Published: 2018-02-28 15:26:27 CET

Unaudited financial report for the fourth quarter and 12 months of 2017

28.02.2018 

The main business activity of Trigon Property Development AS is real estate development. As at 31.12.2017, 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 was paid out on 04 December 2017.

Condensed statement of financial position as of 31 December 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 2017 of AS Trigon Property Development is -132,535 euros and the earnings per share  is -0.02946 EUR.

As of 31 December 2017 the assets of AS Trigon Property Development were 1,878,811 euros. The equity of the company was 1,817,698 euros, corresponding to 96.75 % of the total balance sheet.

Condensed statement of financial position

EUR31.12.201731.12.2016
Cash78,10638,393
Receivables and prepayments9,2315,022
Assets held for sale0850,000
Total current assets87,337893,415
Investment property1,791,4741,471,532
Total non-current assets1,791,4741,471,532
TOTAL ASSETS1,878,8112,364,947
Payables and prepayments61,11314,297
Total current liabilities61,11314,297
Total liabilities61,11314,297
Share capital at nominal value2,299,0202,699,437
Share premium226,056226,056
Statutory reserve capital287,542287,542
Retained earnings-994,920-862,385
Total equity1,817,6982,350,650
TOTAL LIABILITIES AND EQUITY1,878,8112,364,947

Condensed statement of comprehensive income

EUR20172016
Expenses related to investment property-34,225-13,196
Gross loss-34,225-13,196
Administrative and general expenses-45,869-49,672
Change in fair value of investment property0-1,600
Operating loss-80,094-64,468
Net financial income349
Loss before income tax-80,060-64,459
Income tax expense-52,4750
NET LOSS FOR THE PERIOD-132,535-64,459
TOTAL COMPREHENSIVE LOSS-132,535-64,459

Aivar Kempi
Member of the Management Board
+372 66 79 200

info@trigonproperty.com

 

2017 IV ENG


2017 IV ENG.pdf