Trigon Property Development: Unaudited financial report for the fourth quarter and 12 months of 2022

Trigon Property DevelopmentThe 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

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
Income tax expense -167,749 -100,104

2022 IV Q interim ENG

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