Published: 2017-11-30 15:44:34 CET
Trigon Property Development
Quarterly report

Unaudited financial report for the third quarter and 9 months of 2017

The main business activity of Trigon Property Development AS is real estate development. As at 30.09.2017, 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 the first quarter of 2017 a 10.4-hectare industrial property at the price of 850 000 EUR was sold. According to the real right contract, Trigon Property Development AS was obliged to build a road to the sold land plot. On 08.08.2017 AS Trigon Property Development and the buyer agreed on amending the sales agreement and now the buyer is obliged to build the road and facilities according to the detail plan on its own expense. AS Trigon Property Development no longer is responsible for building the road and facilities and is not obliged to pay for the construction. Due to the change in contractual obligations the sale price of the property was amended and the sale price of Kase str 17 is 550 000 EUR.

On 11 May 2017 the Annual General Meeting adopted a resolution to introduce no par value shares with the book value of 0.6 euros and to  reduce the share capital of the Company by 400,417 euros from 2,699,020 euros to 2,299,020 euros. Share capital was reduced by reducing book value of the shares by 0.089 euros per share. Share capital reduction will be paid out on 04 December 2017. 

Condensed statement of financial position as of 30 September 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 9 months of 2017 of AS Trigon Property Development is -60,129 euros and the earnings per share  is -0.01336 EUR. 

As of 30 September 2017 the assets of AS Trigon Property Development were 2,292,097 euros. The equity of the company was 1,890,104 euros, corresponding to 82.46 % of the total balance sheet.

Condensed statement of financial position 

EUR 30.09.2017 31.12.2016
Cash 482,767 38,393
Receivables and prepayments 17,856 5,022
Assets held for sale 0 850,000
Total current assets 500,623 893,415
Investment property 1,791,474 1,471,532
Total non-current assets 1,791,474 1,471,532
TOTAL ASSETS 2,292,097 2,364,947
Payables and prepayments 401,993 14,297
Total current liabilities 401,993 14,297
Total liabilities 401,993 14,297
Share capital at nominal value 2,299,020 2,699,437
Share premium 226,056 226,056
Statutory reserve capital 287,542 287,542
Retained earnings -922,514 -862,385
Total equity 1,890,104 2,350,650
TOTAL LIABILITIES AND EQUITY 2,292,097 2,364,947

   

Condensed statement of comprehensive income 

EUR 9 M 2017 9 M 2016
Expenses related to investment property -28,616 -7,087
Gross loss -28,616 -7,087
Administrative and general expenses -31,539 33,873
Change in fair value of investment property 0 -1,600
Operating loss -60,155 -42,560
Net financial income 26 7
NET LOSS FOR THE PERIOD -60,129 -42,553
TOTAL COMPREHENSIVE LOSS -60,129 -42,553

 

 

 

Aivar Kempi

Member of the Management Board

+372 66 79 200

info@trigonproperty.com

 

 


2017 III Q interim ENG.pdf