Trigon Property Development » News
28.02.2008 16.30,
TPD: Financial results of Trigon Property Development, 12 months of 2007
28.02.2008
The financial statements for the IV quarter 2007 of Trigon Property Development have been prepared after the division of AS Viisnurk, reflecting the results of continuing operations (property development) during the 12 months of 2007.
As at the end of 2007, AS Trigon Property Development owned one property development project involving 40-hectare land plot in the City of Pärnu, Niidu area where will be developed commercial property.The balance sheet as of 31.12.2007 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development, which remained in the company after separation of AS Viisnurk. The balance sheet as of 31.12.2006 contains also the assets, liabilities and equity capital of AS Viisnurk, which were separated during the division.
Comparing the currently delivered balance sheet as of 31.12.2006 with the consolidated annual report 2006 of AS Trigon Property Development announced earlier, the value of property investments and equity capital have been adjusted retroactively. Previously the property investments were recognised at historical cost principle, but in the current balance sheet the property investments are recognised retroactively at the fair value principle.
According to the income statement the 12 months net profit of AS Trigon Property Development is 30,763 thousand EEK (includes the 9 months profit of AS Viisnurk in the amount of 11,875 thousand). The profit earned on continuous business activity (property development) of AS Trigon Property Development during 12 months is 18,888thousand EEK, which was achieved through the increase of the fair value of property investment.
According to the presented income statement the earnings per share of AS Trigon Property Development for 12 months of 2007 is 6.84 EEK, which contains also the profit of AS Viisnurk. The earnings per share of AS Trigon Property Development for 12 months of 2007 from the continuous business activity (real estate development) is 4.20 EEK.
The loss per share of AS Trigon Property Development for IV quarter of 2007 is -0.12 EEK. Diluted earnings of AS Trigon Property Development per share are equal to the basic earnings per share because the Company does not have any potential ordinary shares with the dilutive effect on the earnings per share.
Condensed consolidated balance sheet
|
EEK thous |
EEK thous |
EUR thous |
EUR thous |
31.12.2007 |
31.12.2006 |
31.12.2007 |
31.12.2006 |
|
|
restated |
|
restated |
|
|
||||
Cash |
372 |
13 138 |
24 |
840 |
Receivables and prepayments |
84 |
26 628 |
5 |
1 702 |
Inventories |
0 |
44 971 |
0 |
2 874 |
Total current assets |
456 |
84 737 |
29 |
5 416 |
Investment property |
130 000 |
128 130 |
8 309 |
8 189 |
Property, plant and equipment |
789 |
57 535 |
50 |
3 677 |
Intangible assets |
0 |
650 |
0 |
42 |
Total non-current assets |
130 789 |
186 315 |
8 359 |
11 908 |
TOTAL ASSETS |
131 245 |
271 052 |
8 388 |
17 324 |
|
||||
|
||||
Borrowings |
392 |
19 409 |
25 |
1 241 |
Payables and prepayments |
450 |
30 231 |
29 |
1 932 |
Short-term provisions |
0 |
221 |
0 |
14 |
Total current liabilities |
842 |
49 861 |
54 |
3 187 |
Long-term provisions |
0 |
3 047 |
0 |
195 |
Long-term borrowings |
2 546 |
28 511 |
163 |
1 822 |
Total non-current liabilities |
2 546 |
31 558 |
163 |
2 017 |
|
||||
Total liabilities |
3 388 |
81 419 |
217 |
5 204 |
|
||||
Share capital at nominal value |
44 991 |
44 991 |
2 875 |
2 875 |
Share premium |
3 537 |
11 332 |
226 |
724 |
Statutory reserve capital |
4 499 |
4 499 |
288 |
288 |
Retained earnings |
74 830 |
128 811 |
4 782 |
8 233 |
Total equity |
127 857 |
189 633 |
8 171 |
12 120 |
TOTAL LIABILITIES AND EQUITY |
131 245 |
271 052 |
8 388 |
17 324 |
|
EEK thous |
EEK thous |
EUR thous |
EUR thous |
12 months 2007 |
12 months 2006 restated |
12 months 2007 |
12 months 2006 restated |
|
|
|
|
|
|
Continuing operations |
|
|
|
|
342 |
536 |
22 |
34 |
|
Cost of goods sold |
(180) |
(227) |
(12) |
(14) |
Gross profit |
162 |
309 |
10 |
20 |
Administrative and general expenses |
(631) |
0 |
(40) |
0 |
Gain from revaluation of investment property to fair value |
19 870 |
52 330 |
1 270 |
3 344 |
Operating profit |
19 401 |
52 639 |
1 240 |
3 364 |
Net financial income |
(38) |
(39) |
(2) |
(2) |
Profit from continuing operations before tax |
19 363 |
52 600 |
1 238 |
3 362 |
|
||||
Profit from discontinued operations |
11 875 |
27 908 |
758 |
1 784 |
Corporate income tax |
(475) |
(438) |
(30) |
(28) |
|
||||
NET PROFIT FOR THE PERIOD |
30 763 |
80 070 |
1 966 |
5 118 |
Basic earnings per share |
6.84 |
17.80 |
0.44 |
1.14 |
Diluted earnings per share |
6.84 |
17.80 |
0.44 |
1.14 |
Ülo Adamson
Chairman of the Supervisory Board
info@trigonproperty.com