Tallinn, 2013-08-28 22:16 CEST (GLOBE NEWSWIRE) -- During the first half of 2013 Pro Kapital Grupp proceeded with development of its real estate projects - the technical projecting was continued for 3 new projects: Peterburg road shopping centre in Tallinn and first part of new stage in Tondi Quarter in Tallinn and Tallinnas Residential Complex in Riga alongside with the preparations for establishing the detail plannings for Kalaranna and Kliversala residental areas in Tallinn and in Riga. During the reporting period the Company carried through the issuing of its 921 153 new shares with the price of 1,8 euro per share, which increased the Company’s share capital up to 10 821 315 EUR. The new share capital invested shall be used for finalizing the preparation works needed for the launch of the new development projects and for strengthening its financial position. Total revenue for the first six months of 2013 was 6,5 million EUR, a decrease of 34% compared to the reference period. During the second quarter, total revenue was 3,5 mln EUR and has increased by 25% compared to the second quarter of 2012. Net operating loss during the first half of the year decreased by 1 260 th. EUR (56%), totalling to loss of 1,0 mln EUR. Net operating result for the second quarter of 2013 was 32 th. EUR, which is 102% increase as compared to the second quarter of 2012. General meeting of shareholders, held on June 19, 2013, has decided to appoint Ernesto Achille Preatoni member of the Council starting from July 5, 2013. Term in office of Emanuele Bozzone was prolonged and Pertti Huuskonen and Petri Olkinuora continue their service as PKG Council members. Since July 5, 2013 council members Renato Bullani and Giuseppe Prevosti term in office expired. After the end of the reporting period the Company issued 74 unsecured non-convertible bonds with face value of 10 000 EUR, 5 year maturity and 5% coupon rate. Therefore, the amount of bonds issued totaled to 740 000 EUR. The Company prolonged the maturity of its PKG1 convertable bonds in the total amount of 3 261 460 EUR by two years, with new redemption date being August 13, 2015.
Key Financial Figures 2013 H1 2012 H1 2013 Q2 2012 Q2 Revenue, th. EUR 6 541 9 932 3 525 2 824 Gross profit, th. EUR 1 632 1 862 1 318 493 Gross profit, % 25,0% 18,8% 37,4% 17,5% Operating result, th. EUR -976 -2 236 32 -1 911 Operating result, % -14,9% -22,5% 1,0% -67,7% Net result, th. EUR -1 395 -2 889 -484 -2 251 Net result, % -21,3% -29,1% -13,7% -79,7% 30.06.2013 31.12.2012 Total Assets, th. EUR 98 993 100 262 Total Liabilites, th. EUR 32 546 34 135 Total Equity, th. EUR 66 447 66 127 Debt/Equity 0,49 0,52 Return on Assets, % -1,4% -0,60% Return on Equity, % -2,1% -1,68% Earnings per share, EUR -0,03 -0,05 -0,01 -0,04 Net asset value/share, EUR 1,24 1,24 Consolidated interim statement of financial position (Th. EUR) Notes 30.06.2013 31.12.2012 ASSETS Current Assets Cash and cash equivalents 1 443 707 Current receivables 3 030 3 198 Inventories 46 720 48 191 __________________________ Total Current Assets 51 193 52 096 Non-Current Assets Non-current receivables 172 164 Deferred tax assets 464 464 Property, plant and equipment 4 20 791 21 161 Investment property 5 26 089 26 089 Intangible assets 284 288
__________________________ Total Non-Current Assets 47 800 48 166 TOTAL ASSETS 98 993 100 262
LIABILITIES AND EQUITY Current Liabilities Current debt 6 6 492 11 692 Customer advances 287 652 Current payables 1 650 1 926 Taxes payable 153 102 Short-term provisions 555 2 035 Total Current Liabilities 9 137 16 407 Non-Current Liabilities Long-term debt 6 21 424 15 706 Other long-term liabilities 41 33 Deferred income tax liability 1 801 1 858 Long-term provisions 143 131 Total Non-Current Liabilities 23 409 17 728 TOTAL LIABILITIES 32 546 34 135
Equity attributable to equity holders of the parent
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 -1 407 -5 952 Total equity attributable to equity holders of the parent 64 790 64 575 Non-controlling interest 1 657 1 552 TOTAL EQUITY 66 447 66 127 _______________________________ TOTAL LIABILITIES AND EQUITY 98 993 100 262
Consolidated interim statement of comprehensive income (Th. EUR) Notes 2013 H1 2012 H1 2013 Q2 2012 Q2 _______________________________________________ Operating income Revenue 3,7 6 541 9 932 3 525 2 824 Cost of goods sold 8 -4 909 -8 070 -2 207 -2 331 _____________________________________ Gross profit 1 632 1 862 1 318 493 Marketing expenses -201 -289 -129 -181 Administrative expenses 9 -2 396 -2 707 -1 177 -1 426 Other income 111 118 30 58 Other expenses -122 -1 220 -10 -855 _____________________________________ Operating profit (loss) -976 -2 236 32 -1 911 Financial income 10 427 16 0 8 Financial expense 10 -850 -679 -507 -331 _____________________________________ Profit (loss) before income tax -1 399 -2 899 -475 -2 234 Income tax 3 4 14 -9 -17 _____________________________________ Net profit (loss) for the period -1 395 -2 885 -484 -2 251 Exchange differences -36 0 -42 0 Equity holders of the parent -1 443 -2 889 -541 -2 255 Non-controlling interest 12 4 15 4 Earnings per share (EUR) 11 (0,03) (0,05) (0,01) (0,04) Diluted earnings per share (EUR) 11 (0,03) (0,05) (0,01) (0,04)
Consolidated interim statement of cash flows Th. EUR Note 2013 H1 2012 H1 2013 Q2 2012 Q2 ____________________________________________________________________________ Cash flows from operating activities Profit (loss) for the year -1 395 -2 885 -484 -2 249 Adjustments for: Depreciation and amortisation of non-current assets 3 406 654 212 485 Change in fair value of investment property 5 100 230 57 180 Finance income and costs, net 807 663 476 307 Net foreign exchange gain / loss 36 0 30 0 Other non-monetary changes (net amounts) -848 614 -1 421 3 846 Movements in working capital: Change in trade receivables and prepayments 168 8 385 1 696 Change in inventories 1 471 3 791 744 454 Change in liabilities and prepayments -554 -6 776 862 -7 163 Change in provisions -1 468 543 -1 469 530 ____________________________________ Net cash generated by operating activities -1 277 -3 158 -608 - 1 914 Cash flows from investing activities Payments for property, plant and equipment 4 -31 -66 -23 -50 Proceeds from disposal of property, plant and equipment 4 0 2 0 Payments for investment property 5 -100 -230 -57 -188 Net cash outflow on acquisition of subsidiaries 0 -9 0 0 Interest received 10 16 3 16 ___________________________________ Net cash (used in) / generated by investing activities -117 -289 -75 -214 Cash flows from financing activities Proceeds- increase of share capital 184 0 184 0 Proceeds- increase of paid- in capital 1 474 0 1 474 0 Proceeds from borrowings 2 430 0 0 3 443 Repayment of borrowings -1 373 -2 369 -606 0 Interest paid -585 -679 96 120 ____________________________________ Net cash used in financing activities 2 130 -3 048 956 3 563 ____________________________________ Net change in cash and cash equivalents 736 -6 495 273 1 435 Cash and cash equivalents at the beginning of the period 707 8 637 1 170 707 Cash and cash equivalents at the end of the period 1 443 2 142 1 443 2 142
Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv
