Pro Kapital: Audited annual report 2019

Pro KapitalOn 29 April 2020, the Supervisory Council of AS Pro Kapital Grupp has approved the company’s 2019 audited annual report.

In 2019 we completed last four residential buildings in Marsi Houses project in Kristiine City in Tallinn and also five apartment houses in Šaltinių Namai Attico residential complex in Vilnius. In October we started construction of Kalaranna District in Tallinn. In Riga we continued sale of River Breeze Residence. T1 Mall of Tallinn shopping and entertainment centre continued with rental operations.

The company’s audited and consolidated revenue for the financial year of 2019 amounted to 55.3 million euros. Compared to 28.0 million euros in 2018, the revenue increased by 97%. Revenue of reporting period has increased due to completion of several development projects and related sales transactions. The company records revenues from sales of real estate at the moment of signing notarized sales agreements and handing premises over to the buyers.  The company’s gross profit for 2019 was 15.8 million euros, which was 65% higher than 9.6 million euros in 2018. The company’s audited net loss for 2019 amounted to 29.2 million euros comparing to 18.1 million euros net profit in 2018. Such a significant difference in net results of the company are mostly related to the fair value changes of investment properties – 18 million euros profit has been recorded in 2018 and relevantly loss of 24 million euros in 2019. The largest change in value of the investment property is related to T1 Mall of Tallinn shopping centre. The building was completed in 2018 and rental activities started. At the end of the year the property was valued based on prognosis of future cash flows, the value had increased and profit was recorded. As the prognosis was not fulfilled in 2019 and 2020 estimations were more conservative, the property was devalued at the end of 2019. Net result of 2019 has been also influenced by high interest costs, which constituted 14 million euros comparing to 3.5 million euros in 2018. In 2018 the interest costs were capitalized into investment property in amount of 4 million euros in addition to the interest costs in the profit and loss.

The audited financial reports for 2019 and the unaudited financial reports for the fourth quarter of 2019, which were disclosed on 28 February 2020, have the following differences:

Consolidated statement of financial position
2019 annual report 2019 Q4 interim report Difference
Current debt 111 759 36 403 75 356
Current payables 8 741 8 675 66
Long-term debt 10 871 86 227 -75 356
Loss for the period -26 981 -26 915 -66
Consolidated interim statements of comprehensive income
2019 annual report 2019 Q4 interim report Difference
Financial expense -14 019 -13 953 -66

The differences are related to reclassification of T1 Mall of Tallinn real-estate development loan from long-term debt into current debt in amount of 75.4 million euros and a financial expense provision in amount of 66 thousand euros, which was not recorded initially in the interim report.

The audited annual report of AS Pro Kapital Grupp for the financial year of 2019 is available at the headquarter of the company, located at Sõjakooli 11, Tallinn. The report can also be found on the company’s webpage www.prokapital.com.

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