Published: 2012-11-29 08:23:05 CET
Pro Kapital Grupp
Quarterly report

AS Pro Kapital Grupp: consolidated and unaudited interim report of III quarter and 9 months

Tallinn, Estonia, 2012-11-29 08:23 CET -- The first 9 months of 2012 has been very intensive for the Company defining its long-term strategies and continuing preparations for the new real estate developments planned for the coming years and planned listing of its shares on Tallinn Stock Exchange.

At the end of the reporting period the Company recorded net revenue 13,2 mln EUR,  -4,5% compared to the same period in 2011. Recorded net loss of 4,6 mln EUR includes non-recurring costs related to listing preparations in amount of 0,8 mln EUR, and provision regarding legal dispute in Netherland in amount of 0,71 mln EUR.

Mr Paolo Michelozzi, the chairman of the management board of the Company, explains: “The company is in the development phase of major projects and has made financial loss in reporting period as expected in this situation. Completing major real estate developments lasts several years and quarterly reports are oriented towards short time developments and don't reflect projects in long-term cycle”.

Status of development projects at the end of reporting period:

Peterburi road shopping centre - building licence obtained.
Ülemiste 5 - detail plan adopted. Project not started.
Tondi Quarter - building license for the 2nd stage obtained.
Kalaranna District - detail plan approval in process.
Tallinas Quarter - projecting works in process in order to apply for the building licence.
Kliversala District - detail plan approval in process.
Zvaigznes Quarter - building licence for reconstruction of the existing building issued.
Šaltinių Namai - 1st stage completed and on sale with an exception of two more buildings that have received the building licence. 2nd stage under projecting in order ty apply for building licence.
 

In August 2012 rebranding of the Company's hotels took place. New names of hotels are PK Ilmarine in Tallinn, PK Riga Hotel in Riga and PK Parkhotel Kurhaus in Bad Kreuznach.

Key Financial Figures  

                                                                                       2012 9m.     2011 9m.
Revenue, th. EUR                                                            13 201         13 816
Gross profit, th. EUR                                                         2 815           4 312
Gross profit, %                                                                  21,3%          31,2%
Operating result, th. EUR                                                 -3 540         52 699
Operating result, %                                                          -26,8%         381,4%
Net result, th. EUR                                                           -4 641          54 374
Net result, %                                                                    -35,2%        393,6%


                                                                                       30.09.2012     31.12.2011
Total Assets, th. EUR                                                      100 891          113 472
Total Liabilites, th. EUR                                                     33 515            41 414
Total Equity, th. EUR                                                         67 376            72 058
Debt/Equity                                                                           0,50                0,57
Return on Assets, %                                                          -4,3%             35,7%
Return on Equity, %                                                            -6,7%            75,1%

 

Combined Statement of Financial Position


(Th. EUR)                                                         Notes                            30.09.2012    31.12.2011
___________________________________________________________________________

        
ASSETS           
Current Assets           
    Cash and cash equivalents                                                                 1 048             8 637
    Current receivables                                                                             3 128             2 865
    Inventories                                                                                          48 701           53 186
                                                                                                                _________________
Total Current Assets                                                                            52 877           64 688
               
Non-Current Assets           
    Non-current receivables                                                                          152                152
    Deferred tax assets                                                                                 368                370
    Property, plant and equipment                          4                                21 117           21 863
    Investment property                                          5                                26 089           26 111
    Intangible assets                                                                                      288                288
                                                                                                                _________________
Total Non-Current Assets                                                                    48 014           48 784

TOTAL ASSETS                                                                                   100 891         113 472

 

(Th. EUR)                                                            Notes                          30.09.2012    31.12.2011
____________________________________________________________________________
           
LIABILITIES AND EQUITY           
Current Liabilities           
    Current debt                                                       6                                  5 708             4 002
    Customer advances                                                                                  561               838
    Current payables                                                                                    1 837             1 791
    Taxes payable                                                                                            200                  95
    Short-term provisions                                                                             1 751             1 091
                                                                                                                 _________________
Total Current Liabilities                                                                         10 057           17 817
               
Non-Current Liabilities           
    Long-term debt                                                   6                                 21 422           21 462
    Other long-term liabilities                                                                              10                   0
    Deferred income tax liability                                                                     1 839            1 962
    Long-term provisions                                                                                  187               173
                                                                                                                __________________
Total Non-Current Liabilities                                                                  23 458          23 597
                                                                                                                __________________
TOTAL LIABILITIES                                                                                  33 515          41 414

               
Equity attributable to equity holders of the parent           
    Share capital in nominal value                                                                10 637          10 637
    Revaluation reserve                                                                                11 337          11 330
    Foreign currency differences                                                                  -1 130           -1 130
    Retained earnings           
       Accumulated profits                                                                             49 624          27 693
       Profit (loss) for the period                                                                     -4 645          21 931
                                                                                                                __________________
    Total equity attributable to equity holders of the parent                65 823          70 461
Non-controlling interest                                                                            1 553            1 597
                                                                                                                __________________
TOTAL EQUITY                                                                                         67 376          72 058
           
