PKG1T Pro Kapital Grupp

Pro Kapital Council approved Consolidated Interim Report for I Quarter and 3 Months of 2022 (Unaudited)

Pro Kapital Council approved Consolidated Interim Report for I Quarter and 3 Months of 2022 (Unaudited)

MANAGEMENT REPORT

CEO summary

The first quarter of 2022 has been an atypical one. The Ukraine war started in February caused some concerns due to the geopolitical risks perceived in the area. However, after the initial (and understandable) concerns, the markets showed a good resiliency from the demand side, and we have seen no drop in the real estate prices and in the interest shown by potential buyers of real estate assets. The construction market still poses some challenging issues, due to the increase in cost of materials caused by the complications related to Covid-19 and relative problems in the supply chain and the impossibility of obtaining materials from the regions affected by the war.

Real estate development

In Tallinn, we have continued construction of Kindrali Houses and Kalaranna projects. In the first quarter of 2022 we continued handing over apartments in Kalaranna project, where completion of eight buildings with the total of 240 apartments will be achieved. Today we are handing over apartments in the Kalaranna 8/3 and 8/4 buildings and we have reservations or presales concluded for all business premises and for 99% of apartments in this phase of the project.

Last year we started construction of the new project Kindrali Houses in Kristiine City, where three building-complexes with the total of 195 apartments will be raised. In this project we had booked or presold more than half of the apartments before signing the construction agreement. Today we have no apartments available in Kindrali Houses.  Two of the buildings are nearing completion end of May and June and the contractor is starting to hand over the apartments on the fourth week of May.

In Riga we are selling our ready luxury product River Breeze Residence and started the tendering process for the further development of Kliversala Residential Quarter - Blue Marine. We have received several offers from construction companies and are in the process of identifying the best option.

In Vilnius, we only have 4 unsold apartments in our Šaltiniu Namai Attico project (including one which serves as a showroom). The real estate market has had a great run in 2021 and we saw a great deal of interest for our luxury properties, achieving some of the highest prices per square meter in all the local market. We received some offers from the construction companies for the following phase of city villas and a commercial building and we aim to start construction works this summer.

Hotel operations

The Covid-19 pandemic had a strong impact on all the tourism sector, but luckily the German government has provided a great deal of support in terms of subsidies provided to PK Parkhotel Kurhaus in Bad Kreuznach.

We are in the process of renovation of the second half of the rooms (first half has been renovated 5 years ago), which will be completed by the end of the year. The works will also have the added benefit of converting an unused area into 7 standard rooms and creation of a luxurious suite with private sauna and terrace, which will greatly improve the overall prestige of the hotel.

We have signed a preliminary agreement to buy a 380 keys hotel in Sicily (Domina Zagarella Sicily), located near the biggest city of the island, Palermo. We are currently conducting an in-depth due diligence of the asset and we believe this may be a great opportunity to expand our portfolio.

We are satisfied with the results of the first quarter although they were influenced by one- time expenses in amount of 318 thousand euros related to change of the management. In the following months we plan on continuing the construction works of ongoing developments and prepare for the upcoming phases. The real estate development is going well, the market is strong, and we will continue implementing our strategy of creating long-term value for our shareholders and for the communities that we aim to develop in a sustainable, comfortable and aesthetically pleasing way.

Edoardo Preatoni

CEO

Key financials

The total revenue of the Company in the first quarter of 2022 was 7.9 million euros, having increased by 42% compared to the reference period (2021 3M: 5.6 million euros). The real estate sales have been influenced by handing over completed apartments in Kalaranna District.

The gross profit in the first quarter of 2022 increased by 61% amounting to 2.6 million euros compared to 1.6 million euros in 2021.

The operating result in 2022 has decreased to 989 thousand euros profit comparing to 1.8 million euros during the same period in 2021. Higher profit in 2021 was affected by one-time sales of investment property and related revenue.  

The net result for the first three months of 2022 was 251 thousand euros loss, comparing to 377 thousand euros profit (continuing operations) in the reference period.

Cash used in operating activities during first quarter of 2022 was minus 3.1 million euros comparing to 1.3 million euros generated during the same period in 2021.

Net assets per share on 31 March 2022 totalled to 0.75 euros compared to 0.13 euros on 31 March 2021.

Key performance indicators

  2022 3M 2021 3M 2021 12M
Revenue, th EUR 7 916 5 580 43 095
Gross profit, th EUR 2 558 1 591 10 576
Gross profit, % 32% 29% 25%
Operating result, th EUR 989 1 786 39 821
Operating result, % 12% 32% 28%
Net result, th EUR -251  -2 112 29 757
Net result, % -3% -38% 69%
      
Earnings per share, EUR 0.00 -0.03 0.52



  31.03.2022 31.03.2021 31.12.2021
Total Assets, th EUR 117 371 185 287 116 027
Total Liabilities, th EUR 74 779 177 829 73 184
Total Equity, th EUR 42 592 7 458 42 843
Debt / Equity * 1.76 23.84 1.71
       
Return on Assets, % ** -0.2% 0.2% 23.7%
Return on Equity, % *** -0.6% 5.1% 113.5%
Net asset value per share, EUR **** 0.75 0.13 0.76

  

*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 31.03.2022 31.03.2021 31.12.2021
ASSETS      
Current assets      
Cash and cash equivalents 7 650 13 331 9 626
Current receivables 2 071 1 542 802
Inventories 59 360 61 481 57 533
Total current assets 69 081 76 354 67 961
Non-current assets      
Non-current receivables 20 3 715 21
Property, plant and equipment 6 866 6 678 6 754
Right-of-use assets 173 357 202
Investment property 40 871 97 814 40 734
Intangible assets 360 369 354
Total non-current assets 48 290 108 933 48 065
TOTAL ASSETS 117 371 185 287 116 026
LIABILITIES AND EQUITY      
Current liabilities      
Current debt 16 131 104 373 3 955
Customer advances 11 477 10 284 12 419
Current payables 7 253 24 011  7 297
Tax liabilities 116 1 280 1 143
Short-term provisions 714 471 713
Total current liabilities 35 691 140 419 25 527
Non-current liabilities      
Long-term debt 37 909 33 425 46 455
Other non-current payables 20 2 638 20
Deferred income tax liabilities 1 134 1 151 1 133
Long-term provisions 25 196 48
Total non-current liabilities 39 088 37 410 47 656
TOTAL LIABILITIES 74 779 177 829 73 183
Equity attributable to owners of the Company      
Share capital in nominal value 11 338 11 338 11 338
Share premium 1 748 5 661 1 748
Statutory reserve 0 1 134 0
Revaluation reserve 2 984 2 984 2 984
Retained earnings 26 773 -8 031 0
Profit/ Loss for the period -251 -1 951 26 773
Total equity attributable

 to owners of the Company
42 592 11 135 42 843
Non-controlling interest 0 -3 677 0
TOTAL EQUITY 42 592 7 458 42 843
TOTAL LIABILITIES AND EQUITY 117 371 185 287 116 026

Consolidated interim statements of comprehensive income

in thousands of euros 2022 3M 2021 3M 2021 12M
CONTINUING OPERATIONS    
Operating income    
Revenue 7 916 5 580 43 095
Cost of goods sold -5 358 -3 989 -32 519
Gross profit 2 558 1 591 10 576
    
Marketing expenses -114 -125 -502
Administrative expenses -1 449 -992 -5 592
Other income 0 1 332 35 616
Other expenses -6 -20 -278
Operating profit/ loss 989 1 786 39 820
    
Financial income 1 1 6
Financial expense -1 226 -1 393 -5 964
Profit / loss before income tax -236 394 33 862
Income tax -15 -17 10
Net profit / loss from continuing operations -251 377 33 872
    
Profit from discontinued operations 0 - 2 489 -4 115
Net profit / loss for the period -251 -2 112 29 757
       
Attributable to:    
            Equity holders of the parent                                                -251 -1 950 29 757
            Non-controlling interest 0 -162 0
       
Total comprehensive income / loss for the year -251 -2 112 29 757
Attributable to:    
            Equity holders of the parent -251 -1 950 29 757
            Non-controlling interest 0 -162 0
    
Earnings per share (continuing operations) € 0.00 0.01 0.60
Earnings per share for the period € 0.00 -0.03 0.52

Angelika Annus

CFO

+372 614 4920

 

 

 

 

 

 

 

 

Attachment



EN
21/05/2022

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Pro Kapital Grupp

 PRESS RELEASE

Decisions of the Annual General Meeting of AS Pro Kapital Grupp shareh...

Decisions of the Annual General Meeting of AS Pro Kapital Grupp shareholders The annual shareholders meeting (hereinafter referred to as the Meeting) of AS Pro Kapital Grupp (hereinafter referred to as the Company) took place on Tuesday, 21st of June, 2022 starting at 13.00 at Sokos Hotel Viru, room Andante, at Viru väljak 4, 10111 Tallinn, Estonia. As per the registration list of the meeting in total 43 516 226 votes were represented, which forms 76,76% of all votes attached to the shares. The agenda and decisions adopted at the Meeting were as follows: Election of the Chairman and Secre...

 PRESS RELEASE

AS Pro Kapital Grupp aktsionäride korralise üldkoosoleku otsused

AS Pro Kapital Grupp aktsionäride korralise üldkoosoleku otsused AS Pro Kapital Grupp (edaspidi nimetatud kui Ühing) aktsionäride korraline üldkoosolek (edaspidi nimetatud kui Koosolek) toimus teisipäeval, 21.06.2022.a. algusega kell 13.00 Sokos Hotel Viru ruumis Andante, Viru väljak 4, 10111 Tallinn. Koosoleku osalejate nimekirja kohaselt oli Koosolekul esindatud 43 516 226 häält, mis moodustab kokku 76,76% aktsiatega määratud häältest. Koosoleku päevakord ja vastuvõetud otsused: Üldkoosoleku juhataja ja protokollija valimine Vastuvõetud otsus: Aktsionäride korralise üldkoosoleku juhat...

 PRESS RELEASE

Decisions of the Annual General Meeting of AS Pro Kapital Grupp shareh...

Decisions of the Annual General Meeting of AS Pro Kapital Grupp shareholders The annual shareholders meeting (hereinafter referred to as the Meeting) of AS Pro Kapital Grupp (hereinafter referred to as the Company) took place on Tuesday, 21st of June, 2022 starting at 13.00 at Sokos Hotel Viru, room Andante, at Viru väljak 4, 10111 Tallinn, Estonia. As per the registration list of the meeting in total 43 516 226 votes were represented, which forms 76,76% of all votes attached to the shares. The agenda and decisions adopted at the Meeting were as follows: Election of the Chairman and S...

 PRESS RELEASE

Changes in Management Board of AS Pro Kapital Grupp

Changes in Management Board of AS Pro Kapital Grupp AS Pro Kapital Grupp announces that Angelika Annus is resigning from the Management Board of the company due to personal reasons, effective from 1 June 2022. Angelika Annus will remain as CFO of the group, but takes a sabbatical for 6 months starting from 1 July 2022. During 6 months period the tasks of CFO will be performed by Financial Controller Ann-Kristin Kuusik and Group Chief Accountant Eve Kallast. Starting from 1 June 2022 the Management Board of AS Pro Kapital Grupp consists of one member – Edoardo Axel Preatoni.   ...

 PRESS RELEASE

Muudatus AS-i Pro Kapital Grupp juhatuse koosseisus

Muudatus AS-i Pro Kapital Grupp juhatuse koosseisus AS Pro Kapital Grupp annab teada, et 1. juunil 2022 astus Angelika Annus tagasi juhatuse liikme kohalt isiklikel põhjustel. Angelika Annus jätkab kontserni finantsjuhina, kuid võtab 6-kuulise tööpausi (sabbatical) alates 1. juulist 2022. Finantsjuhi funktsioone täidavad tööpausi ajal finantskontroller Ann-Kristin Kuusik ja kontserni pearaamatupidaja Eve Kallast.   1. juunist 2022 koosneb AS-i Pro Kapital Grupp juhatus ühest liikmest, kelleks on Edoardo Axel Preatoni.   Angelika AnnusFinantsjuht

ResearchPool Subscriptions

Get the most out of your insights

Get in touch