Market announcement
AS Pro Kapital Grupp
LEI code
097900BGM10000061519
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
7248
Attachments
Submission date and time
30.04.2019 09:45:00
Content of announcement in Estonian
Title
2019 a. I kvartali 3 kuu konsolideeritud vahearuanne (auditeerimata)
Message
TEGEVUSARUANNE
Tegevjuhi ülevaade
Rajame uusi kogukondi
Meie arendustegevusel on oluline mõju nendele kogukondadele, kus tegutseme. Meie
tegevuse põhirõhk on suurte piirkondade arendamisel. Sellega loome aladele, mis
on ajalooliselt kasutamata seisnud või vähehinnatud, täiesti uue väärtuse.
Üks märkimisväärsemaid käimasolevaid arendusprojekte Kristiine City Tallinnas,
lubab oodata kinnisvara hindade kasvu terves ümberkaudses piirkonnas. Hetkel
arendame Kristiine City teist arendusetappi Kristina Majad, kus kerkib kokku
kümme elumaja ühes sinna juurde kuuluva taristu ja rohealadega, mis on
lahutamatuks osaks kõigi meie arendusprojektide puhul. Kristina Majad on
klientide seas väga hinnatud. Seda kinnitab asjaolu, et enam kui 85% korteritest
leiavad eelmüügi käigus omaniku juba enne ehitustegevuse lõppu. 2019. aasta
esimeses kvartalis lõpetasime seitsmenda maja ehituse ning realiseerisime
müügitehingu notariaalselt. Käimas on Kristina Majade viimase kolme maja ehitus,
millega valmib 92 uut kodu. Ehitustegevusega samaaegselt jätkame aktiivset
eelmüüki.
Samal ajal on käimas ka Tallinna vanalinna piiril asuva, maineka Kalaranna
elamu- ning ärikvartali arenduse projekteerimistööd. Kalaranna unikaalne asukoht
Tallinna lahe ääres teeb sellest linna ühe eksklusiivseima arendusprojekti.
Olgugi, et me ei ole veel alustanud ei ehituse- ega müügiga, oleme kõrge huvi
tõttu alustanud esmaste broneerimistega. Oleme tänaseks Kalaranna elupindadele
sõlminud 78 broneerimislepingut.
Riias oleme arendamas linna südames asuvat Kliversala elamukvartalit. Pea
viiehektariline maa-ala arendatakse terviklikuks piirkonnaks, milles lõimuvad
suurlinnatunne, kaasaegne arhitektuur ja läbimõeldud elukeskkond. Kvartali
esimene elumaja, River Breeze Residence valmis möödunud aastal. Kahe luksusliku
kodu müük River Breeze Residence'is, netosummas 2,4 miljonit eurot, avaldas
olulist mõju 2019. aasta esimese kvartali tuludele. Samaaegselt aktiivse
müügitöö ning Kliversala piirkonna arendamisega, jätkame ka teiste suurte
arendusprojektidega Riias. Bribivase ärikvartal, mis on varasemalt teada kui
Zvaigznes, ehitatakse endise tehasehoone asemele ning selle asukoht transpordi
tuiksoonel teeb Brivibasest atraktiivse äripiirkonna. Suurte kaubanduspindade
puudumine turul teeb sellest ärikvartalist vägagi oodatud arendusprojekti. Ka
Tallinase tänav 5/7 elamuarenduse tehniline projekteerimine on käimas. Selles
piirkonnas saavad kokku kaasagse disaini ja taastatud ajalooliste hoonete
kombinatsioon.
Vilniuses arendab Pro Kapital vanalinna servas asuvat Shaltini? Namai
elukvartalit, mis pakub suurepäraseid vaateid ajaloolisele linnale. Hetkel on
käimas piirkonna teise etapi, Shaltini? Namai Attico ehitustööd ning loodame
nelja maja ehituse lõpetada 2019. aasta keskpaigaks. Sarnaselt teiste
arenduspiirkondadega, tegeleme ehitustöödega samaaegelt aktiivse müügitööga.
Shaltini? Namai Attico projektis on eelmüügilepingud sõlmitud 79 kodule.
Paolo Michelozzi
Ettevõtte juht
Peamised finantsnäitajad
Ettevõtte kogukäive oli 2019. aasta esimeses kvartalis 10,4 miljonit eurot,
kasvades võrdlusperioodi suhtes 53%. 2018. aasta sama perioodi kogukäive oli
6,8 miljonit eurot. Ettevõtte käive kinnisvara müügist sõltub elamuarenduste
valmimise ajast, kuna müügitulu kajastatakse hetkel, kui sõlmitakse notariaalne
müügileping ja ruumid antakse ostjale üle. 2019. aastal on esimese kvartali
tulemusi positiivselt mõjutanud Kristina Majade ja River Breeze Residence
valminud korterite aktiivne müük ning lisaks Kristina Majade seitsmenda maja
valmimine, kus eelmüügid vormistati notariaalselt kinnitatud müügitehinguteks.
2019. aasta esimese kvartali brutokasumi moodustas 4,1 miljonit eurot, kasvades
võrdlusperioodi suhtes 130% võrra. 2018. aasta sama perioodi brutokasumi
moodustas 1,8 miljonit eurot.
2019. aasta esimese kvartali ärikasum moodustas 2,6 miljonit eurot võrrelduna
0,7 miljonit eurot võrdlusperioodil. Suurem ärikasum on tingitud headest
kinnisvara müügitulemustest Tallinnas ja Riias ning suurenenud
brutorentaablusest.
2019. aasta esimese kvartali puhaskahjum moodustas 0,1 miljonit eurot ja jäi
võrrelduna võrdlusperioodiga samale tasemele. Puhaskasumit mõjutas negatiivselt
AS-is Tallinna Moekombinaat kajastatud 1,7 miljonit intressikulu. Intressikulu
kapitaliseeriti kuni 31. detsember 2018 kinnisvarainvesteeringutesse (lisa 14).
Rahavood põhitegevusest moodustasid 2019. aasta esimeses kvartalis miinus 0,4
miljonit eurot võrreldes 2,0 miljoni euroga samal perioodil 2018. aastal.
Aktsia puhasväärtus oli 31. märts 2019 seisuga 1,78 eurot võrreldes 1,46 euroga
31. märts 2018.
2019 2018 2018
3 kuud 3 kuud 12 kuud
------------------------------------------------------------------
Käive (tuhat EUR) 10 372 6 798 27 991
Brutokasum (tuhat EUR) 4 142 1 804 9 576
Brutokasum, % 40% 27% 34%
Ärikasum (tuhat EUR) 2 644 687 21 483
Ärikasum % 25% 10% 77%
Puhaskasum / -kahjum (tuhat eurot) -113 -118 18 056
Puhaskasum / -kahjum, % -1% -2% 65%
Kasum / -kahjum aktsia kohta (euro) 0,00 0,00 0,30
31.03.2019 31.03.2018 31.12.2018
-------------------------------------------------------------------------
Varad kokku (tuhat eurot) 247 386 183 962 245 112
Kohustused kokku (tuhat eurot) 146 761 101 398 144 374
Omakapital kokku (tuhat eurot) 100 625 82 564 100 738
Võla / omakapitali suhe * 1,46 1,23 1,43
Varade tootlus, % ** -0,1% -0,1% 8,6%
Omakapitali tootlus, % *** -0,1% -0,1% 19,7%
Aktsia puhasväärtus, eurot **** 1,78 1,46 1,78
*võla / omakapitali suhe = kohustused kokku / omakapital kokku
**varade tootlus = puhaskasum/kahjum / varad kokku (keskmine)
*** omakapitali tootlus = puhaskasum/kahjum / omakapital kokku (keskmine)
**** aktsia puhasväärtus = omakapital kokku / aktsiate arv
KONSOLIDEERITUD FINANTSARUANDED
Konsolideeritud finantsseisundi vahearuanne
tuhandetes eurodes 31.03.2019 31.03.2018 31.12.2018
-------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 6 166 8 225 7 040
Lühiajalised nõuded 845 4 459 2 928
Varud 59 962 39 488 59 331
---------------------------------
Käibevara kokku 66 973 52 172 69 299
Põhivara
Pikaajalised nõuded 677 36 216
Materiaalne põhivara 7 743 7 125 7 128
Kinnisvarainvesteeringud 171 672 124 316 168 145
Immateriaalne põhivara 321 313 324
---------------------------------
Põhivara kokku 180 413 131 790 175 813
VARAD KOKKU 247 386 183 962 245 112
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Lühiajalised võlakohustused 14 540 10 667 10 328
Ostjate ettemaksed 5 510 6 920 5 707
Lühiajalised võlad tarnijatele 8 188 12 210 11 939
Maksukohustused 395 510 357
Lühiajalised eraldised 903 176 852
---------------------------------
Lühiajalised kohustused kokku 29 536 30 483 29 183
Pikaajalised kohustused
Pikaajalised võlakohustused 113 937 64 651 112 009
Muud pikaajalised kohustused 1 140 4 152 1 039
Edasilükkunud tulumaksukohustus 2 004 2 004 2 004
Pikaajalised eraldised 144 108 139
---------------------------------
Pikaajalised kohustused kokku 117 225 70 915 115 191
KOHUSTUSED KOKKU 146 761 101 398 144 374
Emaettevõtte aktsionäridele kuuluv omakapital
Aktsiakapital nimiväärtuses 11 338 11 338 11 338
Ülekurss 5 661 5 661 5 661
Kohustuslik reservkapital 1 082 1 082 1 082
Ümberhindluse reserv 3 262 3 262 3 262
Eelmiste perioodide jaotamata kasum 76 771 59 944 59 944
Aruandeperioodi puhaskasum/-kahjum -43 -96 16 827
---------------------------------
Emaettevõtte aktsionäridele kuuluv omakapital
kokku 98 071 81 191 98 114
Mittekontrolliv osalus 2 554 1 373 2 624
OMAKAPITAL KOKKU 100 625 82 564 100 738
KOHUSTUSED JA OMAKAPITAL KOKKU 247 386 183 962 245 112
Konsolideeritud koondkasumi vahearuanne
2019 2018
tuhandetes eurodes 3 kuud 2018 3 kuud 12 kuud
------------------------------------------------------------------------
JÄTKUVAD TEGEVUSVALDKONNAD
Äritulud
Müügitulu 10 372 6 798 27 991
Müüdud toodete ja teenuste kulu -6 230 -4 994 -18 415
---------------------------
Brutokasum 4 142 1 804 9 576
Turustuskulud -142 -179 -1 336
Üldhalduskulud -1 353 -1 085 -5 427
Muud äritulud 27 176 18 839
Muud ärikulud -30 -29 -169
---------------------------
Ärikasum 2 644 687 21 483
Finantstulud 1 1 4
Finantskulud -2 757 -859 -3 473
---------------------------
Kasum / -kahjum enne tulumaksu -112 -171 18 014
Tulumaks -1 53 42
---------------------------
Perioodi puhaskasum / -kahjum -113 -118 18 056
Aruandeperioodi puhastulemi jaotus:
Emaettevõtte omanikele kuuluv osa -43 -96 16 827
Mittekontrolliv osalus -70 -22 1 229
Aruandeperioodi koondkasum / -kahjum kokku -113 -118 18 056
Aruandeperioodi puhastulemi jaotus:
Emaettevõtte omanikele kuuluv osa -43 -96 16 827
Mittekontrolliv osalus -70 -22 1 229
Perioodi kasum / -kahjum aktsia kohta (euro) 0,00 0,00 0,30
Konsolideeritud rahavoogude vahearuanne
tuhandetes eurodes 2019 3 kuud 2018 3 kuud 2018 12 kuud
-------------------------------------------------------------------------------
Põhitegevuse rahavood
Aruandeperioodi puhaskasum/ -kahjum -113 -118 18 056
Korrigeerimised:
Materiaalse ja immateriaalse põhivara
kulum 94 52 214
Kasum põhivara müügist 0 -18 -4
Kasum kinnisvarainvesteeringu müügist 0 0 -418
Põhivara väärtuse muutus 0 0 -13
Kinnisvarainvesteeringute väärtuse
muutus 0 0 -17 995
Finantstulud ja -kulud 2 756 858 3 469
Edasilükkunud tulumaksu muutus 0 0 -54
Muud mitterahalised muutused
(netosummana) 31 -503 15 458
Muutused käibevahendites:
Lühiajalistes nõuetes ja ettemaksetes 1 572 430 1781
Varudes -582 -1 464 -21 307
Kohustustes ja ettemaksetes -4 145 2 850 -128
Eraldistes 10 19 -107
-------------------------------------
Põhitegevuse rahavood kokku -377 2 053 -1 048
Rahavood investeerimistegevusest
Materiaalse põhivara soetamine -31 -57 -206
Immateriaalse põhivara soetamine -1 0 -24
Laekumised põhivara müügist 0 336 336
Kinnisvarainvesteeringute soetamine -3 533 -9 290 -47 786
Laekumised kinnisvarainvesteeringute
müügist 0 0 1 000
Saadud intressid 1 1 4
-------------------------------------
Rahavood investeerimistegevusest kokku -3 564 -9 010 -46 676
Rahavood finantseerimistegevusest
Dividendimakse 0 0 -850
Konverteeritavate võlakirjade lunastamine 0 0 -9
Mitte-konverteeritavate võlakirjade
lunastamine 0 0 -640
Saadud laenud 7 570 7 443 56 923
Tagastatud laenud -3 843 -2 051 -7 496
Kapitalirendi maksed -36 0 0
Tasutud intressid -624 -527 -3 481
-------------------------------------
Rahavood investeerimistegevusest kokku 3 067 4 865 44 447
Raha ja raha ekvivalentide muutus -874 -2 092 -3 277
Raha ja raha ekvivalendid perioodi
alguses 7 040 10 317 10 317
Raha ja raha ekvivalendid perioodi lõpus 6 166 8 225 7 040
Aruande täisversiooni leiate juuresolevas failis.
Allan Remmelkoor
Juhatuse liige
+372 614 4920
[email protected]
Content of announcement in English
Title
Consolidated Interim Report for I Quarter and 3 Months of 2019 (Unaudited)
Message
MANAGEMENT REPORT
Chairman's summary
Our key focus is set on the development of residential and commercial quarters
in all Baltic states. We have either already started or are in the planning
process for seven large-scale development projects in Tallinn, Riga and Vilnius.
In addition to residential and commercial developments, we develop and operate
shopping malls. In early November 2018 we opened T1 Mall of Tallinn shopping and
entertainment centre right at the heart of the future transportation hub of the
capital of Estonia. The concept of the new mall foresees the changes in the
customer behaviour - people are looking for ways of spending quality time. In
addition to shopping, T1 offers a diverse and large restaurant area, a cinema,
family entertainment centre Super Sky Park and a newly opened Ferris Wheel on
the rooftop - one of a kind in all Europe.
We have started the year 2019 with strong results in revenues and gross profit.
The sales revenues for the first quarter of 2019 were 10.4 million euros, which
is an increase of 53% compared to the 6.8 million euros during the same period
last year. This result was strongly influenced by the active sales of Kristina
Houses development in Tallinn and River Breeze Residence in Riga, but also
rental revenues from T1. Our revenues from the sales of the real estate depend
on the completion of the residential developments, as the revenues are recorded
at the moment notary deeds of sale are concluded. As a result of the active
sales, the operating result for the first quarter of 2019 was 2.6 million euros
comparing to 0.7 million euros profit during the same period in 2018. Gross
profit margin has increased significant 51%. However, otherwise the positive
results were influenced by 1.7 million euros interest expenses related to T1
project, which in previous periods have been capitalized into cost of investment
property. Consequently, the net result of the first quarter in 2019 was 113
thousand euros loss compared to 118 thousand euros loss during the same period
in 2018.
Pro Kapital is continuously focused on improving the efficiency. We are
exploring opportunities to reduce financial costs by refinancing current debt
instruments. We expect stable growth in revenues and operating results during
the upcoming periods.
Building new communities
Our activities have significant impact on the wider communities they are built
in. We are focused on large area developments and by doing so, we create
completely new value to the neighbourhoods which have not been used historically
or have been considered invaluable.
One of the most significant ongoing developments in Tallinn, Kristiine City,
allows to expect increase in real-estate price in the entire surrounding area.
We are currently developing the Kristiine City second development stage
Kristiina Houses, consistent of ten apartment buildings and the surrounding
infrastructure and greenery as an integral part of every one of our development
projects. Kristina Houses has already proven to be highly valued amongst the
customers, with more than 85% of the apartments find a new owner during the
presales prior the completion of the construction. We finalized the construction
of the seventh house during the first quarter of 2019 and realized therefore the
pre-sales into notarized sales transactions. Development of the final three
Kristina Houses, with 92 new homes is ongoing. Simultaneously to construction
works we are actively proceeding with the presales.
Concurrently we are in progress with projecting works for a prestigious
Kalaranna Residential and Commercial Quarter, right at the border of Tallinn's
old town. Kalaranna's unique location just by the bay of Tallinn is making it as
one of the most exclusive development projects in the city. Although we have not
yet started with construction nor sales activities, we have started with initial
reservations responding to the high interest towards the project. To date we
have signed 78 reservation agreements for residential premises in Kalaranna.
In Riga we are building Kliversala residential area right at the heart of the
city. A land plot of almost five hectares in total, will be developed as an
integral area that binds together the feeling of a metropolitan, modern
architecture and well considered living environment. First apartment house of
the area, River Breeze Residence was completed last year. The sales of two
luxury homes in the River Breeze Residence, totalling to net 2.4 million euros,
had a strong impact on the 2019 first quarter revenues. Simultaneously to active
sales and development in the Kliversala, we are also proceeding with other major
development projects in Riga. The Brivibas Business Quarter, known before as
Zvaigznes, will be built on the site of a former factory and its location at the
artery of transportation is making it an attractive commercial area. This
business quarter is also highly expected in the market, because there is an
evident lack of large commercial premises. Another development project under
technical design process is Tallinas Street 5/7 residential quarter, which is a
modern combination of new and restored historical buildings.
In Vilnius, Pro Kapital is developing a Shaltini? Namai area, bordering with and
offering a stunning view from the top-hill to the historic old town. The
construction works for the area's second stage, Shaltini? Namai Attico, are
ongoing and we expect to complete the four houses mid-2019. Likely with our
other regions, the sales are actively ongoing during the construction works. 79
preliminary agreements have been signed in Shaltini? Namai Attico project.
Paolo Michelozzi
CEO
Key financials
The total revenue of the Company in the first quarter of 2019 was 10.4 million
euros, which is an increase of 53% compared to 6.8 million during the same
period in 2018. The real estate sales revenues are recorded at the moment of
handing over the premises to the buyer. Therefore, the revenues from sales of
real estate of the Company depend on the completion of the residential
developments. The improvement of the results in the first quarter of 2019 was
influenced by active sales of Kristina Houses development in Tallinn and River
Breeze Residence in Riga, also the completion of the 7(th) apartment building in
the Kristina Houses development, where presales were realized in notarised sales
transactions.
The gross profit of the first quarter of 2019 was 4.1 million euros compared to
1.8 million euros during the same period in 2018. Gross profit margin has
increased by 130%.
The operating result of the first quarter in 2019 was 2.6 million euros
comparing to 0.7 million euros profit during the same period in 2018. The higher
operating result was influenced by good real estate sales in Tallinn and Riga
and higher gross margin.
The net result of the first quarter in 2019 was 0.1 million euros loss and
remained to the same level as in the comparable period. The net result of the
period was influenced negatively by 1.7 million euros of interest expenses in AS
Tallinna Moekombinaat due to the change of recognition of interest expenses.
They are recorded in finance cost instead of capitalizing them into investment
property, which has been done until
31 December 2018 (Note 14).
Cash used in operating activities in the first quarter of 2019 was -0.4 million
euros comparing to 2.0 million euros of cash generated during same period in
2018.
Net assets per share on 31 March 2019 totalled to 1.78 euros compared to 1.46
euros on 31 March 2018.
2019 3M 2018 3M 2018 12M
----------------------------------------------------------
Revenue, th EUR 10 372 6 798 27 991
Gross profit, th EUR 4 142 1 804 9 576
Gross profit, % 40% 27% 34%
Operating result, th EUR 2 644 687 21 483
Operating result, % 25% 10% 77%
Net result, th EUR -113 -118 18 056
Net result, % -1% -2% 65%
Earnings per share, EUR 0.00 0.00 0.30
31.03.2019 31.03.2018 31.12.2018
-----------------------------------------------------------------------------
Total Assets, th EUR 247 386 183 962 245 112
Total Liabilities, th EUR 146 761 101 398 144 374
Total Equity, th EUR 100 625 82 564 100 738
Debt / Equity * 1.46 1.23 1.43
Return on Assets, % ** -0.1% -0.1% 8.6%
Return on Equity, % *** -0.1% -0.1% 19.7%
Net asset value per share, EUR **** 1.78 1.46 1.78
*debt / equity = total debt / total equity
**return on assets = net profit/loss / total average assets
***return on equity = net profit/loss / total average equity
****net asset value per share = net equity / number of shares
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated interim statement of financial position
in thousands of euros 31.03.2019 31.03.2018 31.12.2018
-------------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 6 166 8 225 7 040
Current receivables 845 4 459 2 928
Inventories 59 962 39 488 59 331
---------------------------------
Total current assets 66 973 52 172 69 299
Non-current assets
Non-current receivables 677 36 216
Property, plant and equipment 7 743 7 125 7 128
Investment property 171 672 124 316 168 145
Intangible assets 321 313 324
---------------------------------
Total non-current assets 180 413 131 790 175 813
TOTAL ASSETS 247 386 183 962 245 112
LIABILITIES AND EQUITY
Current liabilities
Current debt 14 540 10 667 10 328
Customer advances 5 510 6 920 5 707
Current payables 8 188 12 210 11 939
Tax liabilities 395 510 357
Short-term provisions 903 176 852
---------------------------------
Total current liabilities 29 536 30 483 29 183
Non-current liabilities
Long-term debt 113 937 64 651 112 009
Other non-current payables 1 140 4 152 1 039
Deferred income tax liabilities 2 004 2 004 2 004
Long-term provisions 144 108 139
---------------------------------
Total non-current liabilities 117 225 70 915 115 191
TOTAL LIABILITIES 146 761 101 398 144 374
Equity attributable to owners of the Company
Share capital in nominal value 11 338 11 338 11 338
Share premium 5 661 5 661 5 661
Statutory reserve 1 082 1 082 1 082
Revaluation reserve 3 262 3 262 3 262
Retained earnings 76 771 59 944 59 944
Profit/ Loss for the period -43 -96 16 827
---------------------------------
Total equity attributable to owners of the
Company 98 071 81 191 98 114
Non-controlling interest 2 554 1 373 2 624
TOTAL EQUITY 100 625 82 564 100 738
TOTAL LIABILITIES AND EQUITY 247 386 183 962 245 112
Consolidated interim statements of comprehensive income
in thousands of euros 2019 3M 2018 3M 2018 12M
-------------------------------------------------------------------------------
CONTINUING OPERATIONS
Operating income
Revenue 10 372 6 798 27 991
Cost of goods sold -6 230 -4 994 -18 415
-------------------------------
Gross profit 4 142 1 804 9 576
Marketing expenses -142 -179 -1 336
Administrative expenses -1 353 -1 085 -5 427
Other income 27 176 18 839
Other expenses -30 -29 -169
-------------------------------
Operating profit 2 644 687 21 483
Financial income 1 1 4
Financial expense -2 757 -859 -3 473
-------------------------------
Profit/ loss before income tax -112 -171 18 014
Income tax -1 53 42
-------------------------------
Profit/ loss for the period -113 -118 18 056
Attributable to:
Equity holders of the parent -43 -96 16 827
Non-controlling interest -70 -22 1 229
Total comprehensive income/ loss for the year -113 -118 18 056
Attributable to:
Equity holders of the parent -43 -96 16 827
Non-controlling interest -70 -22 1 229
Earnings per share for the period (EUR) 0.00 0.00 0.30
Consolidated interim statements of cash flows
in thousands of euros 2019 3M 2018 3M 2018 12M
-------------------------------------------------------------------------------
Cash flows from operating activities
Profit/loss for the period -113 -118 18 056
Adjustments for:
Depreciation, amortisation of non-current assets 94 52 214
Gain from disposal of property, plant, equipment 0 -18 -4
Gain from disposal of investment property 0 0 -418
Change in fair value of property, plant, equipment 0 0 -13
Change in fair value of investment property 0 0 -17 995
Finance income and costs 2 756 858 3 469
Changes in deferred tax assets and liabilities 0 0 -54
Other non-monetary changes (net amounts) 31 -503 15 458
Changes in working capital:
Trade receivables and prepayments 1 572 430 1781
Inventories -582 -1 464 -21 307
Liabilities and prepayments -4 145 2 850 -128
Provisions 10 19 -107
-------------------------
Net cash used/ generated in operating activities -377 2 053 -1 048
Cash flows from investing activities
Payments for property, plant and equipment -31 -57 -206
Payments for intangible assets -1 0 -24
Proceeds from disposal of property, plant, equipment 0 336 336
Payments for investment property -3 533 -9 290 -47 786
Proceeds from disposal of investment property 0 0 1 000
Interests received 1 1 4
-------------------------
Net cash used in investing activities -3 564 -9 010 -46 676
Cash flows from financing activities
Dividend payment 0 0 -850
Redemption of convertible bonds 0 0 -9
Redemption of non-convertible bonds 0 0 -640
Proceeds from borrowings 7 570 7 443 56 923
Repayment of borrowings -3 843 -2 051 -7 496
Repayment of lease liabilities -36 0 0
Interests paid -624 -527 -3 481
-------------------------
Net cash generated by financing activities 3 067 4 865 44 447
Net change in cash and cash equivalents -874 -2 092 -3 277
Cash and cash equivalents at the beginning of the
period 7 040 10 317 10 317
Cash and cash equivalents at the end of the period 6 166 8 225 7 040
The full report is in the file attached.
Allan Remmelkoor
Member of the Board
+372 614 4920
[email protected]