Tallinn, 2014-05-23 07:00 CEST (GLOBE NEWSWIRE) --
During the first quarter of 2014 Pro Kapital continued the preparations of the real estate development projects planned for the upcoming years. Construction works of new buildings in 2 of its new residential development projects – Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn were started. Currently, while issuing the present report, there has been signed total of 15 presale agreements out of 19 flats for the Vilnius Saltiniu Namai new stage project and 10 agreements out of 31 flats for Tallinn’s Tondi residential quarter project.
Total revenue for the first three months was 3,2 mln EUR, a increase of 5% compared to the reference period. Net operating loss during three months of the year decreased by 0,5 mln EUR (45%), totalling to loss of 0,6 mln EUR. Net result for the three months of 2014 has improved very slightly, by 1 th. EUR (0%) compared to the reference period (2014 3 months: -910 th. EUR; 2013 3 months: -911 mln. EUR). Cash flow from operations for the three months of 2014 was positive of 356 th. EUR (2013 3 months: -669 th. EUR).
Key financial figures
2014 3 M 2013 3 M
Revenue, th, EUR 3 161 3 016
Gross profit, th. EUR 763 314
Gross profit, % 24,1% 10,4%
Operating result, th. EUR -551 -1 008
Operating result, % -17,4% -33,4%
Net result, th. EUR -910 -911
Net result, % -28,8% -30,2%
31.03.2014 31.12.2013
Total Assets, th. EUR 96 815 98 294
Total Liabilities, th. EUR 33 032 33 599
Total Equity, th. EUR 63 783 64 695
Debt/ Equity * 0,52 0,52
Return on Assets, % -0,93% -0,91%
Return on Equity, % -1.42% -1,39%
Earnings per share, EUR -0,02 -0,02
Net asset value per share, EUR 1,18 1,20
Consolidated interim statements of financial position
(Th. EUR) Notes 31.03.2014 31.12.2013
____________________________________________________________________
ASSETS
Current Assets
Cash and cash equivalents 2 233 2 759
Current receivables 2 792 2 738
Inventories 44 859 45 587
____________________________
Total Current Assets 49 884 51 084
Non-Current Assets
Non-current receivables 168 168
Deferred tax assets 538 540
Property, plant and equipment 5 19 946 20 221
Investment property 6 26 001 26 001
Intangible assets 278 280
_____________________________
Total Non-Current Assets 46 931 47 210
TOTAL ASSETS 96 815 98 294
(Th. EUR) Notes 31.03.2014 31.12.2013
___________________________________________________________________
LIABILITIES AND EQUITY
Current Liabilities
Current debt 7 11 662 11 730
Customer advances 849 501
Current payables 1 945 2 133
Taxes payable 212 189
Short-term provisions 21 47
__________________________
Total Current Liabilities 14 689 14 600
Non-Current Liabilities
Long-term debt 7 16 379 17 040
Other long-term liabilities 61 54
Deferred income tax liability 1 729 1 758
Long-term provisions 174 147
__________________________
Total Non-Current Liabilities 18 343 18 999
__________________________
TOTAL LIABILITIES 33 032 33 599
Equity attributable to equity holders of the parent
Share capital in nominal value 10 821 10 821
Paid in capital 1 474 1 474
Statutory reserve 1 064 1 064
Revaluation reserve 11 330 11 330
Foreign currency differences -1 277 -1 277
Retained earnings 39 778 42 378
Profit (loss) for the period -907 -2 600
_________________________
Total equity attributable to
equity holders of the parent 62 283 63 190
Non-controlling interest 1 500 1 505
_________________________
TOTAL EQUITY 63 783 64 695
_________________________
TOTAL LIABILITIES AND EQUITY 96 815 98 294
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 3M 2013 3M
____________________________________________________________________
Operating income
Revenue 3, 8 3 161 3 016
Cost of goods sold 9 -2 398 -2 702
__________________________
Gross profit 763 314
Marketing expenses -116 -72
Administrative expenses 10 -1 204 -1 219
Other income 76 81
Other expenses -70 -112
__________________________
Operating profit (loss) -551 -1 008
Financial income 11 32 427
Financial expense 11 -386 -343
___________________________
Profit (loss) before income tax -905 -924
Income tax 3 -5 13
___________________________
Net profit (loss) for the period -910 -911
Equity holders of the parent -907 -908
Non-controlling interest 3 -3 -3
Earnings per share (EUR) 12 -0,02 -0,02
Diluted earnings per share (EUR) 12 -0,02 -0,02
Consolidated interim statements of cash flows
Th. EUR Note 2014 3M 2013 3M
____________________________________________________________________
Cash flows from operating activities
Profit (loss) for the year -910 -911
Adjustments for:
Depreciation and amortisation of non-current assets 3 195 194
Change in fair value of investment property 6 53 43
Gain/loss from sale of PPE -2 0
Gain from disposal of subsidiary 4 -17 0
Finance income and costs, net 11 354 331
Net foreign exchange gain / loss 0 6
Other non-monetary changes (net amounts) - 154 139
Movements in working capital:
Change in trade receivables and prepayments -53 -217
Change in inventories 728 727
Change in liabilities and prepayments 161 -1 416
Change in provisions 1 1
____________________
Net cash generated by operating activities 356 -669
Cash flows from investing activities
Payments for property, plant and equipment 5 -29 -8
Proceeds from disposal of property,
plant and equipment and investment property 6 2
Payments for investment property 6 -53 -43
Interest received 2 7
____________________
Net cash (used in) / generated by investing activities -74 -42
Cash flows from financing activities
Proceeds from borrowings 7 727 2 430
Repayment of borrowings 7 -1 446 -767
Interest paid -89 -489
___________________
Net cash used in financing activities -808 1 174
Net change in cash and cash equivalents -526 463
Cash and cash equivalents at the beginning of the period 2 759 707
Cash and cash equivalents at the end of the period 2 233 1 170
Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv
