Tallinn, 2015-02-20 17:55 CET (GLOBE NEWSWIRE) -- Total revenue for twelve months of 2014 was 10,3 mln EUR, a decrease of 16% compared to the reference period. Net operating result during twelve months increased by 27,6 mln EUR (1 626%) compared to the reference period, totalling to profit of 25,9 mln EUR (2013 12 months: -1,7 mln EUR). Net operating profit for the fourth quarter of 2014 was 27,6 mln EUR (2013 Q4: net operating loss of 0,8 mln EUR). Net operating result was influenced by reclassification of assets and recording them in fair value (more details in Note 6). Net result for the twelve months of 2014 has increased by 24,9 mln EUR (968%) compared to the reference period, totalling to profit 22,4 mln EUR (2013 12 months: -2,6 mln EUR). Net result for the fourth quarter of 2014 was profit 25,3 mln EUR (2013 Q4: net result -0,7 mln EUR).
Consolidated financial report
Consolidated interim statements of financial position
(Th. EUR) Notes 31.12.2014 31.12.2013
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ASSETS
Current Assets
Cash and cash equivalents 1 881 2 759
Current receivables 2 463 2 738
Inventories 6 14 535 45 587
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Total Current Assets 18 879 51 084
Non-Current Assets
Non-current receivables 150 168
Deferred tax assets 0 540
Property, plant and equipment 5 17 619 20 221
Investment property 6 88 110 26 001
Intangible assets 273 280
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Total Non-Current Assets 106 152 47 210
TOTAL ASSETS 125 031 98 294
(Th. EUR) Notes 31.12.2014 31.12.2013
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LIABILITIES AND EQUITY
Current Liabilities
Current debt 7 16 348 11 730
Customer advances 1 548 501
Current payables 4 761 2 133
Taxes payable 177 189
Short-term provisions 5 47
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Total Current Liabilities 22 839 14 600
Non-Current Liabilities
Long-term debt 7 13 430 17 040
Other long-term liabilities 79 54
Deferred income tax liability 2 744 1 758
Long-term provisions 151 147
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Total Non-Current Liabilities 16 404 18 999
TOTAL LIABILITIES 39 243 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 9 389 11 330
Foreign currency differences -143 -1 277
Retained earnings 39 778 42 378
Profit (loss) for the period 21 381 -2 600
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Total equity attributable to
equity holders of the parent 83 764 63 190
Non-controlling interest 2 024 1 505
TOTAL EQUITY 85 788 64 695
TOTAL LIABILITIES AND EQUITY 125 031 98 294
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 12M 2013 12M 2014 Q4 2013 Q4
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Operating income
Revenue 3, 8 10 335 12 287 2 174 3 040
Cost of goods sold 9 -7 756 -9 199 -1 934 -2 357
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Gross profit 2 579 3 088 240 683
Marketing expenses -530 -420 -155 -129
Administrative expenses 10 -5 160 -4 606 -1 179 -1 285
Other income 6 31 659 410 31 302 255
Other expenses 6 -2 689 -384 -2 629 -310
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Operating profit (loss) 25 859 -1 912 27 579 -786
Financial income 11 45 447 2 18
Financial expense 11 -1 627 -1413 -419 -66
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Profit (loss) before
income tax 24 277 -2 878 27 162 -834
Income tax -1 908 84 -1 887 88
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Net profit (loss) for the period 22 369 -2 794 25 275 -746
Foreign exchange differences -1 134* -64 -1 134* -28
Equity holders of the parent 21 381 -2 880 24 151 -772
Non-controlling interest -146 22 -10 -2
Earnings per share (EUR) 12 0,41 -0,05 0,47 -0,01
Diluted earnings
per share (EUR) 12 0,41 -0,05 0,47 -0,01
*Due to Latvia entering into Eurozone on 01.01.2014, the Company has considered currency exchange differences realised and accordingly written off currency exchange differences in amount 1 134 th euros.
Consolidated interim statements of cash flows
Th. EUR Note 2014 12M 2013 12M 2014 Q4 2013 Q4
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Cash flows from
operating activities
Profit (loss) for the year 22 369 -2 578 25 275 -530
Adjustments for:
Depreciation and amortisation
of non-current assets 5 749 794 222 261
Change in fair value of
investment property 6 -31 696 85 -32 256 -253
Gain/loss from sale of PPE -7 -4 -4 -4
Loss from impairment of PPE 5 1 946 0 1 946 0
Gain/loss from disposal
of subsidiary 4 -19 0 0 0
Finance income and
costs, net 11 1 518 1 329 397 34
Net foreign exchange gain / loss 0 64 0 0
Other non-monetary
changes (net amounts) -29 924 -914 -30 571 -141
Movements in working capital:
Change in trade receivables
and prepayments 275 460 770 337
Change in inventories 31 052 2 604 32 233 695
Change in liabilities and
prepayments 3 664 -126 1 314 518
Change in provisions -38 -1 972 4 -503
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Net cash generated by
operating activities -111 -258 -670 442
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Cash flows from
investing activities
Payments for property,
plant and equipment 5 - 171 -47 -92 -14
Proceeds from disposal of
property, plant and equipment 11 10 4 6
Payments for investment property 6 -822 -302 -262 36
Proceeds from disposal of
investment property 0 318 0 318
Proceeds from disposal of
subsidiaries 4 146 0 4 0
Interest received 61 17 55 6
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Net cash (used in) / generated
by investing activities -775 -4 -291 352
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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 1 640 0 1 000
Proceeds from borrowings 3 448 2 930 1 608 500
Repayment of borrowings -2 840 -2 757 -575 -995
Interest paid -1 147 -1 157 -85 -26
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Net cash used in financing activities 8 2 314 948 479
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Net change in cash and
cash equivalents -878 2 052 -13 1 273
Cash and cash equivalents
at the beginning of the period 2 759 707 1 894 1 486
Cash and cash equivalents
at the end of the period 1 881 2 759 1 881 2 759
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Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv