Display Art PLC

Interim / Quarterly Report • Aug 30, 2016

Condensed consolidated interim statement of profit and loss account for the period from 1 January to 30 June 2016

	2016	Six months ended 30 June 2015
	€	€
Income Cost of sales	358.300 (331.439)	409.409 (323.999)
Gross profit	26.861	85.410
Other income	7.386	63
Distribution and sales expenses	(44.204)	(42.868)
Administrative expenses	(119.174)	(119.804)
Operating loss	(129.131)	(77.199)
Finance income	-	-
Finance costs	(64.401)	(78.295)
Net finance costs	(64.401)	(78.295)
Loss before taxation	(193.532)	(155.494)
Taxation	8.747	(880)
Net loss for the period	(184.785) =========	(156.374) =========
Net loss attributable to:
Company shareholders Minority interest	(184.785) -	(156.374) -
	(184.785)	(156.374)
	========	========
Loss per share:
Basic loss per share (cents)	(1,37)	(1,16)
Fully diluted loss per share (cents)	========= (1,37)	========= (1,16)
	=========	=========

Condensed consolidated interim statement of comprehensive income for the period from 1 January to 30 June 2016

	Six months ended 30 June
	2016	2015
	€	€
Net loss for the period	(184.785)	(156.374)
Other comprehensive income for the period Deferred taxation on revaluation of land and
buildings	(531)	4.085
Comprehensive income for the period after
taxation	(185.316)	(152.289)
	========	========

Condensed consolidated interim statement of financial position

as at 30 June 2016

Assets	30 June 2016 €	31 December 2015 €
Non-current assets Property, plant and equipment	4.244.500	4.382.007
Financial assets available for sale	21.580	21.580
	4.266.080	4.403.587
Current assets Inventories Trade and other receivables Financial assets	673.009 548.092	673.009 521.604
at fair value through profit and loss Cash and cash equivalents	286 2.108	286 10.054
	1.223.495	1.204.953
Total assets	5.489.575 =========	5.608.540 =========
Equity and liabilities Capital and reserves Share capital Share premium reserve Difference from conversion of share capital	4.592.196 98.673	4.592.196 98.673
into euro Revaluation reserve Annuity reserve	23.235 2.679.204 (6.096.421)	23.235 2.679.735 (5.911.636)
Equity attributable to company shareholders	1.296.887	1.482.203
Non-current liabilities Borrowings Deferred tax liabilities	1.160.158 526.007 1.686.165	237.996 534.384 772.380
Short-term liabilities Trade and other creditors Current tax liabilities Borrowings	1.425.184 653 1.080.686 2.506.523	1.386.810 653 1.966.494 3.353.957
Total liabilities	4.192.688	4.126.337
Total equity and liabilities	5.489.575 =========	5.608.540 =========

Condensed consolidated interim statement of changes in equity for the period from 1 January to 30 June 2016

	Share capital €	Share premium reserve €	Difference from conversion of share capital into € €	Revaluation reserves €	Annuity reserve €	Total €
Balance 1 January 2015	4.592.196	98.673	23.235	2.633.582	(4.821.222)	2.526.464
Comprehensive income for the period after taxation	-	-	-	4.085	(156.374)	(152.289)
Balance as at 30 June 2015	4.592.196 ========	98.673 ========	23.235 ========	2.637.667 =========	(4.977.596) =========	2.374.175 ========

	Share capital €	Share premium reserve €	Difference from conversion of share capital into € €	Revaluation reserves €	Annuity reserve €	Total €
Balance 1 January 2016	4.592.196	98.673	23.235	2.679.735	(5.911.636)	1.482.203
Comprehensive income for the period after taxation	-	-	-	(531)	(184.785)	(185.316)
Balance as at 30 June 2016	4.592.196 ========	98.673 ========	23.235 ========	2.679.204 =========	(6.096.421) =========	1.296.887 ========

Condensed interim statements of cash flows for the period from 1 January to 30 June 2016

	Six months ended 30 June 2016 2015
	€	€
Cash flow from operations Loss for the period Adjustments for:	(184.785)	(156.374)
Depreciation of property, plant and
equipment	146.502	121.160
Interest expenses	51.377	67.608
Taxation	(8.747)	880
Profit from operations before changes in
working capital	4.347	33.274
Changes in working capital:
Inventories	-	741
Trade and other receivables	(26.488)	(505)
Trade and other creditors	38.374	(15.766)
Net cash from operations	16.233	17.744
Tax paid	(161)	(475)
Net cash from operations	16.072	17.269
Cash flow from investing activities Purchase of property, plant and equipment	(8.995)	(1.763)
Net cash for investing activities	(8.995)	(1.763)
Cash flow from financing activities
Net changes in long-term borrowings	522.421	21.920
Interest paid	(51.377)	(67.608)
Net cash from / (for) financing activities	471.044	(45.688)
Net increase / (decrease) in cash
and bank overdrafts Cash and bank overdrafts at beginning	478.121	(30.182)
of period	(1.491.611)	(1.440.851)
Cash and bank overdrafts at end of period	(1.013.490) ========	(1.471.033) ========