Audited annual report 2018

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

The main event in 2018 was completion and start of operations of T1 Mall of Tallinn. Marsi 6 renovation works and construction of two residential Kristina Houses in Kristiine City were finalised in Tallinn. In Riga the luxurious apartments in the River Breeze Residence on the banks of the river Daugava were completed. The company continued development of in Kristiine City in Tallinn and Šaltiniu Namai residential complex in Vilnius. Projecting works of the following development phases and areas is ongoing.

The company’s audited and consolidated revenue from continuing operations for the financial year of 2018 amounted to 28 million euros. Compared to 14 million euros in 2017, the revenue increased by 99%. Revenues have increased in real estate sales and rental revenues. 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 was 10 million euros, which was twice as much than 5 million euros in 2017. The gross profit margin was 34% in 2018. The company’s audited net profit amounted to 18 million euros comparing to net loss 0,5 million euros in 2017. The net result in 2018 was positively influenced by the effect of real estate revaluation in the amount of 18 million euros with the main effect from T1 real estate property.  

The audited financial statements for the period and financial statements disclosed on 30 January 2019 in the interim report for the fourth quarter in 2018 have insignificant differences. Current receivables decreased and customer advances increased by 9 thousand euros in the statement of financial position. The value of investment properties increased by 16 thousand euros, which occurred as a positive result in other revenues in the statement of income.

For the first time the company described its relation to the corporate and social responsibility. More information can be found in the management report section of the annual report.

The audited annual report of AS Pro Kapital Grupp for the financial year of 2018 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.

Allan Remmelkoor
Member of the Board
AS Pro Kapital Grupp
Phone: +372 614 4920
prokapital@prokapital.ee

Attachment

• PKG Annual Report 2018 ENG