Audited annual report 2021 of AS Pro Kapital Grupp
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 February 28, there are no differences in the financial statements regarding the financial results , but adjustments were made to income and related cash flow items due to adjustments related to the derecognition of the bankrupt subsidiary. The effect of the derecognition of the subsidiary was a total profit of €27.747 million. The audited annual report shows the following changes compared to the interim report:
- financial income decreased by 53.807 million euros;
- financial charges decreased by 26.060 million euros;
- Other operating income increased by 27.747 million euros.
The result from discontinued operations was incorrectly reported as 1.142 million higher. The audited annual report shows the following changes compared to the interim report:
- financial charges increased by 1.142 million;
- the loss from discontinued operations decreased by 1.142 million.
In 2021, the Group’s revenue from continuing operations was €43.1 million, up €29.5 million compared to the previous period. The company’s turnover from the sale of real estate depends on the time of completion of the housing estates, since the turnover is recognized at the time of conclusion of a notarized sales contract and handover premises to the buyer. In 2021, the revenue increase was mainly impacted by the completion of the Ratsuri Houses development and the completion of the first buildings at Kalaranna Kvartal in Tallinn. The Group’s gross profit from continuing operations amounted to €10.6 million, up €6.4 million. The Group’s operating income from continuing operations amounted to €39.8 million, significantly impacted by the effect of the derecognition of the subsidiary. Net profit for the period amounted to 29.8 million euros.
The 2021 consolidated annual report of AS Pro Kapital Grupp is attached to the announcement and will be made available on the company’s website https://www.prokapital.com/en/financials/
AS Pro Capital Group
Telephone: +372 614 4920
PKG Annual Report 2021 EN