Logicom Public LTD — Interim / Quarterly Report 2016

Oct 31, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

Period ended 30 September 2 0 1 6

	Period ended 30 September 2016 €	Period ended 30 September 2015 €	Year ended 31 December 2015 €
Sales Cost of sales	587.622.023	613.729.278 (546.600.285) (575.167.986)	846.252.721 (792.471.781)
Gross profit	41.021.738	38.561.292	53.780.940
Other income Administrative expenses	215.047 (26.807.497)	283.965 (24.307.724)	1.120.542 (34.591.764)
Profit from operations	14.429.288	14.537.533	20.309.718
Net foreign exchange profit / (loss) Interest receivable Interest payable and bank charges	243.391 89.069 (5.570.533)	(315.098) 81.521 (5.668.259)	183.602 131.184 (7.451.416)
Net finance costs	(5.238.073)	(5.901.836)	(7.136.630)
Share of loss of associated companies and partnership net of taxation Profit before taxation Taxation	(1.468.259) 7.722.956 (812.281)	(377.409) 8.258.288 (1.399.235)	(929.682) 12.243.406 (1.760.950)
	6.910.675	6.859.053	10.482.456
Profit for the period / year Other comprehensive income to be reclassified to profit or loss in subsequent periods Surplus from revaluation of investments in shares available for sale Exchange difference from translation and consolidation of financial statements from foreign operations	(142.943) (280.997)	(151.623) 3.435.656	(102.879) 5.331.942
Exchange difference in relation to hedge of net investment in a foreign operation Deferred taxation arising from exchange differences in relation to foreign	563.740	(2.758.504)	(3.794.853)
operations Deferred taxation arising from revaluation of land and buildings Other comprehensive income for the period /year after taxation	20.901 1.981 162.682	69.222 (4.849) 589.902	87.936 2.641 1.524.787
Total comprehensive income for the period / year
after taxation	7.073.357	7.448.955	12.007.243
Profit for the period / year attributable to: Company shareholders Non-controlling interest	7.476.774 (566.099)	7.054.895 (195.842)	10.827.335 (344.879)
Profit for the period / year	6.910.675	6.859.053	10.482.456
Total comprehensive income for the period / year
attributable to: Company shareholders Non-controlling interest	7.639.456 (566.099)	7.644.797 (195.842)	12.352.122 (344.879)
Total comprehensive income	7.073.357	7.448.955	12.007.243
Basic earnings per share (cents)	10,09	9,52	14,62
Fully diluted earnings per share (cents)	10,09	9,52	14,62

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 3 0 September 2 0 1 6

	30
	September	31 December
	2016	2015
	€	€
Assets
Property, plant and equipment	12.175.118	11.957.137
Intangible assets and goodwill	8.684.750	8.731.551
Financial assets available for sale	5.710.453	5.853.396
Trade and other receivables	22.304.044	21.295.695
Deferred taxation	3.036.724	2.993.808
Total non-current assets	51.911.089	50.831.587
Inventories	55.000.156	69.624.498
Trade and other receivables	148.377.720	172.189.073
Financial assets at fair value through profit
and loss	23.635	23.635
Tax receivable	8.123.927	7.424.305
Cash and cash equivalents	25.159.714	28.148.721
Total current assets	236.685.152	277.410.232
Total assets	288.596.241	328.241.819
Equity
Share capital	25.187.064	25.187.064
Reserves	51.366.528	47.431.052
Equity attributable to the shareholders of the Company	76.553.592	72.618.116
Non-controlling interest	(1.415.504)	(849.405)
Total equity	75.138.088	71.768.711
Liabilities
Long-term loans	3.250.539	2.947.384
Trade and other payables	10.519.779	9.550.751
Deferred taxation	581.342	579.927
Contingent liabilities	120.000	350.697
Total non-current liabilities	14.471.660	13.428.759
Trade and other payables	71.318.891	108.806.738
Bank overdrafts	45.416.341	52.383.050
Short-term loans	66.218.474	43.038.306
Current portion of long-term loans	1.384.738	3.991.439
Promissory notes	10.939.642	30.808.228
Derivative financial instruments	797.757	351.408
Tax payable	2.870.650	3.350.180
Contingent liabilities	40.000	315.000
Total current liabilities	198.986.493	243.044.349
Total liabilities	213.458.153	256.473.108
Total equity and liabilities	288.596.241	328.241.819

