Unaudited financial report for the fourth quarter and 12 months of 2022The main business activity of Trigon Property Development AS is real estate development. As at 31.12.2022, AS Trigon Property Development owned one development project with an area of 12.8 hectares in the City of Pärnu, Estonia. A commercial, industrial and logistics park is planned 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. As the main purpose of the company is to sell existing land plots, investment property was recognized as inventories.
In the first quarter of 2021, a 3.43-hectare property was sold for 824,040 euros (excluding VAT). In the second quarter of 2021, a 0.89-hectare property was sold for 205,000 euros (excluding VAT). In the third quarter of 2021, a 2.01-hectare property was sold for 604,080 euros (excluding VAT). In the first quarter of 2022, a 0.53-hectare property was sold for 213,200 euros (excluding VAT). In the second quarter of 2022, a 1.0-hectare property was sold for 401,280 euros (excluding VAT). Condensed statement of financial position as of 31 December 2022 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 profit for 2022 of AS Trigon Property Development is 74,251 euros and the earnings per share is 0.01650 EUR. As of 31 December 2022 the assets of AS Trigon Property Development were 1,738,576 euros. The equity of the company was 1,719,778 euros, corresponding to 98.92 % of the total balance sheet. Condensed statement of financial position | EUR | 31.12.2022 | 31.12.2021 | | Cash and cash equivalents | 199,196 | 938,858 | | Trade and other receivables | 19,844 | 166,825 | | Inventories | 1,519,536 | 1,452,989 | | Total current assets | 1,738,576 | 2,558,672 | | TOTAL ASSETS | 1,738,576 | 2,558,672 | | Trade and other payables | 18,798 | 195,593 | | Total current liabilities | 18,798 | 195,593 | | Total liabilities | 18,798 | 195,593 | | Share capital at book value | 449,906 | 449,906 | | Share premium | 226,056 | 226,056 | | Statutory reserve capital | 287,542 | 287,542 | | Retained earnings | 756,274
| 1,399,575 | | Total equity | 1,719,778
| 2,363,079 | | TOTAL LIABILITIES AND EQUITY | 1,738,576 | 2,558,672 |
Condensed statement of comprehensive income | EUR | 12 M 2022 | 12 M 2021 | | Revenue | 614,480 | 809,080 | | Costs of goods sold | -283,685 | -433,080 | | Gross profit | 330,795 | 376,000 | | Administrative and general expenses | -88,860 | -92,014 | | Changes in fair value of investment property | 0 | 88,040 | | Other operating income | 0 | 100 | | Operating profit | 241,935 | 372,126 | | Financial income | 65 | 120 | | PROFIT BEFORE INCOME TAX | 242,000 | 372,246 | | Income tax expense | -167,749 | -100,104 | | TOTAL COMPREHENSIVE PROFIT | 74,251 | 272,142 |
Rando Tomingas Member of the Management Board Telephone: +372 667 9200 E-mail: info@trigonproperty.com
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