Salamis Tours (Holdings) Public LTD

Quarterly Report • Sep 25, 2019

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT

For the half-year ended 30 June 2019

	30/06/2019 €	30/06/2018 €
Turnover	21.181.141	19.849.953
Cost of sales	(16.813.811)	(14.649.457)
Gross profit	4.367.330	5.200.496
Administrative expenses	(2.451.121)	(2.360.327)
Sales expenses	(233.679)	(153.569)
Depreciation	(997.520)	(822.549)
	(3.682.320)	(3.336.445)
Profit from operating activities	685.010	1.864.051
Other income	117.577	120.63
Net finance income	85.610	6 12.776
Profit before taxation	888.197	2.097.463
Taxation	(124.082)	(174.536)
Net profit for the period	764.115	1.922.927
Attributable to:
Shareholders of the parent company	789.766	2.049.926
Minority interest	(25.651)	(126.999)
	764.115	1.922.927
	cents	cents
Basic and fully diluted earnings per share	2.16	5.61

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the half-year ended 30 June 2019

	30/06/2019 €	30/06/2018 €
Net profit for the period	764.115	1.922.927
Other comprehensive (costs) / income	39.511	(1.164)
Comprehensive income for the period	803.626	1.921.763
Comprehensive income attributable to:
Shareholders of parent company	829.277	2.048.762
Minority interest	(25.651)	(126.999)
	803.626	1.921.76
		3

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS	30/06/2019 €	31/12/2018 €
Non-Current Assets
Property, vessels, plant and equipment	22.822.257	17.929.739
Financial assets at fair value
through other total income	2.343.157	2.298.951
Loan to an associated company	341.720	341.720
	25.507.137	20.570.410
Current assets
Inventories	789.050	531.265
Trade and other receivables	4.014.596	2.399.464
Cash at bank and in hand	17.713.371	21.859.436
	22.517.017	24.790.165
Total assets	48.024.151	45.360.575
EQUITY AND LIABILITIES
Capital and reserves
Share capital	15.707.529	15.707.529
Reserves	22.145.768 21.378.519
Equity attributable to the shareholders	37.853.297	37.086.048
Minority interest	3.747	29.338
Total equity	38.857.044	37.115.386
Non-current liabilities
Trade and other creditors	901.266	607.266
Deferred tax liabilities	1.106.213	1.106.213
	2.007.479	1.713.479
Current liabilities
Trade and other creditors	7.596.088	5.100.860
Borrowing	367.068	1.344.440
Current tax liabilities	131.545	10.158
Dividend payable	64.927	76.252
	8.159.628	6.531.710
Total liabilities	10.167.107	8.245.189
Total equity and liabilities	48.024.151	45.360.575

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

For the half-year ended 30 June 2019

	Share capital €	Issue of shares at a premium €	Fair value reserves €	Accumulated profits €	Minority interest €	Total €
Balance as at 1 January 2018	15.707.529	937.067	3.594.010	11.393.534	136.585	31.768.725
Impact from initial implementation of IFRS 9	-	-	(127.373)	16.777	-	(110.596)
Balance as at 1 January 2018 as readjusted	15.707.529	937.067	3.466.637	11.410.311	136.585	31.658.129
Changes in fair value	-	-	(1.164)	-	-	(1.164)
Dividends payable	-	-	-	(1.826.457)	-	(1.826.457)
Net profit for the period	-	-	-	2.049.926	(126.999)	1.922.927
Balance as at 30 June 2018	15.707.529	937.067	3.465.473	11.633.780	9.586	31.753.435
Balance as at 1 January 2019	15.707.529	937.067	4.217.255	16.224.197	29.338	37.115.386
Changes in fair value	-	-	39.511	-	-	39.511
Minority interest in subsidiary's share capital	-	-	-	-	60	60
Defence contribution in deemed distribution of dividend	-	-	-	(62.028)	-	(62.028)
Net profit for the period	-	-	-	789.766	(25.651)	764.115
Balance as at 30 June 2019	15.707.529	937.067	4.256.766	16.951.935	3.747	37.857.044

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CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the half-year ended 30 June 2019

	30/06/2019 €	30/06/2018 €
Profit before taxation	888.197	2.097.463
Adjustments for:
Depreciation	997.520	822.549
Unrealised foreign exchange profit	(140.146)	(148.284)
Interest receivable	(83.381)	(67.539)
Interest payable	21.884	10.944
Dividends received Gain on the sale of fixed assets	(12.142) (18.950)	- (34.738)
Cash flow before changes in working capital	1.650.982	2.680.395
Increase in inventories	(257.785)	(264.191)
Increase in trade and other debtors	(1.615.132)	(1.072.518)
Increase in trade and other creditors	2.789.228	4.025.510
Cash flow from operating activities	2.569.293	5.369.196
Taxation
Tax paid	(2.695)	(72.719)
Net cash flow from operating activities	2.566.598	5.296.477
Investing activities
Purchase of fixed assets	(5.890.038)	(1.315.041)
Purchase of financial assets	(4.695)	-
Proceeds from disposal of fixed assets	18.950	36.750
Interest received	83.381	67.539
Dividends received	12.142	-
Decrease in fixed-term deposits of over three months Net cash flow for investing activities	16.277 (5.763.983)	250.505 (960.247)
Financing activities
Minority interest in subsidiary's share capital	60	-
Interest paid	(21.884)	(10.944)
Payment of dividends Defence contribution in deemed distribution of dividend	(11.325) (62.028)	(12.886) -
Net cash flow for financing activities	(95.177)	(23.830)
Net (decrease)/increase in cash and cash equivalents		(3.292.562) 4.312.400
Cash and cash equivalents at beginning of period Impact of changes in exchange rates on cash	18.740.459	13.057.843
and cash equivalents	140.146	148.284
Cash and cash equivalents at end of period	15.588.043	17.518.527