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 Wednesday, 13th September 2023 approved for publication the unaudited financial statements of the Company for the six months ended 31st July 2023.

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

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By Order of the Board

Nadine Magro

Company Secretary

13 September 2023

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 2023

Trident Estates p.l.c. Condensed consolidated interim financial statements for the period ended 31 July 2023

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 2023

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.

Trading performance

The Group recorded revenue of €1,779,000 for the 6 months ended 31 July 2023 (2022: €885,000), amounting to approximately double the revenue recorded in the same prior period. The increase was attributable to the growing occupancy levels at Trident Park.

With Trident Park now fully operational, the Group registered an increase in direct costs to €323,000 (2022: €187,000) as well as administrative costs amounting to €603,000 (2022: €360,000). Furthermore, in accordance with the relevant reporting standards, subsequent to the full commencement of the Trident Park operation the Group no longer capitalises its interest costs. Group finance costs for the period amounted to €748,000 which includes €90,000 relating to lease interest in accordance with IFRS 16 (2022: €94,000 relating exclusively to interest on leases). As anticipated in the 2022/2023 Annual Financial Report, the steep increase in the 3-month EURIBOR rate has significantly impacted the Group's finance costs.

The Group registered a pre-tax profit for the period of €137,000 (2022: €265,000) and a net profit of

€67,000 (2022: €151,000) after an income tax expense of €70,000 (2022: €114,000).

During the first half of the financial year, the Group drew down on available bank facilities to fund remaining capital works. As at the period end, total loan facilities amounted to €28.5 million, of which €27.5 million had been availed of as at that date.

Trident Park

Trident Park's operations are now in full swing with tenants increasingly occupying the space within the property and attracting visitors. The building's state-of-the art infrastructure and exceptional design have collectively contributed to an appealing environment that is conducive to business growth and employee retention. The increasing occupancy level has brought in more activity and social vibrance to the property especially in the public areas, realising the vision of a green office campus.

Central to the building's success has been the concerted effort made by management to attract and secure tenants across various sectors. Throughout the reporting period, management pursued tenancy agreements with prominent entities in order to secure a diverse, high quality tenant portfolio. Both the building's unique selling proposition as well as the Group's excellent reputation have attracted a cross section of prestigious tenants. As at the date of this report, lease agreements have been agreed relating to 80% of the available space at Trident Park with various contracted commencement dates. Accordingly, the prospects for a continuing increase in rental income over the second half of the year are favourable.

In contributing to the ongoing success of the building, Management is also endeavouring to optimise the operations of the building with a focus on maximising tenant satisfaction as well as the project's green credentials. This tenant-centric approach has greatly contributed to the attraction of other prospective tenants by word-of-mouth.

Other Properties

During the reporting period, for commercial reasons the tenants of two properties within the portfolio requested the early termination of their leases. Management has been successful in securing new

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Trident Estates p.l.c. Condensed consolidated interim financial statements for the period ended 31 July 2023

tenants at market rates that are better than those previously prevailing. The Group continues to receive enquiries and expressions of interest in respect of the Trident House property in Qormi.

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
13 September 2023

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