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PKG: AS Pro Kapital Grupp: consolidated and unaudited interim report of III quarter and 9 months

Spekuliantai.lt | 2012-11-29 | NASDAQ OMX biržų naujienos | perskaitė: 1380
Raktiniai žodžiai: Pro Kapital Grupp, AS, PKG
PKG: AS Pro Kapital Grupp: consolidated and unaudited interim report of III quarter and 9 months

Pro Kapital Grupp Quarterly report 29.11.2012

AS Pro Kapital Grupp: consolidated and unaudited interim report of III quarter
and 9 months

Tallinn, Estonia, 2012-11-29 08:23 CET (GLOBE NEWSWIRE) -- The first 9 months
of 2012 has been very intensive for the Company defining its long-term
strategies and continuing preparations for the new real estate developments
planned for the coming years and planned listing of its shares on Tallinn Stock
Exchange.

At the end of the reporting period the Company recorded net revenue 13,2 mln
EUR, -4,5% compared to the same period in 2011. Recorded net loss of 4,6 mln
EUR includes non-recurring costs related to listing preparations in amount of
0,8 mln EUR, and provision regarding legal dispute in Netherland in amount of
0,71 mln EUR.

Mr Paolo Michelozzi, the chairman of the management board of the Company,
explains: “The company is in the development phase of major projects and has
made financial loss in reporting period as expected in this situation.
Completing major real estate developments lasts several years and quarterly
reports are oriented towards short time developments and don't reflect projects
in long-term cycle”.

Status of development projects at the end of reporting period:

Peterburi road shopping centre - building licence obtained.
Ülemiste 5 - detail plan adopted. Project not started.
Tondi Quarter - building license for the 2nd stage obtained.
Kalaranna District - detail plan approval in process.
Tallinas Quarter - projecting works in process in order to apply for the
building licence.
Kliversala District - detail plan approval in process.
Zvaigznes Quarter - building licence for reconstruction of the existing
building issued.
Šaltinių Namai - 1st stage completed and on sale with an exception of two more
buildings that have received the building licence. 2nd stage under projecting
in order ty apply for building licence.


In August 2012 rebranding of the Company's hotels took place. New names of
hotels are PK Ilmarine in Tallinn, PK Riga Hotel in Riga and PK Parkhotel
Kurhaus in Bad Kreuznach.

style="font-size:11pt;">Key Financial Figures


2012 9m. 2011 9m.
Revenue, th. EUR 13
201 13 816
Gross profit, th. EUR 2
815 4 312
Gross profit, %
21,3% 31,2%
Operating result, th. EUR -3
540 52 699
Operating result, %
-26,8% 381,4%
Net result, th. EUR
-4 641 54 374
Net result, %
-35,2% 393,6%



30.09.2012 31.12.2011
Total Assets, th. EUR 100
891 113 472
Total Liabilites, th. EUR
33 515 41 414
Total Equity, th. EUR
67 376 72 058
Debt/Equity
0,50 0,57
Return on Assets, %
-4,3% 35,7%
Return on Equity, %
-6,7% 75,1%



Combined Statement of Financial Position


(Th. EUR) Notes
30.09.2012 31.12.2011
___________________________________________________________________________


ASSETS
Current Assets
Cash and cash equivalents
1 048 8 637
Current receivables
3 128 2 865
Inventories
48 701 53 186

_________________
Total Current Assets
52 877 64 688

Non-Current Assets
Non-current receivables
152 152
Deferred tax assets
368 370
Property, plant and equipment 4
21 117 21 863
Investment property 5
26 089 26 111
Intangible assets
288 288

_________________
Total Non-Current Assets
48 014 48 784

TOTAL ASSETS
100 891 113 472



(Th. EUR) Notes
30.09.2012 31.12.2011
____________________________________________________________________________

LIABILITIES AND EQUITY
Current Liabilities
Current debt 6
5 708 4 002
Customer advances
561 838
Current payables
1 837 1 791
Taxes payable
200 95
Short-term provisions
1 751 1 091

_________________
Total Current Liabilities
10 057 17 817

Non-Current Liabilities
Long-term debt 6
21 422 21 462
Other long-term liabilities
10 0
Deferred income tax liability
1 839 1 962
Long-term provisions
187 173

