Tallinn, 2013-05-23 08:07 CEST (GLOBE NEWSWIRE) --
During the first quarter of 2013 Pro Kapital continued the preparations of the real estate development projects planned for the upcoming years. The technical projecting was continued for 3 new projects - Peterburg road shopping centre and first part of new stage in Tondi Quarter in Tallinn and Tallinnas Residential Complex in Riga alongside with the preparations for establishing the detail plannings for Kalaranna and Kliversala residental areas in Tallinn and in Riga.
Paolo Michelozzi, the CEO of Pro Kapital: "The Company is on track with three main development projects and finalizing the financing issues, the building of market-leading shopping mall on Peterburg Road in Tallinn will start soon with a very satisfactory pre-lending grade."
At the end of the reporting period the Company recorded net revenue 3,0 mln EUR, -57% compared to the same period in 2012. Recorded net loss of 0,9 mln EUR for the first quarter of 2013 was caused mainly by low remaining stock for sales base and therefor low net sales volume.
Key events in January 1 – March 31, 2013 and after the reporting period
- Agreements were concluded with operators for Cinema and Entertainment centre areas in the entertainment complex of the St. Peterburg street shopping centre in Tallinn.
- A settlement agreement was reached on 18.03.2013 in the dispute with Dutch company Aprisco B.V.
- Sari Aitokallio, member of Pro Kapital Grupp Council, resigned from duty as of March 31, 2013 based on her application due to time constraints and a possible conflict of interest in the future.
- The shareholders meeting of 5th of April 2013 decided to conditionally increase the share capital of AS Pro Kapital Grupp, by issuing up to 1 400 000 new shares of the Company. The offering of new shares of AS Pro Kapital Grupp took place from 26th of April 2013 until 10th of May 2013, during of which in total 921 153 shares were subscribed for gross proceeds of 1 658 075,40 Euros. The new share capital invested shall be used for finalizing the preparation works needed for the launch of the new development projects and for strengthening its financial position.
Key Financial Figures
2013 Q1 2012 Q1
Revenue, th. EUR 3 016 7 108
Gross profit, th. EUR 314 1 369
Gross profit, % 10,4% 19,3%
Operating result, th. EUR -1 008 -324
Operating result, % -33,4% -4,6%
Net result, th. EUR -911 -636
Net result, % -30,2% -8,9%
31.03.2013 31.12.2012
Total Assets, th. EUR 99 598 100 262
Total Liabilites, th. EUR 34 393 34 135
Total Equity, th. EUR 65 205 66 127
Debt/Equity 0,53 0,52
Return on Assets, % -0,91% -0,60%
Return on Equity, % -1,39% -1,68%
Earnings per share, EUR -0,02 -0,01
Net asset value/share, EUR 1,22 1,24
Consolidated interim statement of financial position
(Th. EUR) Notes 31.03.2013 31.12.2012
ASSETS
Current Assets
Cash and cash equivalents 1 170 707
Current receivables 2 918 3 198
Inventories 47 464 48 191
Total Current Assets 51 615 52 096
Non-Current Assets
Non-current receivables 166 164
Deferred tax assets 464 464
Property, plant and equipment 4 20 978 21 161
Investment property 5 26 089 26 089
Intangible assets 286 288
Total Non-Current Assets 47 983 48 166
TOTAL ASSETS 99 598 100 262
LIABILITIES AND EQUITY
Current Liabilities
Current debt 6 13 430 11 692
Customer advances 649 652
Current payables 1 685 1 926
Taxes payable 249 102
Short-term provisions 707 2 035
Total Current Liabilities 16 720 16 407
Non-Current Liabilities
Long-term debt 6 15 641 15 706
Other long-term liabilities 49 33
Deferred income tax liability 1 851 1 858
Long-term provisions 132 131
Total Non-Current Liabilities 17 673 17 728
TOTAL LIABILITIES 34 393 34 135
Equity attributable to equity holders of the parent
TOTAL LIABILITIES AND EQUITY
Share capital in nominal value 10 637 10 637
Revaluation reserve 11 330 11 330
Foreign currency differences -1 058 -1 064
Retained earnings
Accumulated profits 43 672 49 624
Profit (loss) for the period -914 -5 952
Total equity attributable to equity holders of the parent 63 667 64 575
Non-controlling interest 1 538 1 552
TOTAL EQUITY 65 205 66 127
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99 598 100 262
Consolidated interim statement of comprehensive income
(Th. EUR) Notes 2013 Q1 2012 Q1
______________________________________________________________________________
Operating income
Revenue 3,7 3 016 7 108
Cost of goods sold 8 -2 702 -5 739
_____________________________
Gross profit 314 1 369
Marketing expenses -72 -108
Administrative expenses 9 -1 219 -1 281
Other income 81 60
Other expenses -112 -364
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Operating profit (loss) -1 008 -324
Financial income 10 427 49
Financial expense 10 -343 -389
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Profit (loss) before income tax -924 -664
Income tax 3 -13 -28
Net profit (loss) for the period -911 -636
Net profit (loss) attributable to:
Equity holders of the parent -908 -636
Non-controlling interest -3 0
Translation of foreign currency -6 0
Other comprehensive income (loss), net of income tax
Comprehensive income (loss)
for the period -917 -636
Equity holders of the parent - 914 -636
Non-controlling interest -3 0
Earnings per share (EUR) 11 (0,02) (0,01)
Diluted earnings per share (EUR) 11 (0,02) (0,01)
Consolidated interim statement of cash flows
Th. EUR Note 2013 Q1 2012 Q1
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Cash flows from operating activities
Profit (loss) for the year -911 -636
Adjustments for:
Depreciation and amortisation of non-current assets 3 194 169
Change in fair value of investment property 5 43 50
Finance income and costs, net 331 356
Net foreign exchange gain / loss 6 0
Other non-monetary changes (net amounts) 139 -3 232
Movements in working capital:
Change in trade receivables and prepayments -217 -1 688
Change in inventories 727 3 337
Change in liabilities and prepayments -1 416 387
Change in provisions 1 13
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Net cash generated by operating activities -669 -1 244
Cash flows from investing activities
Payments for property, plant and equipment 4 -8 -16
Proceeds from disposal of property, plant and equipment 2 0
Payments for investment property 5 -43 -50
Net cash outflow on acquisition of subsidiaries 0 -9
Interest received 7 0
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Net cash (used in) / generated by investing activities -42 -75
Cash flows from financing activities
Proceeds from borrowings 2 430 0
Repayment of borrowings -767 -5 812
Interest paid -489 -799
_______________________
Net cash used in financing activities 1 174 6 611
Net change in cash and cash equivalents 463 -7 930
Cash and cash equivalents at the beginning of the year 707 8 637
Cash and cash equivalents at the end of the year 1 170 707
Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv
