Logicom Public LTD — Interim / Quarterly Report 2015

Oct 30, 2015

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 3 0 September 2 0 1 5

	Period from 1 January to	Period from 1 January to	Year ended
	30 September	30 September	31 December
	2015	2014	2014
	€	€	€
Sales	613.729.278	442.290.734	631.176.348
Cost of sales	(575.167.986) (412.830.738)		(588.982.295)
Gross profit	38.561.292	29.459.996	42.194.053
Other income	283.965	890.116	1.013.367
Administrative expenses	(24.307.724)	(21.156.298)	(29.359.775)
Profit from operations	14.537.533	9.193.814	13.847.645
Net foreign exchange loss	(315.098)	(487.082)	(880.170)
Interest receivable	81.521	313.741	167.464
Interest payable and bank charges	(5.668.259)	(4.151.665)	(5.668.824)
Net finance expenses	(5.901.836)	(4.325.006)	(6.381.530)
Share of loss of associated companies and partnership net of taxation	(377.409)	(275.330)	(1.205.601)
Profit before taxation	8.258.288	4.593.478	6.260.514
Taxation	(1.399.235)	(545.782)	(244.887)
Profit for the period/year	6.859.053	4.047.696	6.015.627
Other comprehensive income to be reclassified to profit or loss in
subsequent periods
Deficit from revaluation of land and buildings	-	565.240	-
Surplus from revaluation of investments in shares available
for sale Exchange difference from translation and consolidation of	(151.623)	172.121	185.959
financial statements from foreign operations	3.435.656	1.509.209	4.389.114
Exchange difference in relation to hedge of net investment in a foreign
operation	(2.758.504)	(2.784.499)	(3.941.794)
Deferred taxation arising from exchange differences in relation to foreign
operations	69.222	69.874	98.915
Deferred taxation arising from revaluation of land and buildings	(4.849)	99.659	(6.465)
Total comprehensive income/(expenses) for the period /year after taxation	589.902	(368.396)	725.729
Total comprehensive income for the period / year
after taxation	7.448.955	3.679.300	6.741.356
Profit for the period/year attributable to:
Company's shareholders	7.054.895	4.180.714	6.473.576
Non-controlling interest	(195.842)	(133.018)	(457.949)
Profit for the period/year	6.859.053	4.047.696	6.015.627
Total comprehensive income for the period/year attributable to:
Company's shareholders	7.644.797	3.812.318	7.199.305
Non-controlling interest	(195.842)	(133.018)	(457.949)
Total comprehensive income	7.448.955	3.679.300	6.741.356
Basic profit per share (cent)	9,52	5,64	8,70
Fully diluted profit per share (cent)	9,52	5,64	8,70

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 3 0 September 2 0 1 5 30 September 2015 31 December 2014 € € Assets Property, plant and equipment 11.362.917 11.392.452 Intangible assets and goodwill 8.762.877 8.853.305 Investments available for sale 5.880.459 5.927.886 Deferred taxation 3.166.342 3.557.620 Total Non-Current Assets 29.172.595 29.731.263 Inventories 61.322.451 60.857.033 Trade and other receivables 169.656.600 164.574.267 Investments at fair value through profit and loss 99.792 99.792 Tax receivable 5.587.736 4.465.061 Cash and cash equivalents 19.752.096 25.701.618 Total Current Assets 256.418.675 255.697.771 Total Assets 285.591.270 285.429.034 Equity Share capital 25.187.064 25.187.064 Reserves 42.811.663 38.130.050 Equity attributable to the shareholders of the Company 67.998.727 63.317.114 Non-controlling interest (700.368) (504.526) Total equity 67.298.359 62.812.588 Liabilities Long-term loans 3.603.234 5.486.974 Deferred taxation 1.548.673 1.448.659 Contingent liabilities 436.529 436.529 Total Non-Current Liabilities 5.588.436 7.372.162 Trade and other payables 93.618.413 96.842.774 Bank overdrafts 44.430.637 49.286.099 Short-term loans 53.084.683 39.611.692 Current portion of long-term loans 4.238.951 5.531.959 Promissory notes 16.162.749 22.946.661 Tax payable 969.042 825.099 Contingent liabilities 200.000 200.000 Total Current Liabilities 212.704.475 215.244.284 Total Liabilities 218.292.911 222.616.446 Total Equity and Liabilities 285.591.270 285.429.034