TOTAL LIABILITIES AND EQUITY                                                         100 891       113 472


 

Statement of Comprehensive Income

(Th. EUR)                                         Notes        2012 9m.      2011 9m.       2012 Q3     2011 Q3
_____________________________________________________________________________
                       
Operating income                   
    Revenue                                          3, 7           13 201            13 816            3 269         5 800
    Cost of goods sold                              8          -10 386             -9 504          -2 316        -3 748
                                                                       ________________________________________
Gross profit                                                           2 815              4 312               953         2 052
                       
    Marketing expenses                                              -449                -335             -160           -166
    Administrative expenses                     9             -4 264             -4 772          -1 557        -1 996
    Other income                                                          166            54 197                48           -495
    Other expenses                                                  -1 808                -703             -588          -232
                                                                        ________________________________________
                        
Operating profit (loss)                                          -3 540            52 699          -1 304         -837
                       
    Financial income                               10                    22              4 355                  6        3 696
    Financial expense                             10              -1 099             -2 697             -420         -542
                                                                          _______________________________________
                        
Profit (loss) before income tax                           -4 617            54 357           -1 718       2 317
   
     Income tax                                         3                   -97                   17                -55            10
     Deferred tax                                       3                    73                     0                 17              0
                                                                          _______________________________________
Net profit (loss) for the period                           -4 641            54 374           -1 756      2 327

Net profit (loss) attributable to:                   
       Equity holders of the parent                        -4 645            26 188           -1 756     2 279
       Non-controlling interest              3                       4            28 186                    0         48

                   
                       
Other comprehensive income (loss),
net of income tax                   
Comprehensive income (loss)
for the period                                                        -4 641            54 374           -1 756     2 327
       Equity holders of the parent                        -4 645            26 188           -1 756     2 279
       Non-controlling interest                                       4            28 186                    0         48

   

       Earnings per share (EUR)               11                -0,09                0,49             -0,04      0,05
       Diluted earnings per share (EUR)   11                -0,09                0,49             -0,04      0,05
 

 

Statement of Cash Flows

(Th. EUR)                                                            Notes                          2012 9m.          2011 9m.
______________________________________________________________________________
           
Profit (loss) for the period                                                                       -4 641              54 374
Adjustments:           
    Depreciation charge for the period                   3, 4                                     826                   476
    Amortisation charge for the period                                                                  6                       6
    Loss from change in fair value of
    investment property                                              5                                     666                       0
    Profit from sale of investment property                                                          -2             -54 057
    Loss from sale of property, plant and equipment                                            8                     15
    Interest income                                                    10                                     -22               -1 578
    Profit from sales of ownership in subsidiaries                                                0                -2 750
    Interest expenses                                                10                                 1 075                 2 614
    Non-monetary transactions                                                                        -650               -5 264
Change in:           
    Current receivables                                                                                    -263               -6 586
    Inventories                                                                                                 4 485               -2 346
    Customer advances                                                                                   -277               -1 482
    Current payables                                                                                           46                       0
    Taxes payable                                                                                              105                       0
    Short-term provisions                                                                                  660                     12
    Other long-term liabilities                                                                               10                       0
    Deferred income tax liability                                                                        -123                      0
    Long-term provisions                                                                                     14                       0
    Other changes                                                                                         -4 923             -11 171
                                                                                                                 _____________________
Cash used in operating activities                                                           -3 000             -27 740
               
    Additions to fixed assets                                      4                                       -88                    -71
    Additions to investment property                          5                                    -666                   -169
    Additions to assets held for sale                                                                      0                   -878
    Proceeds from sale of investment property                                                   25             104 997
    Proceeds from sale of tangible assets                                                             0                       4
    Proceeds from sale of subsidiaries                                                                  0                       7
    Acquisition of subsidiaries                                                                               -9             -13 462
     Interests collected                                                                                          22               -1 054
                                                                                                                 ______________________
Cash from (used in) investing activities                                                    -716              89 374
               
    Proceeds from convertible bonds                                                                    0                3 062
    Proceeds from loans / debt                                                                              0                2 295
    Repayment of loans / debt                                                                        -2 798            -68 343
    Interests paid                                                                                             -1 075             - 2 483
                                                                                                                ______________________
Cash used in financing activities                                                             -3 873             -65 469
                                                                                                                ______________________
Net change in cash and cash equivalents                                              -7 589               -3 835

               
    Opening balance                                                                                        8 637              20 243
    Closing balance                                                                                         1 048              16 408

 

 

         Ruta Juzulenaite,
         AS Pro Kapital Grupp CFO
         Tel: +372 614 4920
         E-mail: ruta.juzulenaite@prokapital.ee


Pro Kapital 9m ENG 29.11.12.pdf