Unaudited financial report for the fourth quarter and 12 months of 2023

Trigon Property Development
Quarterly report

Unaudited financial report for the fourth quarter and 12 months of 2023

The main business activity of Trigon Property Development AS is real estate development. As at 31.12.2023, AS Trigon Property Development owned one development project with an area of 12.8 hectares in the City of Pärnu, Estonia. A commercial, industrial and logistics park is planned 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. As the main purpose of the company is to sell existing land plots, investment property was recognized as inventories.

In the first quarter of 2022, a 0.53-hectare property was sold for 213,200 euros (excluding VAT).

In the second quarter of 2022, a 1.0-hectare property was sold for 401,280 euros (excluding VAT).

In the third quarter of 2023, a 0.53-hectare transportation purpose land was sold for 26,580 euros (excluding VAT).

Condensed statement of financial position as of 31 December 2023 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 2023 of AS Trigon Property Development is -32,412 euros and the earnings per share is -0.00720 EUR.

As of 31 December 2023, the assets of AS Trigon Property Development were 1,708,465 euros. The equity of the company was 1,687,366 euros, corresponding to 98.77 % of the total balance sheet.

Condensed statement of financial position

EUR	31.12.2023	31.12.2022
Cash and cash equivalents	176,133	199,196
Trade and other receivables	1,927	19,844
Inventories	1,530,405	1,519,536
Total current assets	1,708,465	1,738,576
TOTAL ASSETS	1,708,465	1,738,576
Trade and other payables	21,099	18,798
Total current liabilities	21,099	18,798
Total liabilities	21,099	18,798
Share capital at book value	449,906	449,906
Share premium	226,056	226,056
Statutory reserve capital	287,542	287,542
Retained earnings	723,862	756,274
Total equity	1,687,366	1,719,778
TOTAL LIABILITIES AND EQUITY	1,708,465	1,738,576

Condensed statement of comprehensive income

EUR	12 M 2023	12 M 2022
Revenue	26,580	614,480
Costs of goods sold	-5,316	-283,685
Gross profit	21,264	330,795
Administrative and general expenses	-55,006	-88,860
Operating profit/loss	-33,742	241,935
Financial income	1,330	65
PROFIT/LOSS FOR THE PERIOD	-32,412	242,000
Income tax expense	0	-167,749
TOTAL COMPREHENSIVE PROFIT/LOSS	-32,412	74,251

Rando Tomingas

Member of the Management Board

Telephone: +372 667 9200

E-mail: [email protected]

Attachment

• 2023 IV Q interim ENG

Attachments:
2023 IV Q interim ENG.pdf

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