Tallinn, 2013-02-15 20:36 CET (GLOBE NEWSWIRE) -- The year 2012 has been historically important for the Company with the start of the trading of its shares on the secondary list of Tallinn Stock Exchange on November 23, although public offering of new shares announced in August 2012 had been cancelled due to the lack of demand at acceptable price level. Alongside with the preparation for the listing the Company worked intensively on 3 new development projects - Peterburg road shopping centre and Tondi residential quarter in Tallinn and Tallinnas Residential Complex in Riga. Building licenses were received for two of those projects - Peterburg road shopping centre and Tondi residential quarter (10 new buildings in total). On April 3, 2012 three new independent members of supervisory Council were elected, and in April a new CFO of the Company - Ruta Juzulenaite was appointed. Since August 2012 Pro Kapital Grupp hotels in Estonia, Latvia and Germany are operated under a new brand name - "PK Hotels".
At the end of the reporting period the Company recorded net revenue 16,1 mln EUR, a decrease of 8% compared to the same period in 2011. Net operating result (exclusive of extraordinary income from sales of Kristiine shopping centre in the amount of 54,1 mln EUR in 2011) has decreased by 1,6 mln EUR (-24%) compared to the reference period (2012: - 4 613 mln EUR; 2011: - 6,2 mln EUR) . Cash flow from operations was 2,4mln EUR (2011: -19,4 mln EUR).
Key Financial Figures
2012 2011
Revenue, th. EUR 16 078 17 449
Gross profit, th. EUR 3 328 1 042
Gross profit, % 20,7% 6,0%
Operating result, th. EUR -4 613 47 858
Operating result, % -28,7% 274,3%
Net result, th. EUR -5 866 50 102
Net result, % -36,5% 287,1%
31.12.2012 31.12.2011
Total Assets, th. EUR 100 262 113 472
Total Liabilites, th. EUR 34 135 41 414
Total Equity, th. EUR 66 127 72 058
Debt/Equity 0,52 0,57
Return on Assets, % -5,49% 35,7%
Return on Equity, % -8,49% 75,1%
Earnings per share, EUR -0,11 0,41
Net asset value/share, EUR 1,24 1,35
Consolidated statement of financial position
(Th. EUR) Notes 31.12.2012 31.12.2011
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ASSETS
Current Assets
Cash and cash equivalents 707 8 637
Current receivables 3 198 2 865
Inventories 48 191 53 186
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Total Current Assets 52 096 64 688
Non-Current Assets
Non-current receivables 164 152
Deferred tax assets 464 370
Property, plant and equipment 4 21 161 21 863
Investment property 5 26 089 26 111
Intangible assets 288 288
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Total Non-Current Assets 48 166 48 784
TOTAL ASSETS 100 262 113 472
LIABILITIES AND EQUITY
Current Liabilities
Current debt 6 11 692 14 002
Customer advances 652 838
Current payables 1 926 1 791
Taxes payable 102 95
Short-term provisions 2 035 1 091
Total Current Liabilities 16 407 17 817
Non-Current Liabilities
Long-term debt 6 15 706 21 462
Other long-term liabilities 33 0
Deferred income tax liability 1 858 1 962
Long-term provisions 131 173
Total Non-Current Liabilities 17 728 23 597
TOTAL LIABILITIES 34 135 41 414
Equity attributable to equity holders of the parent
Share capital in nominal value 10 637 10 637
Revaluation reserve 11 313 11 330
Foreign currency differences -1 130 -1 130
Retained earnings
Accumulated profits 49 624 27 693
Profit (loss) for the period -5 869 21 931
Total equity attributable to equity holders of the parent 64 575 70 461
Non-controlling interest 1 552 1 597
TOTAL EQUITY 66 127 72 058
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TOTAL LIABILITIES AND EQUITY 100 262 113 472
Statement of comprehensive income
(Th. EUR) Notes 2012 2011 2012 Q4 2011 Q4
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Operating income
Revenue 3,7 16 078 17 449 2 877 3 633
Cost of goods sold 8 -12 750 -16 407 -2 364 -6 903
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Gross profit 3 328 1 042 513 -3 270
Marketing expenses -531 -352 -82 -17
Administrative expenses 9 -5 403 -5 237 -1 139 -465
Other income 411 54 280 245 83
Other expenses -2 418 -1 875 -610 -1 172
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Operating profit (loss) -4 613 47 858 -1 073 -4 841
Financial income 10 48 4 770 26 415
Financial expense 10 -1 465 -2 877 -366 -180
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Profit (loss) before income tax -6 030 49 751 -1 413 -4 606
Income tax 3 -32 351 65 334
Deferred tax 3 196 0 123 0
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Net profit (loss) for the period -5 866 50 102 -1 225 -4 272
Net profit (loss) attributable to:
Equity holders of the parent -5 869 21 931 -1 224 -4 257
Non-controlling interest 3 3 28 171 -1 -15
Other comprehensive income (loss),
net of income tax
Comprehensive income (loss)
for the period -5 866 50 102 -1 225 -4 272
Equity holders of the parent - 5 869 21 931 -1 224 -4 257
Non-controlling interest 3 28 171 -1 -15
Earnings per share (EUR) 11 (0,11) 0,41 (0,02) (0,08)
Diluted earnings per share (EUR) 11 (0,11) 0,41 (0,02) (0,08)
Statement of cash flows
(Th. EUR) Notes 2012 2011
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Profit (loss) for the period -5 866 50 102
Adjustments:
Depreciation charge for the period 3,4 811 572
Amortisation charge for the period 8 19
Loss from change in fair value of investment property 5 1 025 331
Profit from sale of investment property -2 -54 057
Loss from sale of property, plant and equipment 2 0
Interest income 10 -28 -1 514
Profit from sales of ownership in subsidiaries 0 -2 736
Interest expenses 10 1 433 3 097
Non-monetary transactions -175 -1 081
Change in:
Current receivables -333 6 697
Inventories 4 995 5 550
Customer advances -186 -514
Current payables 135 -1 857
Taxes payable 7 -83
Short-term provisions 944 -3 093
Other long-term liabilities 33 0
Deferred income tax liability -104 1 543
Long-term provisions -42 7
Other changes -252 -22 377
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Cash used in operating activities 2 405 -19 394
Additions to fixed assets 4 -73 -40
Additions to investment property 5 -1 025 -332
Proceeds from sale of investment property 25 104 997
Proceeds from sale of tangible assets 3 0
Proceeds from sale of subsidiaries 0 6 323
Acquisition of subsidiaries -9 -22 825
Interests collected 28 7 641
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Cash from (used in) investing activities -1 051 95 764
Proceeds from convertible bonds 0 1 905
Proceeds from loans / debt 566 2 843
Repayment of loans / debt -8 417 -70 578
Interests paid -1 433 - 3 097
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Cash used in financing activities -9 284 -68 927
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Net change in cash and cash equivalents -7 930 7 443
Opening balance 8 637 1 194
Closing balance 707 8 637
Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv
