Unaudited financial report for the first quarter of 2017
As at 31.03.2017, AS Trigon Property Development owned one development project with an area of 22,39 hectares in the City of Pärnu, Estonia. An industrial and logistics park is planned to be developed 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. The realisation of the value of the land is planned through the selling of land plots or through the development of real estate with the intention of creating a rental income-generating project.
In 2016, the Company signed a preliminary sales-purchase agreement for the sale of a 10.4-hectare industrial property at 8.14 EUR/m2. The final sale-purchase agreement was executed in March 2017. According to the real right contract, Trigon Property Development AS is obliged to build a road to the sold land plot.
Condensed statement of financial position as of 31 March 2017 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 loss for first quarter of 2017 of AS Trigon Property Development is -25,854 euros and the earnings per share is -0.00575 EUR.
As of 31 March 2017 the assets of AS Trigon Property Development were 2,350,691 euros. The equity of the company was 2,324,796 euros, corresponding to 98.9 % of the total balance sheet.
Condensed statement of financial position
|
EUR |
31.03.2017 |
31.12.2016 |
|
Cash |
551,414 |
38,393 |
|
Receivables and prepayments |
307,803 |
5,022 |
|
Assets held for sale |
0 |
850,000 |
|
Total current assets |
859,217 |
893,415 |
|
Investment property |
1,491,474 |
1,471,532 |
|
Total non-current assets |
1,491,474 |
1,471,532 |
|
TOTAL ASSETS |
2,350,691 |
2,364,947 |
|
Payables and prepayments |
25,895 |
14,297 |
|
Total current liabilities |
25,895 |
14,297 |
|
Total liabilities |
25,895 |
14,297 |
|
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 |
-888,239 |
-862,385 |
|
Total equity |
2,324,796 |
2,350,650 |
|
TOTAL LIABILITIES AND EQUITY |
2,350,691 |
2,364,947 |
Condensed statement of comprehensive income
|
EUR |
I Q 2017 |
I Q 2016 |
|
Expenses related to investment property |
-11 499 |
-5 609 |
|
Gross loss |
-11 499 |
-5 609 |
|
Administrative and general expenses |
-14 356 |
-7 485 |
|
Operating loss |
-25 855 |
-13 094 |
|
Net financial income |
1 |
3 |
|
NET LOSS FOR THE PERIOD |
-25 854 |
-13 091 |
|
TOTAL COMPREHENSIVE LOSS |
-25 854 |
-13 091 |
Joakim Helenius
Chairman of the Supervisory Board
+372 667 9200
|