Interim report for the first quarter of 2024 (unaudited)

BRIEF DESCRIPTION 3
MANAGEMENT REPORT 4
CONDENSED INTERIM REPORT7
Condensed statement of financial position 8
Condensed statement of comprehensive income 9
Condensed cash flow statement 10
Condensed statement of changes in equity 11
Notes to condensed interim report 12 Note 1 Accounting Principles Followed upon Preparation of the Interim Accounts 12 Note 2 Trade and other receivables 12 Note 3 Inventories 12 Note 4 Trade and other payables 13 Note 5 Equity 13 Note 6 Administrative and general expenses 13 Note 7 Earnings per share 14 Note 8 Segment 14
Note 9 Related party transactions 14

AS Trigon Property Development is a real estate development company.

AS Trigon Property Development currently owns one real estate development project involving a 12.8-hectare area in the City of Pärnu, Estonia.

The Company is listed on the Nasdaq Tallinn stock exchange. On November 6, 2012, the Listing and Surveillance Committee of Nasdaq Tallinn decided to delist AS Trigon Property Development shares from the Main List starting from November 21, 2012, and to admit the shares simultaneously to trading in the Secondary List.

In total OÜ Pärnu Holdings is controlling 39.22 % of votes represented by shares in AS Trigon Property Development. The shareholders of OÜ Pärnu Holdings are OÜ Stetind (50%) and Joakim Johan Helenius (50%) by the time of compiling these financial statements.

Business name:	AS Trigon Property Development
Address:	Pärnu mnt 18 Tallinn 10141
Commercial Registry no.:	10106774
Beginning of financial year:	1.1.2024
End of financial year:	31.12.2024
Beginning of interim period:	1.1.2024
End of interim period:	31.03.2024
Auditor:	PricewaterhouseCoopers AS
Phone:	+372 6679 200
Fax:	+372 6679 201
E-mail:	[email protected]
Internet homepage:	www.trigonproperty.com

Management report

Overview of business areas

The main business activity of Trigon Property Development AS is real estate development. As at 31.03.2024, 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. However, the company does not preclude the possibility of developing existing land into rental property if the opportunity arises. The Company does not have any plan to change or start a new business activity next year and will continue to sell of land plots the Company owns. In the first half of 2022, Kibuvitsa street has been completed, connecting Niidu and Kase streets that surround the company´s land plots.

In the third quarter of 2023, a 0.53-hectare transportation purpose land was sold for 26,580 euros (excluding VAT).

In 2016, a new detailed planning was made for the property, under which the proportion of commercial land in the entire property increased compared to the previous planning. The new established detailed planning increased the flexibility for partial sale of land plots, as compared to the previous detailed planning the plots were made smaller and the flexibility to change the size of the plots as needed was added.

Management

The law, the articles of association, decisions and goals stated by the shareholders and the Supervisory Board are followed in the managing the company. According to the Commercial Code, a resolution on the amendment of the articles of association shall be adopted, if at least two-thirds of the votes represented at the general meeting are in favour of the amendment.

Financial ratios

Statement of financial position	I Q 2024	I Q 2023
Total assets	1,691,701	1,719,544
Return on assets	-0.46%	-0.52%
Equity	1,679,546	1,710,910
Return on equity	-0.47%	-0.52%
Debt ratio	0.72%	0.50%
Net profit/ loss for the period	-7,820	-8,868

Share (31.03)	I Q 2024	I Q 2023
Number of shares at period-end	4,499,061	4,499,061
Closing price of the share	0.680	0.892
Earnings per share	-0.00174	-0.00197
Book value of the share	0.37	0.38
Price-to-book ratio	1.82	2.35
Market capitalisation	3,059,361	4,013,162

Return on assets = net profit / total assets Return on equity = net profit/ equity Debt ratio = liabilities / total assets Earnings per share = net profit for the period/ number of shares Book value of the share = equity / number of shares Price-to-book ratio = closing price of the share / book value of the share Market capitalisation = closing price of the share * number of shares

Since 5 June 1997, the shares of Trigon Property Development AS have been listed on the Nasdaq Tallinn. Trigon Property Development AS has issued 4,499,061 registered shares, each with the book value of 0.1 euros. The shares are freely transferable, no statutory restrictions apply. There are no restrictions on transfer of securities to the company as provided by contracts between the company and its shareholders.

The share, with a price of 0.61 at the end of 2023, closed at 0.68 euros at the end of March 2024. In the first 3 months of 2024, a total of 38,932 shares were traded and the total sales amounted to 25,293 euros.

Share price and trading statistics on the Tallinn Stock Exchange from 01.01.2024 to 31.03.2024:

The distribution of share capital by the number of shares acquired as at 31.03.2024

	Number of shareholders	% of shareholders	Number of shares	% of share capital
1-99	653	55.62%	15,617	0.35%
100-999	375	31.94%	106,930	2.38%
1 000-9 999	119	10.14%	315,180	7.01%
10 000-99 999	20	1.70%	499,637	11.10%
100 000-999 999	6	0.51%	1,797,097	39.94%
1 000 000-9 999 999	1	0.09%	1,764,600	39.22%
TOTAL	1,174	100%	4,499,061	100%

List of shareholders with over 1% holdings as at 31.03.2024.

Shareholder	Number of shares	Ownership %
Pärnu Holdings OÜ	1,764,600	39.22
Nordic Fibreboard LTD OÜ	804,552	17.88

Madis Talgre	325,100	7.23
Harju KEK AS	224,000	4.98
Kirschmann OÜ	199,445	4.43
M.C.E.Fidarsi OÜ	140,000	3.11
Avraal AS	104,000	2.31
James Kelly	87,298	1.94
Suur Samm OÜ	64,692	1.44
Toivo Kuldmäe	49,231	1.09

Personal

AS Trigon Property Development had no employees as at 31 March 2024 and 31 March 2023. There were no labour costs in first 3 months of 2024 and 2023.

Description of main risks

Cash flow and fair value interest rate risk

As the Company has no significant interest-bearing assets and liabilities, its income and operating cash flows are substantially independent of changes in market interest rates. The change in market interest rates has indirect influence to the change of fair value of investment property, but the influence to the change of fair value of investment property is difficult to quantitatively evaluate.

Management and Supervisory Boards and auditor

Management board of AS Trigon Property Development has one member – Rando Tomingas.

Supervisory Board of AS Trigon Property Development has three members: Joakim Helenius, Torfinn Losvik and Aivar Kempi.

Audits are carried out by PricewaterhouseCoopers AS.

Condensed interim report

Management Board's declaration

The Management Board confirms the correctness and completeness of the unaudited interim report of AS Trigon Property Development for the first quarter of 2024 as set out on pages 4-14.

The Management Board confirms that to the best of their knowledge:

1. the accounting policies and presentation of information applied in the preparation of the condensed interim report are in compliance with International Financial Reporting Standards (IFRS) as adopted in the European Union.
1. the interim report presents a true and fair view of the financial position, the results of operations and cash flows of the Company;
1. the management report presents true and fair view of significant events that took place during the accounting period and their impact to financial statements and includes the description of major risks and doubts;
1. company is going concern.

Member of the Management Board Rando Tomingas

31.05.2024

Condensed statement of financial position

EUR	31.03.2024	31.12.2023	31.03.2023
Cash	130,249	176,133	163,952
Trade and other receivables (note 2)	13,047	1,927	23,352
Inventories (note 3)	1,548,405	1,530,405	1,532,240
Total current assets	1,691,701	1,708,465	1,719,544

TOTAL ASSETS	1,691,701	1,708,465	1,719,544


Trade and other payables (note 4)	12,156	21,099	8,634
Total current liabilities	12,156	21,099	8,634

Total liabilities	12,156	21,099	8,634

Share capital at book value (note 5)	449,906	449,906	449,906
Share premium	226,056	226,056	226,056
Statutory reserve capital	287,542	287,542	287,542
Accumulated profit	716,042	723,862	747,405
Total equity	1,679,546	1,687,366	1,710,910

TOTAL LIABILITIES AND EQUITY	1,691,701	1,708,465	1,719,544

Condensed statement of comprehensive income

EUR	I Q 2024	I Q 2023
Administrative and general expenses (note 6)	-9,303	-8,939
Operating loss	-9,303	-8,939
Financial income	1,484	70
NET LOSS FOR THE PERIOD	-7,820	-8,868
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	-7,820	-8,868
Basic earnings per share (note 7)	-0.00174	-0.00197
Diluted earnings per share (note 7)	-0.00174	-0.00197

The notes to the condensed interim report presented on pages 12-14 are an integral part of this report.

Condensed cash flow statement

EUR	I Q 2024	I Q 2023
Cash flows from operating activities
Total comprehensive loss Adjustments:	-9,303	-8,939
Operating loss before changes in working capital:	-9,303	-8,939
Change in receivables and prepayments related to operating activities (note 2)	-11,120	-3,508
Change in liabilities and prepayments related to operating activities (note 4)	-8,945	-10,164
Change in inventories (note 3)	-18,000	-12,704
Interests received	1,484	70
Total cash flows used in operating activities	-45,884	-35,244
CHANGE IN CASH BALANCE	-45,884	-35,244

OPENING BALANCE OF CASH	176,133	199,196
CLOSING BALANCE OF CASH	130,249	163,952

The notes to the condensed interim report presented on pages 12-14 are an integral part of this report.

			Statutory
	Share	Share	reserve	Retained
EUR	capital	premium	capital	earnings	Total
Balance 31.12.2022	449,906	226,056	287,542	756,274	1,719,778
Net loss for the financial period	0	0	0	-8,868	-8,868
Total comprehensive loss for the period	0	0	0	-8,868	-8,868
Balance 31.03.2023	449,906	226,056	287,542	747,406	1,710,909
Net loss for the financial period	0	0	0	-23,544	-23,544
Total comprehensive loss for the period	0	0	0	-23,544	-23,544
Balance 31.12.2023	449,906	226,056	287,542	723,863	1,687,366
Net loss for the financial period	0	0	0	-7,820	-7,820
Total comprehensive loss for the period	0	0	0	-7,820	-7,820
Balance 31.03.2024	449,906	226,056	287,542	716,043	1,679,546

Condensed statement of changes in equity

Additional information regarding the owners' equity is provided in note 5.

The notes to the condensed interim financial statements presented on pages 12-14 are an integral part of these financial statements.

Notes to condensed interim report

Note 1 Accounting Principles Followed upon Preparation of the Interim Accounts

General Information

AS Trigon Property Development (The Company) is active in real estate development.

Bases for Preparation

The accounting policies used for preparing the interim report of AS Trigon Property Development for the first quarter of 2024 are in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union. The presentation of the financial statements complies with the requirements of IAS 34 "Interim Financial Reporting". Interim financial statements should be read together with the annual report of last year. The accounting policies that have been used in the preparation of the condensed interim report are the same as those used in the annual report for the year ended 31 December 2023.

The financial statements have been prepared in euros (EUR).

Management estimates that AS Trigon Property Development is a going concern and the Company's interim for the first quarter of 2024 presents a true and fair view of the financial position, the results of operations and the cash flows of AS Trigon Property Development. This interim report has not been audited.

EUR 31.03.2024 31.12.2023 31.03.2023 Tax prepayments 13,047 1,927 23,352

TOTAL 13,047 1,927 23,352

Note 2 Trade and other receivables

Note 3 Inventories

EUR
1,519,536
12,704
1,532,240
-1,835
1,530,405
18,000
1,548,405

No inventories were written down in the first 3 months of 2024 and 2023.

EUR	31.03.2024	31.12.2023	31.03.2023
Trade payables	9,452	4,171	8,628
Taxes payable	2,704	6	6
Other payables	0	16,922	0
TOTAL	12,156	21,099	8,634

Note 4 Trade and other payables

Note 5 Equity

	Number of shares (pcs)	Share capital (EUR)
Balance 31.03.2023	4,499,061	449,906
Balance 31.12.2022	4,499,061	449,906
Balance 31.03.2024	4,499,061	449,906

The share capital of AS Trigon Property Development is 449,906 euros (31.12.2023 449,906 euros) which is divided into 4,499,061 no par value shares with the book value of 0.1 euro. The minimum share capital stipulated in the articles of association is 400,000 euros and the maximum share capital is 1,600,000 euros. Each share grants one vote to its owner at the General Meeting of Shareholders and the right to receive dividends. All shares issued have been fully paid for.

As at 31 March 2024, the retained earnings amounted to 716,042 euros. As at 31 December 2023, the accumulated losses amounted to 723,862 euros. The maximum possible income tax liability which would arise if all of the unrestricted equity were distributed as dividends is 146,512 euros.

As at 31 March 2024, the Company had 1,174 shareholders (31 December 2023: 1,143 shareholders) of which the entities with more than a 5% holdings were:

Pärnu Holding OÜ with 1,764,600 (31.12.2023: 1,764,600) shares or 39.22% (31.12.2023: 39.22%)
Nordic Fibreboard LTD OÜ with 804,552 (31.12.2023: 804,552) shares or 17.88% (31.12.2023: 17.88%)
Madis Talgre with 325,100 (31.12.2023: 338,900) shares or 7.23% (31.12.2023: 7.53%).

Members of the Management Board and Supervisory Board did not own directly any shares of Trigon Property Development AS as at 31 March 2024 and 31 December 2023. Supervisory Board members Joakim Johan Helenius and Torfinn Losvik have indirect ownership through parent company OÜ Pärnu Holdings.

EUR	I Q 2024	I Q 2023
Security transactions and stock exchange fees	2,048	2,018
Accounting service	810	810
Consulting (note 11)	4,060	4,650
Auditing	20	20
Land tax	1,349	1,234
Legal expenses	1,012	0
Other	4	207
TOTAL	9,303	8,939

Note 6 Administrative and general expenses

Note 7 Earnings per share

EUR	I Q 2024	I Q 2023
Weighted average number of shares	4,499,061	4,499,061
Basic earnings per share (basic EPS)	-0.00174	-0.00197
Diluted earnings per share	-0.00174	-0.00197
Book value of the share	0.37	0.38
Closing price of the share of AS Trigon Property Development on Tallinn Stock Exchange	0.680	0.892

Basic earnings per share have been calculated on the basis of the net profit for the period and the number of shares.

Diluted earnings per share equal the basic earnings per share because the Company does not have any potential ordinary shares with the dilutive effect on the earnings per share.

Note 8 Segment

The Company operates in one business segment – sale of rale estate. The real estate sales division leases out land and develops real estate. The Management Board is responsible for allocating resources and evaluating the results of business segments. The Management Board monitors the Company's operations as one business segment, which is the sale of real estate. The internal reports submitted to the Management Board are prepared on the basis of the same accounting principles and in the form used in these financial statements.

Note 9 Related party transactions

The following parties are considered to be related parties:

Pärnu Holdings OÜ and owners of the company with significant influence;
Members of the Management board, the Management Board and the Supervisory Board of AS Trigon Property Development and their close relatives;
Entities under the control of the members of the Management Board and Supervisory Board.

The Company´s shares are listed in the secondary list of Nasdaq Tallinn. As at 31.03.2024, OÜ Pärnu Holdings owns 39.22 % of the shares. The shareholders of OÜ Pärnu Holdings are OÜ Stetind (50%) and Joakim Johan Helenius (50%) by the time of compiling these financial statements.

In the first 3 months of 2024 and 2023 no remuneration has been paid to the Management or Supervisory board. There are no potential liabilities to members of the Management Board or Supervisory Board.

In the first 3 months of 2024 Company bought services from the companies under the control of the Members of the Supervisory Board in the amount of 810 euros (2023 Q1: 810 euros).

Trigon Property Development AS has purchased accounting services from related parties.

AI assistant

Trigon Property Development Interim / Quarterly Report 2024

2230_ir_2024-05-31_de6d0bf4-81c3-44c4-8701-2f10f9e08de4.pdf

Table of contents

Management report