Pro Kapital Grupp
CONSOLIDATED INTERIM REPORT FOR III QUARTER AND 9 MONTHS OF 2014 (UNAUDITED)
DGAP-News: Pro Kapital Grupp 17.11.2014 / 19:06 --------------------------------------------------------------------- Tallinn, 2014-11-17 19:06 CET (GLOBE NEWSWIRE) -- During the third quarter of 2014 Pro Kapital continued the construction works of new buildings in 2 of its new residential development projects - Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn and the building excavation works of shopping and entertainment centre located at Peterburi 2, Tallinn. Total revenue for the first nine months was 8,2 mln EUR, a decrease of 12% compared to the reference period. Net operating result during nine months of the year decreased by 0,6 mln EUR (53%) compared to the reference period, totalling to loss of 1,7 mln EUR (2013 9 months: -1,1 mln EUR). Net operating loss for the third quarter of 2014 was 0,5 mln EUR (2013 Q3: net operating loss of 0,2 mln EUR). Net result for the nine months of 2014 has decreased by 0,9 mln EUR (42%) compared to the reference period, totalling to loss -2,9 mln EUR (2013 9 months: -2,0 mln EUR). Net result for the third quarter of 2014 was loss 0,9 mln EUR (2013 Q3: net result -0,8 mln EUR). Presales for Vilnius Saltiniu Namai project and Tallinn's Tondi residential quarter have been successfully continued, at the moment of issuing the report presale agreements for 16 apartments out of 19 in Vilnius and 16 apartments out of 31 in Tallinn have been already signed. Based on the successful results of Tallinn project the presale for the 2nd building has been launched with 2 agreements out of 31 flats signed by the moment of issuing the present report. Key financial figures 2014 9M 2013 9M 2014 Q3 2013 Q3 Revenue, th. EUR 8 161 9 247 2 252 2 706 Gross profit, th. EUR 2 339 2 405 929 773 Gross profit, % 28,66% 26,01% 41,25% 28,57% Operating result, th. EUR -1 720 -1 126 -529 -150 Operating result, % -21,08% -12,18% -23,49% -5,54% Net result, th. EUR -2 906 -2 048 -946 -653 Net result, % -35,61% -22,15% -42,01% -24,13% Earnings per share, EUR -0,05 -0,04 -0,02 -0,01 30.09.2014 31.12.2013 Total Assets, th. EUR 98 531 98 294 Total Liabilities, th. EUR 36 204 33 599 Total Equity, th. EUR 62 201 64 695 Debt/ Equity 0,58 0,52 Return on Assets, % -2,9% -2,6% Return on Equity, % -4,7% -4,0% Net asset value per share, EUR 1,15 1,20 Consolidated interim statements of financial position (Th. EUR) Notes 30.09.2014 31.12.2013 ________________________________________________________________ ASSETS Current Assets Cash and cash equivalents 1 894 2 759 Current receivables 3 233 2 738 Inventories 46 768 45 587 _______________________ Total Current Assets 51 895 51 084 Non-Current Assets Non-current receivables 168 168 Deferred tax assets 538 540 Property, plant and equipment 5 19 655 20 221 Investment property 6 26 001 26 001 Intangible assets 274 280 ________________________ Total Non-Current Assets 46 636 47 210 TOTAL ASSETS 98 351 98 294 (Th. EUR) Notes 30.09.2014 31.12.2013 __________________________________________________________________ LIABILITIES AND EQUITY Current Liabilities Current debt 7 11 504 11 730 Customer advances 990 501 Current payables 3 935 2 133 Taxes payable 248 189 Short-term provisions 5 47 ______________________ Total Current Liabilities 16 682 14 600 Non-Current Liabilities Long-term debt 7 17 603 17 040 Other long-term liabilities 77 54 Deferred income tax liability 1 687 1 758 Long-term provisions 154 147 ______________________ Total Non-Current Liabilities 19 522 18 999 ______________________ TOTAL LIABILITIES 36 204 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 -1 151 -1 277 Retained earnings 39 778 42 378 Profit (loss) for the period -2 771 -2 600 _____________________ Total equity attributable to equity holders of the parent 60 545 63 190 _____________________ Non-controlling interest 