Display Art PLC

Annual / Quarterly Financial Statement • Apr 27, 2018

Consolidated Statement of Profit and Loss Account for the year ended 31 December 2017

	2017	2016 Adjusted
	€	€
Income	1,438,858	1,319,083
Cost of sales	(960,120)	(933,109)
Gross profit	478,738	385,974
Other income	10,558	7,386
Distribution and sales expenses	(228,776)	(312,385)
Administrative costs	(294,104)	(274,769)
Fair value profits / (losses) in financial assets at fair value
through profit and loss	42	90
Impairment of financial assets available for sale	(3,482)	-
Operating loss	(37,024)	(193,884)
Finance income	-	3
Finance costs	(100,974)	(116,195)
Net finance costs	(100,974)	(116,192)
Loss before taxation	(137,998)	(310,076)
Taxation	19,307	19,371
Net loss for the year	(118,691)	(290,705)
Net loss attributable to:
Company's shareholders	(118,691)	(290,705)
Minority interest	--	--
	(118,691)	(290,705)
Loss per share:
Basic loss per share (cents)	(0,88)	(2.15)
Fully diluted loss per share (cents	(0,88)	(2.15)

Consolidated Statement of Comprehensive Income for the year ended 31 December 2017

	2017 €	2016 €
Net loss for the year	(118.691)	(290,705)
Other comprehensive income for the year Items not to be reclassified to profit or loss in subsequent periods:
Deferred tax on revaluation of land and buildings	(284)	6
	(284)	6
Items that will or may be reclassified to profit or loss in subsequent periods:
Financial assets available for sale	(3.482)	-
Impairment of financial assets available for sale	3.482
	-	-
Other comprehensive income for the year after taxation	(284)	6
Comprehensive income for the year after taxation	(118.975)	(290.699)

DISPLAY ART PLC Consolidated Statement of Financial Position for the year ended 31 December 2017

	2017	2016
	€	€
Assets
Non-current assets
Property, plant and equipment	3,966,284	4,126,400
Financial assets available for sale	18,098	21,580
	3,984,382	4,147,980
Current assets
Inventories	717,822	729,953
Trade and other receivables	265,714	360,379
Financial assets at fair value through profit and loss	238	196
Cash and cash equivalents	6,704	21,629
	990,478	1,112,157
Total assets	4,974,860	5,260,137
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	2,679,456	2,679,740
Annuity reserve	(6,321,031)	(6,202,340)
Equity attributable to the Company's shareholders	1,072,529	1,191,504
Non-current liabilities
Borrowings	1,045,721	1,091,285
Deferred tax liabilities	495,430	514,730
	1,541,151	1,606,015
Current liabilities
Trade and other creditors	1,233,430	1,377,337
Current tax liabilities	676	676
Borrowings	1,127,074	1,084,605
	2,361,180	2,462,618
Total liabilities	3,902,331	4,068,633
Total equity and liabilities	4,974,860	5,260,137

Consolidated Statement of Changes in Equity for the year ended 31 December 2017

	Share Capital €	Share premium reserve €	Difference from conversion of share capital into euro €	Revaluation reserve €	Annuity reserve €	Total €
Balance as at 1 January 2016	4,592,196	98,673	23,235	2,679,734	(5,911,635)	1,482,203
Comprehensive income for the year after taxation	- -	- -	- -	6 6	(290,705) (290,705)	(290,699) (290,699)
Balance as at 31 December 2016/ 1 January 2017	4,592,196	98,673	23,235	2,679,740	(6,202,340)	1,191,504
Comprehensive income for the year after taxation	- -	- -	- -	(284) (284)	(118,691) (118,691)	(118,975) (118,975)
Balance as at 31 December 2017	4,592,196	98,673	23,235	2,679,456	(6,321,031)	1,072,529

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 20% for the years 2012 and 2013 and 17% for 2014 onwards will be payable on such deemed dividends to the extent that the shareholders (individuals and companies), at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.

Consolidated Statement of Cash Flows for the year ended 31 December 2017

	2017	2016
	€	€
Cash flow from operations
Loss for the year before taxation	(138,998)	(310,076)
Adjustments for:
Depreciation of property, plant and equipment	264,032	296,374
Fair value loss / (profit) in financial assets at fair value through
profits and loss	(42)	90
Gain on sale of property, plant and equipment	(2,804)	-
Impairment of financial assets available for sale	3,482	-
Impairment of doubtful debts	94,544	206,574
Interest expenses	98.726	105,190
Profit from operations before changes in working capital	319.940	298,152
Changes in working capital:
Inventories	12.131	(56,944)
Trade and other receivables	122	(45,349)
Trade and other creditors	(143.908)	(9,473)
Cash from operations	188.285	186,386
Tax paid	(277)	(254)
Net cash from operations	188.008	186,132
Cash flow from investing activities
Purchase of property, plant and equipment	(103.916)	(40,767)
Proceeds from sale of property, plant and equipment	2.804	-
Net cash for investing activities	(101.112)	(40,767)
Cash flow from financing activities
Loan repayments	(24.043)	-
Net proceeds of long-term borrowing	-	493,568
Interest paid	(98.726)	(105,190)
Net cash from / (for) financing activities)	(122.769)	388,378
Net increase / (decrease) in cash and bank overdrafts	(35.873)	533,743
Cash and bank overdrafts at beginning of year	(957.868)	(1,491,611)
Cash and bank overdrafts at end of year	(993.741)	(957,868)