Tallinn, 2013-11-20 07:36 CET (GLOBE NEWSWIRE) -- During the third quarter of 2013 Pro Kapital continued the development activities of Peterburg road shopping centre in Tallinn and signing new lease agreements with the tenants, as well as continued the preparations works for the first part of new stage in Tondi Quarter in Tallinn, for Tallinnas Residential Complex in Riga alongside with technical planning for Saltiniu Namai new residential building in Vilnius. The agreement for development of public roads and infrastructure on Tallinn’s Kalaranna landplot was signed with Tallinn City Planning Office as a part of Kalaranna detail planning process. Total revenue for the first nine months of 2013 was 9,25 mln EUR, a decrease of 30% compared to the same period of 2012. During the third quarter, total revenue was 2,71 mln EUR and the revenue has decreased by 17% compared to the third quarter of 2012. Net operating loss during nine months of the year decreased by 2,41 mln EUR (68%), totaling to loss of 1,13 mln EUR. Net operating result for the third quarter of 2013 was -0,15 mln EUR, which is 88% decrease as compared to the third quarter of 2012. Net result for the first nine months of 2013 has increased by 2,59 mln EUR (56%) compared to the reference period (2013 9 months: -2,05 mln EUR; 2012 9 months: -4,64 mln. EUR). Net result for the third quarter has increased by 1,11 mln EUR and was -0,65 mln EUR (2012 Q3: -1,76 mln EUR). Loss was caused mainly by low stock for sales base and low net sales volume and is in line with Company’s expectations. Cash flow from operations for the nine months of 2013 was negative of 0,70 mln EUR (2012 9 months: -3,00 mln EUR). Cash flows from operations for the third quarter of 2013 was positive of 0,58 mln EUR (2012 Q3: +0,16 mln EUR). For the activity of the Company and development of new projects the Company seeks to attain attractive mix of financing through combining acceptable level of borrowings from financial institutions, expanding its investor base and attracting additional private equity. During the reporting period the Company issued 64 unsecured nonconvertible bonds with face value of 10 000 EUR per each bond, 5 year maturity and 5% coupon rate. The amount of bonds issued totaled to 640 000 EUR. The Company prolonged the maturity of its PKG1 convertible bonds in the total amount of 3 261 460 EUR by two years, with new redemption date being August 13, 2015. Other terms of bonds remained unchanged. After the reporting period the Company issued another 100 unsecured nonconvertible bonds with face value of 10 000 EUR per each bond, 3 year maturity and 5% annual coupon rate. The total amount of bonds issued was 1 000 000 EUR. Bonds issued are not yet registered and settled.
Key Financial Figures
2013 9 M 2012 9 M 2013 Q3 2012 Q3 Revenue, th, EUR 9 247 13 201 2 706 3 269 Gross profit, th. EUR 2 405 2 815 773 953 Gross profit, % 26,00% 21,30% 28,60% 29,20% Operating result, th. EUR -1 126 -3 540 -150 -1 304 Operating result, % -12,20% -26,80% -5,50% -39,90% Net result, th. EUR -2 048 -4 641 -653 -1 756 Net result, % -22,10% -35,20% -24,10% -53,70%
30.09.2013 31.12.2012 30.09.2013 30.09.2012 Total Assets, th. EUR 98 517 100 262 Total Liabilities, th. EUR 32 712 34 135 Total Equity, th. EUR 65 805 66 127 Debt/ Equity 0,5 0,52 Return on Assets, % -2,10% -0,60% Return on Equity, % -3,10% -1,68% Earnings per share, EUR -0,04 -0,05 -0,01 -0,04 Net asset value per share, EUR 1,22 1,24
Consolidated interim statement of financial position
(Th. EUR) Notes 30.09.2013 31.12.2012 _____________________________________________________________________ ASSETS Current Assets Cash and cash equivalents 1 486 707 Current receivables 3 075 3 198 Inventories 46 282 48 191 ________________________ Total Current Assets 50 843 52 096 Non-Current Assets Non-current receivables 172 164 Deferred tax assets 464 464 Property, plant and equipment 4 20 667 21 161 Investment property 5 26 089 26 089 Intangible assets 282 288 _________________________ Total Non-Current Assets 47 674 48 166 TOTAL ASSETS 98 517 100 262
