AS Pro Kapital Grupp CONSOLIDATED ANNUAL REPORT 2018
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AS Pro Kapital Grupp CONSOLIDATED ANNUAL REPORT 2018 WorldReginfo - 2bd381bf-7a8f-479b-a9e3-c643229a3899 Beginning of the financial year 1 January 2018 End of the financial year 31 December 2018 Company name AS Pro Kapital Grupp Registration number 10278802 Address Sõjakooli 11 11316 Tallinn, Estonia Phone +372 614 4920 Fax +372 614 4929 E-mail [email protected] Web site www.prokapital.com Fields of business activity Activities of holding companies Purchase and sales of real estate Rent and operation of real estate Management of real estate Hotel operations Auditor AS Deloitte Audit Eesti AS Pro Kapital Grupp consolidated annual report 2018 1 WorldReginfo - 2bd381bf-7a8f-479b-a9e3-c643229a3899 Table of contents About the Company ........................................................................................................ 5 Our vision and mission ............................................................................................................... 7 Our values ................................................................................................................................... 7 Results for 2018 .............................................................................................................. 8 Key financials .............................................................................................................................. 8 Main events .............................................................................................................................. 10 Chairman’s summary .................................................................................................... 12 Management and sustainability report for 2018 .......................................................... 15 Management ............................................................................................................................ 15 Our impact and responsibility in society ................................................................................. 18 Responsible real estate development ..................................................................................... 20 Team .......................................................................................................................................... 26 Customer experience ............................................................................................................... 28 Contribution to society ............................................................................................................. 31 Risk management ..................................................................................................................... 33 Strategy and objectives for 2019 ............................................................................................. 35 Development projects .............................................................................................................. 36 Segments ................................................................................................................................... 40 Financing sources and policies ................................................................................................. 46 Shares and shareholders .......................................................................................................... 47 Group structure ........................................................................................................................ 53 Corporate governance report .................................................................................................. 54 Management declaration ......................................................................................................... 86 Consolidated financial statements ................................................................................ 87 Consolidated statement of financial position ......................................................................... 87 Consolidated statement of comprehensive income ............................................................... 88 Consolidated statement of cash flows .................................................................................... 89 Consolidated statement of changes in equity ........................................................................ 90 Notes to the consolidated financial statements ..................................................................... 91 Note 1. General information .................................................................................................... 91 AS Pro Kapital Grupp consolidated annual report 2018 2 WorldReginfo - 2bd381bf-7a8f-479b-a9e3-c643229a3899 Note 2. Application of new and revised International Financial Reporting Standards (IFRSs) ................................................................................................................................................... 92 Note 3. Significant accounting policies .................................................................................... 95 Note 4. Critical accounting judgements and key sources of estimation uncertainty ......... 116 Note 5. Entities belonging to the Group ............................................................................... 119 Note 6. Segment reporting .................................................................................................... 121 Note 7. Changes in ownership in subsidiaries ...................................................................... 122 Note 8. Cash and cash equivalents ........................................................................................ 123 Note 9. Current receivables ................................................................................................... 123 Note 10. Inventories ............................................................................................................... 124 Note 11. Property, plant and equipment .............................................................................. 125 Note 12. Investment property ............................................................................................... 128 Note 13. Current debt ............................................................................................................ 134 Note 14. Current payables ..................................................................................................... 134 Note 15. Non-current debt .................................................................................................... 135 Note 16. Bank loans and overdrafts ...................................................................................... 135 Note 17. Convertible and non-convertible bonds ................................................................ 136 Note 18. Collaterals and pledged assets ............................................................................... 141 Note 19. Share capital and reserves ...................................................................................... 142 Note 20. Non-controlling interest ......................................................................................... 143 Note 21. Revenue ................................................................................................................... 144 Note 22. Cost of sales ............................................................................................................. 145 Note 23. Marketing and administration expenses ............................................................... 145 Note 24. Other operating income and expenses .................................................................. 146 Note 25. Finance income and cost ........................................................................................ 147 Note 26. Income tax ............................................................................................................... 147 Note 27. Earnings per share ................................................................................................... 150 Note 28. Transactions and balances with related parties .................................................... 150 Note 29. Subsequent events .................................................................................................. 152 Note 30. Risk management .................................................................................................... 153 Note 31. Lawsuits ................................................................................................................... 158 Note 32. Supplementary disclosures on the parent ............................................................. 159 AS Pro Kapital Grupp consolidated annual report 2018 3 WorldReginfo - 2bd381bf-7a8f-479b-a9e3-c643229a3899 Signatures of the Management Board and Supervisory Council to the consolidated annual report 2018 ..................................................................................................... 162 Independent certified auditor’s report ....................................................................... 164 Profit allocation proposal ............................................................................................ 168 AS Pro Kapital Grupp consolidated annual report 2018 4 WorldReginfo - 2bd381bf-7a8f-479b-a9e3-c643229a3899 About the Company AS Pro Kapital Grupp is one of the oldest and leading real estate development companies in the Baltic States. As we develop large residential