Published: 2017-05-31 18:06:36 CEST
Trigon Property Development
Quarterly report

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

 


2017 I Q interim ENG.pdf