Logicom Public LTD — Interim / Quarterly Report 2015

Aug 4, 2015

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 30 June 2015

	Period from 1	Period from 1	Year ended
	January to 30	January to 30	31 December
	June 2015	June 2014	2014
	€	€	€
Sales	404,957,136	290,872,421	631,176,348
Cost of sales	(378,763,715)	(271,289,948)	(588,982,295)
Gross profit	26,193,421	19,582,473	42,194,053
Other income	298,697	813,356	1,013,367
Administrative expenses	(16,167,934)	(13,764,281)	(29,359,775)
Profit from operating activities	10,324,184	6,631,548	13,847,645
Net loss from exchange difference	(154,266)	(89,570)	(880,170)
Interest receivable	57,949	77,148	167,464
Interest payable and bank expenses	(3,949,035)	(2,855,712)	(5,668,824)
Net finance cost	(4,045,352)	(2,868,134)	(6,381,530)
Share in profit from affiliates and partnership after taxation	(168,936)	(208,599)	(1,205,601)
Profit before taxation	6,109,896	3,554,815	6,260,514
Taxation	(1,061,273)	(401,232)	(244,887)
Profit for the period/year	5,048,623	3,153,583	6,015,627
Other comprehensive expenses to be classified in profit or
loss in future periods
Deficit from revaluation of land and buildings	-	(58,193)	-
Surplus from revaluation of investments in shares available
for sale	(468,699)	171,086	185,959
Exchange difference from conversion and consolidation of
financial statements of companies abroad	3,682,583	(1,227,010)	4,389,114
Exchange difference in relation to the offset of net
investment in a foreign operation	(2,803,182)	176,526	(3,941,794)
Deferred taxation resulted from exchange difference in
relation to companies abroad	(70,343)	7,088	98,915
Deferred taxation resulted from revaluation of land and
buildings	(3,233)	66,439	(6,465)
Other comprehensive income/(expenses) for the period/year
after taxation	337,126	(864,064)	725,729
Total comprehensive income for the period/year after
taxation	5,385,749	2,289,519	6,741,356
Profit for the period/year attributable to:
Shareholders of the Company	5,106,180	3,221,411	6,473,576
Minority interest	(57,557)	(67,828)	(457,949)
Profit for the period/year	5.048.623	3,153,583	6,015,627
Total comprehensive income for the period/year
attributable to:
Shareholders of the Company	5.443.306	2,357,347	7,199,305
Minority interest	(57.557)	(67,828)	(457,949)
Total comprehensive income	5.385.749	2,289,519	6,741,356
Basic profit per share - cent	6.89	4,35	8,70
Fully diluted profit per share -cent	6.89	4,35	8,70

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2015

	30 June	31 December
	2015	2014
	€	€
ASSETS
Property, plant and equipment	11,265,448	11,392,452
Intangible assets and goodwill	8,788,677	8,853,305
Investments available for sale	5,563,384	5,927,886
Deferred taxation	3,134,992	3,557,620
Total non-current assets	28,752,501	29,731,263
Inventories	88,337,901	60,857,033
Trade and other debtors	165,848,583	164,574,267
Investments at fair value through profit and loss	99,792	99,792
Tax refundable	5,587,736	4,465,061
Cash and cash equivalents	21,307,598	25,701,618
Total current assets	281,181,610	255,697,771
Total assets	309,934,111	285,429,034
Equity
Share capital	25,187,064	25,187,064
Reserves	43,643,698	38,130,050
Equity attributable to the shareholders of the Company	68,830,762	63,317,114
Minority interest	(562,083)	(504,526)
Total equity	68,268,679	62,812,588
Liabilities
Long-term loans	6,492,835	5,486,974
Deferred taxation	1,548,661	1,448,659
Provisions for liabilities	436,529	436,529
Total long-term liabilities	8,478,025	7,372,162
Trade and other creditors	106,423,125	96,842,774
Bank overdrafts	47,606,468	49,286,099
Short-term loans	48,495,226	39,611,692
Current instalments of long-term loans	2,381,496	5,531,959
Promissory notes	27,014,833	22,946,661
Tax payable	1,066,259	825,099
Provisions for liabilities	200,000	200,000
Total current liabilities	233,187,407	215,244,284
Total liabilities	241,665,432	222,616,446
Total equity and liabilities	309,934,111	285,429,034

