Display Art PLC

Interim / Quarterly Report • Sep 25, 2019

Condensed consolidated interim statement of profit and loss account for the period from 1 January to 30 June 2019

	2019	Six months ended 30 June 2018
	€	€
Income	457.231	449.976
Cost of sales	(313.505)	(332.730)
Gross profit	143.726	117.246
Other income	214	-
Distribution and sales expenses	(69.001)	(63.180)
Administrative expenses	(169.638)	(155.157)
Operating loss	(94.699)	(101.091)
Finance income	-	-
Finance costs	(20.804)	(23.938)
Net finance costs	(20.804)	(23.938)
Loss before taxation	(115.503)	(125.029)
Taxation	(92)	(115)
Deferred taxation	21.112	20.807
Net loss for the period	(94.483) =========	(104.337) =========
Net loss attributable to:
Company shareholders Minority interest	(94.483) -	(104.337) -
	(94.483)	(104.337)
	========	========
Loss per share:
Basic loss per share (cents)	(0,70)	(0,77)
Fully diluted loss per share (cents)	========= (0,70)	========= (0,77)
	=========	=========

Condensed consolidated interim statement of comprehensive income for the period from 1 January to 30 June 2019

	Six months ended 30 June
	2019	2018
	€	€
Net loss for the period	(94,483)	(104.337)
Other comprehensive income for the period
Deferred taxation on revaluation of land and buildings	(93)	(78)
Comprehensive income for the period after
taxation	(94.576)	(104.415)
	========	========

Condensed consolidated interim statement of financial position

as at 30 June 2019

Assets	30 June 2019 €	31 December 2018 €
Non-current assets
Property, plant and equipment Financial assets at fair value through	3.663.278	3.746.769
profit and loss	14.207	14.207
	3.677.485	3.760.976
Current assets
Inventories	688.943	688.943
Trade and other receivables Financial assets at fair value	215.634	184.199
through profit and loss	247	247
Tax refundable	875	-
Cash and cash equivalents	3.822	12.989
	909.521	886.378
Total assets	4.587.006 =========	4.647.354
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 Annuity reserve	2.724.890 (6.575.098)	2.674.737 (6.430.369)
Equity attributable to company shareholders	863.896	978.467
Non-current liabilities
Borrowings	959.347	964.644
Deferred tax liabilities	455.585	476.697
	1.414.932	1,441.341
Short-term liabilities
Trade and other creditors	1.192.565	1.125.925
Current tax liabilities	20.708	746
Borrowings	1.094.905	1.120.875
	2.308.271	2.247.546
Total liabilities	3.723.203	3.688.887
Total equity and liabilities	4.587.006 =========	4.647.354 =========

Condensed consolidated interim statement of changes in equity for the period from 1 January to 30 June 2019

	Share capital €	Share premium reserve €	Difference from conversion of share capital into € €	Revaluation reserves €	Annuity reserve €	Total €
Balance as at 1 January 2018	4.592.196	98.673	23.235	2.679.456	(6.321.031)	1.072.529
Comprehensive income for the period after taxation	-	-	-	(78)	(104.337)	(104.415)
Balance as at 30 June 2018	4.592.196 ========	98.673 ========	23.235 ========	2.679.378 =========	(6.425.368) =========	968.114 ========

	Share capital €	Share premium reserve €	Difference from conversion of share capital into € €	Revaluation reserves €	Annuity reserve €	Total €
Balance as at 1 January 2019	4.592.196	98.673	23.235	2.724.983	(6.480.615)	958.472
Comprehensive 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 ========

Condensed interim statement of cash flows for the period from 1 January to 30 June 2019

	Six months ended 30 June 2019 2018
	€	€
Cash flow from operations
Loss for the period	(94.483)	(104.337)
Adjustments for:
Depreciation of property, plant and
equipment Interest expenses	115.044 20.804	138.837 23.938
Taxation	92	(20.692)
Profit from operations before changes in
working capital	41.457	37.746
Changes in working capital:
Trade and other receivables	(10.207)	36.277
Trade and other creditors	38.804	(11.052)
Net cash from operations	70.054	62.971
Tax paid	(92)	(115)
Net cash from operations	69.962	62.856
Cash flow from investing activities
Purchase of property, plant and equipment	(31.553)	(10.447)
Net cash for investing activities	(31.553)	(10.447)
Cash flow from financing activities
Net changes in long-term borrowings	(64.660)	(28.471)
Interest paid	(20.131)	(23.938)
Net cash (for) / from financing
activities	(84.791)	(52.409)
Net (decrease) / increase in cash
and bank overdrafts	(46.382)	(18.017)
Cash and bank overdrafts at beginning of period	(981.257)	(993.741)
Cash and bank overdrafts at end
of period	(1.027.639) ========	(1.011.758) ========