Trigon Property Development » News

Print page

News

Financial Results 12 months 2007

28.02.2008 16.30,

TPD: Financial results of Trigon Property Development, 12 months of 2007

28.02.2008

On 29 June 2007 a significant change occurred in the economic activity of AS Trigon Property Development, when the division plan of AS Trigon Property Development was signed pursuant to which the manufacturing unit, i.e. the construction materials division and furniture division were spun off from AS Trigon Property Development. This resolution was approved by the General Meeting of Shareholders on 6 August 2007. The division was entered into the commercial register on 19 September 2007. After the division, the main activity of AS Trigon Property Development is property development.

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

Condensed consolidated income statement

EEK thous

EEK thous

EUR thous

EUR thous

12 months 2007

12 months 2006 restated

12 months 2007

12 months 2006 restated

Continuing operations

Net sales

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

+372 6679 200

info@trigonproperty.com