Logicom Public LTD

Annual / Quarterly Financial Statement • Apr 25, 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Year ended 31 December 2024

	2024 €	2023 €
Sales Cost of sales	1.090.984.988 (993.871.840)	1.214.634.638 (1.121.333.247)
Gross profit	97.113.148	93.301.391
Other income Expected credit losses Other expenses Administrative expenses	2.195.187 (2.291.083) - (60.031.619)	2.389.018 (817.682) (2.860.000) (55.086.315)
Profit from operations	36.985.633	36.926.412
Net foreign exchange (loss)/profit Finance income Finance expenses Net finance costs	(1.676.959) 884.208 (14.154.872) (14.947.623)	662.172 769.093 (15.054.280) (13.623.015)
Net share of profit from associated company after tax Net share of loss from joint ventures after tax	39.630.664 (2.667.810)	26.259.355 (1.436.188)
Profit before tax	59.000.864	48.126.564
Tax	(7.106.595)	(4.205.925)
Profit for the year after tax	51.894.269	43.920.639
Other comprehensive income that will not be reclassified to profit or loss in
future periods Increase from revaluation of investments at fair value through other comprehensive income Increase from revaluation of investments held for sale Deferred taxation arising from revaluation of land and buildings Adjustment on remeasurement of obligation Share of (loss)/profit from associated company Deferred taxation arising from adjustment on remeasurement of obligation	33.225.884 2.649.832 20.955 25.459 (577) (1.018)	10.846.466 28.577 (150.501) 743.425 2.538
	35.920.535	11.470.505
Other comprehensive income that will be reclassified to profit or lossin future periods Exchange difference from translation and consolidation of financial statements from
foreign operations Exchange difference in relation to hedge of net investments in a foreign operation Share of loss from associated company	8.825.845 (3.244.527) (22.273) 5.559.045	(4.398.085) 1.303.249 25.145 (3.069.691)
Other comprehensive income for the year after tax	41.479.580	8.400.814
Total comprehensive income for the year after tax	93.373.849	52.321.453
Profit for the year after tax attributable to: Company's shareholders Non-controlling interest	53.908.919 (2.014.650)	44.508.875 (588.236)
Profit for the year after tax	51.894.269	43.920.639
Total comprehensive income for the year after tax attributable to: Company's shareholders Non-controlling interest	95.388.499 (2.014.650)	52.909.689 (588.236)
Total comprehensive income	93.373.849	52.321.453
Basic earnings per share (cent)	72.77	60.08
Diluted earnings per share (cent)	72.77	60.08

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
	2024	2023
	€	€
Assets
Property, plant and equipment	23.344.073	23.490.473
Right-of-use assets	5.524.687	4.935.499
Intangible assets and goodwill	7.729.795	7.772.073
Investments in associated companies and joint ventures	150.384.906	110.048.546
Investments at fair value through other comprehensive income	-	30.617.240
Trade and other receivables	22.847.384	23.329.580
Deferred taxation	926.548	1.306.521
Total non-current assets	210.757.393	201.499.932
Inventories	78.482.051	88.440.500
Trade and other receivables	352.655.300	339.930.874
Investments held for sale	66.492.956	-
Derivative financial instruments	417.555	-
Other investments	36.944	29.255
Tax receivable Cash and cash equivalents	273.758 77.776.400	2.106.400 34.536.943
Total current assets	576.134.964	465.043.972
Total assets	786.892.357	666.543.904
Equity
Share capital	25.187.064	25.187.064
Reserves	345.131.359	256.484.642
Equity attributable to shareholders of the company	370.318.423	281.671.706
Non-controlling interest	(5.479.273)	(3.332.623)
Total equity	364.839.150	278.339.083
Liabilities Long-term loans	9.053.656	8.119.842
Lease liabilities	4.224.826	3.734.941
Trade and other payables	13.245.997	12.261.251
Deferred taxation	450.964	516.304
Provisions for other liabilities and termination of employment	2.659.070	2.812.145
Total non-current liabilities	29.634.513	27.444.483
Trade and other payables	231.360.319	196.833.410
Bank overdrafts	27.165.934	26.507.607
Short term loans	122.570.909	129.315.166
Current portion of long-term loans	5.759.298	3.695.204
Lease liabilities	1.537.938	1.409.534
Derivative financial instruments	-	1.320.263
Tax payable	3.928.369	1.555.891
Provisions for other liabilities and termination of employment	95.927	123.263
Total current liabilities	392.418.694	360.760.338

Total liabilities 422.053.207 388.204.821 Total equity and liabilities 786.892.357 666.543.904

