Louis PLC

Interim / Quarterly Report • Jan 17, 2017

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT

	30/06/2016 €'000	30/06/2015 Adjusted €'000
Income	35.156	30.938
Operating, administrative and selling expenses Staff cost	(14.465) (12.744)	(14.836) (12.274)
	(27.209)	(27.110)
Operating profit before interest, taxes, depreciations and hotel
rents	7.947	3.828
Hotel rents payable	(5.643)	(5.191)
Depreciations	(4.563)	(3.506)
Amortisations	(191)	(191)
Loss from operations	(2.450)	(5.060)
Finance income	438	738
Finance cost	(7.089)	(6.957)
Net finance cost	(6.651)	(6.219)
Loss from operations after net finance cost Share of (loss)/profit from investments recognized with the	(9.101)	(11.279)
net position method	(1.869)	73
Profit from the loss of control of subsidiary	27.424	-
Profit/(loss) before taxation	16.241	(11.206)
Taxation	(214)	(330)
Profit/(loss) of period from continuing operations	16.454	(11.536)
Non-continuing operations Loss from non-continuing operations	(4.680)	(10.138)
Profit/(loss) for the period	11.560	(21.674)
Profit /(loss) for the period attributable to:
Company owners	11.566	(20.480)
Minority interest	(6)	(1.194)
Profit/(loss) for the period	11.560	(21.674)
Profit /(loss) per share Basic and fully diluted profit/(loss) per share (cents)
Continuing operations Non-continuing operations	3,53 (1,02)	(2,25) (2,20)
	2,51	(4,45)

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT

Quarter ended 30 June 2016

		30/06/2016	30/06/2015
			Adjusted
		€'000	€'000
Income		30.076	26.817
Operating, administrative and selling expenses		(10.619)	(10.698)
Staff cost		(8.553)	(7.994)
		(19.172)	(18.692)
Operating profit before interest, taxes, depreciations and hotel
rents		10.904	8.125
Hotel rents payable		(2.832)	(2.596)
Depreciations		(2.184)	(1.737)
Amortisations		(95)	(95)
Profit from operations		5.793	3.697
Finance income		199	366
Finance cost		(3.683)	(3.941)
Net finance cost		(3.484)	(3.575)
Profit from operations after net finance cost		2.309	122
Share of (loss)/profit from investments recognized with the net
position method		(525)	70
Profit before taxation		1.784	192
Taxation		75	(148)
Profit for the period from continuing operations		1.859	44
Non-continuing operations Profit from non-continuing operations		-	4.696
Profit for the period		1.859	4.740
Profit for the period attributable to:
Company owners		1.849	5.090
Minority interes		10	(350)
Profit for the period		1.859	4.740
Profit/(loss) per share
Basic and fully diluted profit per share (cents)
Continuing operations		0,40	0,09
Non-continuing operations		-	1,02
Profit for the period	8	0,40	1,11

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	30/06/2016 €'000	30/06/2015 €'000
Profit/(loss) for the period	11.560	(21.674)
Other comprehensive income
Amounts that will or may be reclassified to the condensed interim consolidated statement of profit and loss account
Profit from cash flow hedges	-	2.192
Exchange difference in respect of subsidiary in
foreign currency	12 12	(70) 2.122
Amounts not to be reclassified to the condensed interim consolidated statement of profit and loss account
Deferred taxation in revaluation	(11)	1
Effect from acquisition of company under joint control	-	(159)
	(11)	(158)
Other comprehensive income for the period	1	1.964
Comprehensive income for the period	11.561	(19.710)
Comprehensive income for the period attributable to:
Company owners	11.567	(18.516)
Minority interest	(6)	(1.194)
Comprehensive income for the period	11.561	(19.710)

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarter ended 30 June 2016
	30/06/2016 €'000	30/06/2015 €'000
Profit for the period	1.859	4.740
Other comprehensive income
Amounts that will or may be reclassified to the condensed interim consolidated statement of profit and loss account Profit from cash flow hedges	-	1.686
Exchange difference in respect of subsidiary in foreign currency	4	(5)
Amounts not to be reclassified to the condensed interim	4	1.681
consolidated statement of profit and loss account Deferred taxation in revaluation	10 10	4 4
Other comprehensive income for the period	14	1.685
Comprehensive income for the period	1.873	6.425
Comprehensive income attributable to: Company owners Minority interest	1.837 36	6.775 (350)
Comprehensive income for the period	1.873	6.425

