Logicom Public LTD — Interim / Quarterly Report 2016

Jul 26, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME

Period ended 3 0 June 2 0 1 6

	Period ended 30 June 2016 €	Period ended 30 June 2015 €	Year ended 31 December 2015 €
Sales	393.993.656	404.957.136	846.252.721
Cost of sales		(366.339.339) (378.763.715)	(792.471.781)
Gross profit	27.654.317	26.193.421	53.780.940
Other income	173.098	298.697	1.120.542
Administrative expenses	(18.141.118)	(16.167.934)	(34.591.764)
Profit from operating activities	9.686.297	10.324.184	20.309.718
Net foreign exchange gain/(loss)	114.086	(154.266)	183.602
Interest receivable	40.684	57.949	131.184
Interest payable and bank charges	(3.553.877)	(3.949.035)	(7.451.416)
Net finance costs	(3.399.107)	(4.045.352)	(7.136.630)
Share in loss from associated companies and partnership net of
taxation	(260.424)	(168.936)	(929.682)
Profit before taxation	6.026.766	6.109.896	12.243.406
Taxation	(548.485)	(1.061.273)	(1.760.950)
Profit for the period / year	5.478.281	5.048.623	10.482.456
Other comprehensive income to be reclassified to profit or loss in subsequent periods Surplus from the revaluation of investments in shares available
for sale	(97.514)	(468.699)	(102.879)
Exchange difference from translation and consolidation of financial statements from foreign operations Exchange difference in relation to hedge of net investment in a foreign	(64.121)	3.682.583	5.331.942
operation Deferred taxation arising from exchange difference in relation to foreign	444.703	(2.803.182)	(3.794.853)
operations	16.488	(70.343)	87.936
Deferred taxation from the revaluation of land and buildings	1.320	(3.233)	2.641
Other comprehensive income for the period /year after taxation	300.876	337.126	1.524.787
Total comprehensive income for the period/year after
taxation	5.779.157	5.385.749	12.007.243
Profit for the period /year attributable to: Company's shareholders Minority interest	5.557.971 (79.690)	5.106.180 (57.557)	10.827.335 (344.879)
Profit for the period / year	5.478.281	5.048.623	10.482.456
Total comprehensive income for the period/year attributable to:
Company's shareholders Minority Interest	5.858.847 (79.690)	5.443.306 (57.557)	12.352.122 (344.879)
Total comprehensive income	5.779.157	5.385.749	12.007.243
Basic earnings per share (cents)	7,50	6,89	14,62
Fully diluted earnings per share (cents)	7,50	6,89	14,62

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 3 0 June 2 0 1 6

	30 June	31 December
	2016	2015
	€	€
Assets Property, plant and equipment	12.431.461	11.957.137
Intangible assets and goodwill	8.700.350	8.731.551
Financial assets available for sale	5.755.882	5.853.396
Trade and other debtors	21.739.878	21.295.695
Deferred taxation	3.035.883	2.993.808
Total non-current assets	51.663.454	50.831.587
Inventories	63.765.732	69.624.498
Trade and other debtors	152.689.405	172.189.073
Financial assets at fair value through	23.635	23.635
profit and loss Tax receivable	7.042.385	7.424.305
Cash and cash equivalents	21.165.236	28.148.721
Total current assets	244.686.393	277.410.232
Total assets	296.349.847	328.241.819
Equity
Share capital	25.187.064	25.187.064
Reserves	53.288.579	47.431.052
Equity attributable to the Company's shareholders	78.475.643	72.618.116
Minority interest	(929.095)	(849.405)
Total equity	77.546.548	71.768.711
Liabilities
Long-term loans	3.940.596	2.947.384
Trade and other creditors	9.807.707	9.550.751
Deferred taxation	581.336	579.927
Contingent liabilities	350.697	350.697
Total long-term liabilities	14.680.336	13.428.759
Trade and other creditors	83.306.341	108.806.738
Bank overdrafts	38.460.305	52.383.050
Short-term loans	59.301.221	43.038.306
Current portion of long-term loans	1.384.738	3.991.439
Promissory notes	18.089.257	30.808.228
Derivative financial instruments	687.738	351.408
Tax payable	2.578.363	3.350.180
Contingent liabilities	315.000	315.000
Total current liabilities	204.122.963	243.044.349
Total liabilities	218.803.299	256.473.108
Total equity and liabilities	296.349.847	328.241.819

