The main business activity of Trigon Property Development AS is real estate development. As at 31.12.2016 AS Trigon Property Development owned one development project involving a 32.8-hectare area in the City of Pärnu, Estonia. Industrial and logistics park are planned to develop on this area. Group’s intention is to find companies willing to bring their business activities (industry, logistics) to the development project area of Trigon Property Development in Pärnu, which makes it possible for Group to add value to the land plots owned by Group. Realization the value of the land is planned through sales of land plots or through development of real estate to the rental income earning project.
In 2015 a 0.5-hectare part of the property was sold. AS Trigon Property Development have entered into a preliminary sales-purchase agreement for the sale of six properties located in Pärnu, Kase street. Purchaser is planning to build a factory on the properties. The final sale-purchase agreement shall be executed during the first half of year 2017 after fulfillment of all the conditions laid down in the preliminary agreement.
Condensed consolidated statement of financial position as of 31 December 2016 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 loss for 2016 of AS Trigon Property Development is –64,459 euros and the earnings per share is -0.01433 EUR.
As of 31 December 2016 the consolidated assets of AS Trigon Property Development were 2,364,947 euros. The consolidated equity of the company was 2,350,650 euros, corresponding to 99.4 % of the total balance sheet.
Condensed consolidated statement of financial position
| EUR | 31.12.2016 | 31.12.2015 | |
| Cash | 38,393 | 100,540 | |
| Receivables and prepayments | 5,022 | 17,004 | |
| Total current assets | 43,415 | 117,544 | |
| Investment property | 2,321,532 | 2,310,000 | |
| Total non-current assets | 2,321,532 | 2,310,000 | |
| TOTAL ASSETS | 2,364,947 | 2,427,544 | |
| Payables and prepayments | 14,297 | 12,435 | |
| Total current liabilities | 14,297 | 12,435 | |
| Total liabilities | 14,297 | 12,435 | |
| 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 | -862,385 | -797,926 | |
| Total equity | 2,350,650 | 2,415,109 | |
| TOTAL LIABILITIES AND EQUITY | 2,364,947 | 2,427,544 |
Condensed consolidated statement of comprehensive income
| EUR | 2016 | 2015 |
| Expenses related to investment property | -13,196 | -11,963 |
| Gross loss | -13,196 | -11,963 |
| Administrative and general expenses | -49,672 | -31,891 |
| Change in fair value of investment property | -1,600 | 36,776 |
| Operating loss | -64,468 | -7,078 |
| Net financial income | 9 | -2,244 |
| NET LOSS FOR THE PERIOD | -64,459 | -9,322 |
| TOTAL COMPREHENSIVE LOSS | -64,459 | -9,322 |
Joakim Helenius
Chairman of the Supervisory Board
+372 667 9200