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Pe io d e de d 3 0 Se be 2 0 1 5 tem r n p r Dif fere nce
	Sha re ital cap €	Sha ium re p rem res erv e €	Rev alu atio n res erv e €	Res fai e at erv r val ue €	from sion of con ver sha ital re c ap into Eu ro €	He dg ing res erv e €	Sta tuto ry res erv e €	Tra nsl atio n res erv e €	Ret ain ed nin ear gs €	Tot al €	No n trol ling con inte t res €	Tot al €
Ba lan at 1 Ja ce as nua ry 201 4	25. 187 .06 4	10. 443 .37 5	3.1 92. 643	1.2 21. 891	116 .81 8	(1.5 95. 031 )	209 .36 2	(7.7 14. 787 )	27. 007 .37 8	58. 068 .71 3	(46 .57 7)	58. 022 .13 6
Tot al c hen siv e in om pre com e Pro fit for the yea r Oth l co reh ive er t ota mp ens	-	-	-	-	-	-	-	-	4.1 80. 714	4.1 80. 714	(13 3.0 18)	4.0 47. 696
inc om e Tra ctio wit h nsa ns sha reh old ised in ers rec ogn ity equ	-	-	-	172 .12 1	-	(2.7 84. 499 )	-	1.5 083 79.	-	(1.0 33. 295 )	-	(1.0 33. 295 )
Pro ed div ide nd for 201 3 p aid pos in 2 014 Tra nsf er t o st atu tory	-	-	-	-	-	-	-	-	(1.8 51. 990 )	(1.8 51. 990 )	-	(1.8 51. 990 )
res erv e Rev alu atio alis ed n re serv e re thro h u	-	-	- (99 .65	-	-	-	154 .65 2	-	- 659 99.	154 .65 2	-	154 .65 2
ug se alu atio Rev n re serv e lise d th h rea rou g	-	-	9)	-	-	-	-	-		-	-	-
sale Ba lan at 3 0 S ber ept ce as em 201 4	- 25. 187 .06 4	- 10. 443 .37 5	(56 5.2 40) 2.5 27. 744	- 1.3 94. 012	- 116 .81 8	- (4.3 79. 530 )	- 364 .01 4	- (6.1 35. 704 )	565 .24 0 30. 001 .00 1	- 59. 518 .79 4	- (17 9.5 95)	- 59. 339 .19 9
Ba lan at 1 Ja ce as nua ry 201 5	25. 187 .06 4	10. 443 .37 5	3.1 64. 098	1.4 07. 850	116 .81 8	(5.5 36. 825 )	209 .36 2	(3.3 25. 673 )	31. 651 .04 5	63. 317 .11 4	(50 4.5 26)	62. 812 .58 8
Tot al c hen siv e in om pre com e fit for the rio d Pro pe Oth l co reh ive er t ota mp ens	-	-	-	-	-	-	-	-	7.0 54. 895	7.0 54. 895	(19 5.8 42)	6.8 59. 053
inc om e ctio wit h Tra nsa ns sha reh old ised in ers rec ogn ity equ	-	-	(4.8 49)	(15 1.6 23)	-	(2.7 58. 504 )	-	3.5 04. 878	-	589 .90 2	-	589 .90 2
Pro ed div ide nd for 201 4 p aid pos in 2 015 alu atio Rev n re serv e lise d th h rea rou g	-	-	-	-	-	-	-	-	(2.9 63. 184 )	(2.9 63. 184 )	-	(2.9 63. 184 )
sale Bal 30 Sep ber s at tem anc e a	-	-	(16 .56 0)	-	-	-	-	-	16. 560	-	-	-
201 5	25. 187 .06 4	10. 443 .37 5	3.1 42. 689	1.2 56. 227	116 .81 8	(8.2 95. 329 )	209 .36 2	179 .20 5	35. 759 .31 6	67. 998 .72 7	(70 0.3 68)	67. 298 .35 9

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, during the periodof the two years after the end of the year of assessment to which the profits refer, will be deemed to have distributed this amount as dividend. Special contribution for defence will be 20% for the years 2012 and 2013 and 17% in 2014 and then will be payable on such deemed dividends to the extent that the shareholders (companies and individuals) at the end of the period of the two years from the end of the year of assessment to which the profits refer are Cyprus tax residents. The amount of deemed dividend distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the company for the account of the shareholders.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the period ended 3 0 September 2 0 1 5

	Period from 1 January to 30 September 2015 €	Period from 1 January to 30 September 2014 €
Cash flow from operations
Profit for the period/year	6.859.053	4.047.696
Adjustments for:
Exchange differences	(428.862)	(1.629.397)
Depreciation	890.675	556.234
Depreciation on leased assets	372.749	389.851
Interest payable	4.623.760	2.503.279
Interest receivable	(81.521)	(313.741)
(Profit) from sale of property, plant and equipment	(5.058)	-
Amortisation of development costs	77.400	67.500
Taxation	1.399.235	545.782
	13.707.431	6.167.204
Increase in inventories	(465.418)	(3.605.759)
Increase in trade and other receivables	(5.082.333)	(8.976.078)
(Decrease)/increase in trade and other payables	(3.224.361)	2.455.177
	4.935.319	(3.959.456)
Interest paid	(4.623.760)	(2.503.279)
Tax paid	(978.732)	(740.316)
Net cash flow for operations	(667.173)	(7.203.051)
Cash flow for investing activities
Payments to acquire investments available for sale	(104.197)	(373.546)
Proceeds from sale of property, plant and equipment	196.924	-
Payments to acquire intangible assets	(90.428)	-
Payments to acquire property, plant and equipment	(1.059.854)	(1.258.017)
Interest received	81.521	313.741
Net cash flow for investing activities	(976.034)	(1.317.822)
Cash flow from financing activities
Proceeds from issue of new loans	44.153.981	27.778.274
Repayment of loans	(33.857.738)	(13.935.700)
Dividend paid	(2.963.184)	(1.851.990)
Repayments of promissory notes	(6.783.912)	-
Net cash flow from financing activities	549.147	11.990.584
Net flow in cash and cash equivalents	(1.094.060)	3.469.711
Cash and cash equivalents at beginning of period /year	(23.584.481)	(19.739.786)
Cash and cash equivalents at end of period / year	(24.678.541)	(16.270.075)