CONSOLIDATED STATEMENT OF CASH FLOWS

for the period ended 30 June 2015

	Period from 1	Period from 1
	January to 30	January to 30
	June 2015	June 2014
Cash flow from operating activities	€	€
Profit for the period/year	5,048,623	3,153,583
Adjustment for:
Various exchange differences	2,276,690	(1,152,174)
Depreciation	449,860	483,258
Depreciation from lease of assets	261,814	228,855
Interest payable	2,546,472	1,278,109
Interest receivable	(57,949)	(77,148)
(Profit) from sale of property, plant and equipment	(85,771)	-
Amortisation resulted from developments costs	51,600	45,000
Taxation	1,061,273	401,232
	11,552,612	4,360,715
(Increase)/decrease in reserves	(27,480,868)	1,187,250
Increase in trade and other debtors	(1,373,791)	(384,914)
Increase/(decrease) in trade and other creditors	9,582,140	(2,761,418)
	(7,719,907)	2,401,633
Tax paid	(1,377,105)	(294,500)
Net cash flow (for)/from operating activities	(9,097,012)	2,107,133
Cash flow for investing activities
Payments for the acquisition of investments available for sale	(104,197)	-
Receipts from sale of property, plant and equipment	196,586	-
Payments for the purchase of property, plant and equipment Interest received	(256,327) 57,949	(791,478) 77,148
Net cash flow for investing activities	(198,378)	(714,330)
Cash flow from financing activities
Receipts from drafting of new loans Repayment of loans	27,631,126 (22,571,825)	14,445,550 (10,719,157)
Payments of interest	(2,546,472)	(1,278,109)
Receipts from promissory notes	4,068,172	-
Net cash flow from financing activities	6,581,001	2,448,284
Net flow in cash and cash equivalents Cash and cash equivalents at beginning of period/year	(2,714,389) (23,584,481)	3,841,087 (19,739,786)
Cash and cash equivalents at end of period/year	(26,298,870)	(15,898,699)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2015

	Share Capital	Shares at a premium reserve	Revaluation Reserve	Reserve at fair value	Difference from conversion of share capital into	Set off reserve	Reserve pursuant to the law	Exchange difference reserve	Revenue Reserve	Total	Minority interest	Total
	€	€	€	€	Euro €	€	€	€	€	€	€	€
Balance as at
1 January 2014 Comprehensive total income	25.187.064	10.443.375	3.192.643	1.221.891	116.818	(1.595.031)	209.362	(7.714.787)	27.007.378	58.068.713	(46.577)	58.022.136
Profit for the year Other comprehensive total	-	-	-	-	-	-	-	-	3.221.411	3.221.411	(67.828)	3.153.583
income	-	-	-	171.086	-	176.526	-	(1.219.922)	-	(872.310)	-	(872.310)
Reserve of revaluation realized due to usage	-	-	(11.040)	-	-	-	-	-	11.040	-	-	-
Balance as at 30 June 2014	25.187.064	10.443.375	3.181.603	1.392.977	116.818	(1.418.505)	209.362	(8.934.709)	30.239.829	60.417.814	(114.405)	60.303.409
Balance as at 1 January 2015 Comprehensive total income	25.187.064	10.443.375	3.164.098	1.407.850	116.818	(5.536.825)	209.362	(3.325.673)	31.651.045	63.317.114	(504.526)	62.812.588
Profit for the year Other comprehensive total	-	-	-	-	-	-	-	-	5.106.180	5.106.180	(57.557)	5.048.623
income	-	-	(3.233)	(468.699)	-	(2.803.182)	-	3.682.582	-	407.468	-	407.468
Balance as at 30 June 2015	25.187.064	10.443.375	3.160.865	939.151	116.818	(8.340.007)	209.362	356.909	36.757.225	68.830.763	(562.083)	68.268.679