Notes 30.09.2013 31.12.2012 ______________________________________________________________________ LIABILITIES AND EQUITY Current Liabilities Current debt 6 10 618 11 692 Customer advances 285 652 Current payables 1 362 1 926 Taxes payable 168 102 Short-term provisions 553 2 035 Total Current Liabilities 12 986 16 407 Non-Current Liabilities Long-term debt 6 17 744 15 706 Other long-term liabilities 60 33 Deferred income tax liability 1 778 1 858 Long-term provisions 144 131 Total Non-Current Liabilities 19 726 17 728 TOTAL LIABILITIES 32 712 34 135
Equity attributable to equity holders of the parent TOTAL LIABILITIES AND EQUITY Share capital in nominal value 10 821 10 637 Paid in capital 1 474 0 Statutory reserve 1 064 0 Revaluation reserve 11 330 11 330 Foreign currency differences -1 100 -1 064 Accumulated profits 42 608 49 624 Profit (loss) for the period -2 072 -5 952 Total equity attributable to equity holders of the parent 64 125 64 575 Non-controlling interest 1 680 1 552 TOTAL EQUITY 65 805 66 127 __________________________ 98 517 100 262
Consolidated interim statement of comprehensive income
(Th. EUR) Notes 2013 9M 2012 9M 2013 Q3 2012 Q3 ________________________________________________________________________ Operating income Revenue 3, 7 9 247 13 201 2 706 3 269 Cost of goods sold 8 -6 842 -10 386 -1 933 -2 316 _________________________________________ Gross profit 2 405 2 815 773 953 Marketing expenses -291 -449 -90 -160 Administrative expenses 9 -3 321 -4 264 -877 -1 557 Other income 155 166 44 48 Other expenses -74 -1 808 0 -588 _________________________________________ Operating profit (loss) -1 126 -3 540 -150 -1 304 Financial income 10 429 22 2 6 Financial expense 10 -1 347 -1 099 -497 -420 __________________________________________ Profit (loss) before income tax -2 044 -4 617 -645 -1 718 Income tax 3 -4 -24 -8 -38 ___________________________________________ Net profit (loss) for the period -2 048 -4 641 -653 -1 756 Exchange differences -36 0 0 0 Equity holders of the parent -2 108 -4 645 -665 -1 756 Non-controlling interest 3 24 4 12 0 Earnings per share (EUR) 11 -0,04 -0,09 -0,01 -0,04 Diluted earnings per share (EUR) 11 -0,04 -0,09 -0,01 -0,04
Consolidated interim statement of cash flows
Th. EUR Note 2013 9M 2012 9M 2013 Q3 2012 Q3 ____________________________________________________________________ Cash flows from operating activities Profit (loss) for the year -2 048 -4 641 -653 -1 756 Adjustments for: Depreciation and amortisation of non-current assets 4 533 832 127 178 Change in fair value of investment property 5 338 666 238 436 Gain/loss from sale of investment property 0 -2 0 0 Gain/loss from sale of PPE 0 8 0 0 Finance income and costs, net 10 1 295 1 053 488 390 Net foreign exchange gain / loss 36 0 0 0 Other non-monetary changes (net amounts) -773 -650 75 -1 258 Movements in working capital: Change in trade receivables and prepayments 123 -263 -45 -271 Change in inventories 1 909 4 485 438 694 Change in liabilities and prepayment -644 674 -90 7 450 Change in provisions -1 469 -5 162 -1 -5 705 ___________________________________ Net cash generated by operating activities -700 -3 000 577 158
Cash flows from investing activities Payments for property, plant and equipment 4 -33 -88 -2 -22 Proceeds from disposal of property, plant and equipment and investment property 4 25 0 25 Payments for investment property 5 -338 -666 -238 -436 Net cash outflow on acquisition of subsidiaries 0 -9 0 0 Interest received 11 22 1 6 __________________________________ Net cash (used in) / generated by investing activities -356 -716 -239 -427
Cash flows from financing activities Proceeds- increase of share capital 184 0 0 0 Proceeds- increase of paid- in capital 1 474 0 0 0 Proceeds from bonds 640 0 640 0 Proceeds from borrowings 6 2 430 0 0 0 Repayment of borrowings 6 -1 762 -2 798 -389 -429 Interest paid -1 131 -1 075 -546 -396 ___________________________________ Net cash used in financing activities 1 835 -3 873 -295 -825 Net change in cash and cash equivalents 779 -7 589 43 -1 094 Cash and cash equivalents at the beginning of the period 707 8 637 1 443 2 142 Cash and cash equivalents at the end of the period 1 486 1 048 1 486 1 048
Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv
