Louis PLC

Interim / Quarterly Report • Sep 29, 2020

LOUIS PLC CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT for the period from 1 January 2020 until 30 June 2020

	30/06/2020	30/06/2019
	€'000	€'000
Income	8,186	79,710
Operating, administrative and sales expenses Cost of personnel	(14,904) (15,781)	(36,697) (26,995)
	(30,685)	(63,692)
Operating (loss) / profit before interest, taxes, depreciation,
amortization and hotel rents	(22,499)	16,018
Depreciation, amortization and write-offs	(6,339)	(6,586)
Depreciation of assets with right of use	(5,490)	(6,695)
Other amortization	15	37
(Loss) / profit from operations	(34,313)	2,774
Finance income	231	11
Finance costs	(6,688)	(8,534)
Net finance costs	(6,457)	(8,523)
Loss from operations after net finance costs	(40,770)	(5,749)
Loss from loan restructuring	-	(299)
Loss from loan amendment	(1,891)	-
Net gain on sale of assets and liabilities classified as held for sale	83,991	-
Gain / (loss) on disposal of property, vessels, plant and other equipment
and intangible assets	2	(84)
Other net profits / (losses)	82,102	(383)
Profit / (loss) before taxation	41,332	(6,132)
Taxation	(92)	(332)
Profit / (loss) for the period	41,240	(6,464)
Profit / (loss) for the period attributable to:
Company owners	41,160	(6,457)
Minority interest	80	(7)
Profit / (loss) for the period	41,240	(6,464)
Earnings / (loss) per share
Basic and fully diluted earnings (loss) per share (€ cents)	8.94	(1.40)

LOUIS PLC CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period from 1 January 2020 until 30 June 2020

€'000	€'000 (6,464)
Profit / (loss) for the period 41,240
Other comprehensive income
Items not to be reclassified to the condensed interim consolidated statement of profit and loss account
Deferred taxation from revaluation of land and buildings (21)	6
(21)	6
Items that will or may be reclassified to the condensed interim consolidated statement of profit and loss account
Exchange rate difference in respect of subsidiary company in foreign currency (1)	6
Fair value (losses) / gains from offsetting of cash flows (1,882)	1,645
(1,883)	1,651
Other comprehensive (expenses) / income for the period (1,904)	1,657
Comprehensive income / (expenses) for the period 39,336	(4,807)
Comprehensive income / (expenses) for the period attributable to:
Company owners 39,416	(4,800)
Minority interest (80)	(7)
Comprehensive income / (expenses) for the period 39,336	(4,807)

LOUIS PLC

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2020

	Unaudited	Audited
	30/06/2020	31/12/2019
	€'000	€'000
Assets
Property, vessels, plant and equipment	123,005	121,220
Assets with right of use	204,721	205,611
Intangible assets	509	277
Financial assets at fair value through other comprehensive income	8	8
Non-current assets	328,243	327,116
Inventories	3,632	3,743
Trade and other receivables	22,834	11,276
Amounts due from affiliated parties	12,834	123
Derivative financial instruments	-	53
Tax refundable	885	922
Blocked bank deposits	6,368	25,999
Cash and cash equivalents	35,426	13,495
	81,979	55,611
Assets held for sale	-	122,071
Current assets	81,979	177,682
Total assets	410,222	504,798
Equity
Share capital	9,211	9,211
Reserves	59,115	19,859
Equity attributable to Company owners	68,326	29,070
Minority interest	129	49
Total equity	68,455	29,119
Liabilities
Borrowings	79,336	162,151
Lease liabilities	192,921	187,036
Other liabilities	368	368
Deferred income	651	666
Deferred taxation	9,805	9,733
Non-current liabilities	283,081	359,954
Bank overdrafts	2,979	9,405
Borrowings	4,257	10,974
Lease liabilities	3,933	3,670
Trade and other liabilities	25,419	27,487
Amounts due to affiliated parties	558	541
Derivative financial instruments	1,829	-
Deferred income	31	32
Contractual obligations	19,680	8,734
	58,686	60,843
Liabilities directly related to assets classified as held for sale	-	54,882
Current liabilities	58,686	115,725
Total liabilities	341,767	475,679
Total equity and liabilities	410,222	504,798

LOUIS PLC CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS for the period from 1 January 2020 until 30 June 2020

	30/06/2020	30/06/2019
	€'000	€'000
Cash flow from operations
Profit / (loss) for the period	41,240	(6,464)
Adjustments	(62,887)	19,964
Cash flow from operations before changes in working capital	(21,647)	13,500
Changes in working capital	(15,289)	22,527
Tax paid	(26)	-
Net cash (for) / from operations	(36,962)	36,027
Cash flow from investing activities
Payment for the purchase of property, vessels, plant, equipment and
intangible assets	(8,358)	(9,704)
Proceeds from the disposal of investment in affiliated company	-	-
Proceeds from sale of assets classified as held for sale	151,282	16,250
Proceeds from disposal of property, vessels, plant and equipment	2	10
Interest received	230	11
Net cash from investing activities	143,156	6,567
Cash flow from financing activities
Loan repayments	(92,279)	(10,859)
Repayments of financial lease liabilities	-	(3,707)
Release of bank deposits	19,631	3,696
Interest paid	(4,816)	(3,362)
Net cash flow for financing activities	(77,464)	(14,232)
Net increase in cash and cash equivalents	28,730	28,362
Cash and cash equivalents at beginning of period	4,090	24,157
Effect of changes in exchange rates on cash and cash equivalents	27	23
Effect of changes in cash in hand and at bank and bank overdrafts included in
the assets and liabilities held for sale	(400)	-
Cash and cash equivalents at end of period	32,447	52,542
Cash and cash equivalents consist in:
Cash in hand and at bank	35,426	56,030
Bank overdrafts	(2,979)	(3,488)
	32,447	52,542

LOUIS PLC CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period from 1 January 2020 until 30 June 2020

	S ha re ita l Ca p '00 € 0	Pro rty pe lua tio rev a n res erv e '00 € 0	f f fit Sta be ne s res erv e €0 00	Ris k he dg ing res erv e €0 00	Ot he r res erv es €0 00	f fer Di en ce fro m ion co nv ers f c ita l o ap int o E uro € '00 0	An ity nu res erv e '00 € 0	To l ta '00 € 0	Mi rit no y int st ere '00 € 0	To l ta uit eq y '00 € 0
lan 1 Ja 20 20 Ba at ce as nu ary	9, 21 1	15 29 7 ,	38 7	53	15 5	36 4	3, 60 3	29 07 0 ,	49	29 11 9 ,
Co he ive in fo he rio d r t mp re ns co me pe fit fo he d Pro rio r t pe	-	-	-	-	-	-	41 16 0 ,	41 16 0 ,	80	41 24 0 ,
he he ive in Ot r c om pre ns co me
ha di f fer in f Exc rat ct ng e e en ce res pe o bs idi fo in rei su ary gn cu rre nc y fer d ati fro lua tio f lan d De tax re on m rev a n o	-	-	-	-	( ) 1	-	-	( ) 1	-	( ) 1
d bu ldi i an ng s fer f d dit ion l de cia tio fro Tra ns o a a pre n m	-	( ) 21	-	-	-	-	-	( ) 21	-	( ) 21
lua tio rev a n fro f fse f c f Fa ir v lue lo tti h low a sse s m o ng o as s	- -	( ) 31 -	- -	- ( ) 1, 88 2	- -	- -	31 -	- ( ) 1, 88 2	-	- ( ) 1, 88 2
fer fro le f a las si fie d a he ld Tra ts ns m sa o sse c s fo le r s a	-	8, 54 5	-	-	-	-	8, 54 5	-	-	-
/ he he ive in (ex ) Ot r c om pre ns co me pe ns es fo he d rio r t pe	-	( ) 8, 59 7	-	( ) 1, 88 2	( ) 1	-	8, 57 6	( ) 1, 90 4	-	( ) 1, 90 4
/ he ive in (ex ) fo he Co r t mp re ns co me pe ns es rio d pe	-	( ) 8, 59 7	-	( ) 88 2 1,	( ) 1	-	49 73 6 ,	39 25 6 ,	80	39 33 6 ,
To l tio wi h dir ly ta tra t t ns ac ns ow ne rs ec nis d i ity rec og e n e qu	-	-	-	-	-	-	-	-	-	-
lan Ba 30 Ju 20 20 ce as a ne	9, 21 1	6, 70 0	38 7	( ) 1, 82 9	15 4	36 4	53 33 9 ,	68 32 6 ,	12 9	68 45 5 ,

LOUIS PLC CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period from 1 January 2020 until 30 June 2020

	ha S re Ca ita l p '00 € 0	Pro rty pe lua tio rev a n res erv e '00 € 0	f f be fit Sta ne s res erv e €0 00	Ris k he dg ing res erv e €0 00	he Ot r res erv es €0 00	Di f fer en ce fro m ion co nv ers f c l ita o ap int o E uro '00 € 0	ity An nu res erv e '00 € 0	l To ta € '00 0	Mi rit no y int st ere '00 € 0	l To ta uit eq y '00 € 0
lan Ba 1 Ja 20 19 at ce as nu ary	9, 21 1	19 13 4 ,	43 4	( ) 1, 86 9	14 4	36 4	( ) 18 40 8 ,	9, 01 0	49	9, 05 9
he fo he d Co ive in rio r t mp re ns co me pe Lo fo he rio d r t ss pe	-	-	-	-	-	-	( ) 6, 45 7	( ) 6, 45 7	( ) 7	( ) 6, 46 4
he he Ot ive in r c om pre ns co me
f fer f Exc ha di in rat ct ng e e en ce res pe o								1, 64 5	-	1, 64 5
bs idi in fo rei su ary gn cu rre nc y	-	-	-	-	6	-	-	6	-	6
fer d fro lua f lan d De ati tio tax re on m rev a n o									-
d bu i ldi an ng s	-	6	-	-	-	-	-	6		6
fer f d dit l de fro Tra ion cia tio ns o a a pre n m lua tio rev a n	-	( ) 36	-	-	-	-	36	-	-	-
lue fro f fse f c h f low Fa ir v ins tti a ga m o ng o as s	-	-	-	1, 64 5	-	-	-	1, 64 5		1, 64 5
Ot he he ive in fo he rio d r t r c om pre ns co me pe	-	( ) 30	-	64 1, 5	6	-	36	65 1, 7	-	65 1, 7
/ (ex ) fo Co he ive in he r t mp re ns co me pe ns es
rio d pe	-	( ) 30	-	1, 64 5	6	-	( ) 6, 42 1	( ) 4, 80 0	( ) 7	( ) 4, 80 7
lan Ba 30 Ju 20 19 ce as a ne	9, 21 1	19 10 4 ,	43 4	( ) 22 4	15 0	36 4	( ) 24 82 9 ,	4, 21 0	42	4, 25 2