OREANDA-NEWS. During the last quarter of 2015 Pro Kapital continued the construction works of the new T1 shopping and entertainment centre in Tallinn, which is the Company´s largest single-object development project. Active negotiations with several local and international retail operators were carried on with over 55% of the leasable area being covered with signed lease agreements. The Company continued also the construction works in two of its residential development projects – Šaltinių Namai in Vilnius and Tondi Quarter in Tallinn.

Total revenue for 12 months of 2015 was 18,3 million euros, an increase of 77% compared to the reference period (2014 12 months: 10,3 million euros). Net operating result during 12 months decreased 94% compared to the reference period, totalling to 1,4 million euros (2014 12 months profit of 25,9 million euros). Net operating result includes profit 3 million euros (2014: 31,7 million euros) related to changes into fair value of investment property.  Net operating profit for the fourth quarter was 2,3 million euros (2014 Q4 profit of 27,6 million euros). Net result for 12 months of 2015 decreased 109% compared to the reference period, totalling to losses of 2 million euros (2014 12 months profit of 21,2 million euros). Net result for the fourth quarter was profit of 0,8 million euros (2014 Q4 profit of 24,1 million euros).

Presales for Vilnius Šaltinių Namai project and Tallinn’s Tondi residential quarter have been successfully continued. At the moment of issuing interim report all 19 premises in Vilnius K7 building have been sold and handed over to the clients and reservations for 26 apartments out of 44 in K4-1 building have been signed. In Tallinn, Tondi quarter, by the moment of issuing the present report the first two buildings of Marsi Street have been completed, with respectively 4 and 16 apartments out of 31 yet in sale. In the third building 13 presale agreements out of 31 apartments have been signed. For Kliversala project in Riga 8 presale agreements have been signed out of 49 apartments.

 

Key financial figures

 

  2015 12M 2014 12M adjusted* 2014 12M 2015 Q4 2014 Q4 adjusted* 2014 Q4
             
Revenue, th EUR 18 322 10 335 10 335 5 411 2 174 2 174
Gross profit, th EUR 4 448              2 495* 2 579 1 121            205* 240
Gross profit, % 24%                24%* 25% 21%             9%* 11%
Operating result, th EUR 1 424 25 859 25 859 2 330 27 579 27 579
Operating result, % 8% 250% 250% 43% 1269% 1269%
Net result, th EUR -2 010 21 235 21 235 823 24 141 24 141
Net result, % -11% 205% 205% 15% 1110% 1110%
             
Earnings per share, EUR -0,04 0,39 0,39 0,02 0,45 0,45
             
  31.12.2015   31.12.2014  
             
Total Assets, th EUR 130 323   125 031  
Total Liabilities, th EUR 46 891   39 243  
Total Equity, th EUR 83 432   85 788  
Debt/ Equity ** 0,56   0,46  
             
             
Return on Assets, % *** -1,5%   17,9%  
Return on Equity, % **** -2,4%   26,1%  
             
Net asset value per share, EUR ***** 1,54   1,59  

 

 

Consolidated interim statements of financial position

  

in thousands of euros Notes 31.12.2015 31.12.2014
       
ASSETS      
Current Assets      
  Cash and cash equivalents   6 392 1 881
  Current receivables   1 608 2 463
  Inventories   12 438 14 535
Total Current Assets   20 438 18 879
         
Non-Current Assets      
  Non-current receivables   48 150
  Property, plant and equipment 5 17 103 17 619
  Investment property                   6 92 457 88 110
  Intangible assets   277 273
Total Non-Current Assets   109 885 106 152
       
TOTAL ASSETS   130 323 125 031

 


LIABILITIES AND EQUITY		      
Current Liabilities      
  Current debt                                                          7 8 004 16 348
  Customer advances   1 692 1 548
  Current payables   5 103 4 761
  Taxes payable   264 177
  Short-term provisions   87 5
Total Current Liabilities   15 150 22 839
         
Non-Current Liabilities      
  Long-term debt  7 27 054 13 430
  Other long-term liabilities   837 79
  Deferred income tax liability   3 503 2 744
  Long-term provisions   347 151
Total Non-Current Liabilities   31 741 16 404
       
TOTAL LIABILITIES   46 891 39 243
         
Equity attributable to equity holders of the parent      
  Share capital in nominal value   10 841 10 821
  Paid in capital   1 669 1 474
  Statutory reserve   1 082 1 064
  Revaluation reserve   9 462 9 389
  Foreign currency differences   0 -143
  Retained earnings   60 677 39 778
  Profit (loss) for the period   -1 934 21 381
Total equity attributable to equity holders of the parent                         81 797 83 764
       
Non-controlling interest   1 635 2 024
TOTAL EQUITY   83 432 85 788
       
TOTAL LIABILITIES AND EQUITY   130 323 125 031

 

Consolidated interim statements of comprehensive income 

 

in thousands of euros Notes         2015 12M        2014 12M           2015 Q4           2014 Q4
           
Operating income          
Revenue 8 18 322 10 335 5 411 2 174
Cost of goods sold 9 -13 874             -7 840* -4 290             -1 969*
Gross profit 10 4 448              2 495* 1 121                 205*
           
Marketing expenses   -466                -446* -52                -120*
Administrative expenses 11 -5 250 -5 160 -1 495 -1 179
Other income   3 353 29 050 3 194 28 693
Other expenses   -661 -80 -393 -20
Operating profit   1 424 25 859 2 330 27 579
           
Financial income 12 13 45 2 2
Financial expense 12 -2 606 -2 761 -684 -1 553
Profit (loss) before income tax   -1 169 23 143 1 648 26 028
Income tax   -841 -1 908 -825 -1 887
Net profit (loss) for the period   -2 010 21 235 823 24 141
           
Equity holders of the parent   -1 934 21 381 1 022 24 273
Non-controlling interest   -76 -146 -199 -132
           
Other comprehensive income, net of income tax
Items that may be classified subsequently to profit or loss
Exchange differences on translating foreign operations**   143 1 134 143 1 134
Items that will not be classified subsequently to profit or loss
Net change in properties revaluation reserve   73 -1 941 73 -1 941
Total comprehensive income for the year   -1 794 20 428 1 039 23 334
           
Equity holders of the parent                -1 718 20 574 1 238 23 466
Non-controlling interest   -76 -146 -199 -132
           
Earnings per share (EUR) 13 -0,04 0,39 0,02 0,45
Diluted earnings per share (EUR) 13 -0,04 0,39 0,02 0,45

 

 

Consolidated interim statements of cash flows

 

in thousands of euros Note 2015 12M 2014 12M 2015 Q4 2014 Q4
           
Cash flows from operating activities          
Profit (loss) for the year   -2 010 21 235 823 24 141
Adjustments for:          
     Depreciation and amortisation of non-current assets 5 693 749 189 222
     Gain/loss from sale of PPE   0 -7 0 -4
     Change in fair value of PPE   -44               1 946 -44               1 946
     Change in fair value of investment property 6              -3 041            -31 696              -3 247            -32 256
     Gain/loss from disposal of subsidiary   0 -19 0 0
     Finance income and costs, net 12               2 593               2 652 682               1 531
     Other non-monetary changes (net amounts)   645 -30 882 416 -31 529
Movements in working capital:          
     Change in trade receivables and prepayments 957 275 -427 770
     Change in inventories                 2 097             31 052 160             32 233
     Change in liabilities and prepayments   1 330               3 664               2 692               1 314
     Change in provisions   278 -38 -68 4
Net cash generated by operating activities               3 498              -1 069               1 176              -1 628

  

Cash flows from investing activities          
Payments for property, plant and equipment 5 -55 -171 -5 -92
Proceeds from disposal of property, plant, equipment   0 11 0 4
Payments for intangible assets   -13 0 0 0
Payments for investment property 6           -1 306 -822           -1 100 -262
Proceeds from disposal of subsidiaries   0 146 0 4
Interest received   6 61 2 55
Net cash used in investing activities           -1 368 -775         -1 103 -291
           
Cash flows from financing activities          
Proceeds from increase of share and paid in capital   214 0 214 0
Proceeds from minority shareholders   153 958 153 958
Proceeds from non-convertible bonds                 7 652 547 0 0
Repurchase of convertible bonds   -62 0 0 0
Proceeds from borrowings                 3 673               3 448 865               1 608
Repayment of borrowings                -6 794              -2 840              -2 575 -575
Interest paid                -2 455              -1 147 -582 -85
Net cash used in/ generated by financing activities                 2 381 966              -1 925               1 906
           
Net change in cash and cash equivalents              4 511 -878              -1 852 -13
           
Cash and cash equivalents at the beginning of the period              1 881               2 759               8 244               1 894
Cash and cash equivalents at the end of the period              6 392               1 881               6 392               1 881