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Audited Financial results of Trigon Property Development, 2007
30.04.2008 16.30,
TPD: Audited Financial results of Trigon Property Development, 2007
30.04.2008
The financial statements for 2007 of Trigon Property Development have been prepared after the division of AS Viisnurk, reflecting the results of continuing operations (property development) during the 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 net profit of AS Trigon Property Development for 2007 is 37,225 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 2007 is 25,350 thousand 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 2007 is 8.27 EEK, which contains also the profit of AS Viisnurk. The earnings per share of AS Trigon Property Development for 2007 from the continuous business activity (real estate development) is 5.63 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.
The net profit refleced in the audited annual report differs from the net profit initially published in the IV quarter interim report more than 10% due to change in the fair value of the property investment.
Ülo Adamson
Chairman of the Supervisory Board
+372 6679 200
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 137 251 128 130 8 772 8 189 Property, plant and equipment 0 57 535 0 3 677 Intangible assets 0 650 0 42 Total non-current assets 137 251 186 315 8 772 11 908 TOTAL ASSETS 137 707 271 052 8 801 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 81 292 128 811 5 195 8 233 Total equity 134 319 189 633 8 584 12 120 TOTAL LIABILITIES AND EQUITY 137 707 271 052 8 801 17 324 EEK thous EEK thous EUR thous EUR thous 2007 2006 restated 2007 2006 restated Rental income 342 536 22 34 Expenses related to investment property (180) (227) (12) (14) Gross profit 162 309 10 20 Administrative and general expenses (631) 0 (40) 0 Change in value of investment property 26 332 52 330 1 683 3 344 Operating profit 25 863 52 639 1 653 3 364 Net financial income (38) (39) (2) (2) Profit from continuing operations 25 825 52 600 1 651 3 362 Profit from discontinued operations 11 875 28 180 758 1 801 Profit before income tax 37 700 80 780 2 409 5 163 Corporate income tax (475) (438) (30) (28) NET PROFIT FOR THE PERIOD 37 225 80 342 2 379 5 135 Basic earnings per share 8.27 17.86 0.53 1.14 Diluted earnings per share 8.27 17.86 0.53 1.14
Condensed consolidated income statement
Continuing operations