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28.02.2018 15:26:27
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Unaudited financial report for the fourth quarter and 12 months of 2017
28.02.2018
The main business activity of Trigon Property Development AS is real estate development. As at 31.12.2017, AS Trigon Property Development owned one development project with an area of 22.39 hectares in the City of Pärnu, Estonia. An industrial and logistics park is planned to be developed on this area. The Company’s objective is to find companies willing to bring their business activities (industry, logistics) to the development project area of AS Trigon Property Development in Pärnu, which would add value to the land plots owned by the Company. The realisation of the value of the land is planned through the selling of land plots or through the development of real estate with the intention of creating a rental income-generating project.
In the first quarter of 2017 a 10.4-hectare industrial property at the price of 850 000 EUR was sold. According to the real right contract, Trigon Property Development AS was obliged to build a road to the sold land plot. On 08.08.2017 AS Trigon Property Development and the buyer agreed on amending the sales agreement and now the buyer is obliged to build the road and facilities according to the detail plan on its own expense. AS Trigon Property Development no longer is responsible for building the road and facilities and is not obliged to pay for the construction. Due to the change in contractual obligations the sale price of the property was amended and the sale price of Kase str 17 is 550 000 EUR.
On 11 May 2017 the Annual General Meeting adopted a resolution to introduce no par value shares with the book value of 0.6 euros and to reduce the share capital of the Company by 400,417 euros from 2,699,020 euros to 2,299,020 euros. Share capital was reduced by reducing book value of the shares by 0.089 euros per share. Share capital reduction was paid out on 04 December 2017.
Condensed statement of financial position as of 31 December 2017 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.
According to the condensed statement of comprehensive income the net loss for 2017 of AS Trigon Property Development is -132,535 euros and the earnings per share is -0.02946 EUR.
As of 31 December 2017 the assets of AS Trigon Property Development were 1,878,811 euros. The equity of the company was 1,817,698 euros, corresponding to 96.75 % of the total balance sheet.
Condensed statement of financial position
| EUR | 31.12.2017 | 31.12.2016 |
| Cash | 78,106 | 38,393 |
| Receivables and prepayments | 9,231 | 5,022 |
| Assets held for sale | 0 | 850,000 |
| Total current assets | 87,337 | 893,415 |
| Investment property | 1,791,474 | 1,471,532 |
| Total non-current assets | 1,791,474 | 1,471,532 |
| TOTAL ASSETS | 1,878,811 | 2,364,947 |
| Payables and prepayments | 61,113 | 14,297 |
| Total current liabilities | 61,113 | 14,297 |
| Total liabilities | 61,113 | 14,297 |
| Share capital at nominal value | 2,299,020 | 2,699,437 |
| Share premium | 226,056 | 226,056 |
| Statutory reserve capital | 287,542 | 287,542 |
| Retained earnings | -994,920 | -862,385 |
| Total equity | 1,817,698 | 2,350,650 |
| TOTAL LIABILITIES AND EQUITY | 1,878,811 | 2,364,947 |
Condensed statement of comprehensive income
| EUR | 2017 | 2016 |
| Expenses related to investment property | -34,225 | -13,196 |
| Gross loss | -34,225 | -13,196 |
| Administrative and general expenses | -45,869 | -49,672 |
| Change in fair value of investment property | 0 | -1,600 |
| Operating loss | -80,094 | -64,468 |
| Net financial income | 34 | 9 |
| Loss before income tax | -80,060 | -64,459 |
| Income tax expense | -52,475 | 0 |
| NET LOSS FOR THE PERIOD | -132,535 | -64,459 |
| TOTAL COMPREHENSIVE LOSS | -132,535 | -64,459 |
Aivar Kempi
Member of the Management Board
+372 66 79 200
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