19.11.2008 As at the end of third quarter 2008, AS Trigon Property Development owned one property development project involving 40-hectare land plot in the City of Pärnu, Niidu area. The balance sheet as of 30.09.2008 and 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 current income statement for 9 months of 2008 reflects the profit of AS Trigon Property Development and the comparative information reflects the profit of AS Trigon Property Development and AS Viisnurk because the assets, liabilities and equity capital of AS Viisnurk were separated from the financial reports of AS Trigon Property development as of 30.09.2007. According to the presented income statement the net loss for 9 months 2008 of AS Trigon Property Development is 8 439 thousand EEK and the earnings per share is -1.88 EEK. Consolidated loss for the accounting period results from revaluation of the real estate in the total amount of minus EEK 8 695 thousand. As of 30.09.2008 the consolidated assets of AS Trigon Property Development was EEK 129 118 thousand. The consolidated equity of the company was EEK 125 880 thousand, corresponding to 97.49 % of the total balance sheet. Condensed consolidated balance sheet -------------------------------------------------------------------------------- | | EEK thous | EEK thous | EUR thous | EUR thous | -------------------------------------------------------------------------------- | | 30.09.200 | 31.12.2007 | 30.09.2008 | 31.12.2007 | | | 8 | | | | -------------------------------------------------------------------------------- | Cash | 112 | 372 | 7 | 24 | -------------------------------------------------------------------------------- | Receivables and | 162 | 84 | 10 | 5 | | prepayments | | | | | -------------------------------------------------------------------------------- | Total current assets | 274 | 456 | 17 | 29 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 128 844 | 137 251 | 8 235 | 8 772 | -------------------------------------------------------------------------------- | Total non-current | 128 844 | 137 251 | 8 235 | 8 772 | | assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 129 118 | 137 707 | 8 252 | 8 801 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Borrowings | 196 | 392 | 13 | 25 | -------------------------------------------------------------------------------- | Payables and | 496 | 450 | 32 | 29 | | prepayments | | | | | -------------------------------------------------------------------------------- | Total current | 692 | 842 | 45 | 54 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term borrowings | 2 546 | 2 546 | 163 | 163 | -------------------------------------------------------------------------------- | Total non-current | 2 546 | 2 546 | 163 | 163 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 3 238 | 3 388 | 208 | 217 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at | 44 991 | 44 991 | 2 875 | 2 875 | | nominal value | | | | | -------------------------------------------------------------------------------- | Share premium | 3 537 | 3 537 | 226 | 226 | -------------------------------------------------------------------------------- | Statutory reserve | 4 499 | 4 499 | 288 | 288 | | capital | | | | | -------------------------------------------------------------------------------- | Retained earnings | 72 853 | 81 292 | 4 655 | 5 195 | -------------------------------------------------------------------------------- | Total equity | 125 880 | 134 319 | 8 044 | 8 584 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 129 118 | 137 707 | 8 252 | 8 801 | | AND EQUITY | | | | | -------------------------------------------------------------------------------- Condensed consolidated income statement -------------------------------------------------------------------------------- | | EEK thous | EEK thous | EUR thous | EUR thous | -------------------------------------------------------------------------------- | | 9 months | 9 months | 9 months | 9 months | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Rental income | 351 | 257 | 22 | 16 | -------------------------------------------------------------------------------- | Expenses related to | (135) | (120) | (9) | (7) | | investment property | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Gross profit | 216 | 137 | 13 | 9 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Administrative and | (167) | (68) | (11) | (4) | | general expenses | | | | | -------------------------------------------------------------------------------- | Change in fair value | (8 695) | 19 870 | (555) | 1 270 | | of investment | | | | | | property | | | | | -------------------------------------------------------------------------------- | Other operating | 226 | 0 | 14 | 0 | | income | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Operating profit | (8 420) | 19 939 | (539) | 1 275 | | (loss) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Net financial income | (19) | (19) | (1) | (1) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) from | (8 439) | 19 920 | (540) | 1 274 | | continuing operations | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit from | 0 | 11 875 | 0 | 758 | | discontinued | | | | | | operations | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit (loss) before | (8 439) | 31 795 | (540) | 2 032 | | income tax | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Corporate income tax | 0 | (475) | 0 | (30) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT (LOSS) FOR | (8 439) | 31 320 | (540) | 2 002 | | THE PERIOD | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Basic earnings per | -1.88 | 6.96 | -0.12 | 0.44 | | share | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | -1.88 | 6.96 | -0.12 | 0.44 | | share | | | | | -------------------------------------------------------------------------------- Ülo Adamson Chairman of the Supervisory Board +372 51 39 424
TPD: Unaudited Financial results of Trigon Property Development, 9 months of
| Source: Trigon Property Development
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