Acquisition of shareholding in AS Tallinna Moekomb
Post# of 301275
AS Pro Kapital Eesti, company belonging to group of companies of AS Pro Kapital Grupp, has on 21.12.2016 concluded the contract for purchase of minority shareholding of its subsidiary AS Tallinna Moekombinaat.
Based on the purchase contract AS Pro Kapital Eesti bought 343 750 of the A-shares of AS Tallinna Moekombinaat for 550 000 EUR, which represents 1,61% of all AS Tallinna Moekombinaat shares. The shares were paid for on 21.12.2016. After the acquisition AS Pro Kapital Eesti holds 91,9% of AS Tallinna Moekombinaat shares.
The transaction has no significant effect on profit, assets and liabilities of the Issuer.
The seller of the shares was Katmandu Stiftung, Liechtenstein company controlled by Mr Ernesto Preatoni. Mr. Ernesto Preatoni and his affiliates are the largest shareholders of AS Pro Kapital Grupp. The transaction is a related party transaction, members of the Issuer’s supervisory board and management board are not personally interested in the transaction.
AS Tallinna Moekombinaat field of activity is real estate development and its business activity is the development of T1 shopping and entertainment center located in Tallinn.
The goal of purchase of the participation was to increase Pro Kapital’s shareholding in the company developing T1 shopping and entertainment center.
AS Tallinna Moekombinaat financial results for previous 3 years:
| (in euros) | 2015 | 2014 | 2013 |
| Revenue | 0 | 0 | 0 |
| Profit (loss) for the financial year | -968 291 | 145 790 | -188 924 |
| Profit (loss) for the financial year per share | -0,05 | 0,01 | -0,01 |
AS Tallinna Moekombinaat audited financial reports for the previous 2 years:
| Statement of Financial Position | |||
| (in euros) | 31.12.2015 | 31.12.2014 | 31.12.2013 |
| Assets | |||
| Current Assets | |||
| Cash and bank balances | 18 801 | 42 193 | 2 |
| Current receivables and prepayments | 210 908 | 46 958 | 11 817 |
| Total Current Assets | 229 709 | 89 151 | 11 819 |
| Non-Current Assets | |||
| Investment property | 26 300 000 | 25 700 000 | 24 300 000 |
| Total Non-Current Assets | 26 300 000 | 25 700 000 | 24 300 000 |
| Total Assets | 26 529 709 | 25 789 151 | 24 311 819 |
| Liabilities and Equity | |||
| Liabilities | |||
| Current Liabilities | |||
| Current debt | 30 000 | 0 | 0 |
| Current payables and advances | 908 857 | 183 288 | 370 668 |
| Short-term provisions | 0 | 0 | 26 299 |
| Total Current Liabilities | 938 857 | 183 288 | 396 967 |
| Non-Current Liabilities | |||
| Non-current debt | 2 826 595 | 2 814 595 | 2 277 120 |
| Non-current payables | 777 862 | 39 615 | 24 401 |
| Long-term provisions | 84 467 | 34 183 | 0 |
| Total Non-Current Liabilities | 3 688 924 | 2 888 393 | 2 301 521 |
| Total Liabilities | 4 627 781 | 3 071 681 | 2 698 488 |
| Equity | |||
| Share capital in nominal value | 12 491 259 | 12 312 000 | 12 072 000 |
| Unregistered share capital | 0 | 135 823 | 0 |
| Share premium | 691 839 | 582 526 | 0 |
| Statutory reserve | 7 290 | 0 | 0 |
| Retained earnings | 9 679 831 | 9 541 331 | 9 730 255 |
| Profit (loss) for the financial year | -968 291 | 145 790 | -188 924 |
| Total equity | 21 901 928 | 22 717 470 | 21 613 331 |
| Total liabilities and equity | 26 529 709 | 25 789 151 | 24 311 819 |
| Income Statement | |||
| (in euros) | 2015 | 2014 | 2013 |
| Marketing expenses | -37 870 | -47 305 | -3 336 |
| Administration expenses | -380 371 | -303 571 | -94 352 |
| Other operating income | 0 | 640 318 | 0 |
| Other operating expenses | -383 048 | -348 | 0 |
| Gross profit (loss) | -801 289 | 289 094 | -97 688 |
| Interest expenses | -167 006 | -143 331 | -91 236 |
| Other financial income | 4 | 27 | 0 |
| Profit (loss) before tax | -968 291 | 145 790 | -188 924 |
| Profit (loss) for the year | -968 291 | 145 790 | -188 924 |
| Statement of cash flows | |||
| (in euros) | 2015 | 2014 | 2013 |
| Cash flows from operating activities | |||
