On 29 June 2007 a significant change occurred in the economic activity of AS Trigon Property Development, when the division plan of AS Trigon Property Development was signed pursuant to which the manufacturing unit, i.e. the construction materials division and furniture division were spun off from AS Trigon Property Development. This resolution was approved by the General Meeting of Shareholders on 6 August 2007. The division was entered into the commercial register on 19 September 2007. After the division, the main activity of AS Trigon Property Development is property development. The financial statements for the IV quarter 2007 of Trigon Property Development have been prepared after the division of AS Viisnurk, reflecting the results of continuing operations (property development) during the 12 months of 2007. As at the end of 2007, AS Trigon Property Development owned one property development project involving 40-hectare land plot in the City of Pärnu, Niidu area where will be developed commercial property. The balance sheet as of 31.12.2007 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development, which remained in the company after separation of AS Viisnurk. The balance sheet as of 31.12.2006 contains also the assets, liabilities and equity capital of AS Viisnurk, which were separated during the division. Comparing the currently delivered balance sheet as of 31.12.2006 with the consolidated annual report 2006 of AS Trigon Property Development announced earlier, the value of property investments and equity capital have been adjusted retroactively. Previously the property investments were recognised at historical cost principle, but in the current balance sheet the property investments are recognised retroactively at the fair value principle. According to the income statement the 12 months net profit of AS Trigon Property Development is 30,763 thousand EEK (includes the 9 months profit of AS Viisnurk in the amount of 11,875 thousand). The profit earned on continuous business activity (property development) of AS Trigon Property Development during 12 months is 18,888 thousand EEK, which was achieved through the increase of the fair value of property investment. According to the presented income statement the earnings per share of AS Trigon Property Development for 12 months of 2007 is 6.84 EEK, which contains also the profit of AS Viisnurk. The earnings per share of AS Trigon Property Development for 12 months of 2007 from the continuous business activity (real estate development) is 4.20 EEK. The loss per share of AS Trigon Property Development for IV quarter of 2007 is -0.12 EEK. Diluted earnings of AS Trigon Property Development per share are equal to the basic earnings per share because the Company does not have any potential ordinary shares with the dilutive effect on the earnings per share. Condensed consolidated balance sheet -------------------------------------------------------------------------------- | | EEK thous | EEK thous | EUR thous | EUR thous | -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | | | restated | | restated | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash | 372 | 13 138 | 24 | 840 | -------------------------------------------------------------------------------- | Receivables and | 84 | 26 628 | 5 | 1 702 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 0 | 44 971 | 0 | 2 874 | -------------------------------------------------------------------------------- | Total current assets | 456 | 84 737 | 29 | 5 416 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 130 000 | 128 130 | 8 309 | 8 189 | -------------------------------------------------------------------------------- | Property, plant and | 789 | 57 535 | 50 | 3 677 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible assets | 0 | 650 | 0 | 42 | -------------------------------------------------------------------------------- | Total non-current assets | 130 789 | 186 315 | 8 359 | 11 908 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 131 245 | 271 052 | 8 388 | 17 324 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Borrowings | 392 | 19 409 | 25 | 1 241 | -------------------------------------------------------------------------------- | Payables and prepayments | 450 | 30 231 | 29 | 1 932 | -------------------------------------------------------------------------------- | Short-term provisions | 0 | 221 | 0 | 14 | -------------------------------------------------------------------------------- | Total current | 842 | 49 861 | 54 | 3 187 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term provisions | 0 | 3 047 | 0 | 195 | -------------------------------------------------------------------------------- | Long-term borrowings | 2 546 | 28 511 | 163 | 1 822 | -------------------------------------------------------------------------------- | Total non-current | 2 546 | 31 558 | 163 | 2 017 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 3 388 | 81 419 | 217 | 5 204 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at nominal | 44 991 | 44 991 | 2 875 | 2 875 | | value | | | | | -------------------------------------------------------------------------------- | Share premium | 3 537 | 11 332 | 226 | 724 | -------------------------------------------------------------------------------- | Statutory reserve | 4 499 | 4 499 | 288 | 288 | | capital | | | | | -------------------------------------------------------------------------------- | Retained earnings | 74 830 | 128 811 | 4 782 | 8 233 | -------------------------------------------------------------------------------- | Total equity | 127 857 | 189 633 | 8 171 | 12 120 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 131 245 | 271 052 | 8 388 | 17 324 | | EQUITY | | | | | -------------------------------------------------------------------------------- Condensed consolidated income statement -------------------------------------------------------------------------------- | | EEK | EEK thous | EUR thous | EUR thous | | | thous | | | | -------------------------------------------------------------------------------- | | 12 | 12 months | 12 months | 12 months | | | months | 2006 | 2007 | 2006 | | | 2007 | restated | | restated | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Net sales | 342 | 536 | 22 | 34 | -------------------------------------------------------------------------------- | Cost of goods sold | (180) | (227) | (12) | (14) | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Gross profit | 162 | 309 | 10 | 20 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Administrative and | (631) | 0 | (40) | 0 | | general expenses | | | | | -------------------------------------------------------------------------------- | Gain from revaluation of | 19 870 | 52 330 | 1 270 | 3 344 | | investment property to | | | | | | fair value | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Operating profit | 19 401 | 52 639 | 1 240 | 3 364 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Net financial income | (38) | (39) | (2) | (2) | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit from continuing | 19 363 | 52 600 | 1 238 | 3 362 | | operations before tax | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit from discontinued | 11 875 | 27 908 | 758 | 1 784 | | operations | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Corporate income tax | (475) | (438) | (30) | (28) | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 30 763 | 80 070 | 1 966 | 5 118 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 6.84 | 17.80 | 0.44 | 1.14 | -------------------------------------------------------------------------------- | Diluted earnings per | 6.84 | 17.80 | 0.44 | 1.14 | | share | | | | | -------------------------------------------------------------------------------- Ülo Adamson Chairman of the Supervisory Board +372 6679 200 info@trigonproperty.com
TPD: Financial results of Trigon Property Development, 12 months of 2007
| Source: Trigon Property Development
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