Unaudited financial report for the first quarter of 2022
The main business activity of Trigon Property Development AS is real estate development. As at 31.03.2022, AS Trigon Property Development owned one development project with an area of 13.8 hectares in the City of Pärnu, Estonia. An 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 first quarter of 2022, a 0.53-hectare property was sold for 213,200 euros (excluding VAT).
Condensed statement of financial position as of 31 March 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 first quarter of 2022 of AS Trigon Property Development is 108,908 euros and the earnings per share is 0.02421 EUR.
As of 31 March 2022 the assets of AS Trigon Property Development were 2,546,828 euros. The equity of the company was 2,471,987 euros, corresponding to 97.06 % of the total balance sheet.
Condensed statement of financial position
| EUR | 31.03.2022 | 31.12.2021 |
| Cash and cash equivalents | 968,407 | 938,858 |
| Trade and other receivables | 29,341 | 166,825 |
| Inventories | 1,549,080 | 1,452,989 |
| Total current assets | 2,546,828 | 2,558,672 |
| TOTAL ASSETS | 2,546,828 | 2,558,672 |
| Trade and other payables | 74,841 | 195,593 |
| Total current liabilities | 74,841 | 195,593 |
| Total liabilities | 74,841 | 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 | 1,508,483 | 1,399,575 |
| Total equity | 2,471,987 | 2,363,079 |
| TOTAL LIABILITIES AND EQUITY | 2,546,828 | 2,558,672 |
Condensed statement of comprehensive income
| EUR | I Q 2022 | I Q 2021 |
| Gain on sales | 213,200 | 0 |
| Costs of goods sold | -83,830 | 0 |
| Gross profit | 129,370 | 0 |
| Administrative and general expenses | -20,487 | -21,408 |
| Expenses related to investment property | 0 | -1,983 |
| Changes in fair value of investment property | 0 | 88,040 |
| Operating profit | 108,882 | 64,649 |
| Financial income | 25 | 19 |
| NET PROFIT FOR THE PERIOD | 108,908 | 64,668 |
| TOTAL COMPREHENSIVE PROFIT | 108,908 | 64,668 |
Rando Tomingas
Member of the Management Board
+372 667 9200
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