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

			Year	ended 31	December 2024
				Difference
	Share capital €	Share Premium Reserve €	Revaluation Reserve €	arising on the conversion the share capital to Euro €	Hedge reserve €	Statutory reserve €	Translation reserve €	Retained earnings €	Total €	Non-control ling interest €	Total €
Balance as at 1 January 2023	25.187.064	10.443.375	8.095.849	116.818	(12.324.623)	3.000.245	3.788.614	196.791.711	235.099.053	(2.620.720)	232.478.333
Total comprehensive income Profit for the year Other comprehensive income	- -	- -	- 28.577	- -	- 1.303.249	- -	- (4.398.085)	44.508.875 11.467.073	44.508.875 8.400.814	(588.236) -	43.920.639 8.400.814
Transactions with owners,recognized directly in equity Proposed dividend for 2022 that was paid in 2023 Share of other transactions with owners from an	- -	- -	- -	- -	- -	- -	- -	(6.296.766) (40.270)	(6.296.766) (40.270)	(124.000) -	(6.420.766) (40.270)
associated company Other movements Transfer	-	-	-	-	-	221.625	-	(221.625)	-	333	333
Balance as at 1 January 2024	25.187.064	10.443.375	8.124.426	116.818	(11.021.374)	3.221.870	(609.471)	246.208.998	281.671.706	(3.332.623)	278.339.083
Total comprehensive income Profit for the year Other comprehensive income	- -	- -	- 20.955	- -	- (3.244.527)	- -	- 8.825.845	53.908.919 35.877.307	53.908.919 41.479.580	(2.014.650) -	51.894.269 41.479.580
Transactions with owners,recognized directly in equity Proposed dividend for 2023 that was paid in 2024	-	-	-	-	-	-	-	(6.667.164)	(6.667.164)	(132.000)	(6.799.164)
Share of other transactions with owners from an associated company	-	-	-	-	-	-	-	(74.618)	(74.618)	-	(74.618)
Other movements Transfer	-	-	-	-	-	123.541	-	(123.541)	-	-	-
Balance as at 31 December 2024	25.187.064	10.443.375	8.145.381	116.818	(14.265.901)	3.345.411	8.216.374	329.129.901	370.318.423	(5.479.273)	364.839.150

CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended 31 December 2024

	2024	2023
	€	€
Cash flows from operations
Profit for the year after tax	51.894.269	43.920.639
Adjustments for:
Exchange differences	666.502	(3.073.942)
Depreciation	1.505.279	1.488.839
Depreciation on leased assets	254.252	243.526
Depreciation on right-of-use assets	1.844.082	1.760.557
Interest payable	12.604.087	13.077.775
Interest receivable	(785.371)	(547.578)
Change in fair value of derivative financial instruments	(1.737.818)	999.431
Share of loss from joint ventures after tax	2.667.810	1.436.188
Share of profit from associated companies after tax	(39.630.664)	(26.259.355)
Losses in impairment of receivables	2.291.083	817.682
Net provision recognised for the decrease in the value of inventories	(111.955)	1.266.227
Profit on revaluation of investments at fair value through profit and loss	(7.689)	(10.249)
Profit from the disposal of property, plant and equipment	(22.921)	(21.315)
Amortisation of intangible assets	42.278	42.278
Impairment of goodwill	-	305.052
Charge to profit or loss for provisions	578.538	537.199
Tax	7.106.595	4.205.925
Decrease in inventories	39.098.407 10.070.404	40.188.879 16.885.623
Increase in trade and other receivables	(14.533.313)	(56.091.589)
Increase in trade and other payables	35.511.655	2.141.912
Repayments of promissory notes	-	(2.000.000)
Benefits paid for termination of employment	(996.769)	(471.104)
	69.150.384	653.721
Taxation paid	(2.534.349)	(6.924.601)
Net cash flow from/(used in) operations	66.616.035	(6.270.880)
Cash flows used in investing activities
Proceeds from disposal of property, plant and equipment	466.527	75.624
Payments to acquire investments in associated companies	-	(378.000)
Payments for provisions	-	(94.231)
Payments to acquire property, plant and equipment	(1.730.672)	(1.663.075)
Interest received	785.371	547.578
Net cash flow used in investing activities	(478.774)	(1.512.104)
Cash flows used in financing activities
Proceeds from issue of new loans	259.706.721	245.521.308
Repayment of loans	(263.453.070)	(236.765.953)
Repayments of lease liabilities	(2.128.336)	(1.898.958)
Interest paid Dividends paid	(12.204.199) (6.667.164)	(12.690.295) (6.296.766)
Net cash flow used in financing activities	(24.746.048)	(12.130.664)
Net change in cash and cash equivalents	41.391.213	(19.913.648)
Cash and cash equivalents at beginning of the year	8.029.336	29.146.094
Effect of exchange rate fluctuations on cash and cash equivalents held	1.189.917	(1.203.110)
Cash and cash equivalents at end of the year	50.610.466	8.029.336