| Gross profit (loss) | -801 289 | 289 094 | -97 688 |
| Adjustments | |||
| Other adjustments | 382 645 | -636 820 | 0 |
| Total adjustments | 382 645 | -636 820 | 0 |
| Changes in trade receivables and prepayments | -163 950 | 116 859 | 5 739 |
| Changes in liabilities and prepayments | 1 348 201 | 9 847 | -446 014 |
| Interests received from operating activities | 4 | 27 | 0 |
| Total cash flows from operating activities | 765 611 | -220 993 | -537 963 |
| Cash flows from investing activities | |||
| Payments for investment property | -982 645 | -1 015 494 | -302 264 |
| Total cash flows from investing activities | -982 645 | -1 015 494 | -302 264 |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 112 000 | 637 475 | 839 050 |
| Repayments of borrowings | -70 000 | -100 000 | 0 |
| Interests paid | -1 107 | -217 146 | 0 |
| Proceeds from increase of share capital | 152 749 | 958 349 | 0 |
| Total cash flows from financing activities | 193 642 | 1 278 678 | 839 050 |
| Total cash flows | -23 392 | 42 191 | -1 177 |
| Cash and cash equivalents at the beginning of the year | 42 193 | 2 | 1 179 |
| Change in cash and cash equivalents | -23 392 | 42 191 | -1 177 |
| Cash and cash equivalents at the end of the year | 18 801 | 42 193 | 2 |
| Statement of Changes in Equity | ||||||
| (in euros) | Issued capital | Unregistered share capital | Share premium | Statutory reserve | Retained earnings (loss) | Total |
| 31.12.2012 | 12 072 000 | 0 | 0 | 0 | -2 940 028 | 9 131 972 |
| Profit (loss) for the financial year | 0 | 0 | 0 | 0 | -188 924 | -188 924 |
| Other changes in equity | 0 | 0 | 0 | 0 | 12 670 283 | 12 670 283 |
| 31.12.2013 | 12 072 000 | 0 | 0 | 0 | 9 541 331 | 21 613 331 |
| Profit (loss) for the financial year | 0 | 0 | 0 | 0 | 145 790 | 145 790 |
| Increase of share capital | 240 000 | 135 823 | 582 526 | 0 | 0 | 958 349 |
| 31.12.2014 | 12 312 000 | 135 823 | 582 526 | 0 | 9 687 121 | 22 717 470 |
| Profit (loss) for the financial year | 0 | 0 | 0 | 0 | -968 291 | -968 291 |
| Increase of share capital | 179 259 | -135 823 | 109 313 | 0 | 0 | 152 749 |
| Changes in reserves | 0 | 0 | 0 | 7 290 | -7 290 | 0 |
| 31.12.2015 | 12 491 259 | 0 | 691 839 | 7 290 | 8 711 540 | 21 901 928 |
Since the end of the previous financial year no significant changes have occurred to the business of AS Tallinna Moekombinaat. On 18.11.2016 AS Tallinna Moekombinaat signed a contract for financing the design and construction works of the T1 shopping and entertainment center, located at Peterburi mnt. 2, Tallinn. The total volume of the financing agreement is 65 million EUR. The signed financing agreement and the funds at the disposal of Pro Kapital make the T1 shopping and entertainment center project fully funded and on track to open in autumn 2018.
Overview of the loans taken by AS Tallinna Moekombinaat as of 30.11.2016:
- AS Pro Kapital Eesti has provided loan in amount of 8 057 220 euros;
- Minor shareholder’s Fiducuiaria Emiliana S.R.L. loan balance is 196 800 euros;
- Minor shareholder’s A.F.I. American Financial Investments Ltd. loan balance is 111 375 euros.
AS Tallinna Moekombinaat shareholders structure (post transaction):
| Shareholder | Number of shares | Shareholding % |
| AS Pro Kapital Eesti | 19 659 153 | 91,9 |
| Minority shareholders* | 1 722 135 | 8,1 |
| Total | 21 381 288 | |
| * none of the minority shareholders holds more than 5% of the shares | ||
AS Tallinna Moekombinaat is not involved in any court or arbitration proceedings which may have a significant effect on the business activity of the company (there are no court or arbitration proceedings).
AS Tallinna Moekombinaat and the Issuer have not any valid agreements.
AS Tallinna Moekombinaat supervisory council members are: Ernesto Preatoni, Emanuele Bozzone, Paolo Michelozzi. AS Tallinna Moekombinaat management board members are: Allan Remmelkoor, Kristjan Kask, Ervin Nurmela.
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