Louis PLC

Annual / Quarterly Financial Statement • Jun 22, 2020

CONSOLIDATED PROFIT AND LOSS ACCOUNT

	2019 €'000	2018 €'000
Income	215,563	180,127
Operating expenses	(80,174)	(60,854)
Cost of personnel	(60,766)	(49,898)
Administrative and other expenses	(10,557)	(6,738)
Other income	4,885	-
	(146,612)	(117,490)
Operating profit before interest, taxes, depreciation,
amortization and hotel rents	68,951	62,637
Hotel rents	-	(12,373)
Depreciation, amortizations and write-offs	(17,657)	(12,182)
Depreciation of assets with right of use	(10,536)	-
Amortization of leases	-	(688)
Other amortizations	114	114
Profit from operations	40,872	37,508
Finance income	370	259
Finance cost	(21,164)	(10,273)
Net finance cost	(20,794)	(10,014)
Loss from impairment in the value of assets	(14,000)	(6,390)
Net gain from restructuring of borrowings	16,969	11,305
Loss from impairment in the value of assets held for sale	-	(233)
Gain/(loss) on disposal of assets, vessels, facilities and
equipment	10	(3,360)
Loss from write-off of stocks	-	(412)
Gain on acquisition of subsidiary company	-	1,249
Other net profits	2,979	2,159
Share in profit from investments in companies
with net position	-	4
Profit before taxation	23,057	29,657
Taxation	(4,873)	551
Profit for the year	18,184	30,208
Profit for the year attributable to:
Company owners	18,173	30,180
Minority interest	11	28
Profit for the year	18,184	30,208
Earnings per share
Basic and fully diluted earnings per share (€ cents)	3.95	6.55

CONSOLIDATED STATEMENT OF TOTAL INCOME

	2019	2018
	€'000	€'000
Profit for the year	18.184	30.208
Other total income
Amounts not to be reclassified to the consolidated statement of profit and loss account
Revaluation of land and buildings	-	870
Deferred taxation from revaluation of land and buildings	(73)	(212)
Adjustments to personnel benefit obligations	(70)	107
Deferred taxation from adjustments to personnel benefit
obligations	21	(31)
Decrease in deferred taxation due to change in the Greek
income tax rate credited to reserves	96	465
	(26)	1,199
Amounts which will or may be reclassified to the
consolidated statement of profit and loss
Exchange difference in respect of a subsidiary in foreign currency	11
Fair value gains/(losses) from cash flow set-offs	1,922	3 (1,869)
	1,933	(1,866)
Other total income / (expenses) for the year	1,907	(667)
Total income for the year	20.091	29.541
Total income for the year attributable to:
Company owners	20.080	29.512
Minority interest	11	29
Total income for the year	20.091	29.541

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2019

	2019	2018
	€'000	€'000
ASSETS
Property, vessels, plant and equipment	121.220	269.955
Assets with right of use	205.611	-
Intangible assets	277	578
Lease contracts	-	18.819
Financial assets in fair value through other total income	8	8
Non-current assets	327.116	289.360
Stocks	3.743	2.622
Trade and other receivables	11.276	14.325
Amounts due from related parties	123	273
Derivative financial instruments	53	-
Tax refundable	922	-
Blocked bank deposits	25.999	7.898
Cash and cash equivalents	13.495	29.803
	55,611	54,921
Assets held for sale	122,071	16,150
Current assets	177.682	71.071
Total assets	504.798	360.431
Equity
Share capital	9.211	9.211
Reserves	19.859	(201)
Equity attributable to Company owners	29.070	9.010
Minority interest	49	49
Total equity	29.119	9.059
Liabilities
Borrowings	162.151	229.471
Finance lease liabilities	-	21.693
Lease liabilities	187.036	-
Other liabilities	368	1.027
Derivative financial instruments	-	286
Deferred income	666	3.213
Deferred taxation	9.733	28.572
Non-current liabilities	359.954	284.262
Bank overdrafts	9.405	5.646
Borrowings	10.974	18.024
Finance lease liabilities	-	1.429
Lease liabilities	3.670	-
Trade and other liabilities	27.487	28.349
Amounts due to related parties	541	716
Derivative financial instruments	-	1.583
Deferred income	32	114
Contractual obligations	8.734	8.843
Tax due	-	2.406
	60.843	67.110
Liabilities directly related to assets classified as held for sale	54.882	-
Current liabilities	115.725	67.110
	475.679	351.372
Total liabilities
Total equity and liabilities	504.798	360.431

