MANAGEMENT REPORT
CEO summary
2021 has been a dynamic working period. We have continued with our ongoing developments, where we see remarkable results, but also had to face a setback as the decision of the
Real estate development
We have continued construction of Kindrali Houses and Kalaranna projects and preparing project documentation for the following development phases in
In
In 2019 we completed five buildings in Šaltinių Namai Attico project in
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. In 2021 we have already completed Ratsuri Houses project with 39 apartments and now we start handing over exclusive homes in prime location of Kalaranna project.
On
Hotel operations
Last year had a significant impact on PK Parkhotel Kurhaus in Bad Kreuznach,
In the following months we continue construction works of ongoing development projects and plan to start with the following phases. In spite of losing
CEO
Key financials
The total revenue of the Company in the first six month of 2021 was
The gross profit in the first six month of 2021 decreased by 24% amounting to
The operating result in the first six month of 2021 was
The net result in the first six month of 2021 was
Cash used in operating activities during the first six month was -
Net assets per share on
Key performance indicators (including discontinued operations)
2021 6M | 2020 6M | 2021 Q2 | 2020 Q2 | 2020 12M | |
Revenue, th EUR | 9 042 | 9 053 | 2 479 | 3 180 | 19 234 |
Gross profit, th EUR | 2 661 | 3 491 | 687 | 1 354 | 6 775 |
Gross profit, % | 29% | 39% | 28% | 43% | 35% |
Operating result, th EUR | 877 | 250 | -1 020 | -96 | -43 108 |
Operating result, % | 10% | 3% | -41% | -3% | -224% |
Net result, th EUR | 21 342 | -7 903 | 23 454 | -3 935 | -59 456 |
Net result, % | 236% | -87% | 946% | -124% | -309% |
Earnings per share, EUR | 0.38 | -0.13 | 0.42 | -0.07 | -0.98 |
Total Assets, th EUR | 125 105 | 210 575 | 179 048 |
Total Liabilities, th EUR | 90 677 | 149 173 | 169 477 |
Total Equity, th EUR | 34 428 | 61 402 | 9 571 |
Debt / Equity * | 4.00 | 2.17 | 14.15 |
Return on Assets, % ** | 14% | -4% | -30.7% |
Return on Equity, % *** | 97% | -12% | -141.2% |
Net asset value per share, EUR **** | 0.61 | 1.11 | 0.23 |
*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 | Restated | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 13 842 | 7 061 | 9 393 |
Current receivables | 967 | 1 077 | 1 797 |
Inventories | 67 967 | 45 381 | 58 352 |
Total current assets | 82 776 | 53 519 | 69 542 |
Non-current assets | |||
Non-current receivables | 23 | 3 716 | 3 517 |
Property, plant and equipment | 6 648 | 7 047 | 6 745 |
Right-of-use assets | 266 | 438 | 357 |
Investment property | 35 038 | 145 501 | 98 512 |
Intangible assets | 354 | 354 | 375 |
Total non-current assets | 42 329 | 157 056 | 109 506 |
TOTAL ASSETS | 125 105 | 210 575 | 179 048 |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Current debt | 1 262 | 83 162 | 107 581 |
Customer advances | 13 070 | 6 059 | 7 866 |
Current payables | 4 882 | 15 430 | 22 211 |
Tax liabilities | 111 | 167 | 458 |
Short-term provisions | 475 | 325 | 459 |
Total current liabilities | 19 800 | 105 143 | 138 575 |
Non-current liabilities | |||
Long-term debt | 67 085 | 41 179 | 27 255 |
Other non-current payables | 2 577 | 1 416 | 2 295 |
Deferred income tax liabilities | 1 133 | 1 289 | 1 170 |
Long-term provisions | 82 | 146 | 182 |
Total non-current liabilities | 70 877 | 44 030 | 30 902 |
TOTAL LIABILITIES | 90 677 | 149 173 | 169 477 |
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 | 1 216 | 1 134 |
Revaluation reserve | 2 984 | 3 262 | 2 984 |
Retained earnings | -8 031 | 47 564 | 47 647 |
Profit/ Loss for the period | 21 342 | -7 554 | -55 678 |
Total equity attributable to owners of the Company | 34 428 | 61 487 | 13 086 |
Non-controlling interest | 0 | -85 | -3 515 |
TOTAL EQUITY | 34 428 | 61 402 | 9 571 |
TOTAL LIABILITIES AND EQUITY | 125 105 | 210 575 | 179 048 |
* See Note 2 for details regarding restatement.
Consolidated interim statements of profit and loss and other comprehensive income
in thousands of euros | 2021 6M | 2020 6M | 2021 Q2 | 2020 Q2 | 2020 12M | |||||
CONTINUING OPERATIONS | ||||||||||
Operating income | ||||||||||
Revenue | 7 307 | 5 597 | 1 727 | 1 727 | 13 637 | |||||
Cost of goods sold | -5 494 | -4 060 | -1 505 | -1 294 | -9 424 | |||||
Gross profit | 1 813 | 1 537 | 222 | 433 | 4 213 | |||||
Marketing expenses | -239 | -277 | -114 | -126 | -611 | |||||
Administrative expenses | -2 463 | -2 118 | -1 470 | -1 024 | -4 372 | |||||
Other income | 1 508 | 4 | 176 | 3 | 384 | |||||
Other expenses | -49 | -12 | -28 | -2 | 2 876 | |||||
Operating profit/ loss | 570 | -866 | -1 214 | -716 | 2 490 | |||||
Financial income | 53 810 | 2 | 53 809 | 1 | 4 | |||||
Financial expense | -27 753 | -2 817 | -26 362 | -1 203 | -5 419 | |||||
Profit / loss before income tax | 26 627 | -3 681 | 26 234 | -1 918 | -2 925 | |||||
Income tax | -28 | -79 | -11 | -10 | -354 | |||||
Net profit / loss from continuing operations | 26 599 | -3 760 | 26 223 | -1 928 | -3 279 | |||||
Profit from discontinued operations | -5 257 | -4 143 | -2 768 | -2 011 | -56 177 | |||||
Net profit / loss for the period | 21 342 | -7 903 | 23 455 | -3 939 | -59 456 | |||||
Attributable to: | ||||||||||
Equity holders of the parent | 21 627 | -7 554 | 23 577 | -3 769 | -55 678 | |||||
Non-controlling interest | -285 | -349 | -123 | -170 | -3 778 | |||||
Other comprehensive income, net of income tax | ||||||||||
Items that will not be reclassified subsequently to profit or loss | ||||||||||
Net change in properties revaluation reserve | 0 | 0 | 0 | 0 | -278 | |||||
Total comprehensive income / loss for the year | 21 342 | -7 903 | 23 455 | -3 937 | -59 734 | |||||
Attributable to: | ||||||||||
Equity holders of the parent | 21 627 | -7 554 | 23 577 | -3 769 | -55 956 | |||||
Non-controlling interest | -285 | -349 | -123 | -170 | -3 778 | |||||
Earnings per share (continuing operations) € | 0.47 | -0.07 | 0.46 | -0.03 | -0.06 | |||||
Earnings per share for the period € | 0.38 | -0.13 | 0.41 | -0.07 | -0.99 |
Consolidated interim statements of cash flows
in thousands of euros | 2021 6M | 2020 6M | 2021 Q2 | 2020 Q2 | 2020 12M |
Cash flows from operating activities | |||||
Profit/loss for the period | 21 342 | -7 903 | 23 454 | -3 937 | -59 456 |
Adjustments for: | |||||
Depreciation, amortisation of non-current assets | 194 | 208 | 94 | 104 | 416 |
Gain from disposal of investment property | -1 092 | 0 | 0 | 0 | 0 |
Loss from write-off of plant, property, equipment | 0 | 0 | 0 | 0 | 8 |
Change in fair value of property, plant, equipment | 0 | 0 | 0 | 0 | -16 |
Change in fair value of investment property | 0 | 0 | 0 | 0 | 43 127 |
Gain from derecognition of subsidiary | -53 808 | 0 | -53 808 | 0 | 0 |
Finance income and costs | 33 314 | 8 074 | 29 321 | 3 831 | 15 994 |
Changes in deferred tax assets and liabilities | -37 | -59 | -19 | -32 | -178 |
Other non-monetary changes (net amounts) | 1 545 | 1 | 1 544 | 1 | -3 110 |
Changes in working capital: | |||||
Trade receivables and prepayments | 4 319 | -980 | 4 266 | -570 | -1 514 |
Inventories | -9 616 | -4 350 | -6 487 | -5 053 | -13 011 |
Liabilities and prepayments | 64 | 2 348 | -3 442 | 1 012 | 10 025 |
Provisions | -100 | 19 | -113 | 10 | 59 |
Net cash used in operating activities | -3 875 | -2 642 | -5 190 | -4 634 | -7 656 |
Cash flows from investing activities | |||||
Payments for property, plant and equipment | -34 | -12 | -6 | -3 | -94 |
Payments for intangible assets | -5 | -2 | -3 | 0 | -43 |
Payments for investment property | -246 | -397 | -36 | -95 | -844 |
Proceeds from disposal of investment property | 2 000 | 0 | 0 | 0 | 0 |
Change in cash from derecognition of subsidiary | -183 | 0 | -183 | 0 | 0 |
Interests received | 1 | 2 | 0 | 0 | 1 |
Net cash used in investing activities | 1 533 | -409 | -228 | -98 | -980 |
Cash flows from financing activities | |||||
Net proceeds from secured bonds | 0 | 28 500 | 0 | 0 | 28 500 |
Redemption of convertible bonds | -84 | 0 | -15 | 0 | -33 |
Repurchase of non-convertible bonds | 0 | -28 000 | 0 | 0 | -28 000 |
Proceeds from borrowings | 12 411 | 2 857 | 6 573 | 2 757 | 14 410 |
Repayment of borrowings | -2 865 | -656 | -8 | -8 | -1 376 |
Repayment of lease liabilities | -87 | -84 | -41 | -36 | -135 |
Interests paid | -2 584 | -3 121 | -580 | -379 | -5 953 |
Net cash used/ generated by financing activities | 6 791 | -504 | 5 929 | 2 334 | 7 413 |
Net change in cash and cash equivalents | 4 449 | -3 555 | 511 | -2 398 | -1 223 |
Cash and cash equivalents at the beginning | 9 393 | 10 616 | 13 331 | 9 459 | 10 616 |
Cash and cash equivalents at the end of the period | 13 842 | 7 061 | 13 842 | 7 061 | 9 393 |
The full report can be found in the file attached.
Allan Remmelkoor
Member of the Board
+372 614 4920
prokapital@prokapital.ee
Attachment
- PKG 2021 Q2 ENG
© OMX, source