Display Art PLC

Interim / Quarterly Report • Sep 1, 2015

Condensed consolidated interim statement of profit and loss account for the period from 1 January to 30 June 2015

	2015 €	Six months ended 30 June 2014 €
Income	409.409	502.865
Cost of sales	(323.999)	(430.577)
Gross profit	85.410	72.288
Other income	63	17.468
Distribution and sales expenses	(42.868)	(59.744)
Administrative expenses	(119.804)	(169.559)
Operating loss	(77.199)	(139.547)
Finance income	-	-
Finance costs	(78.295)	(67.225)
Net finance costs	(78.295)	(67.225)
Loss before taxation	(155.494)	(206.772)
Taxation	(880)	3.027
Net loss for the period	(156.374) =========	(203.745) =========
Net loss attributable to:
Company's shareholders Minority interest	(156.374) -	(203.745) -
	(156.374)	(203.745)
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Loss per share:
Basic loss per share (cent)	(1,16)	(1,51)
Fully diluted loss per share (cent)	========= (1,16)	========= (1,51)
	=========	=========

Condensed consolidated interim statement of comprehensive income for the period 1 January to 30 June 2015

	Six months ended 30 June
	2015 €	2014 €
Net loss for the period	(156.374)	(203.745)
Other comprehensive income for the period Deferred taxation on revaluation of land and buildings	4.085	4.588
Comprehensive income for the period after
taxation	(152.289) ========	(199.157) ========

Condensed consolidated interim statement of financial position as at 30 June 2015

	30 June 2015	31 December 2014
Current assets Non-current assets	€	€
Property, plant and equipment	4.649.831	4.769.228
Financial assets available for sale	21.580	21.580
	4.671.411	4.790.808
Current assets
Stocks Trade and other receivables	757.742 927.851	758.483 927.346
Financial assets at fair value
through profit and loss	286	286
Cash and cash equivalents	1.806	2.969
	1.687.685	1.689.084
Total assets	6.359.096	6.479.892
Equity and liabilities	=========	=========
Capital and reserves
Share capital	4.592.196	4.592.196
Premium reserve	98.673	98.673
Difference from conversion of capital into
Euro	23.235	23.235
Revaluation reserves	2.637.667	2.633.582
Exchange difference reserve	491	491
Annuity reserve	(4.978.087)	(4.821.713)
Equity attributable to the Company's
shareholders	2.374.175	2.526.464
Non short-term liabilities
Borrowings	456.240	435.631
Deferred tax liabilities	451.842	455.185
	908.082	890.816
Short-term liabilities
Trade and other creditors	1.366.781	1.382.547
Current tax liabilities	676	1.013
Borrowings	1.709.382	1.679.052
	3.076.839	3.062.612
Total liabilities	3.984.921	3.953.428
Total equity and liabilities	6.359.096 =========	6.479.892 =========

Condensed consolidated interim statement of changes in equity for the period from 1 January to 30 June 2015

	Share capital €	Premium reserve €	Exchange difference reserve €	Annuity reserve €	Revaluation reserve €	Difference from the conversion of share capital into Euro €	Total €
Balance as at 1 January 2014	4,592,196	98,673	491	(3,977,526)	2,709,840	23,235	3,446,909
Comprehensive income for the period after taxation	--	--	--	(203,745)	4,588	--	(199,157)
Balance as at 30 June 2014	4,592,196	98,673	491	(4,181,271)	2,714,428	23,235	3,247,752

	Share capital €	Premium reserve €	Exchange difference reserve €	Annuity reserve €	Revaluation reserve €	Difference from the conversion of share capital into Euro €	Total €
Balance as at 1 January 2015	4,592,196	98,673	491	(4,821,713)	2,633,582	23,235	2,526,464
Comprehensive income for the period after taxation	--	--	--	(156,374)	4,085	-	(152,289)
Balance as at 30 June 2015	4,592,196	98,673	491	(4,978,087)	2,637,667	23,235	2,374,175

Condensed consolidated interim statement of cash flows for the period from 1 January to 30 June 2015

	Six months ended 30 June 2015	2014
	€	€
Cash flow from operations Loss for the period Adjustments for:	(156.374)	(203.745)
Depreciation of property, plant and
equipment	121.160	152.784
Interest expenses	67.608	61.680
Taxation	880	(3.027)
Operating profit before changes in working
capital	33.274	7.692
Changes in working capital:
Stocks	741	5.776
Trade and other receivables	(505)	39.983
Trade and other creditors	(15.766)	(5.158)
Net cash from operations	17.744	48.293
Tax paid	(475)	(1.271)
Net cash from operations	17.269	47.022
Cash flow from investing activities Purchase of property, plant and equipment	(1.763)	(3.330)
Net cash for investing activities	(1.763)	(3.330)
Cash flow from financing activities
Net changes in long-term borrowings	21.920	(24.839)
Interest paid	(67.608)	(61.680)
Net cash for financing
activities	(45.688)	(86.519)
Net decrease in cash and bank
overdrafts	(30.182)	(42.827)
Cash and bank overdrafts
at beginning of period	(1.440.851)	(1.368.092)
Cash and bank overdrafts
at end of period	(1.471.033)	(1.410.919)
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