LOUIS PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Eq ity i bu b le Co ttr ta to u a mp an y ow ne rs
	f fe fro D i ren ce m ion co nv er s
	S ha re ita l ca p € '0 0 0	Pr ty op er lua ion t rev a res erv e € '0 0 0	Pe l rso nn e be f its ne res erv e € '0 0 0	R is k he dg ing res erv e € '0 0 0	O he t r res erv es € '0 0 0	f c ita l o ap int o Eu ro € '0 0 0	Re ve nu e res erv e € '0 0 0	To l ta € '0 0 0	M ino ity r int t er es € '0 0 0	To l e ity ta q u € '0 0 0
Ba lan 1 Ja 2 0 1 9 t ce as a nu ar y	9, 2 1 1	1 9. 1 3 4	4 3 4	( ) 1. 8 6 9	1 4 4	3 6 4	( ) 1 8. 4 0 8	9. 0 1 0	4 9	9. 0 5 9
To l inc fo he ta r t om e y ea r Pr f it fo he r t o ea r y	-	-	-	-	-	-	1 8. 1 7 3	1 8. 1 7 3	1 1	1 8. 1 8 4
O he l inc t r t ta o om e
Ex ha d i f fe la ing t to c ng e re nc e r e a bs i d iar in fo ig su a re n c ur ren cy y	-	-	-	-	1 1	-	-	1 1	-	1 1
De fe d ion fro lua ion tax t t rre a m rev a f lan d a d bu i l d ing o n s	-	( ) 7 3	-	-	-	-	-	( 3 ) 7	-	( 3 ) 7
A d d it ion l de ia ion fro t a p rec m lua ion bro ht fo d t rev a ug rw ar	-	( ) 7 5	-	- -	- -	-	7 5	- -	- -	-
A d j l be f it tm ts to us en p er so nn e ne l ia b i l it ies	-	-	( ) 7 0	-	-	-	-	( ) 7 0	-	( ) 7 0
De fe d ion fro d j tax t tm ts rre a m a us en l be f it l ia b i l it ies to p ers on ne ne f	-	-	2 1	-	-	-	-	2 1	-	2 1
De de fe d ion du tax t cre as e o rre a e ha in he inc to t tax te c ng e om e ra	-	9 4	2	-	-	-	-	9 6	-	9 6
Fa ir v lue los fro h f low a se s m ca s f fs t-o se	-	-	-	1. 9 2 2	-	-	-	1. 9 2 2		1. 9 2 2

Sa le f a las i f ie d a he l d fo ts o ss e c s s r le bro ht fo d sa ug rw ar	-	( ) 3. 7 8 3	-	-	-	-	3. 7 8 3	-	-	-
O he l inc / ( ) fo t r t ta o om e ex p en se s r he t y ea r	-	( ) 3. 8 3 7	( ) 4 7	1. 9 2 2	1 1	-	3. 8 5 8	1. 9 0 7	-	1. 9 0 7
To l inc / ( ) fo he ta r t om e ex p en se s y ea r io it ire Tr t h o d t ly an sa c ns w wn er s c ize in ity d re co g n eq u	-	( 3. 8 3 ) 7	( 4 ) 7	1. 9 2 2	1 1	-	2 2. 0 3 1	2 0. 0 8 0	1 1	2 0. 0 9 1
Co fro i bu ion d d is i bu ion ntr t tr t to s m an s ow ne rs
D iv i de d n	-	-	-	-	-	-	-	-	( ) 1 1	( ) 1 1
To l c i bu ion fro d ta tr t on s m an d is i bu ion tr t to s ow ne rs	-	-	-	-	-	-	-	-	( ) 1 1	( ) 1 1
Lo fro f s bs i d iar it h ss m me rg er o u y w de j int l ntr co mp an y un r o co o		-	-	-	-	-	( ) 2 0	( ) 2 0	-	( ) 2 0
ion it To ta l t t h o ra ns ac s w wn er s ire ize in ity d t ly d c re co g n eq u	-	-	-	-	-	-	( ) 2 0	( ) 2 0	( ) 1 1	( ) 3 1
Ba lan t 3 1 De be 2 0 1 9 ce as a ce m r	9. 2 1 1	1 5. 2 9 7	3 8 7	5 3	1 5 5	3 6 4	3. 6 0 3	2 9. 0 7 0	4 9	2 9. 1 1 9