1 782 1 505 _____________________ TOTAL EQUITY 62 327 64 695 _____________________ TOTAL LIABILITIES AND EQUITY 98 531 98 294 Consolidated interim statements of comprehensive income (Th. EUR) Notes 2014 9M 2013 9M 2014 Q3 2013 Q3 ____________________________________________________________________ Operating income Revenue 3, 8 8 161 9 247 2 252 2 706 Cost of goods sold 9 -5 822 -6 842 -1 323 -1 933 ____________________________________ Gross profit 2 339 2 405 929 773 Marketing expenses -375 -291 -132 -90 Administrative expenses 10 -3 981 -3 321 -1 651 -925 Other income 357 155 122 44 Other expenses -60 -74 203 48 ____________________________________ Operating profit (loss) -1 720 -1 126 -529 -150 Financial income 11 43 429 2 2 Financial expense 11 -1 208 -1 347 -412 -497 ____________________________________ Profit (loss) before income tax -2 885 -2 044 -939 -645 Income tax -21 -4 -7 -8 ____________________________________ Net profit (loss) for the period -2 906 -2 048 -946 -653 Foreign exchange differences 0 -36 0 0 Equity holders of the parent -2 770 -2 108 -824 -665 Non-controlling interest -136 24 -122 12 Earnings per share (EUR) 12 -0,05 -0,04 -0,02 -0,01 Diluted earnings per share (EUR) 12 -0,05 -0,04 -0,02 -0,01 Consolidated interim statements of cash flows Th. EUR Note 2014 9M 2013 9M 2014 Q3 2013 Q3 __________________________________________________________________________ Cash flows from operating activities Profit (loss) for the year -2 906 -2 048 -946 -653 Adjustments for: Depreciation and amortisation of non-current assets 5 527 533 202 127 Change in fair value of investment property 6 560 338 299 238 Gain/loss from sale of PPE -3 0 -1 0 Gain/loss from disposal of subsidiary 4 -19 0 0 0 Finance income and costs, net 11 1 121 1 295 292 488 Net foreign exchange gain / loss 0 36 0 0 Other non-monetary changes (net amounts) 647 -773 115 75 Movements in working capital: Change in trade receivables and prepayments -495 123 -363 -45 Change in inventories -1 181 1 909 -1 902 438 Change in liabilities and prepayments 2 350 -644 1 526 -90 Change in provisions -42 -1 469 -21 -1 __________________________________________________________________________ Net cash generated by operating activities 559 -700 -799 577 ___________________________________________________________________________ Cash flows from investing activities Payments for property, plant and equipment 5 -79 -33 -45 -2 Proceeds from disposal of property, plant and equipment 7 4 1 0 Payments for investment property 6 -560 -338 -299 -238 Proceeds from disposal of subsidiaries 4 142 0 142 0 Interest received 6 11 2 1 ___________________________________________________________________________ Net cash (used in) / generated by investing activities -484 -356 -199 -239 ___________________________________________________________________________ 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 547 640 247 640 Proceeds from borrowings 1 840 2 430 493 0 Repayment of borrowings -2 265 -1 762 -188 -389 Interest paid -1 062 -1 131 -480 -546 ___________________________________________________________________________ Net cash used in financing activities -940 1 835 72 -295 ___________________________________________________________________________ Net change in cash and cash equivalents -865 779 -926 43 Cash and cash equivalents at the beginning of the period 2 759 707 2 820 1 443 Cash and cash equivalents at the end of the period 1 894 1 486 1 894 1 486 Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv News Source: NASDAQ OMX --------------------------------------------------------------------- 17.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Pro Kapital Grupp Estonia ISIN: EE3100006040 End of News DGAP News-Service --------------------------------------------------------------------- 297680 17.11.2014
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