26.02.2010
As at the end of fourth quarter 2009, AS Trigon Property Development owned one
property development project involving 36-hectare land plot in the City of
Pärnu, Niidu area. Trigon Property Development AS considers expansion of
business activity and analyses acquisition opportunities for different new
projects.
The balance sheet as of 31.12.2009 and 31.12.2008 delivered by the present
announcement completely reflects the assets, liabilities and equity capital of
AS Trigon Property Development.
According to the presented income statement the net loss for 12 months 2009 of
AS Trigon Property Development is 58 833 thousand EEK and the earnings per share
is -13.08 EEK. Consolidated loss for the 12 months 2009 results from revaluation
of the real estate in the total amount of minus EEK 58 291 thousand.
As of 31.12.2009 the consolidated assets of AS Trigon Property Development was
EEK 66 250 thousand. The consolidated equity of the company was EEK 62 306
thousand, corresponding to 94.05 % of the total balance sheet.
Condensed consolidated statement of financial position
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| | EEK thous | EEK thous | EUR thous | EUR thous |
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| | 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 |
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| Cash | 71 | 69 | 5 | 4 |
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| Receivables and | 190 | 125 | 12 | 8 |
| prepayments | | | | |
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| Total current | 261 | 194 | 17 | 12 |
| assets | | | | |
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| Investment property | 65 989 | 124 280 | 4 217 | 7 943 |
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| Total non-current | 65 989 | 124 280 | 4 217 | 7 943 |
| assets | | | | |
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| TOTAL ASSETS | 66 250 | 124 474 | 4 234 | 7 955 |
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| Borrowings | 2 071 | 1 026 | 132 | 65 |
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| Payables and | 111 | 155 | 7 | 10 |
| prepayments | | | | |
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| Total current | 2 182 | 1 181 | 139 | 75 |
| liabilities | | | | |
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| Long-term | 1 762 | 2 154 | 113 | 138 |
| borrowings | | | | |
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| Total non-current | 1 762 | 2 154 | 113 | 138 |
| liabilities | | | | |
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| Total liabilities | 3 944 | 3 335 | 252 | 213 |
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| Share capital at | 44 991 | 44 991 | 2 875 | 2 875 |
| nominal value | | | | |
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| Share premium | 3 537 | 3 537 | 226 | 226 |
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| Statutory reserve | 4 499 | 4 499 | 288 | 288 |
| capital | | | | |
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| Retained earnings | 9 279 | 68 112 | 593 | 4 353 |
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| Total equity | 62 306 | 121 139 | 3 982 | 7 742 |
| | | | | |
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| TOTAL LIABILITIES | 66 250 | 124 474 | 4 234 | 7 955 |
| AND EQUITY | | | | |
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Condensed consolidated statement of comprehensive income
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| | EEK thous | EEK thous | EUR thous | EUR thous |
--------------------------------------------------------------------------------
| | 12 months | 12 months | 12 months | 12 months |
| | 2009 | 2008 | 2009 | 2008 |
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| Rental income | 625 | 468 | 40 | 30 |
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| Expenses related to | (798) | (180) | (51) | (11) |
| investment property | | | | |
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| | | | | |
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| Gross loss (profit) | (173) | 288 | (11) | 19 |
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| | | | | |
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| Administrative and | (260) | (378) | (16) | (24) |
| general expenses | | | | |
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| Change in value of | (58 291) | (13 259) | (3 726) | (847) |
| investment property | | | | |
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| Other income | 0 | 226 | 0 | 14 |
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| | | | | |
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| Operating loss | (58 724) | (13 123) | (3 753) | (838) |
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| | | | | |
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| Net financial income | (109) | (57) | (7) | (4) |
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| TOTAL COMPREHENSIVE | (58 833) | (13 180) | (3 760) | (842) |
| INCOME | | | | |
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| | | | | |
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| Basic earnings per | (13.08) | (2.93) | (0.84) | (0.19) |
| share | | | | |
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| Diluted earnings per | (13.08) | (2.93) | (0.84) | (0.19) |
| share | | | | |
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Ülo Adamson
Chairman of the Supervisory Board
+372 667 9200
TPD: Unaudited Financial results of Trigon Property Development, 12 months of 2009
| Source: Trigon Property Development
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