The Supervisory Board of AS Pro Kapital Grupp has approved the company’s audited annual report for 2021. Compared to the unaudited interim report published on 28 February, there are no differences in the financial statements regarding the financial results, but adjustments have been made to the income statement and corresponding cash flow items due to the adjustments related to derecognition of the bankrupt subsidiary. The effect of the derecognition of the subsidiary was a total profit of 27.747 million euros. The audited annual report shows the following changes compared to the interim report:
- finance income decreased by EUR 53.807 million;
- finance expenses decreased by EUR 26.060 million;
- Other operating income increased by EUR 27.747 million.
The result of discontinued operations was incorrectly reported to be higher by 1.142 million. The audited annual report shows the following changes compared to the interim report:
- finance expenses increased by 1.142 million;
- loss from discontinued operations decreased by 1.142 million.
In 2021, the turnover of the Group’s continuing operations was 43.1 million euros, which increased by 29.5 million euros compared to the previous period. The company’s turnover from the sale of real estate depends on the time of completion of the housing developments, as the sales revenue is recognized at the moment when a notarial sales contract is entered into and the premises are handed over to the buyer. In 2021, the increase in sales revenue was primarily affected by the completion of the development of Ratsuri Houses and the completion of the first buildings in Kalaranna Kvartal in Tallinn. The gross profit of the Group’s continuing operations was 10.6 million euros, increasing by 6.4 million euros. The Group’s operating profit from continuing operations was 39.8 million euros, which was significantly affected by the effect of derecognition of the subsidiary. The net profit for the period was 29.8 million euros.