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Unaudited	Audited
	30/06/2016	31/12/2015
	€'000	€'000
Assets
Vessels, property, plant and equipment	224.308	222.765
Hotel leases	20.537	20.883
Amounts due from affiliated parties	6.172	-
Investments recognised with the net position method	34.180	16.049
Non-current assets	285.197	259.697
Inventories	3.557	2.386
Trade and other receivables	25.383	11.437
Amounts due from affiliated parties	1.121	416
Blocked bank deposits	10.872	10.776
Cash and cash equivalents	29.496	16.225
Assets classified as held for sale	-	278.648
Current assets	70.429	319.888
Total assets	355.626	579.585
Equity
Share capital	78.293	78.293
Reserves	(106.297)	(117.864)
Equity attributable to Company owners	(28.004)	(39.571)
Minority interest	(32)	(5.433)
Total equity	(28.036)	(45.004)
Liabilities
Borrowings	160.113	156.022
Financial lease liabilities	25.100	22.805
Other liabilities	1.230	1.230
Deferred income	3.578	3.675
Deferred taxation	31.742	31.558
Non-current liabilities	221.763	215.290
Bank overdrafts	25.833	28.028
Borrowings	77.729	77.994
Financial lease liabilities	669	2.964
Trade and other liabilities	22.523	12.521
Amounts due to affiliated parties	908	801
Deferred income	30.949	4.345
Taxation due	3.288	3.702
Liabilities classified as held for sale	-	278.944
Current liabilities	161.899	409.299
Total liabilities	383.662	624.589
Total equity and liabilities	355.626	579.585

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Equity attributable to Company owners
	Share capital €'000	Premium reserve €'000	Propery revaluation reserve €'000	Staff benefits reserve €'000	Other reserves €'000	Difference from conversion of capital into Eiro €'000	Annuity reserve €'000	Total €'000	Minority interest €'000	Total equity €'000
Balance as at 1 January 2016	78.293	94.301	18.109	214	221	364	(231.073)	(39.571)	(5.433)	(45.004)
Comprehensive income for the period Profit for the period	-	-	-	-	-	-	11.566	11.566	(6)	11.560
Other comprehensive income Exchange difference in respect of subsidiary in foreign currency Deferred taxation in revaluation Additional depreciation transferred to	- -	- -	- (11)	- -	12 -	- -	- -	12 (11)	- -	12 (11)
revaluation	-	-	(27)	-	-	-	27	-	-	-
Other comprehensive income for the period	-	-	(38)	-	12	-	27	1	-	1
Comprehensive income for the period	-	-	(38)	-	12	-	11.593	11.567	(6)	11.561
Transactions with owners recognised directly in equity Changes in shares held in subsidiary companies Presumed disposal of minority interest	-	-	-	-	-	-	-	-	5.407	5.407
Total transactions with owners recognised directly in equity	-	-	-	-	-	-	-	-	5.407	5.407
Balance as at 30 June 2016	78.293	94.301	18.071	214	233	364	(219.480)	(28.004)	(32)	(28.036)

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

				Equity attributable to Company owners
	Share capital €'000	Premium reserve €'000	Hedge reserve €'000	Property revaluation reserve €'000	Staff benefits reserve €'000	Other reserves €'000	Difference from conversion of capital into Euro €'000	Annuity reserve €'000	Total €'000	Minority interest €'000	Total equity €'000
Balance as at 1 January 2015	78.293	94.301	(3.360)	18.422	162	197	364	(119.607)	68.772	(4.121)	64.651
Comprehensive income for the period Loss for the period	-	-	-	-	-	-	-	(20.480)	(20.480)	(1.194)	(21.674)
Other comprehensive income Profit from cash flow hedges Exchange difference in respect of	-	-	2.192	-	-	-	-	-	2.192	-	2.192
subsidiary in foreign currency Effect from acquisition of company	-	-	-	-	-	(70)	-	-	(70)	-	(70)
under joint control Deferred taxation from revaluation Additional depreciation transferred	- -	- -	- -	- 1	- -	- -	- -	(159) -	(159) 1	- -	(159) 1
to revaluation	-	-	-	(37)	-	-	-	37	-	-	-
Other comprehensive income for the period	-	-	2.192	(36)	-	(70)	-	(122)	1.964	-	1.964
Comprehensive income for the period	-	-	2.192	(36)	-	(70)	-	(20.602)	(18.516)	(1.194)	(19.710)
Balance as at 30 June 2015	78.293	94.301	(1.168)	18.386	162	127	364	(140.209)	50.256	(5.315)	44.941

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

	30/06/2016	30/06/2015
	€'000	€'000
Cash flow from operations
Profit/(loss) before taxation	11.773	(21.344)
Adjustments	(8.768)	31.555
Cash flow from operations before changes in working
capital	3.005	10.211
Changes in working capital	21.335	34.841
Net cash flow from operations	24.340	45.052
Cash flow from investing activities
Payments for the purchase of vessels, property, plant and equipment	(6.104)	(18.720)
Proceeds from the disposal of equipment	6	-
Interest received	438	738
Net cash flow used in investing
activities	(5.660)	(17.982)
Cash flow from financing activities
Net increase/(decrease) in loans and financial lease
liabilities	219	(4.849)
Blocked bank deposits	(95)	(405)
Interest paid	(3.286)	(7.280)
Net cash flow used in financing
activities	(3.162)	(12.534)
Effect of changes in exchange rates on cash and
cash equivalents	(52)	696
Net increase in cash and cash equivalents	15.466	15.232
Cash and cash equivalents at beginning of period	(11.803)	(12.578)
Cash and cash equivalents at end of period	3.663	2.654
Cash and cash equivalents consist in:
Cash in hand and at banks	29.496	34.629
Bank overdrafts	(25.833)	(31.975)
	3.663	2.654