MANAGEMENT REPORT
CEO summary
The first quarter of 2022 has been an atypical one. The
Real estate development
In
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
In
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
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
We are satisfied with the results of the first quarter although they were influenced by one- time expenses in amount of
Edoardo Preatoni
CEO
Key financials
The total revenue of the Company in the first quarter of 2022 was
The gross profit in the first quarter of 2022 increased by 61% amounting to
The operating result in 2022 has decreased to
The net result for the first three months of 2022 was
Cash used in operating activities during first quarter of 2022 was minus
Net assets per share on
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 |
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 | |||
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 |
CFO
+372 614 4920
prokapital@prokapital.ee
Attachment
- PKG_Q1_2022_ENG
© OMX, source