Trident Estates : Approval of Interim Results

COMPANY ANNOUNCEMENT

The following is a Company Announcement issued by Trident Estates p.l.c. (the "Company") pursuant to Chapter 5 of the Capital Markets Rules as issued by the Malta Financial Services Authority in accordance with the provisions of the Financial Markets Act (Chapter 345 of the Laws of Malta) as they may be amended from time to time.

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Approval of interim results

The Board of Directors of Trident Estates p.l.c has on Thursday, 22nd September 2022 approved for publication the unaudited financial statements of the Company for the six months ended 31st July 2022.

A copy of these financial statements, inclusive of the Interim Directors' Report as approved is attached herewith and is available to the public on http://tridentestatesplc.com/financial-information/

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By Order of the Board

Nadine Magro

Company Secretary

22 September 2022

Trident Estates Plc

Trident Park, Notabile Gardens, No. 4 - Level 2,
Mdina Road, Zone 2,	Co. Reg. No: C 27157
Central Business District, Birkirkara	VAT Reg. No: MT 1598-4512
CBD 2010, Malta
| e [e-mail] | wwww.tridentestatesplc.com

Company Registration Number: C27157

Trident Estates p.l.c.

Condensed Consolidated Interim Financial Statements

for the period ended 31 July 2022

Trident Estates p.l.c. Condensed consolidated interim financial statements for the period ended 31 July 2022

Table of Contents

Interim Directors' Report .........................................................................................................................	3
Statement pursuant to Listing Rule 5.75.3..............................................................................................	5
Condensed Consolidated Statement of Financial position .....................................................................	6
Condensed Consolidated Income Statement .........................................................................................	7
Condensed Consolidated Statement of Changes in Equity....................................................................	8
Condensed Consolidated Statement of Cash flows ...............................................................................	9
Notes to the Condensed Consolidated Interim Financial Statements ..................................................	10

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Trident Estates p.l.c. Condensed consolidated interim financial statements for the period ended 31 July 2022

Interim Directors' Report

Principal activities

The Group owns and manages property for rental and investment purposes. The primary focus of the Group at this time is the marketing, leasing and operation of the Trident Park project, whilst also managing the final stages of the project and the sub-projects that have arisen within it.

Trading performance

The Group recorded revenue of €885,000 for the first 6 months ended 31 July 2022, as compared to €544,000 recorded during the same prior period. The increase in revenue is primarily due to new rental contracts of Trident Park which commenced during the period, amounting to €285,000.

The Group's direct costs increased to €187,000 (2021: €38,000) due to the partial commencement of the Trident Park property operation. Administrative costs remained stable at €360,000 (2021: €389,000).

The operation of the Trident Park property and the income it has generated to date has resulted in an increased pre-tax profit of €265,000 (2021: €26,000). After the income tax expense of €114,000, the Group reported a net profit of €151,000 as compared to a net loss of €28,000 in the same prior period.

Trident Park project

Shortly after the financial year ending 31 January 2022, management gradually began commissioning the different aspects of the Trident Park operations. The civil work elements have been completed and the contractor has demobilised from the site during the period, while the mechanical, electrical and plumbing (MEP) works, finishing works, raised floor, and landscaping continue to progress towards completion. The remaining works are now largely sectioned off into sub-projects, mainly limited to areas which will be occupied by tenants and the works related to the renovation of the conference facility, reception and old boardroom. Some snagging and remedial works also remain pending, along with other ongoing works which are being carried out to improve the efficacy of the operation.

The COVID-19 pandemic, the FATF grey listing, and the war in Ukraine all happened during the construction phase of the Trident Park project. These events all had far-reaching consequences on both the country's economic environment, as well as the project's rate of progression. Inevitably, the Trident Park project suffered delays in the progress of its works as a result of labour shortages and long lead-times, which resulted in delayed receipt of rent. Notwithstanding these delays, Trident Park is now operational and the level of interest being shown in the property continues to increase at an encouraging rate.

As the works continued to progress, the Group drew down on available bank facilities during the period to fund the capital works. As at the period end, total loan facilities amounted to €28.5 million, from which the amount of €23.3 million had been availed of as at that date.

Trident Park Tenants and Visitors

The business landscape has been impacted by the various events that have occurred over the past two years, with the global pandemic and the war in Ukraine both having negative impacts of varying degrees on most businesses worldwide. These worldwide events, coupled with the localised effects of the grey listing of Malta, have dampened businesses' willingness to sign up on new leases and take on the significant expenditure required to relocate their premises. Furthermore, the local market is now experiencing an increased supply of leasable office spaces. The pandemic has also influenced certain companies and sectors to consider adopting work-from-home arrangements with their employees, further reducing the demand for office space.

The Trident Park property is of the highest standard, boasting open green spaces abounding with natural air and light with tenants enjoying the prestige that the property brings to their brand as well as

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Trident Estates p.l.c. Condensed consolidated interim financial statements for the period ended 31 July 2022

the amenities that are available for their employees on site. First-time visitors are also being attracted to the property and admiring the architectural features that are present throughout, whilst making use of the parking and visiting the food and beverage outlets on the property and of the adjacent Brewhouse. This increased activity as well as the greenery added by the landscaped areas contribute towards the realization of the green office campus concept.

Over the past six months Trident Park has generated a lot of interest, even more so now that the property is nearly finished and has moved to operational mode. Multiple new leads have been generated especially after the lessening of the COVID impact and Malta's removal from the FATF grey list. However, lead times between enquiry and completion still remain stretched, and the management team is now working hard on turning existing leads into signed tenancies. A series of negotiations with interested tenants are currently under way.

Other Properties

In January 2022, the lessee of Trident House gave notice of their intention to vacate the premises after 3 years in accordance with the terms of the lease. The lessee of KFC Gzira will also be vacating the premises in the third quarter of this financial year. The Board and management are currently evaluating options of how to best utilise these assets once they have been repossessed by the Group.

Dividends

The Board does not propose the payment of an interim dividend at this time. The extent of a final dividend distribution, if any, shall be determined on the basis of the full year results.

By order of the Board

Louis A. Farrugia	Vincent Curmi
Chairman	Vice Chairman
Registered office:
Trident Park
Mdina Road, Zone 2
Central Business District
Birkirkara CBD 2010
Malta
22 September 2022

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