Published: 2017-02-28 17:20:28 CET
Trigon Property Development
Quarterly report

Consolidated unaudited financial report for the fourth quarter and 12 months of 2016

The main business activity of Trigon Property Development AS is real estate development. As at 31.12.2016 AS Trigon Property Development owned one development project involving a 32.8-hectare area in the City of Pärnu, Estonia. Industrial and logistics park are planned to develop on this area. Group’s intention is to find companies willing to bring their business activities (industry, logistics) to the development project area of Trigon Property Development in Pärnu, which makes it possible for Group to add value to the land plots owned by Group. Realization the value of the land is planned through sales of land plots or through development of real estate to the rental income earning project.

In 2015 a 0.5-hectare part of the property was sold. AS Trigon Property Development have entered into a preliminary sales-purchase agreement for the sale of six properties located in Pärnu, Kase street. Purchaser is planning to build a factory on the properties. The final sale-purchase agreement shall be executed during the first half of year 2017 after fulfillment of all the conditions laid down in the preliminary agreement.

Condensed consolidated statement of financial position as of 31 December 2016 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.

According to the condensed consolidated statement of comprehensive income the net loss for 2016 of AS Trigon Property Development is –64,459 euros and the earnings per share  is -0.01433 EUR.

As of 31 December 2016 the consolidated assets of AS Trigon Property Development were 2,364,947 euros. The consolidated equity of the company was 2,350,650 euros, corresponding to 99.4 % of the total balance sheet.

 

Condensed consolidated statement of financial position

 

EUR   31.12.2016 31.12.2015
Cash   38,393 100,540
Receivables and prepayments   5,022 17,004
Total current assets   43,415 117,544
Investment property   2,321,532 2,310,000
Total non-current assets   2,321,532 2,310,000
TOTAL ASSETS   2,364,947 2,427,544
Payables and prepayments   14,297 12,435
Total current liabilities   14,297 12,435
Total liabilities   14,297 12,435
Share capital at nominal value   2,699,437 2,699,437
Share premium   226,056 226,056
Statutory reserve capital   287,542 287,542
Retained earnings   -862,385 -797,926
Total equity   2,350,650 2,415,109
TOTAL LIABILITIES AND EQUITY   2,364,947 2,427,544

   

Condensed consolidated statement of comprehensive income

 

EUR 2016 2015
Expenses related to investment property -13,196 -11,963
Gross loss -13,196 -11,963
Administrative and general expenses -49,672 -31,891
Change in fair value of investment property -1,600 36,776
Operating loss -64,468 -7,078
Net financial income 9 -2,244
NET LOSS FOR THE PERIOD -64,459 -9,322
TOTAL COMPREHENSIVE LOSS -64,459 -9,322

 

 

 

Joakim Helenius

Chairman of the Supervisory Board

+372 667 9200

 


2016 IV Q interim ENG.pdf