Consolidated Interim report for I quarter and 3 months of 2017 (unaudited)

During the first quarter of 2017 Pro Kapital continued the construction works of the new T1 Mall of Tallinn shopping and entertainment centre in Tallinn, which is the Company´s largest single-object development project. Active negotiations with several local and international retail operators were carried on. The Company continued development activities also in Kliversala residential quarter in Riga and residential development projects – Šaltinių Namai in Vilnius and Tondi Quarter in Tallinn.

In Vilnius by the issuing of the present report 41 apartments out of 44 in building K4-1 have been handed over to the clients. In January 2017, the construction works for the 2nd stage residential buildings were started and 36 preliminary agreements have been signed.

In Tallinn, Tondi quarter, the Company has completed three apartment buildings where 84 apartments out of 93 have been handed over to the clients. Presales continued for the 4th building with 15 presale agreements signed and also in the 5th building with 4 presale agreements signed. For the Marsi 6 historical building that will be renovated into a special design loft apartments, 31 presale agreements out of 45 flats have been signed. On 20 February 2017 the project “Kesk-küla” was announced as the winner of the architectural competition for Kalasadam area, the author of which is Kadarik Tüür Arhitektid OÜ. In total 11 entries were submitted from Estonian and international studios.

In Riga, the construction works for the first residential building in Kliversala project were continued and 8 presale agreements have been signed out of 47 flats in total. The projecting works were continued also for Tallinas Residential Complex.

Total revenue for the first three months in 2017 was 3 614 thousand euros, an increase of 30% compared to the reference period (2016 3M: 2 777 thousand euros).

Net operating result for the first three months in 2017 increased by 452 thousand euros (48%) compared to the reference period, totalling to loss of 497 thousand euros (2016 3M: 949 thousand euros loss).

Net result for the first three months in 2017 has increased by 52 thousand euros (4%) compared to the reference period, totalling to losses of 1 429 thousand euros (2016 3M: losses of 1 481 thousand euros).

Key financial figures
2017 3M2016 3M2016 12M
Revenue, th EUR3 6142 77720 652
Gross profit, th EUR9352636 054
Gross profit, %26%9%29%
Operating result, th EUR -497-949-309
Operating result, %-14%-34%-1%
Net result, th EUR-1 429-1 481-4025
Net result, %-40%-53%-19%
Earnings per share, EUR-0,03-0,03-0,07
Total Assets, th EUR144 439131 478142 314
Total Liabilities, th EUR 66 14348 34162 110
Total Equity, th EUR78 29683 13780 204
Debt/ Equity0,840,580,77
Return on Assets, %-1,00%-1,10%-1,50%
Return on Equity, %-1,80%-1,80%-2,40%
Net asset value per share, EUR1,441,531,51
Consolidated interim statements of financial position 
in thousands of euros31.03.201731.12.2016
Current Assets
Cash and cash equivalents3 3315 382
Current receivables4 5684 475
Inventories27 08614 144
Total Current Assets34 98524 001
Non-Current Assets
Non-current receivables4142
Property, plant and equipment18 26118 336
Investment property                   90 85599 660
Intangible assets297275
Total Non-Current Assets109 454118 313
TOTAL ASSETS144 439142 314
in thousands of euros31.03.201731.12.2016
Current Liabilities
Current debt                                                          7 6548 261
Customer advances3 8462 226
Current payables3 9788 502
Taxes payable675547
Short-term provisions2035
Total Current Liabilities16 35619 541
Non-Current Liabilities
Long-term debt  44 43338 040
Other long-term liabilities1 827804
Deferred income tax liability3 3483 360
Long-term provisions179365
Total Non-Current Liabilities49 78742 569
Equity attributable to equity holders of the parent
Share capital in nominal value10 85410 854
Paid in capital1 8161 816
Statutory reserve1 0821 082
Revaluation reserve9 4629 462
Retained earnings55 01759 104
Profit (loss) for the period-1 411-3 913
Total equity attributable to equity holders of the parent76 82078 405
Non-controlling interest1 4761 799
TOTAL EQUITY78 29680 204
Consolidated interim statements of comprehensive income 
in thousands of euros2017 3M2016 3M 2016 12M
Operating income
Revenue3 6142 77720 652
Cost of goods sold-2 679-2 514-14 598
Gross profit9352636 054
Marketing expenses-214-117-518
Administrative expenses-1 277-1 181-5 396
Other income64105254
Other expenses-5-19-703
Operating profit/ loss-497-949-309
Financial income1213
Financial expense-889-528-3 512
Loss before income tax-1 385-1 475-3 808
Income tax-44-6-217
Net loss for the period-1 429-1 481-4 025
Equity holders of the parent-1 411-1 465-3 913
Non-controlling interest-18-16-112
Earnings per share (EUR)-0,03-0,03-0,07
Diluted earnings per share (EUR)-0,03-0,03-0,07
Consolidated interim statements of cash flows 
in thousands of euros2017 3M2016 3M 2016 12M
Cash flows from operating activities
Loss for the year-1 429-1 481-4 025
Adjustments for:
Depreciation and amortisation of non-current assets175174695
Change in fair value of investment property0030
Gain from sale of non-current assets00-4
Change in fair value of investment property00599
Finance income and costs8875263 499
Other non-monetary changes (net amounts)12 58429302
Changes in working capital:
Trade receivables and prepayments-93777-2 862
Inventories-12 942-567-1 707
Liabilities and prepayments-1 7523814 185
Provisions 12-76-64
Net cash from operating activities-2 558-237648
Cash flows from investing activities
Payments for property, plant and equipment-98-13-1 206
Payments for intangible assets-24-1-2
Payments for investment property-4 085-1 770-8 552
Proceeds from sales of non-current assets007
Interests received1213
Net cash from investing activities-4 206-1 782-9 740
Cash flows from financing activities
Net changes in non-controlling interests-480826276
Proceeds from issue of bonds090112 637
Redemption of convertible bonds-522-12-123
Redemption of non-convertible bonds00-1 000
Proceeds from borrowings6 4507892 961
Repayment of borrowings-168-521-3 310
Interests paid-567-569-3 359
Net cash from financing activities4 7131 4148 082
Net change in cash and cash equivalents-2 051-605-1 010
Cash and cash equivalents at the beginning of the period5 3826 3926 392
Cash and cash equivalents at the end of the period3 3315 7875 382

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