 shares were subscribed for gross proceeds of 1 658 075 Euros. As a result, the share capital of Pro Kapital starting from May 15, 2013 is 10 821 315 EUR. On 5.12.2013 the construction agreement was signed between PK Invest UAB, subsidiary of the Group, and UAB Merko Statyba for the constcrution of new residential building in Saltiniu Namai complex. The financing agreement with Swedbank for the same project was signed on 28.11.2013. PK Invest UAB decided to start the construction works and informed UAB Merko Statyba of such decision on 05.02.2014. The same day, 30.01.2014, after the reporting period the subsidiary company of the Group AS Tondi Kvartal concluded the contract for establishing a new company OÜ Marsi Elu with the aim to develop first phase of the second stage of Tondi residential complex in Tallinn and to create a legal platform for possible participation of co-investor in the project. On March 14, 2014 extraordinary meating of shareholders will be called in connection to potential increase of share capital of AS Pro Kapital Eestiís subsidiary AS Tallinna Moekombinaat in order to attract new investor and start with construction of Tallinnís Peterburi road shopping centre. Consolidated interim statements of financial position (Th. EUR) Notes 31.12.2013 31.12.2012 ___________________________________________________________________________ ASSETS Current Assets Cash and cash equivalents 2 759 707 Current receivables 2 738 3 198 Inventories 45 587 48 191 _________________________________ Total Current Assets 51 084 52 096 Non-Current Assets Non-current receivables 168 164 Deferred tax assets 540 464 Property, plant and equipment 4 20 221 21 161 Investment property 5 26 089 26 089 Intangible assets 280 288 _________________________________ Total Non-Current Assets 47 298 48 166 TOTAL ASSETS 98 382 100 262 (TH.EUR) Notes 1.12.2013 31.12.2012 __________________________________________________________________________ LIABILITIES AND EQUITY Current Liabilities Current debt 6 10 660 11 651 Customer advances 501 652 Current payables 1 784 1 967 Taxes payable 189 102 Short-term provisions 264 2 035 Total Current Liabilities 13 397 16 407 Non-Current Liabilities Long-term debt 6 18 110 15 706 Other long-term liabilities 54 33 Deferred income tax liability 1 758 1 858 Long-term provisions 147 131 Total Non-Current Liabilities 20 069 17 728 TOTAL LIABILITIES 33 466 34 135 Equity attributable to equity holders of the parent TOTAL LIABILITIES AND EQUITY Share capital in nominal value 10 821 10 637 Paid in capital 1 474 0 Statutory reserve 1 064 0 Revaluation reserve 11 330 11 330 Foreign currency differences -1 128 -1 064 Accumulated profits 42 608 49 624 Profit (loss) for the period -2 816 -5 952 Total equity attributable to equity holders of the parent 63 353 64 575 Non-controlling interest 1 563 1 552 TOTAL EQUITY 64 916 66 127 ______________________________________ 98 382 100 262 Consolidated interim statements of comprehensive income (Th. EUR) Notes 2013 12M 2012 12M 2013 Q4 2012 Q4 ___________________________________________________________________________ Operating income Revenue 3, 7 12 287 16 078 3 040 2 877 Cost of goods sold 8 -9 199 -12 750 -2 357 -2 364 _________________________________________ Gross profit 3 088 3 328 683 513 Marketing expenses -420 -531 -129 -82 Administrative expenses 9 -4 606 -5 403 -1 285 -1 139 Other income 410 411 255 245 Other expenses -384 -2 418 -310 -610 _________________________________________ Operating profit (loss) -1 912 -4 613 -786 -1 073 Financial income 10 447 48 18 26 Financial expense 10 -1 413 -1 465 - 66 -366 __________________________________________ Profit (loss) before income tax -2 878 -6 030 -835 -1 413 Income tax 3 84 164 88 188 __________________________________________ Net profit (loss) for the period -2 794 -5 866 -746 1 225 Exchange differences -64 0 -28 0 Equity holders of the parent -2 880 -5 869 -772 -1 224 Non-controlling interest 3 22 3 -2 1 Earnings per share (EUR) 11 -0,05 -0,11 -0,01 -0,02 Diluted earnings per share (EUR) 11 -0,05 -0,11 -0,01 -0,02 Consolidated interim statements of cash flows Th. EUR Note 2013 12M 2012 12M 2013 Q4 2012 Q4 ____________________________________________________________________________ Cash flows from operating activities Profit (loss) for the year -2 794 -5 866 -746 -1 225 Adjustments for: Depreciation and amortisation of non-current assets 4, 9 794 819 261 -13 Change in fair value of investment property 5 302 1 025 -36 359 Gain/loss from sale of investment property 0 0 0 2 Gain/loss from sale of PPE -4 2 0 -6 Inventory write offs 0 62 0 62 Finance income and costs, net 10 1 329 1 405 34 352 Net foreign exchange gain / loss 64 66 28 66 Other non-monetary changes (net amounts) -1 524 -1 207 -718 -542 Movements in working capital: Change in trade receivables and prepayments 460 -333 337 -70 Change in inventories 2 604 4 995 695 510 Change in liabilities and prepayments 265 535 909 -139 Change in provisions -1 755 902 -286 6 064 ________________________________________ Net cash generated by operating activities -259 2 405 478 5 420 Cash flows from investing activities Payments for property, plant and equipment 4 -47 -73 -14 0 Proceeds from disposal of property, plant and equipment and investment property 328 28 324 3 Payments for investment property 5 -302 -1 025 0 -359 Net cash outflow on acquisition of subsidiaries 0 -9 0 0 Interest received 17 28 6 6 ________________________________________ Net cash (used in) / generated by investing activities -4 -1 051 316 -350 Cash flows from financing activities Proceeds- increase of share capital 184 0 0 0 Proceeds- increase of paid- in capital 1 474 0 0 0 Proceeds from bonds 1 640 0 1 000 0 Proceeds from borrowings 6 2 930 566 500 566 Repayment of borrowings 6 -2 757 -8 417 -995 -5 619 Interest paid -1 157 -1 433 -26 -358 ________________________________________ Net cash used in financing activities 2 314 -9 284 479 -5 411 Net change in cash and cash equivalents 2 052 -7 930 1 273 -341 Cash and cash equivalents at the beginning of the period 707 8 637 1 486 1 048 Cash and cash equivalents at the end of the period 2 759 707 2 759 707 Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv Copyright © 2014 OMX AB (publ).


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: OMX


Story Tools