Display Art PLC

Interim / Quarterly Report • Sep 3, 2018

Condensed consolidated interim statement of profit and loss account for the period from 1 January to 30 June 2018

	2018 €	Six months ended 30 June 2017 €
Income	449.976	482.219
Cost of sales	(332.730)	(331.191)
Gross profit	117.246	151.028
Other income	-	6.586
Distribution and sales expenses	(63.180)	(57.695)
Administrative expenses	(155.157)	(140.197)
Operating loss	(101.091)	(40.278)
Finance income	-
Finance costs	(23.938)	(47.820)
Net finance costs	(23.938)	(47.820)
Loss before taxation	(125.029)	(88.098)
Taxation	(115)	(138)
Deferred taxation	(20.807)	9.534
Net loss for the period	(104.337) =========	(78.702) =========
Net loss attributable to:
Company shareholders Minority interest	(104.337) -	(78.702) -
	(104.337)	(78.702)
	========	========
Loss per share:
Basic loss per share (cents)	(0,77)	(0,58)
Fully diluted loss per share (cents)	========= (0,77)	========= (0,58)
	=========	=========

Condensed consolidated interim statement of comprehensive income for the period from 1 January to 30 June 2018

	Six months ended 30 June
	2018	2017
	€	€
Net loss for the period	(104,337)	(78.702)
Other comprehensive income for the period Deferred taxation on revaluation of land and
buildings	(78)	(206)
Comprehensive income for the period after
taxation	(104.415)	(78.908)
	========	========

Condensed consolidated interim statement of financial position

as at 30 June 2018

Assets	30 June 2018 €	31 December 2017 €
Non-current assets
Property, plant and equipment Financial assets available	3.837.894	3.996.284
for sale	18.098	18.098
	3.855.992	3.984.382
Current assets
Inventories Trade and other receivables	717.822 229.437	717.822 265.714
Financial assets at fair value
through profit and loss	238	238
Tax refundable	699	-
Cash and cash equivalents	2.288	6.704
	950.484	990.478
Total assets	4.806.476	4.974.860
Equity and liabilities	=========	=========
Capital and reserves
Share capital	4.592.196	4.592.196
Share premium reserve Difference from conversion of share capital	98.673	98.673
into euro	23.235	23.235
Revaluation reserve	2.679.378	2.679.476
Annuity reserve	(6.425.368)	(6.321.031)
Equity attributable to company
shareholders	968.114	1.072.529
Non-current liabilities
Borrowings	1.007.515	1.045.721
Deferred tax liabilities	474.700	495.430
	1.482.215	1,541.151
Short-term liabilities
Trade and other creditors	1.222.378	1.233.430
Current tax liabilities	9.743	676
Borrowings	1.124.026	1.127.074
	2.356.147	2.361.180
Total liabilities	3.838.362	3.902.331
Total equity and liabilities	4.806.476	4.974.860
	=========	=========

Condensed consolidated interim statement of changes in equity for the period from 1 January to 30 June 2018

	Share capital €	Share premium reserve €	Difference from conversion of share capital into € €	Revaluation reserves €	Annuity reserve €	Total €
Balance 1 January 2017
	4.592.196	98.673	23.235	2.679.740	(6.202.340)	1.191.504
Comprehensive income for the
period after taxation	-	-	-	(206)	(78.702)	(78.908)
Balance as at 30 June 2017	4.592.196	98.673	23.235	2.679.534	(6.281.042)	1.112.596
	========	========	========	=========	=========	========

	Share capital €	Share premium reserve €	Difference from conversion of share capital into € €	Revaluation reserves €	Annuity reserve €	Total €
Balance 1 January 2018
	4.592.196	98.673	23.235	2.679.456	(6.321.031)	1.072.529
Comprehensive income for the
period after taxation	-	-	-	(78)	(104.337)	(104.415)
Balance as at 30 June 2018	4.592.196	98.673	23.235	2.679.378	(6.425.368)	968.114
	========	========	========	=========	=========	========

Condensed interim statement of cash flows for the period from 1 January to 30 June 2018

	Six months ended 30 June 2018 2017
	€	€
Cash flow from operations Loss for the period Adjustments for:	(104.337)	(78.702)
Depreciation of property, plant and equipment Interest expenses Taxation	138.837 23.938 (20.692)	129.433 46.542 (9.396)
Profit from operations before changes in working capital Changes in working capital: Trade and other receivables Trade and other creditors	37.746 36.277 (11.052)	87.877 6.502 (18.771)
Net cash from operations Tax paid	62.971 (115)	75.608 (136)
Net cash from operations	62.856	75.472
Cash flow from investing activities Purchase of property, plant and equipment	(10.447)	(52.897)
Net cash for investing activities	(10.447)	(52.897)
Cash flow from financing activities Net changes in long-term borrowings Interest paid	(28.471) (23.938)	(33.128) (46.542)
Net cash (for) / from financing activities	(52.409)	(79.670)
Net (decrease) / increase in cash and bank overdrafts Cash and bank overdrafts at beginning	(18.017)	(57.095)
of period	(993.741)	(957.868)
Cash and bank overdrafts at end of period	(1.011.758) ========	(1.014.963) ========