The main activity of Trigon Property Development AS is property development. As of 31.03.2022, AS Trigon Property Development owned a development project with an area of 13.8 hectares in the city of Pärnu, Estonia. An industrial and logistics park is planned for 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 owned by the Company. Since the company’s main purpose is the sale of existing land, investment properties have been recorded as inventory.
In the first quarter of 2021, a property of 3.43 hectares was sold for 824,040 euros (excluding VAT).
In the first quarter of 2022, a property of 0.53 hectares was sold for 213,200 euros (excluding VAT).
The condensed statement of financial position as at March 31, 2022 issued by this press release fully reflects the assets, liabilities and shareholders’ equity of AS Trigon Property Development.
According to the condensed statement of comprehensive income, AS Trigon Property Development’s first quarter 2022 net profit is EUR 108,908 and earnings per share is EUR 0.02421.
As of March 31, 2022, AS Trigon Property Development’s assets amounted to 2,546,828 euros. The company’s equity amounted to 2,471,987 euros, corresponding to 97.06% of the balance sheet total.
Condensed Statement of Financial Position
| USD | 31.03.2022 | 31.12.2021 |
| Cash and cash equivalents | 968 407 | 938 858 |
| Customers and other debtors | 29,341 | 166,825 |
| Inventories | 1,549,080 | 1,452,989 |
| Total current assets | 2,546,828 | 2,558,672 |
| TOTAL ASSETS | 2,546,828 | 2,558,672 |
| Suppliers and other creditors | 74,841 | 195,593 |
| Total current liabilities | 74,841 | 195,593 |
| Total responsibilities | 74,841 | 195,593 |
| Share capital at book value | 449,906 | 449,906 |
| Premium | 226,056 | 226,056 |
| Legal reserve capital | 287,542 | 287,542 |
| Retained earnings | 1,508,483 | 1,399,575 |
| Total equity | 2,471,987 | 2,363,079 |
| TOTAL LIABILITIES AND EQUITY | 2,546,828 | 2,558,672 |
Summary statement of comprehensive income
| USD | IQ 2022 | IQ 2021 |
| gain on sales | 213,200 | 0 |
| Cost of Goods Sold | -83,830 | 0 |
| Gross profit | 129,370 | 0 |
| Administrative and general costs | -20,487 | -21,408 |
| Expenses related to investment properties | 0 | -1,983 |
| Changes in the fair value of investment properties | 0 | 88,040 |
| Operating result | 108,882 | 64,649 |
| Financial products | 25 | 19 |
| NET INCOME FOR THE PERIOD | 108 908 | 64,668 |
| TOTAL GLOBAL BENEFIT | 108 908 | 64,668 |
Hike Tomingas
Member of the Management Board
+372 667 9200
