As at the end of second quarter of 2014, AS Trigon Property Development owned one property development project involving 35.46-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.
Condensed consolidated statement of financial position as of 30 June 2014 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.
According to the condensed consolidated statement of comprehensive income the net profit for the first six months of 2014 of AS Trigon Property Development is -22,383 euros and the earnings per share is -0.00498 EUR.
As of 30 June 2014 the consolidated assets of AS Trigon Property Development were 2,332,173 euros. The consolidated equity of the company was 2,149,571 euros, corresponding to 92 % of the total balance sheet.
Condensed consolidated statement of financial position
EUR | 30.06.2014 | 31.12.2013 |
Cash | 1 533 | 1 366 |
Receivables and prepayments | 640 | 1 013 |
Total current assets | 2 173 | 2 379 |
Investment property | 2 330 000 | 2 330 000 |
Total non-current assets | 2 330 000 | 2 330 000 |
TOTAL ASSETS | 2 332 173 | 2 332 379 |
Borrowings | 12 516 | 25 032 |
Payables and prepayments | 25 240 | 25 747 |
Total current liabilities | 37 756 | 50 779 |
Long-term borrowings | 144 846 | 109 646 |
Total non-current liabilities | 144 846 | 109 646 |
Total liabilities | 182 602 | 160 425 |
Share capital at nominal value | 2 699 437 | 2 699 437 |
Share premium | 226 056 | 226 056 |
Statutory reserve capital | 287 542 | 287 542 |
Retained earnings | -1 063 464 | -1 041 081 |
Total equity | 2 149 571 | 2 171 954 |
TOTAL LIABILITIES AND EQUITY | 2 332 173 | 2 332 379 |
Condensed consolidated statement of comprehensive income
EUR | 6 months 2014 | 6 months 2013 |
Rental income | 2 280 | 7 280 |
Expenses related to investment property | -5 771 | -9 588 |
Gross loss | -3 491 | -2 308 |
Administrative and general expenses | -13 794 | -15 435 |
Operating profit (-loss) | -17 285 | -17 743 |
Net financial expenses | -5 098 | -3 229 |
NET LOSS FOR THE PERIOD | -22 383 | -20 972 |
TOTAL COMPREHENSIVE INCOME | -22 383 | -20 972 |
Ülo Adamson
Chairman of the Supervisory Board
+372 667 9200