Demetra Holdings Plc

Earnings Release • Jun 23, 2020

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME for the year ended 31 December 2019

€ € Income Income from dividends 702,258 495,036 Income from interest 233,697 318,982 Income from rents 1,186,669 1,159,664 Profit from the sale and revaluation of land and immovable property 650,645 - Profit from financial assets 10,413,909 5,576,772
13,186,178 7,550,454
Operating expenses (1,990,257) (1,500,574)
Loss from the sale and revaluation of land and immovable property - (73,016)
Reversal of provision / (provision) of anticipated credit losses 259,046 (120,083)
Finance costs (290,091) (127,017)
Writing-off of negative goodwill 119,850,066 -
(Provision)/reversal of provision for share in loss from affiliates (8,304) 413,656
Share in profit from affiliates 4,043,164 -
Profit before taxation 135,049,802 6,143,420
Taxation (716,160) (161,379)
Net profit for the year 134,333,642 5,982,041
Other comprehensive expenses
Items which may be reclassified to the consolidated statement of profit and
loss account in subsequent periods
Share in losses from affiliates (219,134) -
Items not to be reclassified to the consolidated statement of profit and loss
account in subsequent periods -
Profit from revaluation and redemption of investments at fair value through
other comprehensive income - 8,531
Total income for the year 134,114,508 5,990,572
Net profit attributable to:
Company shareholders 134,333,642 5,982,041
Earnings per share – cents 67,17 2.99
Total income attributable to:
Company shareholders 134,114,508 5,990,572
Total earnings per share - cents 67,06 3.00

DEMETRA INVESTMENT PUBLIC LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2019

	31/12/2019	31/12/2018
	€	€
ASSETS
Non-current assets
Intangible fixed assets	1,590,565	1,515,815
Immovable property for investment	32,646,596	31,715,017
Investments in affiliates	199,084,037	-
Receivables from affiliates	11,230,249	11,047,673
Deferred taxation	300,708	1,025,973
Total non-current assets	244,852,155	45,304,478
Current assets
Inventories	7,223,619	7,526,324
Other receivables	119,882	179,172
Financial assets at fair value through profit and loss	15,565,135	31,399,803
Bank deposits	842,032	11,357,697
Cash and cash equivalents	2,537,297	30,989,211
Current tax liabilities	26,739	74,747
Total current assets	26,314,704	81,526,954
Total assets	271,166,859	126,831,432
EQUITY AND LIABILITIES
Equity
Share capital	140,000,000	140,000,000
Reserves	117,668,057	(16,231,519)
Total equity	257,668,057	123,768,481
Non-current liabilities
Long-term loans	9,902,172	-
Total non-current liabilities	9,902,172	-
Current liabilities
Current long-term loan instalments	483,410	-
Provision for losses of affiliates	2,423,255	2,414,951
Trade and other creditors	689,965	648,800
Total current liabilities	3,596,630	3,062,951
Total equity and liabilities	271,166,859	126,831,432
Net assets per share – cents	128,83	61.88

DEMETRA INVESTMENT PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2019

	2019	2018
	€	€
Cash flow from operating activities
Profit for the year before taxation	135,049,802	6,143,420
Adjustments for:
Depreciation of intangible fixed assets	82,409	90,742
Profit from revaluation of intangible fixed assets	(99,480)	(61,510)
Profit from disposal and revaluation of financial assets at fair value through
profit and loss	(10,413,909)	(5,576,772)
Profit from sale and revaluation of immovable property for investment	(584,494)	(123,229)
Negative goodwill	(119,850,066)	-
Provision/(Reversal of provision) for share in loss from affiliates	8,304	(413,656)
Share in profit from affiliates	(4,043,164)	-
(Reversal of provision)/provision for anticipated credit losses	(256,015)	116,817
Loan interest payable	254,043	-
Net cash flow before changes in working capital	147,430	175,812
Decrease in inventories	302,705	211,000
(Increase) / decrease in other receivables	59,290	(19,399)
Increase in net receivables from affiliates	(196,723)	(196,417)
Net purchases and sales of financial assets at fair value
through profit and loss	(49,376,296)	35,694,482
Increase / (decrease) in trade and other creditors	41,965	(17,434)
Decrease / (increase) in bank deposits	10,785,827	(6,154,332)
Redemption of financial assets	-	300,000
Purchase of immovable property for investment	(347,085)	(556,521)
Sale of immovable property for investment	-	300,000
Cash (for) / from operating activities	(38,582,887)	29,737,191
Tax received	57,113	65,386
Net cash (for)/from operating activities	(38,525,774)	29,802,577
Cash flow from investing activities
Purchase of intangible fixed assets	(57,679)	(36,181)
Net cash for investing activities	(57,679)	(36,181)
Cash flow from financing activities
Proceed from new loan	10,278,005	-
Loan repayment	(146,466)	-
Net cash from financing activities	10,131,539	-
Net (decrease)/ increase in cash and cash equivalents	(28,451,914)	29,766,396
Cash and cash equivalents at beginning of year	30,989,211	1,222,815
Cash and cash equivalents at end of year	2,537,297	30,989,211

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2019

	Share capital €	Exchange difference reserve €	Negative goodwill reserve €	Investments reserve €	Accumulated Losses €	Total equity €
Balance as at 1 January 2018	140,000,000	319,437	-	(8,531)	(21,937,912)	118,372,994
Effect of the implementation of IFRS9	-	-	-	-	(571,505)	(571,505)
Adjusted balance as at 1 January 2018	140,000,000	319,437	-	(8,531)	(22,509,417)	117,801,489
Net profit for the year after taxation	-	-	-	-	5,982,041	5,982,041
Other total income for the year after taxation	-	-	*	8,531	-	8,531
Contribution for defence in deemed distribution	-	-	*	-	(23,580)	(23,580)
of dividend
Balance as at 31 December 2018 /
1 January 2019	140,000,000	319,437	-	-	(16,550,956)	123,768,481
Net profit for the year after taxation	-	-	-	-	134,333,642	134,333,642
Transfer between reserves			119,850,066	-	(119,850,066)	-
Other total expenses for the year after taxation	-	-	-	-	(219,134)	(219,134)
Other transactions with shareholders	-	-	-	-	(214,932)	(214,932)
Balance as at 31 December 2019	140,000,000	319,437	119,850,066	-	(2,501,446)	257,668,057