Tallinn, 2014-11-17 19:06 CET (GLOBE NEWSWIRE) -- During the third quarter of 2014 Pro Kapital continued the construction works of new buildings in 2 of its new residential development projects – Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn and the building excavation works of shopping and entertainment centre located at Peterburi 2, Tallinn.
Total revenue for the first nine months was 8,2 mln EUR, a decrease of 12% compared to the reference period. Net operating result during nine months of the year decreased by 0,6 mln EUR (53%) compared to the reference period, totalling to loss of 1,7 mln EUR (2013 9 months: -1,1 mln EUR). Net operating loss for the third quarter of 2014 was 0,5 mln EUR (2013 Q3: net operating loss of 0,2 mln EUR). Net result for the nine months of 2014 has decreased by 0,9 mln EUR (42%) compared to the reference period, totalling to loss -2,9 mln EUR (2013 9 months: -2,0 mln EUR). Net result for the third quarter of 2014 was loss 0,9 mln EUR (2013 Q3: net result -0,8 mln EUR).
Presales for Vilnius Saltiniu Namai project and Tallinn’s Tondi residential quarter have been successfully continued, at the moment of issuing the report presale agreements for 16 apartments out of 19 in Vilnius and 16 apartments out of 31 in Tallinn have been already signed. Based on the successful results of Tallinn project the presale for the 2nd building has been launched with 2 agreements out of 31 flats signed by the moment of issuing the present report.
Key financial figures
2014 9M 2013 9M 2014 Q3 2013 Q3
Revenue, th. EUR 8 161 9 247 2 252 2 706
Gross profit, th. EUR 2 339 2 405 929 773
Gross profit, % 28,66% 26,01% 41,25% 28,57%
Operating result, th. EUR -1 720 -1 126 -529 -150
Operating result, % -21,08% -12,18% -23,49% -5,54%
Net result, th. EUR -2 906 -2 048 -946 -653
Net result, % -35,61% -22,15% -42,01% -24,13%
Earnings per share, EUR -0,05 -0,04 -0,02 -0,01
30.09.2014 31.12.2013
Total Assets, th. EUR 98 531 98 294
Total Liabilities, th. EUR 36 204 33 599
Total Equity, th. EUR 62 201 64 695
Debt/ Equity 0,58 0,52
Return on Assets, % -2,9% -2,6%
Return on Equity, % -4,7% -4,0%
Net asset value per share, EUR 1,15 1,20
Consolidated interim statements of financial position
(Th. EUR) Notes 30.09.2014 31.12.2013
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ASSETS
Current Assets
Cash and cash equivalents 1 894 2 759
Current receivables 3 233 2 738
Inventories 46 768 45 587
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Total Current Assets 51 895 51 084
Non-Current Assets
Non-current receivables 168 168
Deferred tax assets 538 540
Property, plant and equipment 5 19 655 20 221
Investment property 6 26 001 26 001
Intangible assets 274 280
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Total Non-Current Assets 46 636 47 210
TOTAL ASSETS 98 351 98 294
(Th. EUR) Notes 30.09.2014 31.12.2013
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LIABILITIES AND EQUITY
Current Liabilities
Current debt 7 11 504 11 730
Customer advances 990 501
Current payables 3 935 2 133
Taxes payable 248 189
Short-term provisions 5 47
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Total Current Liabilities 16 682 14 600
Non-Current Liabilities
Long-term debt 7 17 603 17 040
Other long-term liabilities 77 54
Deferred income tax liability 1 687 1 758
Long-term provisions 154 147
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Total Non-Current Liabilities 19 522 18 999
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TOTAL LIABILITIES 36 204 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 -1 151 -1 277
Retained earnings 39 778 42 378
Profit (loss) for the period -2 771 -2 600
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Total equity attributable to
equity holders of the parent 60 545 63 190
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Non-controlling interest 1 782 1 505
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TOTAL EQUITY 62 327 64 695
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TOTAL LIABILITIES AND EQUITY 98 531 98 294
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 9M 2013 9M 2014 Q3 2013 Q3
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Operating income
Revenue 3, 8 8 161 9 247 2 252 2 706
Cost of goods sold 9 -5 822 -6 842 -1 323 -1 933
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Gross profit 2 339 2 405 929 773
Marketing expenses -375 -291 -132 -90
Administrative expenses 10 -3 981 -3 321 -1 651 -925
Other income 357 155 122 44
Other expenses -60 -74 203 48
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Operating profit (loss) -1 720 -1 126 -529 -150
Financial income 11 43 429 2 2
Financial expense 11 -1 208 -1 347 -412 -497
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Profit (loss) before income tax -2 885 -2 044 -939 -645
Income tax -21 -4 -7 -8
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Net profit (loss) for the period -2 906 -2 048 -946 -653
Foreign exchange differences 0 -36 0 0
Equity holders of the parent -2 770 -2 108 -824 -665
Non-controlling interest -136 24 -122 12
Earnings per share (EUR) 12 -0,05 -0,04 -0,02 -0,01
Diluted earnings
per share (EUR) 12 -0,05 -0,04 -0,02 -0,01
Consolidated interim statements of cash flows
Th. EUR Note 2014 9M 2013 9M 2014 Q3 2013 Q3
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Cash flows from operating activities
Profit (loss) for the year -2 906 -2 048 -946 -653
Adjustments for:
Depreciation and amortisation
of non-current assets 5 527 533 202 127
Change in fair value of
investment property 6 560 338 299 238
Gain/loss from sale of PPE -3 0 -1 0
Gain/loss from disposal
of subsidiary 4 -19 0 0 0
Finance income and costs, net 11 1 121 1 295 292 488
Net foreign exchange gain / loss 0 36 0 0
Other non-monetary changes
(net amounts) 647 -773 115 75
Movements in working capital:
Change in trade receivables
and prepayments -495 123 -363 -45
Change in inventories -1 181 1 909 -1 902 438
Change in liabilities and prepayments 2 350 -644 1 526 -90
Change in provisions -42 -1 469 -21 -1
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Net cash generated by operating activities 559 -700 -799 577
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Cash flows from investing activities
Payments for property,
plant and equipment 5 -79 -33 -45 -2
Proceeds from disposal of
property, plant and equipment 7 4 1 0
Payments for investment property 6 -560 -338 -299 -238
Proceeds from disposal
of subsidiaries 4 142 0 142 0
Interest received 6 11 2 1
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Net cash (used in) / generated
by investing activities -484 -356 -199 -239
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Cash flows from financing activities
Proceeds- increase of share capital 0 184 0 0
Proceeds- increase of paid- in capital 0 1 474 0 0
Net proceeds from bonds 547 640 247 640
Proceeds from borrowings 1 840 2 430 493 0
Repayment of borrowings -2 265 -1 762 -188 -389
Interest paid -1 062 -1 131 -480 -546
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Net cash used in financing activities -940 1 835 72 -295
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Net change in cash and cash equivalents -865 779 -926 43
Cash and cash equivalents
at the beginning of the period 2 759 707 2 820 1 443
Cash and cash equivalents
at the end of the period 1 894 1 486 1 894 1 486
Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv