During the first quarter of 2017 Pro Kapital continued the construction works of the new T1 Mall of Tallinn shopping and entertainment centre in Tallinn, which is the Company´s largest single-object development project. Active negotiations with several local and international retail operators were carried on. The Company continued development activities also in Kliversala residential quarter in Riga and residential development projects – Šaltinių Namai in Vilnius and Tondi Quarter in Tallinn.

In Vilnius by the issuing of the present report 41 apartments out of 44 in building K4-1 have been handed over to the clients. In January 2017, the construction works for the 2nd stage residential buildings were started and 36 preliminary agreements have been signed.

In Tallinn, Tondi quarter, the Company has completed three apartment buildings where 84 apartments out of 93 have been handed over to the clients. Presales continued for the 4th building with 15 presale agreements signed and also in the 5th building with 4 presale agreements signed. For the Marsi 6 historical building that will be renovated into a special design loft apartments, 31 presale agreements out of 45 flats have been signed. On 20 February 2017 the project “Kesk-küla” was announced as the winner of the architectural competition for Kalasadam area, the author of which is Kadarik Tüür Arhitektid OÜ. In total 11 entries were submitted from Estonian and international studios.      

In Riga, the construction works for the first residential building in Kliversala project were continued and 8 presale agreements have been signed out of 47 flats in total. The projecting works were continued also for Tallinas Residential Complex.

Total revenue for the first three months in 2017 was 3 614 thousand euros, an increase of 30% compared to the reference period (2016 3M: 2 777 thousand euros).

Net operating result for the first three months in 2017 increased by 452 thousand euros (48%) compared to the reference period, totalling to loss of 497 thousand euros (2016 3M: 949 thousand euros loss).

Net result for the first three months in 2017 has increased by 52 thousand euros (4%) compared to the reference period, totalling to losses of 1 429 thousand euros (2016 3M: losses of 1 481 thousand euros). 

   

Key financial figures      
  2017 3M 2016 3M 2016 12M
Revenue, th EUR 3 614 2 777 20 652
Gross profit, th EUR 935 263 6 054
Gross profit, % 26% 9% 29%
Operating result, th EUR  -497 -949 -309
Operating result, % -14% -34% -1%
Net result, th EUR -1 429 -1 481 -4025
Net result, % -40% -53% -19%
       
Earnings per share, EUR -0,03 -0,03 -0,07
       
  31.03.2017 31.03.2016 31.12.2016
Total Assets, th EUR 144 439 131 478 142 314
Total Liabilities, th EUR  66 143 48 341 62 110
Total Equity, th EUR 78 296 83 137 80 204
Debt/ Equity 0,84 0,58 0,77
       
       
Return on Assets, % -1,00% -1,10% -1,50%
Return on Equity, % -1,80% -1,80% -2,40%
       
Net asset value per share, EUR 1,44 1,53 1,51

 

Consolidated interim statements of financial position 
         
in thousands of euros 31.03.2017 31.12.2016  
       
ASSETS      
Current Assets      
  Cash and cash equivalents 3 331 5 382  
  Current receivables 4 568 4 475  
  Inventories 27 086 14 144  
Total Current Assets 34 985 24 001  
         
Non-Current Assets      
  Non-current receivables 41 42  
  Property, plant and equipment 18 261 18 336  
  Investment property                    90 855 99 660  
  Intangible assets 297 275  
Total Non-Current Assets 109 454 118 313  
       
TOTAL ASSETS 144 439 142 314  
         
         
         
in thousands of euros 31.03.2017 31.12.2016  
         
LIABILITIES AND EQUITY      
Current Liabilities      
  Current debt                                                           7 654 8 261  
  Customer advances 3 846 2 226  
  Current payables 3 978 8 502  
  Taxes payable 675 547  
  Short-term provisions 203 5  
Total Current Liabilities 16 356 19 541  
         
Non-Current Liabilities      
  Long-term debt   44 433 38 040  
  Other long-term liabilities 1 827 804  
  Deferred income tax liability 3 348 3 360  
  Long-term provisions 179 365  
Total Non-Current Liabilities 49 787 42 569  
       
TOTAL LIABILITIES 66 143 62 110  
         
Equity attributable to equity holders of the parent      
  Share capital in nominal value 10 854 10 854  
  Paid in capital 1 816 1 816  
  Statutory reserve 1 082 1 082  
  Revaluation reserve 9 462 9 462  
  Retained earnings 55 017 59 104  
  Profit (loss) for the period -1 411 -3 913  
Total equity attributable to equity holders of the parent 76 820 78 405  
       
Non-controlling interest 1 476 1 799  
TOTAL EQUITY 78 296 80 204  
       
TOTAL LIABILITIES AND EQUITY 144 439 142 314  

 

Consolidated interim statements of comprehensive income 
         
in thousands of euros 2017 3M 2016 3M  2016 12M  
         
Operating income        
Revenue 3 614 2 777 20 652  
Cost of goods sold -2 679 -2 514 -14 598  
Gross profit 935 263 6 054  
         
Marketing expenses -214 -117 -518  
Administrative expenses -1 277 -1 181 -5 396  
Other income 64 105 254  
Other expenses -5 -19 -703  
Operating profit/ loss -497 -949 -309  
         
Financial income 1 2 13  
Financial expense -889 -528 -3 512  
Loss before income tax -1 385 -1 475 -3 808  
Income tax -44 -6 -217  
Net loss for the period -1 429 -1 481 -4 025  
         
Equity holders of the parent -1 411 -1 465 -3 913  
Non-controlling interest -18 -16 -112  
         
         
Earnings per share (EUR) -0,03 -0,03 -0,07  
Diluted earnings per share (EUR) -0,03 -0,03 -0,07  

 

Consolidated interim statements of cash flows   
         
in thousands of euros 2017 3M 2016 3M  2016 12M
         
Cash flows from operating activities      
Loss for the year -1 429 -1 481 -4 025
Adjustments for:      
  Depreciation and amortisation of non-current assets 175 174 695
  Change in fair value of investment property 0 0 30
  Gain from sale of non-current assets 0 0 -4
  Change in fair value of investment property 0 0 599
  Finance income and costs 887 526 3 499
  Other non-monetary changes (net amounts) 12 584 29 302
Changes in working capital:      
  Trade receivables and prepayments -93 777 -2 862
  Inventories -12 942 -567 -1 707
  Liabilities and prepayments -1 752 381 4 185
  Provisions  12 -76 -64
Net cash from operating activities -2 558 -237 648
       
Cash flows from investing activities      
Payments for property, plant and equipment -98 -13 -1 206
Payments for intangible assets -24 -1 -2
Payments for investment property -4 085 -1 770 -8 552
Proceeds from sales of non-current assets 0 0 7
Interests received 1 2 13
Net cash from investing activities -4 206 -1 782 -9 740
         
Cash flows from financing activities      
Net changes in non-controlling interests -480 826 276
Proceeds from issue of bonds 0 901 12 637
Redemption of convertible bonds -522 -12 -123
Redemption of non-convertible bonds 0 0 -1 000
Proceeds from borrowings 6 450 789 2 961
Repayment of borrowings -168 -521 -3 310
Interests paid -567 -569 -3 359
Net cash from financing activities 4 713 1 414 8 082
         
Net change in cash and cash equivalents -2 051 -605 -1 010
         
Cash and cash equivalents at the beginning of the period 5 382 6 392 6 392
Cash and cash equivalents at the end of the period 3 331 5 787 5 382

 

         Allan Remmelkoor
         Member of the Management Board
         Tel.: +372 6144 920
         Email: prokapital@prokapital.ee