Display Art PLC

Condensed consolidated interim statement of profit and loss Period from 1 January to 30 June 2022

	Six months ended 30 June
	2022	2021
	€	€
Income	437.693	152.387
Cost of sales	(311.539)	(114.029)
Gross profit	126.424	38.358
Other exploitation income	60.000	130.487
Distribution and sales expenses	(40.411)	(32.049)
Administrative expenses	(117.236)	(160.915)
Operating profit / (loss)	28.747	(24.119)
Finance costs	(20.743)	(11.997)
(Profit) / Loss before taxation	8.004	(36.116)
Taxation	-	(138)
Deferred taxation	-	21.112
Loss for the period	8.004	(15.142)
Earnings / (Loss) per share attributable to the
shareholders of the parent company (cents)	0.06	(0.11)

	30 June 2022	30 June 2021
	€	€
Assets
Non-current assets
Property, plant and equipment	3.186.281	3.335.361
Intangible assets	2.152	-
Financial assets at fair value through other
comprehensive income	13.225	277
	3.201.658	3.335.638
Current assets
Inventories	486.262	569.639
Trade and other receivables	285.615	102.600
Financial assets at fair value through profit and loss	277	-
Tax refundable	-	435
Cash at bank and in hand	16.290	-
	788.444	672.674
Total assets	3.990.102	4.008.312

Equity and liabilities
Equity
Share capital	4.592.196	4.592.196
Share premium reserve	98.673	98.673
Revaluation reserve	2.666.862	2.693.736
Difference from conversion of share capital into euro	23.235	23.235
Accumulated losses	(6.627.526)	(6.635.665)
Total equity	753.440	772.175
Non-current liabilities
Borrowings	1.480.934	843.524
Deferred tax liabilities	438.003	437.998
	1.918.967	1.281.522
Current liabilities
Trade and other creditors	454.429	819.105
Borrowings	844.150	1.135.510
Financial lease liabilities	18.440	-
Current tax liabilities	676	-
	1.317.695	1.954.616
Total liabilities	3.236.662	3.236.137
Total equity and liabilities	3.990.102	4.008.312

Condensed consolidated interim statement of changes in equity Period from 1 January 2022 to 30 June 2022

		Share	Difference from conversion of share
	Share	premium	capital into	Revaluation	Annuity
	capital	reserve	euro	reserve	reserve	Total
	€	€	€		€ €	€
Balance as at 1 January 2021	4.592.196	98.673	23.235	2.693.874	(6.620.523)	787.455
Total income for the period after taxation	-	-	-	(138)	(15.142)	(15.280)
Balance as at 30 June 2021	4.592.196	98.673	23.235	2.693.736	(6.635.665)	772.175
Balance as at 1 January 2022	4.592.196	98.673	23.235	2.693.874	(66.274.526)	(58.866.548)
Total income Total income for the period after taxation	-	-	-	-	8.004	8.004
Balance as at 30 June 2022	4.592.196	98.673	23.235	2.693.874	(6.627.526)	780.452

	30 June 2022	30 June 2021
	€	€
Cash flow from operations
Profit / (Loss) before taxation	8.004	(36.116)
Adjustments for:
Loss from distribution to Company shareholders	-	98.478
Depreciation of property, plant and equipment	82.548	11.997
Depreciation of assets with right of use	-	138
Profit from operations before changes in working
capital	110.296	74.497
Changes in working capital:
Decrease in inventories	83.377	93.098
Increase in receivables	(183.015)	(99.190)

Cash (for) / from operations	(334.541)	377.481
Tax paid	-	(138)
Net cash (for) / from operations	(334.541)	377.343
Cash flow from investing activities
Payment for purchase of property, plant and equipment	-	(4.997)
Net cash for investing activities	(554)	(6.715)
Cash flow from financing activities
Loan repayments	(321)	(42.617)
Repayments of financial lease liabilities	(2.867)	-
Proceeds from new loans	426.670	305.000
Interest paid	(18.724)	(10.798)

Net cash from / (for) financing activities	405.081	(53.415)
Net increase in cash and cash equivalents	69.986	30.829
Cash and cash equivalents at beginning of period	(897.846)	(825.066)
Cash and cash equivalents at end of period	(827.860)	(794.237)