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Sha re	Sha ium re p rem	Rev alu atio n	F air val ue	Pe io d e de r n Dif fere nce from sion of con ver sha ital re c ap	d 3 0 Ju 2 0 1 ne H edg ing	6 S tatu tory	han Exc ge diff ere nce	Tr lati ans on		Mi ity nor
	ital cap €	res erv e	r ese rve	res erv e	into eu ro	re serv e	res erv e	res erv e	res erv e	Tot al	int st ere	To tal
Ba lan 1 J t ce as a anu ary 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 Pro ye ar Oth l co reh ive er t ota mp ens	-	-	-	-	-	-	-	-	5.1 06. 180	5.1 06. 180	(57 .55 7)	5.0 48. 623
inc om e	-	-	(3.2 33)	(46 8.6 99)	-	(2.8 03. 182 )	-	3.6 82. 582	-	407 .46 8	-	407 .46 8
Ba lan at 3 0 Jun 201 5 ce as e	25. 187 .06 4	10. 443 .37 5	3.1 60. 865	939 .15 1	116 .81 8	(8.3 40. 007 )	209 .36 2	356 .90 9	36. 757 .22 5	68. 830 .76 2	(56 2.0 83)	68. 268 .67 9
Bal 1 J s at anc e a anu ary 201 6	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
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	-	-	-	-	-	-	-	-	5.5 57. 971	5.5 57. 971	(79 .69 0)	5.4 78. 281
inc om e Bal 30 Ju 201 6 s at anc e a ne	- 25. 187 .06 4	- 10. 443 .37 5	1.3 20 3.1 45. 979	(97 .51 4) 1.2 07. 457	- 116 .81 8	444 .70 3 (8.8 86. 975 )	- 900 .73 9	(64 .12 1) 1.9 42. 148	15. 168 44. 419 .03 8	299 .55 6 78. 475 .64 3	- (92 9.0 95)	299 .55 6 77. 546 .54 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 afterwards 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 June 2016

	Period ended	Period ended
	30 June	30 June
	2016	2015
	€	€
Cash flow from operating activities
Profit for the period/year	5.478.281	5.048.623
Adjustments for:
Various exchange differences	(4.252.949)	2.184.301
Depreciation	615.422	449.860
Depreciation of leased assets	254.610	261.814
Interest payable	2.979.987	2.546.472
Interest receivable	(40.684)	(57.949)
Change in the fair value of derivative financial instruments	411.007	-
Profit from the sale of property, plant and equipment	(1.264)	(85.771)
Amortisation of development costs	31.201	51.600
Taxation	1.399.235	1.061.273
	6.874.846	11.460.223
Decrease/(increase) in inventories	5.858.766	(27.480.868)
Decrease/(increase) in trade and other debtors	19.055.485	(1.373.791)
(Decrease)/increase in trade and other creditors	(25.243.441)	9.582.140
	6.545.656	(7.812.296)
Tax paid	(938.382)	(1.377.105)
Net cash flow from /(for) operating activities	5.607.274	(9.189.401)
Cash flow for investing activities
Payments for purchase of financial assets available
for sale	-	(104.197)
Proceeds from sale of property, plant and equipment	12.042	196.586
Proceeds from sale of derivative financial instruments	628.139	-
Payments for purchase of property, plant and equipment	(1.472.595)	(256.327)
Interest received	40.684	57.949
Net cash flow for investing activities	(791.730)	(105.989)
Cash flow from financing activities Proceeds from new loans	61.679.174	27.631.126
Repayment of loans	(47.029.745)	(22.571.825)
Interest payments	(2.979.987)	(2.546.472)
(Decrease)/ increase in promissory notes	(9.545.726)	4.068.172
Net cash flow from financing activities	2.123.716	6.581.001
Net cash flow and cash equivalents	6.939.260	(2.714.389)
Cash and cash equivalents at beginning of period / year	(24.234.329)	(23.584.481)
Cash and cash equivalents at end of period / year	(17.295.069)	(26.298.870)