Tallinn, 2014-08-22 07:00 CEST (GLOBE NEWSWIRE) --
During the second quarter of 2014 Pro Kapital continued the construction works of new buildings in 2 of its residential development projects – Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn. Presales for both projects have been successful, at the moment of issuing the report there have been signed presale agreements for 16 apartments out of 19 in Vilnius and 13 apartments out of 31 in Tallinn project.
In addition to that the subsidiary of the group AS Tallinna Moekombinaat and AS Nordecon concluded the agreement for building excavation works of the shopping and entertainment centre located at Peterburi 2 with the aim to finish the preparation works of the construction of the shopping centre.
On June 13 the CFO of the Company Ruta Juzulenaite announced her leaving the Company at the end of August due to personal reasons and on her own initiative. Angelika Annus shall be the new CFO of the Company starting on September 1, 2014, working currently as financial controller of the Company. Angelika Annus has held different positions in the Company since 1998.
Total revenue for the first six months was 5,9 mln EUR, a decrease of 10% compared to the reference period. Net operating result during six months of the year decreased by 0,2 mln EUR (20%) compared to the reference period, totalling to loss of 1,2 mln EUR (2013 6 months: -1,0 mln EUR). Net operating loss for the second quarter of 2014 was 0,6 mln EUR (2013 Q2: net operating profit of 0,03 mln EUR). Net result for the six months of 2014 has decreased by 0,6 mln EUR (43%) compared to the reference period, totalling to loss -2,0 mln EUR (2013 6 months: -1,4 mln). Net result for the second quarter of 2014 was -1,1 mln EUR (2013 Q2: net result -0,5 mln EUR).
Key financial figures
2014 6M 2013 6M 2014 Q2 2013 Q2
Revenue, th, EUR 5 909 6 541 2 748 3 525
Gross profit, th. EUR 1 410 1 632 647 1 318
Gross profit, % 23,86% 24,95% 23,54% 37,39%
Operating result, th. EUR -1 191 -976 -640 32
Operating result, % -20,16% -14,92% -23,29% 0,91%
Net result, th. EUR -1 960 -1 395 -1 050 -484
Net result, % -33,17% -21,33% -38,21% -13,73%
Earnings per share, EUR -0,04 -0 03 -0,02 -0,01
30.06.2014 31.12.2013
Total Assets, th. EUR 97 392 98 294
Total Liabilities, th. EUR 34 248 33 599
Total Equity, th. EUR 63 144 64 695
Debt/ Equity * 0,54 0,52
Return on Assets, % -2,0% -1,4%
Return on Equity, % -3,1% -2,1%
Net asset value per share, EUR 1,17 1,20
Consolidated interim statements of financial position
(Th. EUR) Notes 30.06.2014 31.12.2013
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ASSETS
Current Assets
Cash and cash equivalents 2 820 2 759
Current receivables 2 870 2 738
Inventories 44 866 45 587
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Total Current Assets 50 556 51 084
Non-Current Assets
Non-current receivables 168 168
Deferred tax assets 538 540
Property, plant and equipment 5 19 853 20 221
Investment property 6 26 001 26 001
Intangible assets 276 280
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Total Non-Current Assets 46 836 47 210
TOTAL ASSETS 97 392 98 294
LIABILITIES AND EQUITY
Current Liabilities
Current debt 7 11 493 11 730
Customer advances 1 069 501
Current payables 2 864 2 133
Taxes payable 114 189
Short-term provisions 21 47
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Total Current Liabilities 15 561 14 600
Non-Current Liabilities
Long-term debt 7 16 834 17 040
Other long-term liabilities 51 54
Deferred income tax liability 1 650 1 758
Long-term provisions 152 147
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Total Non-Current Liabilities 18 687 18 999
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TOTAL LIABILITIES 34 248 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 -1 946 -2 600
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Total equity attributable to equity holders
of the parent 61 244 63 190
Non-controlling interest 1 900 1 505
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TOTAL EQUITY 63 144 64 695
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TOTAL LIABILITIES AND EQUITY 97 392 98 294
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 6M 2013 6M 2014 Q2 2013 Q2
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Operating income
Revenue 3, 8 5 909 6 541 2 748 3 525
Cost of goods sold 9 -4 499 -4 909 -2 101 -2 207
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Gross profit 1 410 1 632 647 1 318
Marketing expenses -243 -201 -127 -129
Administrative expenses 10 -2 330 -2 396 -1 126 -1 177
Other income 235 111 159 30
Other expenses -263 -122 -193 -10
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Operating profit (loss) -1 191 -976 -640 32
Financial income 11 41 427 9 0
Financial expense 11 -796 -850 -410 -507
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Profit (loss) before income tax -1 946 -1 399 -1 041 -475
Income tax -14 4 -9 -9
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Net profit (loss) for the period -1 960 -1 395 -1 050 -484
Foreign exchange differences 0 -36 0 -42
Equity holders of the parent -1 946 -1 443 -1 035 -541
Non-controlling interest -14 12 -15 15
Earnings per share (EUR) 12 -0,04 -0,03 -0,02 -0,01
Dilluted earnings per share (EUR) 12 -0,04 -0,03 -0,02 -0,01
Consolidated interim statements of cash flows
Th. EUR Note 2014 6M 2013 6M 2014 Q2 2013 Q2
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Cash flows from operating activities
Profit (loss) for the year -1 960 -1 395 -1 050 -484
Adjustments for:
Depreciation and amortisation
of non-current assets 3 325 406 130 212
Change in fair value of
investment property 6 261 100 208 57
Gain/loss from sale of PPE -2 -4 0 -2
Gain/loss from disposal of subsidiary 4 -19 0 -2 0
Finance income and costs, net 11 829 807 475 476
Net foreign exchange gain / loss 0 36 0 30
Other non-monetary changes (net amounts) 532 -848 686 -1421
Movements in working capital:
Change in trade receivables and prepayments -132 168 -79 385
Change in inventories 721 1 471 -7 744
Change in liabilities and prepayments 824 -554 663 862
Change in provisions -21 -1468 -22 -1469
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Net cash generated by operating activities 1 358 -1 277 1 002 -608
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Cash flows from investing activities
Payments for property, plant
and equipment 5 -34 -31 -5 -23
Proceeds from disposal of property,
plant and equipment 6 4 0 2
Payments for investment property 6 -261 -100 -208 -57
Interest received 4 10 2 3
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Net cash (used in) / generated
by investing activities -285 -117 -211 -75
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Cash flows from financing activities
Proceeds- increase of share capital 0 184 0 184
Proceeds- increase of paid- in capital 0 1 474 0 1 474
Proceeds from bonds 300 0 300 0
Proceeds from borrowings 1 347 2 430 620 0
Repayment of borrowings -2 077 -1 373 -631 -606
Interest paid -582 -585 -493 -96
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Net cash used in financing activities -1 012 2 130 -204 956
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Net change in cash and cash equivalents 61 736 587 273
Cash and cash equivalents at the
beginning of the period 2 759 707 2 233 1 170
Cash and cash equivalents at the
end of the period 2 820 1 443 2 820 1 443
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Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv
