Pro Kapital Grupp: Consolidated interim report for IV quarter and 12 months of 2015 (unaudited)
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 |
Комментарии