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PKG: Consolidated and unaudited interim report of I quarter 2013

Spekuliantai.lt | 2013-05-23 | NASDAQ OMX biržų naujienos | perskaitė: 534
Raktiniai žodžiai: Pro Kapital Grupp, AS, PKG
PKG: Consolidated and unaudited interim report of I quarter 2013

Pro Kapital Grupp Quarterly report 23.05.2013

Consolidated and unaudited interim report of I quarter 2013

Tallinn, 2013-05-23 08:07 CEST (GLOBE NEWSWIRE) -- During the first quarter of
2013 Pro Kapital continued the preparations of the real estate development
projects planned for the upcoming years. The technical projecting was continued
for 3 new projects - Peterburg road shopping centre 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.

Paolo Michelozzi, the CEO of Pro Kapital: "The Company is on track with three
main development projects and finalizing the financing issues, the building of
market-leading shopping mall on Peterburg Road in Tallinn will start soon with
a very satisfactory pre-lending grade."

At the end of the reporting period the Company recorded net revenue 3,0 mln
EUR, -57% compared to the same period in 2012. Recorded net loss of 0,9 mln EUR
for the first quarter of 2013 was caused mainly by low remaining stock for
sales base and therefor low net sales volume.

Key events in January 1 – March 31, 2013 and after the reporting period

- Agreements were concluded with operators for Cinema and Entertainment
centre areas in the entertainment complex of the St. Peterburg street shopping
centre in Tallinn.
- A settlement agreement was reached on 18.03.2013 in the dispute with Dutch
company Aprisco B.V.
- Sari Aitokallio, member of Pro Kapital Grupp Council, resigned from duty
as of March 31, 2013 based on her application due to time constraints and a
possible conflict of interest in the future.
- The shareholders meeting of 5th of April 2013 decided to conditionally
increase the share capital of AS Pro Kapital Grupp, by issuing up to 1 400 000
new shares of the Company. The offering of new shares of AS Pro Kapital Grupp
took place from 26th of April 2013 until 10th of May 2013, during of which in
total 921 153 shares were subscribed for gross proceeds of 1 658 075,40 Euros.
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.

Key Financial Figures

2013 Q1 2012 Q1
Revenue, th. EUR 3
016 7 108
Gross profit, th. EUR
314 1 369
Gross profit, %
10,4% 19,3%
Operating result, th. EUR -1
008 -324
Operating result, %
-33,4% -4,6%
Net result, th. EUR
-911 -636
Net result, %
-30,2% -8,9%


31.03.2013 31.12.2012
Total Assets, th. EUR 99
598 100 262
Total Liabilites, th. EUR 34
393 34 135
Total Equity, th. EUR 65
205 66 127
Debt/Equity
0,53 0,52
Return on Assets, %
-0,91% -0,60%
Return on Equity, %
-1,39% -1,68%

Earnings per share, EUR -0,02
-0,01
Net asset value/share, EUR 1,22
1,24


Consolidated interim statement of financial position

(Th. EUR) Notes
31.03.2013 31.12.2012

ASSETS
Current Assets
Cash and cash equivalents
1 170 707
Current receivables
2 918 3 198
Inventories
47 464 48 191

Total Current Assets
51 615 52 096

Non-Current Assets
Non-current receivables
166 164
Deferred tax assets
464 464
Property, plant and equipment 4
20 978 21 161
Investment property 5
26 089 26 089
Intangible assets
286 288
Total Non-Current Assets
47 983 48 166

TOTAL ASSETS
99 598 100 262


LIABILITIES AND EQUITY
Current Liabilities

Current debt 6
13 430 11 692
Customer advances
649 652
Current payables
1 685 1 926
Taxes payable
249 102
Short-term provisions
707 2 035
Total Current Liabilities
16 720 16 407

Non-Current Liabilities

Long-term debt 6
15 641 15 706
Other long-term liabilities
49 33
Deferred income tax liability
1 851 1 858
Long-term provisions
132 131
Total Non-Current Liabilities
17 673 17 728
TOTAL LIABILITIES
34 393 34 135


Equity attributable to equity holders of the parent
TOTAL LIABILITIES AND EQUITY

Share capital in nominal value
10 637 10 637
Revaluation reserve
11 330 11 330
Foreign currency differences
-1 058 -1 064
Retained earnings
Accumulated profits
43 672 49 624
Profit (loss) for the period
-914 -5 952
Total equity attributable to equity holders of the parent 63 667
64 575
Non-controlling interest
1 538 1 552
TOTAL EQUITY
65 205 66 127

________________________________

99 598 100 262



Consolidated interim statement of comprehensive income

(Th. EUR) Notes
2013 Q1 2012 Q1
______________________________________________________________________________

Operating income
Revenue 3,7
3 016 7 108
Cost of goods sold 8
-2 702 -5 739

_____________________________
Gross profit
314 1 369

Marketing expenses
-72 -108
Administrative expenses 9
-1 219 -1 281
Other income
81 60
Other expenses
-112 -364

______________________________

Operating profit (loss)
-1 008 -324

Financial income 10
427 49
Financial expense 10
-343 -389

_____________________________

Profit (loss) before income tax
-924 -664
Income tax 3
-13 -28
Net profit (loss) for the period
-911 -636


Net profit (loss) attributable to:
Equity holders of the parent
-908 -636
Non-controlling interest
-3 0
Translation of foreign currency
-6 0
Other comprehensive income (loss), net of income tax
Comprehensive income (loss)
for the period
-917 -636
Equity holders of the parent
- 914 -636
Non-controlling interest
-3 0

Earnings per share (EUR) 11
(0,02) (0,01)
Diluted earnings per share (EUR) 11
(0,02) (0,01)



Consolidated interim statement of cash flows

Th. EUR
Note 2013 Q1 2012 Q1

______________________________________________
Cash flows from operating activities
Profit (loss) for the year
-911 -636

Adjustments for:
Depreciation and amortisation of non-current assets 3 194
169
Change in fair value of investment property 5
43 50
Finance income and costs, net
331 356
Net foreign exchange gain / loss
6 0
Other non-monetary changes (net amounts)
139 -3 232

Movements in working capital:
Change in trade receivables and prepayments
-217 -1 688
Change in inventories
727 3 337
Change in liabilities and prepayments
-1 416 387
Change in provisions
1 13

_______________________
Net cash generated by operating activities -669
-1 244

Cash flows from investing activities
Payments for property, plant and equipment 4
-8 -16
Proceeds from disposal of property, plant and equipment 2
0
Payments for investment property 5
-43 -50
Net cash outflow on acquisition of subsidiaries
0 -9
Interest received
7 0

_______________________
Net cash (used in) / generated by investing activities -42
-75

Cash flows from financing activities
Proceeds from borrowings
2 430 0
Repayment of borrowings
-767 -5 812
Interest paid
-489 -799

_______________________
Net cash used in financing activities 1
174 6 611

Net change in cash and cash equivalents 463
-7 930
Cash and cash equivalents at the beginning of the year 707
8 637
Cash and cash equivalents at the end of the year 1 170
707




Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv


1. 1Q_2013_ENGL.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=433654)

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