Unaudited financial report for the first quarter of 2022

Trigon Property Development

The main business activity of Trigon Property Development AS is real estate development. As at 31.03.2022, AS Trigon Property Development owned one development project with an area of 13.8 hectares in the City of Pärnu, Estonia. An industrial and logistics park is planned on this area. The Company’s objective is to find companies willing to bring their business activities (industry, logistics) to the development project area of AS Trigon Property Development in Pärnu, which would add value to the land plots owned by the Company. As the main purpose of the company is to sell existing land plots, investment property was recognized as inventories.

In the first quarter of 2021, a 3.43-hectare property was sold for 824,040 euros (excluding VAT).

In the first quarter of 2022, a 0.53-hectare property was sold for 213,200 euros (excluding VAT).

Condensed statement of financial position as of 31 March 2022 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.

According to the condensed statement of comprehensive income the net profit for first quarter of 2022 of AS Trigon Property Development is 108,908 euros and the earnings per share is 0.02421 EUR.

As of 31 March 2022 the assets of AS Trigon Property Development were 2,546,828 euros. The equity of the company was 2,471,987 euros, corresponding to 97.06 % of the total balance sheet.

 

Condensed statement of financial position

EUR	31.03.2022	31.12.2021
Cash and cash equivalents	968,407	938,858
Trade and other receivables	29,341	166,825
Inventories	1,549,080	1,452,989
Total current assets	2,546,828	2,558,672
TOTAL ASSETS	2,546,828	2,558,672
Trade and other payables	74,841	195,593
Total current liabilities	74,841	195,593
Total liabilities	74,841	195,593
Share capital at book value	449,906	449,906
Share premium	226,056	226,056
Statutory reserve capital	287,542	287,542
Retained earnings	1,508,483	1,399,575
Total equity	2,471,987	2,363,079
TOTAL LIABILITIES AND EQUITY	2,546,828	2,558,672

 

Condensed statement of comprehensive income

EUR	I Q 2022	I Q 2021
Gain on sales	213,200	0
Costs of goods sold	-83,830	0
Gross profit	129,370	0
Administrative and general expenses	-20,487	-21,408
Expenses related to investment property	0	-1,983
Changes in fair value of investment property	0	88,040
Operating profit	108,882	64,649
Financial income	25	19
NET PROFIT FOR THE PERIOD	108,908	64,668
TOTAL COMPREHENSIVE PROFIT	108,908	64,668

 

 

 

Rando Tomingas

Member of the Management Board

+372 667 9200

 

Attachment

• 2022 I Q interim ENG