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WKN: 579797 | ISIN: EE3100006040 | Ticker-Symbol: 17E
Frankfurt
01.11.24
21:49 Uhr
0,604 Euro
-0,006
-0,98 %
Branche
Immobilien
Aktienmarkt
OSTEUROPA
1-Jahres-Chart
PRO KAPITAL GRUPP AS Chart 1 Jahr
5-Tage-Chart
PRO KAPITAL GRUPP AS 5-Tage-Chart
RealtimeGeldBriefZeit
0,3400,81011:22
GlobeNewswire (Europe)
126 Leser
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Pro Kapital Grupp: Pro Kapital Council approved Consolidated Interim Report for II Quarter and 6 Months of 2024 (Unaudited)

MANAGEMENT REPORT

Real Estate Development

In 2024, we are continuing the construction and sales activities of the last stage of Kalaranna 8, Tallinn. The final stage consists of 4 residential buildings with 146 apartments and 4 commercial units which, upon completion, brings the total count of the buildings to 12. In Q3 we are continuing with internal finishing works of the buildings and as per current conditions, we are meeting the schedule deadlines. We expect to deliver units from the first two buildings by the end of 2024, and complete the remaining two buildings by the first quarter of 2025. With respect to sales in Kalaranna, as of the publishing of this report, we have reached ca 46% threshold in presales and signed reservations. We deem this a success in today's challenging market, especially so when our location warrants above average pricing.

In Kristiine City, we have continued the sales and construction activities of our new project Uus-Kindrali. By the end of Q2, 2024, we are nearly done with the foundation works and are starting the monolithic concrete works (framing and pouring structural walls/elements on -1 level). As of publishing this report, we have reached 34% in presales and reservations. The construction loan for this project is provided by AS LHV Pank.

In Riga, as of the publishing of this report, we have one unsold unit remaining in the River Breeze Residence, which has received the Baltics Prestige Award for exceptional architecture.

In Vilnius we have completed five residential buildings in S?altiniu? Namai Attico project with 115 apartments in 2019. By the end of June 2024, we have only 2 apartments unsold, out of which one is a model unit. In September 2023 we started the construction of the final stage of S?altiniu? Namai Attico with city villas (43 units) and a Residential-commercial building (15 units). As of July 2024, the construction is finishing up the 1st floor in the villas. In the commercial building we have achieved the topping out of the main structure with the final expected completion in Q2 2025.The loan contract for construction works was signed with S?iauliu? bank in the beginning of May 2024. With respect to sales, we are currently at 25% sellout threshold while achieving record pricing in the market.

We are also continuing the permitting process for our most recent purchase in Naugarduko street. The building, previously a school, will be converted into a high-end residential property located on hill and opening to spectacular Vilnius old town views, consisting of circa 50 luxury apartments.

According to the current plan, we expect to receive the permit by the end of summer. Regarding the start of construction activities, the management has decided to begin the work in Q1, 2025.

Hotel operations

Following two challenging years that significantly impacted the global tourism sector due to the pandemic, there is now a notable resurgence in demand within the hotel industry. In 2023, the hotel achieved excellent results, and we are glad to report that the performance exceeds budgeted expectations also in Q2, 2024.

In 2024 special attention and focus is on MICE activities (Meetings, Incentives, Conferences and Exhibitions), aimed at increasing sales in the corporate segment.

The successes in the first six month of 2024, prove the effectiveness of our strategies, as each month's actual performance has exceeded the monthly budgets set for the year.

Conclusion

In closing, I am proud to highlight the substantial progress and milestones we have achieved in our real estate development projects and hotel operations throughout 2024. Our projects in Tallinn, Riga, and Vilnius have maintained steady progress and delivered impressive sales outcomes, showcasing our commitment to excellence and efficiency.

The resurgence in the hotel industry, driven by increased demand and successful MICE activities, has surpassed our expectations, further solidifying our position in the hospitality sector.

As we continue to navigate the evolving market dynamics, our focus remains on prudent financial management and operational excellence. We are confident that our diverse portfolio, coupled with our strategic initiatives, will ensure sustainable growth and reinforce our leadership in the real estate sector.

I extend my gratitude to our shareholders, employees, and partners for their unwavering support and dedication. Together, we are poised to embrace future opportunities and achieve continued success.

Edoardo Preatoni
CEO

Key financials

The total revenue of the Group in first six months of 2024 was 6.9 million euros compared to 16.1 million euros in first six months of 2023. The total revenue of the second quarter was 3.9 million euros compared to 2.7 million euros in 2023.

The real estate sales revenues are recorded at the point of time when legal title is transferred to the buyer. Therefore, the revenues from sales of real estate depend on the construction cycle and the completion of the residential developments.

In 2024, real estate revenue decreased compared to the previous year due to the completion of the final building of Kindrali Houses at the beginning of 2023, when the last apartments were sold and handed over to the customers. Currently, most of our completed properties have been sold out. While we continue construction on the final stage of Kalaranna District, we plan completing and delivering units from the first two buildings by the end of 2024, and completing the remaining two buildings by the first quarter of 2025.

The gross profit of first six months of 2024 has decreased by 46% amounting to 2.4 million euros compared to 4.5 million euros in 2023. The gross profit of the second quarter was 1.5 million euros compared to 790 thousand euros in 2023.

The operating result in the first six months was 860 thousand euros loss comparing to 1.5 million euros profit during the same period in 2023. The operating result of the second quarter was 201 thousand euros loss compared to 658 thousand euros loss in the second quarter of 2023.

The net result for the first six months of 2024 was 3 million euros loss, comparing to

292 thousand euros loss in the reference period. The net result of the second quarter was 1.3 million euros loss compared to 1.6 million euros loss in the same period of 2023.

Cash used in operating activities during first six months of 2024 was 4.5 million euros comparing to 9.5 million euros generated during the same period in 2023. Cash used in operating activities during second quarter was 2.8 million euros compared to 850 thousand euros used in the second quarter of 2023.

Net assets per share on 30 June 2024 totalled to 0.93 euros compared to 0.97 euros on 30 June 2023.

Key performance indicators

2024 6M2023 6M2024 Q22023 Q22023 12M
Revenue, th EUR6 90716 1123 8532 69723 021
Gross profit, th EUR2 4234 4561 5357907 028
Gross profit, %35%28%40%29%31%
Operating result, th EUR -8601 501-201-6582 963
Operating result, %-12%9%-5%-24%13%
Net result, th EUR-3 040-292-1 340-1 595-900
Net result, %-44%-2%-35%-59%-4%
Earnings per share, EUR-0.05-0.01-0.02-0.03-0.02
30.06.202430.06.202331.12.2023
Total Assets, th EUR109 695101 166107 237
Total Liabilities, th EUR 57 20746 13552 814
Total Equity, th EUR52 48855 03154 423
Debt / Equity *1.090.840.97
Return on Assets, % **-2.9%-0.3%-0.08%
Return on Equity, % ***-5.7%-0.6%-1.5%
Net asset value per share, EUR ****0.930.970.96


*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 euros30.06.202430.06.202331.12.2023
ASSETS
Current assets
Cash and cash equivalents8 57617 47417 065
Current receivables1 4812 5441 411
Prepaid expenses359338268
Inventories44 55026 59835 563
Total current assets54 96646 95454 307
Non-current assets
Non-current receivables20132 010
Property, plant and equipment7 6557 7497 763
Right-of-use assets495233365
Investment property40 40545 85140 361
Goodwill2042620
Intangible assets3 61510496
Total non-current assets52 39454 21250 595
Assets held for sale 2 33502 335
Total assets held for sale2 33502 335
TOTAL ASSETS109 695101 166107 237
LIABILITIES AND EQUITY
Current liabilities
Current debt1 74928 49330 141
Customer advances7 0832 3223 657
Current payables6 2353 9094 911
Tax liabilities175118161
Short-term provisions82011
Total current liabilities15 25034 86238 881
Non-current liabilities
Long-term debt 40 67610 06412 695
Other long term liabilities200
Deferred income tax liabilities1 1301 1341 130
Long-term provisions14975108
Total non-current liabilities41 95711 27313 933
TOTAL LIABILITIES57 20746 13552 814
Equity attributable to owners of the Company
Share capital in nominal value11 33811 33811 338
Share premium5 6615 6615 661
Statutory reserve1 1341 1341 134
Revaluation reserve2 0922 0122 092
Retained earnings31 17534 88634 198
Total equity attributable to the owners of the Company51 40055 03154 423
Non-controlling interest1 08800
TOTAL EQUITY52 48855 03154 423
TOTAL LIABILITIES AND EQUITY109 695101 166107 237

Consolidated interim statements of comprehensive income

in thousands of euros2024 6M2023 6M2024 Q22023 Q22023 12M
CONTINUING OPERATIONS
Operating income
Revenue6 90716 1123 8532 69723 021
Cost of goods sold-4 484-11 656-2 318-1 907-15 993
Gross profit2 4234 4561 5357907 028
Marketing expenses-485-299-263-166-705
Administrative expenses-2 790-2 656-1 465-1 282-5 440
Other income1901702 099
Other expenses-270-250-19
Operating profit/ loss-8601 501-201-6582 963
Financial income67882568254
Financial expense-2 245-1 876-1 172-1 002-4 115
Profit / loss before income tax-3 038-287-1 348-1 592-898
Income tax-2-58-3-2
Net profit / loss for the period-3 040-292-1 340-1 595-900
Other comprehensive income net of income tax:
Net change in asset revaluation reserve 00000
Total comprehensive income / loss for the year-3 040-292-1 340-1 595-900
Attributable to:
The owners of the company-3 0230-1 323-1 595-900
Non-controlling interests-170-1700
Earnings per share for the period €-0.05-0.01-0.02-0.03-0.02

The full report can be found in the file attached.

Ann-Kristin Kuusik
CFO
+372 614 4920
prokapital@prokapital.ee


© 2024 GlobeNewswire (Europe)
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