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Unaudited Financial results of Trigon Property Development, 12 months of 2008

02.03.2009 12.09,

TPD: Unaudited Financial results of Trigon Property Development, 12 months of 2008

27.02.2009

The balance sheet as of 31.12.2008 and 31.12.2007 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.

The current income statement for 12 months of 2008 reflects the profit of AS Trigon Property Development and the comparative information reflects the profit of AS Trigon Property Development and AS Viisnurk.

According to the presented income statement the net loss for 12 months 2008 of AS Trigon Property Development is 13 180 thousand EEK and the earnings per share is –2.93 EEK. Consolidated loss for the accounting period results from revaluation of the real estate in the total amount of minus EEK 13 259 thousand.

As of 31.12.2008 the consolidated assets of AS Trigon Property Development was EEK 124 474 thousand. The consolidated equity of the company was EEK 121 139 thousand, corresponding to 97.32 % of the total balance sheet.


Condensed consolidated balance sheet

EEK thous

EEK thous

EUR thous

EUR thous

31.12.2008

31.12.2007

31.12.2008

31.12.2007

Cash

69

372

4

24

Receivables and prepayments

125

84

8

5

Total current assets

194

456

12

29

Investment property

124 280

137 251

7 943

8 772

Total non-current assets

124 280

137 251

7 943

8 772

TOTAL ASSETS

124 474

137 707

7 955

8 801

Borrowings

1 026

392

65

25

Payables and prepayments

155

450

10

29

Total current liabilities

1 181

842

75

54

Long-term borrowings

2 154

2 546

138

163

Total non-current liabilities

2 154

2 546

138

163

Total liabilities

3 335

3 388

213

217

Share capital at nominal value

44 991

44 991

2 875

2 875

Share premium

3 537

3 537

226

226

Statutory reserve capital

4 499

4 499

288

288

Retained earnings

68 112

81 292

4 353

5 195

Total equity

121 139

134 319

7 742

8 584

TOTAL LIABILITIES AND EQUITY

124 474

137 707

7 955

8 801

Condensed consolidated income statement

EEK thous

EEK thous

EUR thous

EUR thous

12 months 2008

12 months 2007

12 months 2008

12 months 2007

Continuing operations

Rental income

468

343

30

22

Expenses related to investment property

(180)

(181)

(11)

(12)

Gross profit

288

162

19

10

Administrative and general expenses

(378)

(631)

(24)

(40)

Change in fair value of investment property

(13 259)

26 332

(847)

1 683

Other operating income

226

0

14

0

Operating profit (loss)

(13 123)

25 863

(838)

1 653

Net financial income

(57)

(38)

(4)

(2)

Profit (loss) from continuing operations

(13 180)

25 825

(842)

1 651

Profit from discontinued operations

0

11 875

0

758

Profit (loss) before income tax

(13 180)

37 700

(842)

2 409

Corporate income tax

0

(475)

0

(30)

NET PROFIT (LOSS) FOR THE PERIOD

(13 180)

37 225

(842)

2 379

Basic earnings per share

-2.93

8.27

-0.19

0.53

Diluted earnings per share

-2.93

8.27

-0.19

0.53

Ülo Adamson

Chairman of the Supervisory Board

+372 6679 200