Unaudited financial report for the first quarter of 2022

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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

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