The Group’s profit from continuing operations before provisions and impairment losses totalled €21.6 million, or 22.2% of the annual projection. The net profit of the Group amounted to €2.6 million, which was nearly €2 million below the figure reported for the same period last year, and 32.3% of the annual projection. The total assets of the Group at the end of March were nearly €5.8 billion, down 0.5% on the 2011 year-end. This figure was in line with the projection set out in the 2012 business plan. The Group remains well-capitalised; its total capital adequacy ratio stood at 11.27% at the end March.
The results of the Nova KBM Group for the first quarter of 2012 were affected by an increased number of bankruptcy proceedings and, consequently, high provisions and impairment losses. The total amount of provisioning in the first quarter of 2012 was 6.8% below the figure reported for the same period last year. Nova KBM shares recovered by 9% in the first quarter of the year, yet their price still accounts for only about 30% of their book value.
Aleš Hauc, President of Nova KBM's Management Board, said today: »Relatively good operating results reported by the Nova KBM Group for the first quarter were driven by efficient performance and positive commitment of all Group employees. Delivering improved profitability to our shareholders and providing well thought-out financial solutions to our customers and business partners remains at the centre of our strategy«.
