Tallinn, 2014-05-23 07:00 CEST (GLOBE NEWSWIRE) -- During the first quarter of 2014 Pro Kapital continued the preparations of the real estate development projects planned for the upcoming years. Construction works of new buildings in 2 of its new residential development projects – Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn were started. Currently, while issuing the present report, there has been signed total of 15 presale agreements out of 19 flats for the Vilnius Saltiniu Namai new stage project and 10 agreements out of 31 flats for Tallinn’s Tondi residential quarter project. Total revenue for the first three months was 3,2 mln EUR, a increase of 5% compared to the reference period. Net operating loss during three months of the year decreased by 0,5 mln EUR (45%), totalling to loss of 0,6 mln EUR. Net result for the three months of 2014 has improved very slightly, by 1 th. EUR (0%) compared to the reference period (2014 3 months: -910 th. EUR; 2013 3 months: -911 mln. EUR). Cash flow from operations for the three months of 2014 was positive of 356 th. EUR (2013 3 months: -669 th. EUR).
Key financial figures 2014 3 M 2013 3 M Revenue, th, EUR 3 161 3 016 Gross profit, th. EUR 763 314 Gross profit, % 24,1% 10,4% Operating result, th. EUR -551 -1 008 Operating result, % -17,4% -33,4% Net result, th. EUR -910 -911 Net result, % -28,8% -30,2% 31.03.2014 31.12.2013 Total Assets, th. EUR 96 815 98 294 Total Liabilities, th. EUR 33 032 33 599 Total Equity, th. EUR 63 783 64 695 Debt/ Equity * 0,52 0,52 Return on Assets, % -0,93% -0,91% Return on Equity, % -1.42% -1,39% Earnings per share, EUR -0,02 -0,02 Net asset value per share, EUR 1,18 1,20
Consolidated interim statements of financial position
(Th. EUR) Notes 31.03.2014 31.12.2013 ____________________________________________________________________ ASSETS Current Assets Cash and cash equivalents 2 233 2 759 Current receivables 2 792 2 738 Inventories 44 859 45 587 ____________________________ Total Current Assets 49 884 51 084 Non-Current Assets Non-current receivables 168 168 Deferred tax assets 538 540 Property, plant and equipment 5 19 946 20 221 Investment property 6 26 001 26 001 Intangible assets 278 280 _____________________________ Total Non-Current Assets 46 931 47 210 TOTAL ASSETS 96 815 98 294
(Th. EUR) Notes 31.03.2014 31.12.2013 ___________________________________________________________________ LIABILITIES AND EQUITY Current Liabilities Current debt 7 11 662 11 730 Customer advances 849 501 Current payables 1 945 2 133 Taxes payable 212 189 Short-term provisions 21 47 __________________________ Total Current Liabilities 14 689 14 600 Non-Current Liabilities Long-term debt 7 16 379 17 040 Other long-term liabilities 61 54 Deferred income tax liability 1 729 1 758 Long-term provisions 174 147 __________________________ Total Non-Current Liabilities 18 343 18 999 __________________________ TOTAL LIABILITIES 33 032 33 599
Equity attributable to equity holders of the parent Share capital in nominal value 10 821 10 821 Paid in capital 1 474 1 474 Statutory reserve 1 064 1 064 Revaluation reserve 11 330 11 330 Foreign currency differences -1 277 -1 277 Retained earnings 39 778 42 378 Profit (loss) for the period -907 -2 600 _________________________ Total equity attributable to equity holders of the parent 62 283 63 190 Non-controlling interest 1 500 1 505 _________________________ TOTAL EQUITY 63 783 64 695 _________________________ TOTAL LIABILITIES AND EQUITY 96 815 98 294 Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 3M 2013 3M ____________________________________________________________________ Operating income Revenue 3, 8 3 161 3 016 Cost of goods sold 9 -2 398 -2 702 __________________________ Gross profit 763 314 Marketing expenses -116 -72 Administrative expenses 10 -1 204 -1 219 Other income 76 81 Other expenses -70 -112 __________________________ Operating profit (loss) -551 -1 008 Financial income 11 32 427 Financial expense 11 -386 -343 ___________________________ Profit (loss) before income tax -905 -924 Income tax 3 -5 13 ___________________________ Net profit (loss) for the period -910 -911 Equity holders of the parent -907 -908 Non-controlling interest 3 -3 -3 Earnings per share (EUR) 12 -0,02 -0,02 Diluted earnings per share (EUR) 12 -0,02 -0,02
Consolidated interim statements of cash flows
Th. EUR Note 2014 3M 2013 3M ____________________________________________________________________ Cash flows from operating activities Profit (loss) for the year -910 -911 Adjustments for: Depreciation and amortisation of non-current assets 3 195 194 Change in fair value of investment property 6 53 43 Gain/loss from sale of PPE -2 0 Gain from disposal of subsidiary 4 -17 0 Finance income and costs, net 11 354 331 Net foreign exchange gain / loss 0 6 Other non-monetary changes (net amounts) - 154 139 Movements in working capital: Change in trade receivables and prepayments -53 -217 Change in inventories 728 727 Change in liabilities and prepayments 161 -1 416 Change in provisions 1 1 ____________________ Net cash generated by operating activities 356 -669 Cash flows from investing activities Payments for property, plant and equipment 5 -29 -8 Proceeds from disposal of property, plant and equipment and investment property 6 2 Payments for investment property 6 -53 -43 Interest received 2 7 ____________________ Net cash (used in) / generated by investing activities -74 -42 Cash flows from financing activities Proceeds from borrowings 7 727 2 430 Repayment of borrowings 7 -1 446 -767 Interest paid -89 -489 ___________________ Net cash used in financing activities -808 1 174 Net change in cash and cash equivalents -526 463 Cash and cash equivalents at the beginning of the period 2 759 707 Cash and cash equivalents at the end of the period 2 233 1 170
Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv
