Display Art PLC

Earnings Release • Sep 29, 2020

Condensed consolidated interim statement of profit and loss for the period from 1 January until 30 June 2020

	Six months ended 30 June
	2020	2019
	€	€
Income	466.694	457.231
Cost of sales	(293.831)	(313.505)
Gross profit	172.863	143.726
Other income	20.632	214
Distribution and sales expenses	(46.628)	(69.001)
Administrative expenses	(167.289)	(169.638)
Other non-recurring expenses	(19.322)	-
Operating loss	(39.744)	(94.699)
Finance income	-	-
Finance costs	(19.295)	(20.804)
Net finance costs	(19.295)	(20.804)
Loss before taxation	(59.039)	(115.503)
Taxation	(115)	(92)
Deferred taxation	21.703	21.112
Loss for the period	(37.451)	(94.483)
Loss attributable to:
Company shareholders	(37.451)	(94.483)
Minority interest	-	-
	(37.451)	(94.483)
Loss per share
Basic loss per share (cents)	(0.28)	(0.70)
Fully diluted loss per share (cents)	(0.28)	(0.70)

Condensed consolidated interim statement of comprehensive income for the period from 1 January until 30 June 2020

	Six months ended 30 June
	2020	2019
	€	€
Loss for the period	(37.451)	(94.483)
Other comprehensive income for the period
Deferred taxation on revaluation of land and buildings	(115)	(93)
Total income for the period after taxation	(37.566)	(94.576)

Condensed consolidated interim statement of financial position as at 30 June 2020

	30 June 2020 €	31 December 2019 €
Assets
Non-current assets
Property, plant and equipment	3.489.052	3.566.908
Financial assets at fair value through other
comprehensive income	13.875	13.875
	3.502.927	3.580.783
Current assets
Inventories	669.495	669.495
Trade and other receivables	334.964	238.850
Financial assets at fair value through profit and loss	197	197
Tax refundable	153	-
Cash and cash equivalents	-	11.051
	1.004.809	919.593
Total assets	4.507.736	4.500.376
Equity and liabilities
Capital and reserves
Share capital	4.592.196	4.592.196
Share premium reserve	98.673	98.673
Difference from conversion of share capital into euro	23.235	23.235
Revaluation reserve	2.694.977	2.644.846
Annuity reserve	(6.490.420)	(6.402.743)
Equity attributable to the Company's shareholders	918.661	956.207
Non-current liabilities Borrowings	832.270	874.556
Deferred tax liabilities	435.909	457.612
	1.268.179	1.332.168
Current liabilities
Trade and other creditors	1.164.755	1.162.591
Current tax liabilities	-	676
Borrowings	1.156.141	1.048.734
	2.320.896	2.212.001
Total liabilities	3.589.075	3.544.169
Total equity and liabilities	4.507.736	4.500.376

Condensed consolidated interim statement of changes in equity for the period from 1 January 2020 until 30 June 2020

	Share capital	Share premium reserve	Difference from conversion of share capital into euro	Revaluation reserve	Annuity reserve	Total
	€	€	€	€	€	€
Balance as at 1 January 2019	4.592.196	98.673	23.235	2.724.983	(6.480.615)	958.472
Total income for the period after taxation	-	-	-	(93)	(94.483)	(94.576)
Balance as at 30 June 2019	4.592.196	98.673	23.235	2.724.890	(6.575.098)	863.896
		Share	Difference from conversion of share
	Share capital €	premium reserve €	capital into euro €	Revaluation reserve €	Annuity reserve €	Total €
Balance as at 1 January 2020	4.592.196	98.673	23.235	2.695.092	(6.452.969)	956.227
Total income for the period after taxation	-	-	-	(115)	(37.451)	(37.566)
Balance as at 30 June 2020	4.592.196	98.673	23.235	2.694.977	(6.490.420)	918.661

Condensed consolidated interim statement of cash flows for the period from 1 January 2020 until 30 June 2020

	Six months ended 30 June
	2020	2019
	€	€
Cash flow from operations
Loss for the period	(37.451)	(94.483)
Adjustments for:
Depreciation of property, plant and equipment	98.900	115.044
Interest expenses	19.295	20.804
Taxation	115	92
Profit from operations before changes in working capital Changes in working capital:	80.859	41.457
Trade and other receivables	(96.114)	(10.207)
Trade and other creditors	164.766	38.804
Net cash from operations	149.511	70.054
Tax paid	(115)	(92)
Net cash from operations	149.396	69.962
Cash flow from investing activities
Purchase of property, plant and equipment	(20.270)	(31.553)
Net cash for investing activities	(20.270)	(20.270)
Cash flow from financing activities
Net changes in long-term borrowings	(21.294)	(64.660)
Interest paid	(7.490)	(20.131)
Net cash (for) financing activities	(28.784)	(84.791)
Net increase / (decrease) in cash and bank overdrafts	100.342	(46.382)
Cash and bank overdrafts at beginning of period	(904.866)	(981.257)
Cash and bank overdrafts at end of period	(804.524)	(1.027.639)