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

				Pe	io d e de d 3 r n Dif fere nce	0 Se be tem p r	2 0 1 6
	S har e ital c ap €	Sha ium re p rem res erv e €	Rev alu atio n res erv e €	R fair at ese rve val ue €	from sion of con ver sha ital re c ap into eu ro €	H edg ing res erv e €	Sta tuto ry res erv e €	han Exc ge diff ere nce res erv e €	An nui ty res erv e €	Tot al €	No n- roll ing ont c inte rest €	Tot al €
1 Ba lan t ce as a Ja 2 0 1 5 nu ar y	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
To tal hen siv com pre e inc om e Pro fit for the ye ar Oth l co reh ive er t ota mp ens inc om e Tra ctio wit h nsa ns	- -	- -	- (4.8 49)	- (15 1.6 23)	- -	- (2.7 58. 504 )	- -	- 3.5 04. 878	7.0 54. 895 -	7.0 54. 895 589 .90 2	(19 5.8 42) -	6.8 59. 053 589 .90 2
sha reh old nis ed in ers re cog ity equ Pro ed div ide nd for 201 4 pos id i n 2 015 pa Rev alu atio aliz ed n re serv e re thro h u ug se	- -	- -	- (16 .56 0)	- -	- -	- -	- -	- -	(2.9 63. 184 ) 16. 560	(2.9 63. 184 ) -	- -	(2.9 63. 184 ) -
Ba lan 3 0 t ce as a Se be 2 0 1 5 tem p r	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
Ba lan 1 t ce as a 2 0 1 6 Ja nu ar y	25. 187 .06 4	10. 443 .37 5	3.1 44. 659	1.3 04. 971	116 .81 8	(9.3 31. 678 )	900 .73 9	2.0 06. 269	38. 845 .89 9	72. 618 .11 6	(84 9.4 05)	71. 768 .71 1
siv To tal hen com pre e inc om e Pro fit for the rio d pe Oth l co reh ive er t ota mp ens inc om e	- -	- -	- 1.9 81	- (14 2.9 43)	- -	- 563 .74 0	- -	- (26 0.0 96)	7.4 76. 774 -	7.4 76. 774 162 .68 2	(56 6.0 99) -	6.9 10. 675 162 .68 2
Tra ctio wit h nsa ns nis in sha reh old ed ers re cog ity equ Pro ed div ide nd for 201 5 pos id i n 2 016 pa	-	-	-	-	-	-	-	-	(3.7 03. 980 )	(3.7 03. 980 )	-	(3.7 03. 980 )
Rev alu atio aliz ed n re serv e re thro h u ug se 3 0 Ba lan t	-	-	(16 .56 0)	-	-	-	-	-	16. 560	-	-	-
ce as a Se be 2 0 1 6 tem p r	25. 187 .06 4	10. 443 .37 5	3.1 30. 080	1.1 62. 028	116 .81 8	(8.7 938 ) 67.	900 .73 9	1.7 46. 173	42. 635 .25 3	553 .59 2 76.	(1.4 15. 504 )	75. 138 .08 8

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 Period ended 30 September 20 1 6

	Period ended 30 September 2016	Period ended 30 September 2015
	€	€
Cash flow from operations
Profit for the period / year	6.910.675	6.859.053
Adjustments for:
Exchange differences	410.153	(428.862)
Depreciation	931.085	890.675
Depreciation on leased assets	382.371	372.749
Interest payable	4.654.765	4.623.760
Interest receivable	(89.069)	(81.521)
Change in the fair value of the derivative financial instruments	446.349	-
Profit from sale of property, plant and equipment Amortisation of development costs	(4.338) 46.801	(5.058) 77.400
Taxation	812.281	1.399.235
	14.501.073	13.707.431
Decrease /(increase) in inventories	14.624.342	(465.418)
Decrease/(increase) in trade and other receivables	22.803.004	(5.082.333)
Decrease in trade and other payables	(36.518.819)	(3.224.361)
	15.409.600	4.935.319
Tax paid	(1.991.433)	(978.732)
Net cash flow from operations	13.418.167	3.956.587
Cash flow for investing activities
Payments to acquire financial assets
available for sale	-	(104.197)
Proceeds from sale of property, plant and equipment	(37.641)	196.924
Payments to acquire intangible assets	-	(90.428)
Decrease in provisions	(505.697)	-
Payments to acquire property, plant and equipment	(1.635.447)	(1.059.854)
Interest received	89.069	81.521
Net cash flow for investing activities	(2.089.716)	(976.034)
Cash flow for financing activities
Proceed from issue of new loans Repayment of loans	67.906.327 (47.029.745)	44.153.981 (33.857.738)
Interest payments	(4.654.765)	(4.623.760)
Dividend paid	(3.703.980)	(2.963.184)
Decrease in promissory notes	(19.868.586)	(6.783.912)
	(7.350.749)	(4.074.613)
Net cash flow for financing activities
Net flow in cash and cash equivalents	3.977.702	(1.094.060)
Cash and cash equivalents at beginning of period / year	(24.234.329)	(23.584.481)
Cash and cash equivalents at end of period / year	(20.256.627)	(24.678.541)