Tallinn, 2015-02-20 17:55 CET (GLOBE NEWSWIRE) -- Total revenue for twelve months of 2014 was 10,3 mln EUR, a decrease of 16% compared to the reference period. Net operating result during twelve months increased by 27,6 mln EUR (1 626%) compared to the reference period, totalling to profit of 25,9 mln EUR (2013 12 months: -1,7 mln EUR). Net operating profit for the fourth quarter of 2014 was 27,6 mln EUR (2013 Q4: net operating loss of 0,8 mln EUR). Net operating result was influenced by reclassification of assets and recording them in fair value (more details in Note 6). Net result for the twelve months of 2014 has increased by 24,9 mln EUR (968%) compared to the reference period, totalling to profit 22,4 mln EUR (2013 12 months: -2,6 mln EUR). Net result for the fourth quarter of 2014 was profit 25,3 mln EUR (2013 Q4: net result -0,7 mln EUR).
Consolidated financial report
Consolidated interim statements of financial position
(Th. EUR) Notes 31.12.2014 31.12.2013 ________________________________________________________________ ASSETS Current Assets Cash and cash equivalents 1 881 2 759 Current receivables 2 463 2 738 Inventories 6 14 535 45 587 _______________________________ Total Current Assets 18 879 51 084 Non-Current Assets Non-current receivables 150 168 Deferred tax assets 0 540 Property, plant and equipment 5 17 619 20 221 Investment property 6 88 110 26 001 Intangible assets 273 280 ______________________________ Total Non-Current Assets 106 152 47 210 TOTAL ASSETS 125 031 98 294
(Th. EUR) Notes 31.12.2014 31.12.2013 _______________________________________________________________
LIABILITIES AND EQUITY Current Liabilities Current debt 7 16 348 11 730 Customer advances 1 548 501 Current payables 4 761 2 133 Taxes payable 177 189 Short-term provisions 5 47 ______________________________ Total Current Liabilities 22 839 14 600 Non-Current Liabilities Long-term debt 7 13 430 17 040 Other long-term liabilities 79 54 Deferred income tax liability 2 744 1 758 Long-term provisions 151 147 _____________________________ Total Non-Current Liabilities 16 404 18 999 TOTAL LIABILITIES 39 243 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 9 389 11 330 Foreign currency differences -143 -1 277 Retained earnings 39 778 42 378 Profit (loss) for the period 21 381 -2 600 ______________________________ Total equity attributable to equity holders of the parent 83 764 63 190 Non-controlling interest 2 024 1 505 TOTAL EQUITY 85 788 64 695 TOTAL LIABILITIES AND EQUITY 125 031 98 294
Consolidated interim statements of comprehensive income
(Th. EUR) Notes 2014 12M 2013 12M 2014 Q4 2013 Q4 _____________________________________________________________________ Operating income Revenue 3, 8 10 335 12 287 2 174 3 040 Cost of goods sold 9 -7 756 -9 199 -1 934 -2 357 ______________________________________________ Gross profit 2 579 3 088 240 683 Marketing expenses -530 -420 -155 -129 Administrative expenses 10 -5 160 -4 606 -1 179 -1 285 Other income 6 31 659 410 31 302 255 Other expenses 6 -2 689 -384 -2 629 -310 _____________________________________________ Operating profit (loss) 25 859 -1 912 27 579 -786
Financial income 11 45 447 2 18 Financial expense 11 -1 627 -1413 -419 -66 ______________________________________________ Profit (loss) before income tax 24 277 -2 878 27 162 -834 Income tax -1 908 84 -1 887 88 ______________________________________________ Net profit (loss) for the period 22 369 -2 794 25 275 -746 Foreign exchange differences -1 134* -64 -1 134* -28 Equity holders of the parent 21 381 -2 880 24 151 -772 Non-controlling interest -146 22 -10 -2 Earnings per share (EUR) 12 0,41 -0,05 0,47 -0,01 Diluted earnings per share (EUR) 12 0,41 -0,05 0,47 -0,01
*Due to Latvia entering into Eurozone on 01.01.2014, the Company has considered currency exchange differences realised and accordingly written off currency exchange differences in amount 1 134 th euros.
Consolidated interim statements of cash flows
Th. EUR Note 2014 12M 2013 12M 2014 Q4 2013 Q4 ______________________________________________________________________
Cash flows from operating activities Profit (loss) for the year 22 369 -2 578 25 275 -530 Adjustments for: Depreciation and amortisation of non-current assets 5 749 794 222 261 Change in fair value of investment property 6 -31 696 85 -32 256 -253 Gain/loss from sale of PPE -7 -4 -4 -4 Loss from impairment of PPE 5 1 946 0 1 946 0 Gain/loss from disposal of subsidiary 4 -19 0 0 0 Finance income and costs, net 11 1 518 1 329 397 34 Net foreign exchange gain / loss 0 64 0 0 Other non-monetary changes (net amounts) -29 924 -914 -30 571 -141 Movements in working capital: Change in trade receivables and prepayments 275 460 770 337 Change in inventories 31 052 2 604 32 233 695 Change in liabilities and prepayments 3 664 -126 1 314 518 Change in provisions -38 -1 972 4 -503 ______________________________________________________________________ Net cash generated by operating activities -111 -258 -670 442 ______________________________________________________________________
Cash flows from investing activities Payments for property, plant and equipment 5 - 171 -47 -92 -14 Proceeds from disposal of property, plant and equipment 11 10 4 6 Payments for investment property 6 -822 -302 -262 36 Proceeds from disposal of investment property 0 318 0 318 Proceeds from disposal of subsidiaries 4 146 0 4 0 Interest received 61 17 55 6 ______________________________________________________________________ Net cash (used in) / generated by investing activities -775 -4 -291 352 ______________________________________________________________________
Cash flows from financing activities Proceeds- increase of share capital 0 184 0 0 Proceeds- increase of paid- in capital 0 1 474 0 0 Net proceeds from bonds 547 1 640 0 1 000 Proceeds from borrowings 3 448 2 930 1 608 500 Repayment of borrowings -2 840 -2 757 -575 -995 Interest paid -1 147 -1 157 -85 -26 _____________________________________________________________________ Net cash used in financing activities 8 2 314 948 479 _____________________________________________________________________ Net change in cash and cash equivalents -878 2 052 -13 1 273 Cash and cash equivalents at the beginning of the period 2 759 707 1 894 1 486 Cash and cash equivalents at the end of the period 1 881 2 759 1 881 2 759 _____________________________________________________________________
Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv
