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Unaudited financial report for the first quarter of 2022

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Trigon Property Development
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

 

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