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 Tallinn’s 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.
Šaltinių 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 Company’s 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 Eesti’s subsidiary AS Tallinna Moekombinaat in order to attract new investor and start with construction of Tallinn’s Peterburi road shopping centre.
Consolidated interim statements of financial position
(Th. EUR) Notes 31.12.2013 31.12.2012
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ASSETS
Current Assets
Cash and cash equivalents 2 759 707
Current receivables 2 738 3 198
Inventories 45 587 48 191
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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
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Total Non-Current Assets 47 298 48 166
TOTAL ASSETS 98 382 100 262
(TH.EUR) Notes 1.12.2013 31.12.2012
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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
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98 382 100 262
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2013 12M 2012 12M 2013 Q4 2012 Q4
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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
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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
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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
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Profit (loss) before income tax -2 878 -6 030 -835 -1 413
Income tax 3 84 164 88 188
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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
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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
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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
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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
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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