TPD: audited Financial results of Trigon Property Development, 2009


30.04.2010 

                                                                   
As at the end of year 2009, AS Trigon Property Development owned one property   
development project involving 36-hectare land plot in the City of Pärnu, Niidu  
area. AS Trigon Property Development considers expansion of business activity   
and analyses acquisition opportunities for different new projects.  
            
The condensed consolidated statement of financial position 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 condensed consolidated statement of comprehensive    
income the net loss for year 2009 of AS Trigon Property Development is 59 622   
thousand EEK and the earnings per share is -13.25 EEK. Consolidated loss for the
year 2009 results from revaluation of the real estate in the total amount of    
minus EEK 59 080 thousand.          
                                            
As of 31.12.2009 the consolidated assets of AS Trigon Property Development were 
EEK 65 461 thousand. The consolidated equity of the company was EEK 61 517      
thousand, corresponding to 93.98 % 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 |      65 200 |     124 280 |       4 167 |        7 943 |
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| Total non-current   |      65 200 |     124 280 |       4 167 |        7 943 |
| assets              |             |             |             |              |
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| TOTAL ASSETS        |      65 461 |     124 474 |       4 184 |        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   |       8 490 |      68 112 |         543 |        4 353 |
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| Total equity        |      61 517 |     121 139 |       3 932 |        7 742 |
|                     |             |             |             |              |
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| TOTAL LIABILITIES   |      65 461 |     124 474 |       4 184 |        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 |
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|                       |       2009 |        2008 |       2009 |         2008 |
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| Rental income         |        625 |         468 |         40 |           30 |
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| Expenses related to   |      (798) |       (180) |       (51) |         (12) |
| investment property   |            |             |            |              |
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|                       |            |             |            |              |
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| Gross loss (profit)   |      (173) |         288 |       (11) |           18 |
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|                       |            |             |            |              |
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| Administrative and    |      (260) |       (378) |       (16) |         (24) |
| general expenses      |            |             |            |              |
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| Change in fair value  |   (59 080) |    (13 259) |    (3 776) |        (847) |
| of investment         |            |             |            |              |
| property              |            |             |            |              |
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| Other income          |          0 |         226 |          0 |           15 |
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|                       |            |             |            |              |
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| Operating loss        |   (59 513) |    (13 123) |    (3 803) |        (838) |
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|                       |            |             |            |              |
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| Net financial income  |      (109) |        (57) |        (7) |          (4) |
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| NET LOSS FOR THE      |   (59 622) |    (13 180) |    (3 810) |        (842) |
| PERIOD                |            |             |            |              |
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| TOTAL COMPREHENSIVE   |   (59 622) |    (13 180) |    (3 810) |        (842) |
| INCOME                |            |             |            |              |
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|                       |            |             |            |              |
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| Basic earnings per    |    (13,25) |      (2,93) |     (0,85) |       (0,19) |
| share                 |            |             |            |              |
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| Diluted earnings per  |    (13,25) |      (2,93) |     (0,85) |       (0,19) |
| share                 |            |             |            |              |
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Ülo Adamson                                                                     
Chairman of the Supervisory Board                                               
+372 667 9200

Attachments

tpd as majandusaasta aruanne 2009 eng.pdf