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Eq ity i bu b le Co ttr ta to u a mp an y ow ne rs D i f fe fro ren ce m ion co nv er s
	S ha re ita l ca p € '0 0 0	Pr ty op er lua ion t rev a res erv e € '0 0 0	Pe l rso nn e f be its ne res erv e € '0 0 0	R is k he dg ing res erv e € '0 0 0	O he t r res erv es € '0 0 0	f c ita l o ap int o Eu ro € '0 0 0	Re ve nu e res erv e € '0 0 0	To l ta € '0 0 0	M ino ity r int t er es € '0 0 0	To l e ity ta q u € '0 0 0
Ba lan t 1 Ja 2 0 1 8 a ce as a nu ar y s io ly d ta te p re v us s	9, 2 1 1	1 8. 1 0 2	3 3 5	-	( 4 )	3 6 4	( 4 8. 3 0 ) 5	( 2 0. 1 9 ) 7	2 8	( 2 0. 1 9 ) 5
Im f t he in it ia l a l ica ion f t o t p ac p p o S I P R 9	-	-	-	-	-	-	( 3 0 ) 5	( 3 0 ) 5	-	( 3 0 ) 5
Ba lan 1 Ja 2 0 1 8 t ce as a nu ar y	-	1 8. 1 0 2	3 3 5	-	( ) 4	3 6 4	( ) 4 8. 6 5 5	( ) 2 0. 5 0 3	2 8	( ) 2 0. 4 7 4
To l inc fo he ta r t om e y ea r Pr f it fo he r t o ea r y	-	-	-	-	-	-	3 0. 1 8 0	3 0. 1 8 0	2 8	3 0. 2 0 8
O he l inc t r t ta o om e
Ex ha d i f fe la ing t to c ng e re nc e r e a bs i d iar in fo ig su a re n c ur ren cy y	-	-	-	-	3	-	-	3	-	3
De fe d ion fro lua ion tax t t rre a m rev a f lan d a d bu i l d ing o n s	-	( ) 2 1 2	-	-	-	-	-	( 2 1 2 )	-	( 2 3 2 )
A d d it ion l de ia ion fro t a p rec m lua ion bro ht fo d t rev a ug rw ar	-	( ) 6 7	-	- -	- -	-	6 7	- -	- -	-
Re lua ion f lan d a d bu i l d ing t va o n s	-	8 6 9	-	-	-	-	-	3 6 9	1	3 7 0
A d j in l be f it tm ts us en p er so nn e ne l ia b i l it ies	-	-	1 0 7	-	-	-	-	1 0 7	-	1 0 7

d ire ly ize d in ity t c re co g n eq u Ba lan 3 1 De be 2 0 1 8 t ce as a ce m r	- 9. 2 1 1	- 1 9, 1 3 4	- 4 3 4	- ( 1, 8 6 9 )	- 4 4	- 3 6 4	- ( 1 8. 4 0 8 )	- 9. 0 1 0	( 8 ) 4 9	( 8 ) 9. 0 9 5
To l t ion it h o ta t ra ns ac s w wn er s
To l c i bu ion fro d ta tr t on s m an d is i bu ion tr t to s ow ne rs	-	-	-	-	-	-	-	-	( 8 )	( 8 )
D iv i de d n	-	-	-	-	-	-	-	-	( ) 8	( ) 8
Co i bu ion fro d d is i bu ion ntr t tr t to s m an s ow ne rs
Tr io it h o d ire ly t t an sa c ns wn er s c w ize d in ity re co g n eq u
inc fo To ta l r t he om e y ea r	-	( ) 1. 0 3 2	9 9	( ) 1, 8 6 9	3	-	3 0. 2 4 7	2 9. 5 1 2	2 9	2 9. 5 4 1
inc fo O t he r t ta l r t he o om e y ea r	-	( ) 1. 0 3 2	9 9	( ) 1, 8 6 9	3	-	6 7	( ) 6 6 8	1	6 6 7
fro f Fa ir v lue los h low a se s m ca s he dg ing	-	-		( ) 1, 8 6 9	-	-	-	( ) 1. 8 6 9		( ) 1, 8 6 5
ha in he inc to t tax te c ng e om e ra fro 2 9 % 2 % to 5 m	-	4 4 2	2 3	-	-	-	-	4 6 5		4 6 5
De fe d ion fro d j tax t tm ts rre a m a us en in l be f it l ia b i l it ies p ers on ne ne De f de fe d ion du tax t cre as e o rre a e	-	-	( 3 1 )	-	-	-	-	( 3 1 )	-	( 3 1 )