AS Pro Kapital Grupp: consolidated and unaudited interim report of III quarter and 9 monthsTallinn, 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
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ASSETS
Current Assets
Cash and cash equivalents 1 048 8 637
Current receivables 3 128 2 865
Inventories 48 701 53 186
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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
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Total Non-Current Assets 48 014 48 784
TOTAL ASSETS 100 891 113 472
(Th. EUR) Notes 30.09.2012 31.12.2011
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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
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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
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Total Non-Current Liabilities 23 458 23 597
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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
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Total equity attributable to equity holders of the parent 65 823 70 461
Non-controlling interest 1 553 1 597
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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
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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
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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
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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
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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
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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.
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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
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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
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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
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Cash used in financing activities -3 873 -65 469
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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
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