Correction: Unaudited financial report for the third quarter and 9 months of 2021
The main business activity of Trigon Property Development AS is real estate development. As at 30.09.2021, AS Trigon Property Development owned one development project with an area of 14.29 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.
In the first quarter of 2021 a 3.43-hectare property at the price of 824 040 (VAT not included) euros was sold.
In the second quarter of 2021 a 0.89-hectare property at the price of 205 000 (VAT not included) euros was sold.
In the third quarter of 2021 a 2.01-hectare property at the price of 604 080 (VAT not included) euros was sold.
Condensed statement of financial position as of 30 September 2021 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 9 months of 2021 of AS Trigon Property Development is 298,307 euros and the earnings per share is 0.06630 EUR.
As of 30 September 2021 the assets of AS Trigon Property Development were 2,890,408 euros. The equity of the company was 2,389,244 euros, corresponding to 82.66 % of the total balance sheet.
Condensed statement of financial position
| EUR | 30.09.2021 | 31.12.2020 |
| Cash | 1,488,952 | 146,890 |
| Receivables and prepayments | 43,189 | 789 |
| Total current assets | 1,532,141 | 147,679 |
| Investment property | 1,358,267 | 2,350,000 |
| Total non-current assets | 1,358,267 | 2,350,000 |
| TOTAL ASSETS | 2,890,408 | 2,497,679 |
| Payables and prepayments | 501,164 | 6,325 |
| Total current liabilities | 501,164 | 6,325 |
| Total liabilities | 501,164 | 6,325 |
| Share capital at book value | 2,299,020 | 2,299,020 |
| Share premium | 226,056 | 226,056 |
| Statutory reserve capital | 287,542 | 287,542 |
| Retained earnings /loss | 1,425,740 | -321,264 |
| Total equity | 2,389,244 | 2,491,354 |
| TOTAL LIABILITIES AND EQUITY | 2,890,408 | 2,497,679 |
Condensed statement of comprehensive income
| EUR | 9 M 2021 | 9 M 2020 |
| Gain on sales of investment property | 464,040 | 4,405 |
| Expenses related to investment property | -5,983 | -8,409 |
| Gross profit /loss | 458,057 | -4,004 |
| Administrative and general expenses | -59,831 | -11,758 |
| Other operating income | 100 | 0 |
| Operating profit /loss | 398,326 | -15,762 |
| Net financial income | 86 | 10 |
| Profit /loss before income tax | 398,411 | -15,752 |
| Income tax expense | -100,104 | 0 |
| NET PROFIT /LOSS FOR THE PERIOD | 298,307 | -15,752 |
| TOTAL COMPREHENSIVE PROFIT /LOSS | 298,307 | -15,752 |
Rando Tomingas
Member of the Management Board
+372 667 9200
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