__________________
Total Non-Current Liabilities
23 458 23 597

__________________
TOTAL LIABILITIES
33 515 41 414

Equity attributable to equity holders of the parent
Share capital in nominal value
10 637 10 637
Revaluation reserve
11 337 11 330
Foreign currency differences
-1 130 -1 130
Retained earnings
Accumulated profits
49 624 27 693
Profit (loss) for the period
-4 645 21 931

__________________
Total equity attributable to equity holders of the parent 65
823 70 461
Non-controlling interest
1 553 1 597

__________________
TOTAL EQUITY
67 376 72 058

TOTAL LIABILITIES AND EQUITY
100 891 113 472



Statement of Comprehensive Income

(Th. EUR) Notes 2012 9m.
2011 9m. 2012 Q3 2011 Q3
_____________________________________________________________________________

Operating income
Revenue 3, 7 13 201
13 816 3 269 5 800
Cost of goods sold 8 -10 386
-9 504 -2 316 -3 748

________________________________________
Gross profit 2 815
4 312 953 2 052

Marketing expenses -449
-335 -160 -166
Administrative expenses 9 -4 264
-4 772 -1 557 -1 996
Other income 166
54 197 48 -495
Other expenses -1 808
-703 -588 -232

________________________________________

Operating profit (loss) -3 540
52 699 -1 304 -837

Financial income 10 22
4 355 6 3 696
Financial expense 10 -1 099
-2 697 -420 -542

_______________________________________

Profit (loss) before income tax -4 617 54
357 -1 718 2 317

Income tax 3 -97
17 -55 10
Deferred tax 3 73
0 17 0

_______________________________________
Net profit (loss) for the period -4 641 54
374 -1 756 2 327

Net profit (loss) attributable to:
Equity holders of the parent -4 645 26
188 -1 756 2 279
Non-controlling interest 3 4
28 186 0 48


Other comprehensive income (loss),
net of income tax
Comprehensive income (loss)
for the period -4 641
54 374 -1 756 2 327
Equity holders of the parent -4 645 26
188 -1 756 2 279
Non-controlling interest 4
28 186 0 48


Earnings per share (EUR) 11 -0,09
0,49 -0,04 0,05
Diluted earnings per share (EUR) 11 -0,09
0,49 -0,04 0,05




Statement of Cash Flows

(Th. EUR) Notes
2012 9m. 2011 9m.
______________________________________________________________________________

Profit (loss) for the period
-4 641 54 374
Adjustments:
Depreciation charge for the period 3, 4
826 476
Amortisation charge for the period
6 6
Loss from change in fair value of
investment property 5
666 0
Profit from sale of investment property
-2 -54 057
Loss from sale of property, plant and equipment
8 15
Interest income 10
-22 -1 578
Profit from sales of ownership in subsidiaries
0 -2 750
Interest expenses 10
1 075 2 614
Non-monetary transactions
-650 -5 264
Change in:
Current receivables
-263 -6 586
Inventories
4 485 -2 346
Customer advances
-277 -1 482
Current payables
46 0
Taxes payable
105 0
Short-term provisions
660 12
Other long-term liabilities
10 0
Deferred income tax liability
-123 0
Long-term provisions
14 0
Other changes
-4 923 -11 171

_____________________
Cash used in operating activities
-3 000 -27 740

Additions to fixed assets 4
-88 -71
Additions to investment property 5
-666 -169
Additions to assets held for sale
0 -878
Proceeds from sale of investment property
25 104 997
Proceeds from sale of tangible assets
0 4
Proceeds from sale of subsidiaries
0 7
Acquisition of subsidiaries
-9 -13 462
Interests collected
22 -1 054

______________________
Cash from (used in) investing activities
-716 89 374

Proceeds from convertible bonds
0 3 062
Proceeds from loans / debt
0 2 295
Repayment of loans / debt
-2 798 -68 343
Interests paid
-1 075 - 2 483

______________________
Cash used in financing activities
-3 873 -65 469

______________________
Net change in cash and cash equivalents
-7 589 -3 835

Opening balance
8 637 20 243
Closing balance
1 048 16 408






Ruta Juzulenaite,
AS Pro Kapital Grupp CFO
Tel: +372 614 4920
E-mail: [email protected]


1. Pro Kapital 9m ENG 29.11.12.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=411551)

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