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Audited Financial results of Trigon Property Development, 2008
30.04.2009 11.00,
TPD: audited Financial results of Trigon Property Development, 2008
30.04.2009
As at the end of year 2008, AS Trigon Property Development owned one property development project involving 40-hectare land plot in the City of Pärnu, Niidu area.
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, which remained in the company after separation of AS Viisnurk.
The current income statement for year 2008 reflects the profit of AS Trigon Property Development and the comparative information reflects the profit of AS Trigon Property Development and AS Viisnurk because the assets, liabilities and equity capital of AS Viisnurk were separated from the financial reports of AS Trigon Property development as of 30.09.2007.
According to the presented income statement the net loss for 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 |
|
|
EEK thous |
EEK thous |
EUR thous |
EUR thous |
|
2008 |
2007 |
2008 |
2007 |
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
|
|
Rental income |
468 |
342 |
30 |
22 |
|
Expenses related to investment property |
(180) |
(180) |
(12) |
(12) |
|
Gross profit |
288 |
162 |
18 |
10 |
|
Administrative and general expenses |
(378) |
(631) |
(24) |
(40) |
|
Change in value of investment property |
(13 259) |
26 332 |
(847) |
1 683 |
|
Operating loss (profit) |
(13 123) |
25 863 |
(838) |
1 653 |
|
Net financial income |
(57) |
(38) |
(4) |
(2) |
|
Loss (profit) from continuing operations |
(13 180) |
25 825 |
(842) |
1 651 |
|
|
||||
|
Profit from discontinued operations |
0 |
11 875 |
0 |
758 |
|
Loss (profit) before income tax |
(13 180) |
37 700 |
(842) |
2 409 |
|
Corporate income tax |
0 |
(475) |
0 |
(30) |
|
|
||||
|
NET LOSS (PROFIT) 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
Investor Relations
+372 51 39 424