Unaudited financial report for the first quarter of 2023
The main business activity of Trigon Property Development AS is real estate development. As at 31.03.2023, 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 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 March 2023 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 quarter of 2023 of AS Trigon Property Development is -8,868 euros and the earnings per share is -0.00197 EUR.
As of 31 March 2023 the assets of AS Trigon Property Development were 1,719,544 euros. The equity of the company was 1,710,910 euros, corresponding to 99.50 % of the total balance sheet.
Condensed statement of financial position
| EUR | 31.03.2023 | 31.12.2022 |
| Cash and cash equivalents | 163,952 | 199,196 |
| Trade and other receivables | 23,352 | 19,844 |
| Inventories | 1,532,240 | 1,519,536 |
| Total current assets | 1,719,544 | 1,738,576 |
| TOTAL ASSETS | 1,719,544 | 1,738,576 |
| Trade and other payables | 8,634 | 18,798 |
| Total current liabilities | 8,634 | 18,798 |
| Total liabilities | 8,634 | 18,798 |
| Share capital at book value | 449,906 | 449,906 |
| Share premium | 226,056 | 226,056 |
| Statutory reserve capital | 287,542 | 287,542 |
| Retained earnings | 747,405 | 756,274 |
| Total equity | 1,710,910 | 1,719,778 |
| TOTAL LIABILITIES AND EQUITY | 1,719,544 | 1,738,576 |
Condensed statement of comprehensive income
| EUR | I Q 2023 | I Q 2022 |
| Revenue | 0 | 213,200 |
| Costs of goods sold | 0 | -83,830 |
| Gross profit | 0 | 129,370 |
| Administrative and general expenses | -8,939 | -20,487 |
| Operating profit/loss | -8,939 | 108,883 |
| Financial income | 70 | 25 |
| PROFIT/LOSS FOR THE PERIOD | -8,868 | 108,908 |
| TOTAL COMPREHENSIVE PROFIT/LOSS | -8,868 | 108,908 |
Rando Tomingas
Member of the Management Board
Telephone: +372 667 9200
E-mail: info@trigonproperty.com
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