Demetra Holdings Plc

Quarterly Report • Jul 23, 2019

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period 1 January 2019 to 30 June 2019

	Six months ended 30 June
	2019	2018
	€	€
Income
Income from dividends	533.116	-
Income from interest	110.438	170.761
Profit from the sale, revaluation and exploitation of land and immovables	578.782	569.247
Profit from financial assets	11.494.294	5.107.726
	12.716.630	5.847.734
Operating expenses	(1.153.780)	(727.644)
Reversal of provision of expected credit losses at bank balances	255.295	-
Finance costs	(107.556)	(65.927)
Reversal of provision for share in loss from affiliates	39.262	31.532
Profit before taxation	11.749.851	5.085.695
Taxation	(30.019)	(57.941)
Net profit for the period	11.719.832	5.027.754
Other comprehensive expenses
Amounts to be classified in the consolidated profit or loss account in future
periods
Profit from revaluation of investments at fair value through other
comprehensive income	-	8.531
Total income for the period	11.719.832	5.036.285
Net profit attributable to:
Shareholders of the Company	11.719.832	5.027.754
Profit per share - cent	5.86	2.51
Total profit attributable to:
Shareholders of the Company	11.719.832	5.036.285
Total income per share - cent	5.86	2.52

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2019

	30 June	31 December
	2019	2018
	€	€
ASSETS
Non-current assets
Intangible fixed assets	1.504.757	1.515.815
Immovable property for investment	31.864.072	31.715.017
Receivables from affiliates	11.145.226	11.047.673
Deferred taxation	1.025.973	1.025.973
Total non-current assets	45.540.028	45.304.478
Current assets
Inventories	7.238.252	7.526.324
Other receivables	93.981	179.172
Financial assets at fair value through profit and loss	92.198.671	31.399.803
Bank deposits	908.654	11.357.697
Cash and cash equivalents	2.827.007	30.989.211
Current tax claims	52.972	74.747
Total current assets	103.319.537	81.526.954
Total assets	148.859.565	126.831.432
NET POSITION AND LIABILITIES
Equity
Share capital	140.000.000	140.000.000
Reserves	(4.511.687)	(16.231.519)
Total equity	135.488.313	123.768.481
Long-term liabilities
Long-term loans	10.074.945	-
Total long-term liabilities	10.074.945	-
Current liabilities
Current instalments of long-term loans	450.000	-
Provision for losses of affiliates	2.375.689	2.414.951
Trade and other creditors	470.618	648.000
Total current liabilities	3.296.307	3.062.951
Total equity and liabilities	148.859.565	126.831.432
Net asset per share - cent	67.74	61.88

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the period 1 January 2019 to 30 June 2019

	Six months ended 30 June
	2019	2018
	€	€
Cash flow from operating activities
Profit before taxation	11.749.851	5.085.695
Adjustment for:
Depreciation of intangible fixed assets	42.502	45.846
Profit from disposal and revaluation of financial assets at fair price through
profit and loss	(11.494.294)	(5.107.726)
Interest from loans payable	47.322	-
Reversal of provision for share in loss from affiliates	(39.262)	(31.532)
Reversal of expected credit losses	(252.309)	-
Net cash flow before changes in working capital	53.810	(7.717)
Decrease / (Increase) in inventories	288.072	(17.036)
Decrease in other receivables	85.191	34.522
Net purchases and sales of financial assets at fair value through profit and
loss	(49.304.574)	2.868.771
Increase in receivables from affiliates	(97.553)	(111.471)
Decrease / (Increase) in bank deposits	10.701.352	(3.419.748)
Decrease in trade and other creditors	(177.382)	(86.530)
Purchase of immovable property for investment	(149.055)	(322.668)
Redemption of financial assets	-	300.000
Cash flow for operating activities	(38.600.139)	(761.877)
Tax (paid) / collected	(8.244)	79.294
Net cash flow for operating activities	(38.608.383)	(682.583)
Cash flow from investing activities
Purchase of intangible fixed assets	(31.444)	(14.318)
Net cash flow for investing activities	(31.444)	(14.318)
Cash flow from financing activities
Proceeds from new loans	10.500.000	-
Repayment of loans	(22.377)	-
Net cash from financing activities	10.477.623	-
Net decrease in cash and cash equivalents	(28.162.204)	(696.901)
Cash and cash equivalents at beginning of period	30.989.211	1.222.815
Cash and cash equivalents at end of period	2.827.007	525.914

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period 1 January 2019 to 30 June 2019

	Share capital	Exchange difference	Investments reserve	Accumulated Loss	Total equity
	€	reserve		€	€
		€	€
Balance as at
1 January 2018	140,000,000	319,437	(8.531)	(21.937.912)	118.372.994
Impact from application of IFRS9	-	-	-	(571.505)	(571.505)
Readjusted balance as at
1 January 2018	140,000,000	319,767	(8.531)	(22.509.417)	117.801.489
Profit for the period	-	-	-	5.027.754	5.027.754
Other total income for the period	-	-	8.531	-	8.531
Balance as at 30 June 2018	140.000.000	319.437	-	(17.481.663)	122.837.774
Balance as at
1 January 2019	140,000,000	319,767	-	(16.550.956)	123.768.481
Profit for the period	-	-	-	11.719.832	11.719.832
Balance as at
30 June 2019	140,000,000	319,437	-	(4.831.124)	135.488.313