Unaudited financial report for the first quarter of 2023

The main business activity of Trigon Property Development AS is real estate development. As at 31.03.2023, AS Trigon Property Development owned one development project with an area of 12.8 hectares in the City of Pärnu, Estonia. A commercial, industrial and logistics park is planned on this area. The Company’s objective is to find companies willing to bring their business activities (industry, logistics) to the development project area of AS Trigon Property Development in Pärnu, which would add value to the land plots owned by the Company. As the main purpose of the company is to sell existing land plots, investment property was recognized as inventories.

In the first quarter of 2022, a 0.53-hectare property was sold for 213,200 euros (excluding VAT).

In the second quarter of 2022, a 1.0-hectare property was sold for 401,280 euros (excluding VAT).

Condensed statement of financial position as of 31 March 2023 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.

According to the condensed statement of comprehensive income the net loss for first quarter of 2023 of AS Trigon Property Development is -8,868 euros and the earnings per share is -0.00197 EUR.

As of 31 March 2023 the assets of AS Trigon Property Development were 1,719,544 euros. The equity of the company was 1,710,910 euros, corresponding to 99.50 % of the total balance sheet.

Condensed statement of financial position

EUR	31.03.2023	31.12.2022
Cash and cash equivalents	163,952	199,196
Trade and other receivables	23,352	19,844
Inventories	1,532,240	1,519,536
Total current assets	1,719,544	1,738,576
TOTAL ASSETS	1,719,544	1,738,576
Trade and other payables	8,634	18,798
Total current liabilities	8,634	18,798
Total liabilities	8,634	18,798
Share capital at book value	449,906	449,906
Share premium	226,056	226,056
Statutory reserve capital	287,542	287,542
Retained earnings	747,405	756,274
Total equity	1,710,910	1,719,778
TOTAL LIABILITIES AND EQUITY	1,719,544	1,738,576

Condensed statement of comprehensive income

EUR	I Q 2023	I Q 2022
Revenue	0	213,200
Costs of goods sold	0	-83,830
Gross profit	0	129,370
Administrative and general expenses	-8,939	-20,487
Operating profit/loss	-8,939	108,883
Financial income	70	25
PROFIT/LOSS FOR THE PERIOD	-8,868	108,908
TOTAL COMPREHENSIVE PROFIT/LOSS	-8,868	108,908