Tallinn, 2014-08-22 07:00 CEST (GLOBE NEWSWIRE) -- During the second quarter of 2014 Pro Kapital continued the construction works of new buildings in 2 of its residential development projects – Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn. Presales for both projects have been successful, at the moment of issuing the report there have been signed presale agreements for 16 apartments out of 19 in Vilnius and 13 apartments out of 31 in Tallinn project. In addition to that the subsidiary of the group AS Tallinna Moekombinaat and AS Nordecon concluded the agreement for building excavation works of the shopping and entertainment centre located at Peterburi 2 with the aim to finish the preparation works of the construction of the shopping centre. On June 13 the CFO of the Company Ruta Juzulenaite announced her leaving the Company at the end of August due to personal reasons and on her own initiative. Angelika Annus shall be the new CFO of the Company starting on September 1, 2014, working currently as financial controller of the Company. Angelika Annus has held different positions in the Company since 1998. Total revenue for the first six months was 5,9 mln EUR, a decrease of 10% compared to the reference period. Net operating result during six months of the year decreased by 0,2 mln EUR (20%) compared to the reference period, totalling to loss of 1,2 mln EUR (2013 6 months: -1,0 mln EUR). Net operating loss for the second quarter of 2014 was 0,6 mln EUR (2013 Q2: net operating profit of 0,03 mln EUR). Net result for the six months of 2014 has decreased by 0,6 mln EUR (43%) compared to the reference period, totalling to loss -2,0 mln EUR (2013 6 months: -1,4 mln). Net result for the second quarter of 2014 was -1,1 mln EUR (2013 Q2: net result -0,5 mln EUR).
Key financial figures 2014 6M 2013 6M 2014 Q2 2013 Q2 Revenue, th, EUR 5 909 6 541 2 748 3 525 Gross profit, th. EUR 1 410 1 632 647 1 318 Gross profit, % 23,86% 24,95% 23,54% 37,39% Operating result, th. EUR -1 191 -976 -640 32 Operating result, % -20,16% -14,92% -23,29% 0,91% Net result, th. EUR -1 960 -1 395 -1 050 -484 Net result, % -33,17% -21,33% -38,21% -13,73% Earnings per share, EUR -0,04 -0 03 -0,02 -0,01 30.06.2014 31.12.2013 Total Assets, th. EUR 97 392 98 294 Total Liabilities, th. EUR 34 248 33 599 Total Equity, th. EUR 63 144 64 695 Debt/ Equity * 0,54 0,52 Return on Assets, % -2,0% -1,4% Return on Equity, % -3,1% -2,1% Net asset value per share, EUR 1,17 1,20
Consolidated interim statements of financial position
(Th. EUR) Notes 30.06.2014 31.12.2013 _______________________________________________________________________ ASSETS Current Assets Cash and cash equivalents 2 820 2 759 Current receivables 2 870 2 738 Inventories 44 866 45 587 ____________________________ Total Current Assets 50 556 51 084
Non-Current Assets Non-current receivables 168 168 Deferred tax assets 538 540 Property, plant and equipment 5 19 853 20 221 Investment property 6 26 001 26 001 Intangible assets 276 280 ____________________________ Total Non-Current Assets 46 836 47 210 TOTAL ASSETS 97 392 98 294
LIABILITIES AND EQUITY Current Liabilities Current debt 7 11 493 11 730 Customer advances 1 069 501 Current payables 2 864 2 133 Taxes payable 114 189 Short-term provisions 21 47 ____________________________ Total Current Liabilities 15 561 14 600
Non-Current Liabilities Long-term debt 7 16 834 17 040 Other long-term liabilities 51 54 Deferred income tax liability 1 650 1 758 Long-term provisions 152 147 ____________________________ Total Non-Current Liabilities 18 687 18 999 ____________________________ TOTAL LIABILITIES 34 248 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 -1 946 -2 600 ____________________________ Total equity attributable to equity holders of the parent 61 244 63 190 Non-controlling interest 1 900 1 505 ____________________________ TOTAL EQUITY 63 144 64 695 ____________________________ TOTAL LIABILITIES AND EQUITY 97 392 98 294
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 6M 2013 6M 2014 Q2 2013 Q2 __________________________________________________________________________ Operating income Revenue 3, 8 5 909 6 541 2 748 3 525 Cost of goods sold 9 -4 499 -4 909 -2 101 -2 207 _____________________________________________ Gross profit 1 410 1 632 647 1 318
Marketing expenses -243 -201 -127 -129 Administrative expenses 10 -2 330 -2 396 -1 126 -1 177 Other income 235 111 159 30 Other expenses -263 -122 -193 -10 _____________________________________________ Operating profit (loss) -1 191 -976 -640 32
Financial income 11 41 427 9 0 Financial expense 11 -796 -850 -410 -507 _____________________________________________ Profit (loss) before income tax -1 946 -1 399 -1 041 -475 Income tax -14 4 -9 -9 _____________________________________________ Net profit (loss) for the period -1 960 -1 395 -1 050 -484
Foreign exchange differences 0 -36 0 -42 Equity holders of the parent -1 946 -1 443 -1 035 -541 Non-controlling interest -14 12 -15 15 Earnings per share (EUR) 12 -0,04 -0,03 -0,02 -0,01 Dilluted earnings per share (EUR) 12 -0,04 -0,03 -0,02 -0,01
Consolidated interim statements of cash flows
Th. EUR Note 2014 6M 2013 6M 2014 Q2 2013 Q2 __________________________________________________________________________
Cash flows from operating activities Profit (loss) for the year -1 960 -1 395 -1 050 -484 Adjustments for: Depreciation and amortisation of non-current assets 3 325 406 130 212 Change in fair value of investment property 6 261 100 208 57 Gain/loss from sale of PPE -2 -4 0 -2 Gain/loss from disposal of subsidiary 4 -19 0 -2 0 Finance income and costs, net 11 829 807 475 476 Net foreign exchange gain / loss 0 36 0 30 Other non-monetary changes (net amounts) 532 -848 686 -1421 Movements in working capital: Change in trade receivables and prepayments -132 168 -79 385 Change in inventories 721 1 471 -7 744 Change in liabilities and prepayments 824 -554 663 862 Change in provisions -21 -1468 -22 -1469 ___________________________________ Net cash generated by operating activities 1 358 -1 277 1 002 -608 ___________________________________ Cash flows from investing activities Payments for property, plant and equipment 5 -34 -31 -5 -23 Proceeds from disposal of property, plant and equipment 6 4 0 2 Payments for investment property 6 -261 -100 -208 -57 Interest received 4 10 2 3 __________________________________ Net cash (used in) / generated by investing activities -285 -117 -211 -75 _________________________________________________________________________ Cash flows from financing activities Proceeds- increase of share capital 0 184 0 184 Proceeds- increase of paid- in capital 0 1 474 0 1 474 Proceeds from bonds 300 0 300 0 Proceeds from borrowings 1 347 2 430 620 0 Repayment of borrowings -2 077 -1 373 -631 -606 Interest paid -582 -585 -493 -96 _________________________________ Net cash used in financing activities -1 012 2 130 -204 956 _________________________________ Net change in cash and cash equivalents 61 736 587 273 Cash and cash equivalents at the beginning of the period 2 759 707 2 233 1 170 Cash and cash equivalents at the end of the period 2 820 1 443 2 820 1 443 _________________________________________________________________________
Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv
