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
Half-yearly financial report
Unique data record identifier
7416
Attachments
Submission date and time
30.07.2019 09:30:00
Content of announcement in Estonian
Title
Pro Kapitali nõukogu kinnitas 2019. a II kvartali ja 6 kuu konsolideeritud vahearuande (auditeerimata) ja tegi muudatused tasustamise ja auditi komiteedes
Message
TEGEVUSARUANNE
Tegevjuhi ülevaade (lühendatud)
Meie tegevuse põhirõhk on elamu- ning ärikinnisvarapiirkondade arendamisel
kõigis Baltikumi pealinnades - Tallinnas, Riias ja Vilniuses. Tänu 25
tegevusaastale ning mahukatele arendusprojektidele, on meil kujunenud tugev
arusaam turust, kus tegutseme.
Meie portfellis on mitmeid prestiizhseid elamu- ning ärikinnisvara
arendusprojekte, mis kas juba alanud või ees ootamas. Lisaks on Pro Kapitalil
pikaajaline kogemus kaubanduskeskuste arendamisel ning opereerimisel. 2018.
aasta novembris avasime uue generatsiooni kaubandus- ning elamuskeskuse T1 Mall
of Tallinn. T1 asub Tallinnas, ühes kiiremini kasvavas piirkonnas, mis saab
keskuseks tulevasele Rail Balticale. Nii T1 kontseptsioon kui arhitektuur on
uudne terves Baltikumis - mitmekülgne valik restorane, kino, elamuskeskus ühes
traditsioonilise kaubandusega. Alates 2019. aasta aprillist alustas külaliste
teenindamist vaateratas keskuse katusel, mis on unikaalne kogu Euroopas. Oleme
avamise järgselt olnud keskendunud tasakaalustatud rentnike valikule, mis
kannaks T1 väärtuspakkumist.
Meie tegevuse ning projektide põhjalikkust ja mitmekülgsust peegeldab ka
tegevusnäitajate stabiilne paranemine. Esimese poolaasta müügitulu kasvas
võrreldes möödunud aastaga 49% võrra, 15,1 miljonilt eurolt 2018 aastal 22,5
miljoni euroni 2019. aastal. Seda tulemust mõjutas oluliselt aktiivne
müügitegevus Vilniuses, Shaltiniu Namai Attico viies uues kortermajas, aga samuti
Tallinnas, Kristina Majade arendusprojektis, River Breeze Residence's Riias ning
T1 renditulu, mida võrdlusperioodil veel ei olenud. Meie müügitulu sõltub
elamukinnisvara valmimisest, kuna kinnisvara müügitulu kajastatakse peale
notariaalsete müügilepingute allkirjastamist ning vara kliendile üleandmist.
Aktiivse müügitegevuse tulemusel kujunes 2019. aasta esimese poole ärikasumiks
5,1 miljonit eurot, võrreldes 4,4 miljonilise ärikasumiga 2018. aasta samal
perioodil.
Teise kvartali ärikasum oli 2019. aastal 2,5 miljonit eurot ning 2018. aastal
3,7 miljonit eurot. 2018. aasta ärikasumit mõjutas erakorraliselt kinnisvara
ümberhindlus 1,9 miljoni euro ulatuses. Esimese poolaasta ärikasumi marginaal on
võrreldes möödunud aasta sama perioodiga kasvanud 3% võrra. Netotulemit
mõjutasid T1 projektiga seonduvad 3,5 miljonit intressikulusid, mida varasemalt
on kapitaliseeritud kinnisvarainvesteeringute koosseisu. Selle tulemusel kujunes
2019. aasta esimese poolaasta puhaskahjumiks 276 tuhat eurot võrreldes 2,8
miljoni euro puhaskasumiga 2018. aasta samal perioodil.
Paolo Michelozzi
Ettevõtte juht
Peamised finantsnäitajad
Ettevõtte kogukäive oli esimesel poolaastal 22,5 miljonit eurot, mis on 49%
suurem kui võrdlusperioodil (2018 6 kuud: 15,1 miljonit eurot). Teise kvartali
kogukäive ulatus 12,1 miljoni euroni, kasvades võrdlusperioodi 8,3 miljoni euro
kogukäibe suhtes 47%. Ettevõtte käive kinnisvara müügist sõltub elamuarenduste
valmimise ajast, kuna müügitulu kajastatakse hetkel, kui sõlmitakse notariaalne
müügileping ja ruumid antakse ostjale üle. Teise kvartali tulemusi mõjutas
jätkuvalt positiivselt Kristina Majade ja River Breeze Residence valminud
korterite aktiivne müük ning viie eluhoone valmimine Shaltini? Namai Attico
arendusprojektis Vilniuses, kus osa eelmüükidest vormistati notariaalselt
kinnitatud müügitehinguteks juba juunikuus ning protsess on jätkumas ka
kolmandas kvartalis.
Esimese poolaasta brutokasumi moodustas 8,2 miljonit eurot ja teise kvartali
tulemus oli 4,0 miljonit eurot. Võrdlusperioodil oli brutokasum vastavalt 5,0
miljonit eurot ja 3,2 miljonit eurot. Brutokasumi määr on kasvanud 3% võrra.
Esimese poolaasta ärikasum moodustas 5,1 miljonit eurot võrrelduna 4,4 miljoni
euroga võrdlusperioodil. Teise kvartali ärikasum oli 2,4 miljonit eurot ja
möödunud aastal 3,7 miljonit eurot. 2018. aasta teise kvartali ärikasumit
mõjutas kinnisvara investeeringu ümberhindlusest tekkinud kasum summas 1,9
miljonit eurot.
Esimese poolaasta puhaskahjum moodustas 0,3 miljonit eurot ja teise kvartali
tulemuseks oli 0,1 miljonit eurot. Võrdlusperioodil oli puhaskasum vastavalt
2,8 miljonit eurot ja 2,9 miljonit eurot. Puhaskasumit mõjutas negatiivselt AS-
i Tallinna Moekombinaat 3,5 miljoni suurune intressikulu. Intressikulusid
kapitaliseeriti kinnisvarainvesteeringute hulka aktiivse ehitusperioodi jooksul
kuni 31. detsember 2018. Edaspidi on need kajastatud finantskuludes.
Rahavood põhitegevusest moodustasid 2019. aasta esimesel poolaastal 0,5 miljonit
eurot võrreldes 3,2 miljoni euroga samal perioodil 2018. aastal.
Aktsia puhasväärtus oli 30. juuni 2019 seisuga 1,77 eurot võrreldes 1,51 euroga
30. juuni 2018.
2019 2018 2019 2018
6 kuud 6 kuud II kvartal II kvartal 2018 12M
-------------------------------------------------------------------------------
Käive (tuhat EUR) 22 512 15 065 12 140 8 267 27 991
Brutokasum (tuhat EUR) 8 179 5 033 4 037 3 229 9 576
Brutokasum, % 36% 33% 33% 39% 34%
Ärikasum (tuhat EUR) 5 121 4 429 2 477 3 742 21 483
Ärikasum % 23% 29% 20% 45% 77%
Puhaskasum / -kahjum (tuhat
eurot) -276 2 822 -163 2 940 18 056
Puhaskasum / -kahjum, % -1% 19% -1% 36% 65%
Kasum / -kahjum aktsia kohta
(euro) 0,00 0,05 0,00 0,05 0,30
30.06.209 30.06.2018 31.12.2018
------------------------------------------------------------------------
Varad kokku (tuhat eurot) 248 972 197 777 245 112
Kohustused kokku (tuhat eurot) 148 510 112 273 144 374
Omakapital kokku (tuhat eurot) 100 462 85 504 100 738
Võla / omakapitali suhe * 1,48 1,31 1,43
Varade tootlus, % ** -0,1% 1,5% 8,6%
Omakapitali tootlus, % *** -0,3% 3,4% 19,7%
Aktsia puhasväärtus, eurot **** 1,77 1,51 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 30.06.2019 30.06.2018 31.12.2018
-------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 4 102 6 711 7 040
Lühiajalised nõuded 2856 3 153 2 928
Varud 57 935 57 078 59 331
---------------------------------
Käibevara kokku 64 893 66 942 69 299
Põhivara
Pikaajalised nõuded 3 199 35 216
Materiaalne põhivara 7 783 7 101 7 128
Kinnisvarainvesteeringud 172 757 123 390 168 145
Immateriaalne põhivara 340 309 324
---------------------------------
Põhivara kokku 184 079 130 835 175 813
VARAD KOKKU 248 972 197 777 245 112
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Lühiajalised võlakohustused 39 788 9 319 10 328
Ostjate ettemaksed 4 932 5 070 5 707
Lühiajalised võlad tarnijatele 6 975 12 597 11 939
Maksukohustused 298 116 357
Lühiajalised eraldised 1 101 7 852
---------------------------------
Lühiajalised kohustused kokku 53 094 27 109 29 183
Pikaajalised kohustused
Pikaajalised võlakohustused 92 360 79 273 112 009
Muud pikaajalised kohustused 1 118 3 738 1 039
Edasilükkunud tulumaksukohustus 1 827 2 003 2 004
Pikaajalised eraldised 111 150 139
---------------------------------
Pikaajalised kohustused kokku 95 416 85 164 115 191
KOHUSTUSED KOKKU 148 510 112 273 144 374
Emaettevõtte aktsionäridele kuuluv omakapital
Aktsiakapital nimiväärtuses 11 338 11 338 11 338
Ülekurss 5 661 5 661 5 661
Kohustuslik reservkapital 1 134 1 082 1 082
Ümberhindluse reserv 3 262 3 262 3 262
Eelmiste perioodide jaotamata kasum 76 663 59 944 59 944
Aruandeperioodi puhaskasum/-kahjum -129 2870 16 827
---------------------------------
Emaettevõtte aktsionäridele kuuluv omakapital
kokku 97 929 84 157 98 114
Mittekontrolliv osalus 2 533 1 347 2 624
OMAKAPITAL KOKKU 100 462 85 504 100 738
KOHUSTUSED JA OMAKAPITAL KOKKU 248 972 197 777 245 112
Konsolideeritud koondkasumi vahearuanne
2019 2018 2019 2018 2018
tuhandetes eurodes 6 kuud 6 kuud II kvartal II kvartal 12 kuud
-------------------------------------------------------------------------------
JÄTKUVAD TEGEVUSVALDKONNAD
Äritulud
Müügitulu 22 512 15 065 12 140 8 267 27 991
Müüdud toodete ja teenuste kulu -14 333 -10 032 -8 103 -5 038 -18 415
----------------------------------------------
Brutokasum 8 179 5 033 4 037 3 229 9 576
Turustuskulud -294 -459 -152 -280 -1 336
Üldhalduskulud -2 775 -2 323 -1 422 -1 238 -5 427
Muud äritulud 50 2 210 23 2 034 18 839
Muud ärikulud -39 -32 -9 -3 -169
----------------------------------------------
Ärikasum 5 121 4 429 2 477 3 742 21 483
Finantstulud 2 2 1 1 4
Finantskulud -5 572 -1 661 -2 815 -802 -3 473
----------------------------------------------
Kasum / -kahjum enne tulumaksu -449 2 770 -337 2 941 18 014
Tulumaks 173 52 174 -1 42
----------------------------------------------
Perioodi puhaskasum / -kahjum -276 2 822 -163 2 940 18 056
Aruandeperioodi puhastulemi
jaotus:
Emaettevõtte omanikele kuuluv
osa -129 2 870 -86 2 966 16 827
Mittekontrolliv osalus -147 -48 -77 -26 1 229
Aruandeperioodi koondkasum /
-kahjum kokku -276 2 822 -163 2 940 18 056
Aruandeperioodi puhastulemi
jaotus:
Emaettevõtte omanikele kuuluv
osa -129 2 870 -86 2 966 16 827
Mittekontrolliv osalus -147 -48 -77 -26 1 229
Perioodi kasum / -kahjum aktsia
kohta (euro) 0,00 0,05 0,00 0,05 0,30
Konsolideeritud rahavoogude vahearuanne
2019 2018 2019 2018 2018
tuhandetes eurodes 6 kuud 6 kuud II kvartal II kvartal 12 kuud
-------------------------------------------------------------------------------
Põhitegevuse rahavood
Aruandeperioodi puhaskasum /
-kahjum -276 2 822 -163 2 940 18 056
Korrigeerimised:
Materiaalse ja immateriaalse
põhivara kulum 194 104 100 52 214
Kasum põhivara müügist 0 -4 0 14 -4
Kasum kinnisvarainvesteeringu
müügist 0 0 0 0 -418
Põhivara väärtuse muutus 0 0 0 0 -13
Kinnisvarainvesteeringute
väärtuse muutus 0 -1 910 0 -1 910 -17 995
Finantstulud ja -kulud 5 570 1 659 2 814 801 3 469
Edasilükkunud tulumaksu muutus -177 -55 -177 -2 -54
Muud mitterahalised muutused
(netosumma) 50 16 456 20 16 109 15 458
Muutused käibevahendites: 0 0 0 0 0
Lühiajalistes nõuetes ja
ettemaksetes -959 1 736 -2 531 1 306 1 781
Varudes 1 411 -19 054 1 993 -17 590 -21 307
Kohustustes ja ettemaksetes -5 368 1 528 -1 223 -1 322 -128
Eraldistes 24 -110 14 -129 -107
---------------------------------------------
Põhitegevuse rahavood kokku 469 3 172 847 269 -1 048
Rahavood investeerimistegevusest
Materiaalse põhivara soetamine -166 -90 -135 -33 -206
Immateriaalse põhivara soetamine -25 0 -24 0 -24
Laekumised põhivara müügist 0 336 0 0 336
Kinnisvarainvesteeringute
soetamine -4 637 -22 186 -1 104 -12 896 -47 786
Laekumised
kinnisvarainvesteeringute müügist 0 0 0 0 1 000
Saadud intressid 2 2 1 1 4
---------------------------------------------
Rahavood investeerimistegevusest
kokku -4 826 -21 938 -1 262 -12 928 -46 676
Rahavood finantseerimistegevusest
Dividendimakse 0 -850 0 0 -850
Konverteeritavate võlakirjade
lunastamine 0 0 0 0 -9
Mitte-konverteeritavate
võlakirjade lunastamine -300 0 -300 0 -640
Saadud laenud 13 388 22 514 5 818 15 071 56 923
Tagastatud laenud -7 576 -4 755 -3 733 -2 704 -7 496
Kapitalirendi tagasimaksed -85 0 -49 0 0
Makstud intressid -2 008 -1 749 -1 384 -1 222 -3 481
Deponeeritud summa laenu
tagamiseks -2 000 0 -2 000 0 0
---------------------------------------------
Rahavood finantseerimistegevusest
kokku 1 419 15 160 -1 648 11 145 44 447
Raha ja raha ekvivalentide muutus -2 938 -3 606 -2 063 -1 514 -3 277
Raha ja raha ekvivalendid
perioodi alguses 7 040 10 317 6 165 8 225 10 317
Raha ja raha ekvivalendid
perioodi lõpus 4 102 6 711 4 102 6 711 7 040
Aruande täisversiooni leiate juuresolevas failis.
MUUDATUSED NÕUKOGU KOMITEEDES
Seoses muutustega AS Pro Kapital Grupp nõukogus (avaldatud 23. mail 2019),
otsustasid nõukogu liikmed valida järgnevad komiteede koosseisud:
- Emanuele Bozzone ja Ernesto Preatoni valiti tasustamise komitee liikmeteks;
- Emanuele Bozzone ja Petri Olkinuora valiti auditi komitee liikmeteks.
Allan Remmelkoor
Juhatuse liige
+372 614 4920
[email protected]
Content of announcement in English
Title
Pro Kapital Council approved Consolidated Interim Report for II Quarter and 6 Months of 2019 (Unaudited) and made changes into Remuneration and Audit Committees
Message
MANAGEMENT REPORT
Chairman's summary (abbreviated)
Our key focus is set on large-scale development projects of residential and
commercial quarters in all Baltic capitals - Tallinn, Riga and Vilnius. With 25
years of experience and large portfolio we have a strong understanding of the
market we operate in.
Our current portfolio holds a number of prestigious residential and commercial
development projects, either ongoing or upcoming. In addition, Pro Kapital has
an extensive experience in developing and operating shopping malls. In November
2018, we opened a new generation shopping and entertainment centre - T1 Mall of
Tallinn. T1 is located in one of the most fast-growing parts of Tallinn, which
will be the future heart of Rail Baltica. The concept, but also architecture of
T1 is unique across Baltics, with very wide selection of restaurants, cinema,
entertainment centre amongst traditional shopping. As of April 2019, a Ferris
Wheel on the rooftop of T1, a one of a kind across Europe, started welcoming
guests. Following the opening, we have been in the progress of building a well-
balanced mix of tenants which would complement the T1's value proposition.
The thoroughness and diversity of our business and portfolio is reflected by the
stable improvement of our performance. The sales revenues during the first half-
year have increased by 49% y-o-y, from 15.1 million euros in 2018 to 22.5
million euros during 2019. This result was strongly influenced by the active
sales of Shaltiniu Namai Attico five new houses in Vilnius, Kristina Houses
development in Tallinn, River Breeze Residence in Riga, but also rental revenues
from T1, which we did not have in 2018. 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 final notary deeds of sale are concluded and
properties handed over to the buyer. As a result of the active sales, the
operating result for the first half-year of 2019 was 5.1 million euros profit
compared to 4.4 million euros profit during the same period in 2018. During the
Q2 the operating result was 2.5 million euros profit in 2019 and 3.7 million
euros profit in 2018. The operating result of 2018 was influenced by
extraordinary gain from increase of value of investment property in amount of
1.9 million euros. Gross profit margin has increased by 3% during the first
half-year y-o-y. Otherwise positive results were influenced by 3.5 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 half-year of 2019 was 276 thousand euros loss compared to 2.8 million
euros profit during the same period in 2018.
Paolo Michelozzi
CEO
Key financials
The total revenue of the Company for the reporting period of six months was
22.5 million euros, which is an increase of 49% compared to the reference period
(2018 6M: 15.1 million euros). The total revenue of the second quarter was 12.1
million euros, an increase of 47% compared to 8.3 million euros 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 of the second quarter was
influenced by continuous active sales of Kristina Houses development in Tallinn,
River Breeze Residence in Riga and the completion of five new buildings in
Shaltini? Namai Attico development in Vilnius, where presales were partly
realized in notarised sales transactions in June already and are continuing in
the third quarter.
The gross profit for the reporting period of six months was 8.2 million euros
and for the second quarter was 4.0 million euros. In the comparable period the
gross profit figures were 5.0 million euros and 3.2 million euros respectively.
Gross profit margin has increased by 3%.
The operating result for the reporting period of six months was 5.1 million
euros profit comparing to 4.4 million euros profit during the same period in
2018. The operating result of the second quarter was 2.4 million euros comparing
to 3.7 million euros in 2018. The operating result of 2018 was influenced by
1.9 million profit from increase of investment property value in the second
quarter.
The net result for the reporting period of the six months was 0.3 million euros
loss and 0.1 million euros loss for the second quarter. In the comparable period
the net results were 2.8 million euros profit and 2.9 million euros profit
respectively. The net result of the period was influenced negatively by 3.5
million euros of interest expenses in AS Tallinna Moekombinaat. The interests
are recorded in finance cost instead of capitalization into investment property,
which has been done during active development until 31 December 2018.
Cash generated in operating activities during the reporting period was 0.5
million euros comparing to 3.2 million euros of cash generated during same
period in 2018. In the second quarter of 2019 cash generated in operating
activities was 0.8 million euros and 0.3 million euros during the same period in
2018.
Net assets per share on 30 June 2019 totalled to 1.77 euros compared to 1.51
euros on 30 June 2018.
Key performance indicators
2019 6M 2018 6M 2019 Q2 2018 Q2 2018 12M
------------------------------------------------------------------------------
Revenue, th EUR 22 512 15 065 12 140 8 267 27 991
Gross profit, th EUR 8 179 5 033 4 037 3 229 9 576
Gross profit, % 36% 33% 33% 39% 34%
Operating result, th EUR 5 121 4 429 2 477 3 742 21 483
Operating result, % 23% 29% 20% 45% 77%
Net result, th EUR -276 2 822 -163 2 940 18 056
Net result, % -1% 19% -1% 36% 65%
Earnings per share, EUR 0.00 0.05 0.00 0.05 0.30
30.06.209 30.06.2018 31.12.2018
----------------------------------------------------------------------------
Total Assets, th EUR 248 972 197 777 245 112
Total Liabilities, th EUR 148 510 112 273 144 374
Total Equity, th EUR 100 462 85 504 100 738
Debt / Equity * 1.48 1.31 1.43
Return on Assets, % ** -0.1% 1.5% 8.6%
Return on Equity, % *** -0.3% 3.4% 19.7%
Net asset value per share, EUR **** 1.77 1.51 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 30.06.2019 30.06.2018 31.12.2018
-------------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 4 102 6 711 7 040
Current receivables 2 856 3 153 2 928
Inventories 57 935 57 078 59 331
---------------------------------
Total current assets 64 893 66 942 69 299
Non-current assets
Non-current receivables 3 199 35 216
Property, plant and equipment 7 783 7 101 7 128
Investment property 172 757 123 390 168 145
Intangible assets 340 309 324
---------------------------------
Total non-current assets 184 079 130 835 175 813
TOTAL ASSETS 248 972 197 777 245 112
LIABILITIES AND EQUITY
Current liabilities
Current debt 39 788 9 319 10 328
Customer advances 4 932 5 070 5 707
Current payables 6 975 12 597 11 939
Tax liabilities 298 116 357
Short-term provisions 1 101 7 852
---------------------------------
Total current liabilities 53 094 27 109 29 183
Non-current liabilities
Long-term debt 92 360 79 273 112 009
Other non-current payables 1 118 3 738 1 039
Deferred income tax liabilities 1 827 2 003 2 004
Long-term provisions 111 150 139
---------------------------------
Total non-current liabilities 95 416 85 164 115 191
TOTAL LIABILITIES 148 510 112 273 144 374
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 1 134 1 082 1 082
Revaluation reserve 3 262 3 262 3 262
Retained earnings 76 663 59 944 59 944
Profit/ Loss for the period -129 2 870 16 827
---------------------------------
Total equity attributable to owners of the
Company 97 929 84 157 98 114
Non-controlling interest 2 533 1 347 2 624
TOTAL EQUITY 100 462 85 504 100 738
TOTAL LIABILITIES AND EQUITY 248 972 197 777 245 112
Consolidated interim statements of comprehensive income
in thousands of euros 2019 6M 2018 6M 2019 Q2 2018 Q2 2018 12M
-------------------------------------------------------------------------------
CONTINUING OPERATIONS
Operating income
Revenue 22 512 15 065 12 140 8 267 27 991
Cost of goods sold -14 333 -10 032 -8 103 -5 038 -18 415
-----------------------------------------
Gross profit 8 179 5 033 4 037 3 229 9 576
Marketing expenses -294 -459 -152 -280 -1 336
Administrative expenses -2 775 -2 323 -1 422 -1 238 -5 427
Other income 50 2 210 23 2 034 18 839
Other expenses -39 -32 -9 -3 -169
-----------------------------------------
Operating profit 5 121 4 429 2 477 3 742 21 483
Financial income 2 2 1 1 4
Financial expense -5 572 -1 661 -2 815 -802 -3 473
-----------------------------------------
Profit/ loss before income tax -449 2 770 -337 2 941 18 014
Income tax 173 52 174 -1 42
-----------------------------------------
Profit/ loss for the period -276 2 822 -163 2 940 18 056
Attributable to:
Equity holders of the parent -129 2 870 -86 2 966 16 827
Non-controlling interest -147 -48 -77 -26 1 229
Total comprehensive income/ loss for
the year -276 2822 -163 2940 18 056
Attributable to:
Equity holders of the parent -129 2 870 -86 2 966 16 827
Non-controlling interest -147 -48 -77 -26 1 229
Earnings per share for the period
(EUR) 0.00 0.05 0.00 0.05 0.30
Consolidated interim statements of cash flows
in thousands of euros 2019 6M 2018 6M 2019 Q2 2018 Q2 2018 12M
-------------------------------------------------------------------------------
Cash flows from operating activities
Profit/loss for the period -276 2 822 -163 2 940 18 056
Adjustments for:
Depreciation, amortisation of non-
current assets 194 104 100 52 214
Gain from disposal of property,
plant, equipment 0 -4 0 14 -4
Gain from disposal of investment
property 0 0 0 0 -418
Change in fair value of property,
plant, equipment 0 0 0 0 -13
Change in fair value of investment
property 0 -1 910 0 -1 910 -17 995
Finance income and costs 5 570 1 659 2 814 801 3 469
Changes in deferred tax assets and
liabilities -177 -55 -177 -2 -54
Other non-monetary changes (net
amounts) 50 16 456 20 16 109 15 458
Changes in working capital:
Trade receivables and prepayments -959 1 736 -2 531 1 306 1781
Inventories 1 411 -19 054 1 993 -17 590 -21 307
Liabilities and prepayments -5 368 1 528 -1 223 -1 322 -128
Provisions 24 -110 14 -129 -107
-----------------------------------------
Net cash used/ generated in operating
activities 469 3 172 847 269 -1 048
Cash flows from investing activities
Payments for property, plant and
equipment -166 -90 -135 -33 -206
Payments for intangible assets -25 0 -24 0 -24
Proceeds from disposal of property,
plant, equipment 0 336 0 0 336
Payments for investment property -4 637 -22 186 -1 104 -12 896 -47 786
Proceeds from disposal of investment
property 0 0 0 0 1 000
Interests received 2 2 1 1 4
-----------------------------------------
Net cash used in investing activities -4 826 -21 938 -1 262 -12 928 -46 676
Cash flows from financing activities
Dividend payment 0 -850 0 0 -850
Redemption of convertible bonds 0 0 0 0 -9
Redemption of non-convertible bonds -300 0 -300 0 -640
Proceeds from borrowings 13 388 22 514 5 818 15 071 56 923
Repayment of borrowings -7 576 -4 755 -3 733 -2 704 -7 496
Repayment of lease liabilities -85 0 -49 0 0
Interests paid -2 008 -1 749 -1 384 -1 222 -3 481
Deposited amount related to loan
obligations -2 000 0 -2 000 0 0
-----------------------------------------
Net cash generated by financing
activities 1 419 15 160 -1 648 11 145 44 447
Net change in cash and cash
equivalents -2 938 -3 606 -2 063 -1 514 -3 277
Cash and cash equivalents at the
beginning 7 040 10 317 6 165 8 225 10 317
Cash and cash equivalents at the end
of the period 4 102 6 711 4 102 6 711 7 040
The full report is in the file attached.
ELECTION OF COMMITTEE MEMBERS
Due to the changes in the Council of AS Pro Kapital Grupp (announced on 23 May
2019), the Council Members have decided to elect the members for the Committees
as follows:
- Emanuele Bozzone and Ernesto Preatoni were appointed as members of the
Remuneration Committee;
- Emanuele Bozzone and Petri Olkinuora were appointed as members of the Audit
Committee.
Allan Remmelkoor
Member of the Board
+372 614 4920
[email protected]