Logicom Public LTD — Interim / Quarterly Report 2016

May 27, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT

AND OTHER COMPREHENSIVE INCOME

Period ended 31 March 2016

	Period ended 31 March 2016 €	Period ended 31 March 2015 €	Year ended 31 December 2015 €
Sales Cost of sales	197.903.820	202.112.655 (184.223.338) (188.148.777) (792.471.781)	846.252.721
Gross profit	13.680.482	13.963.878	53.780.940
Other income Administrative expenses	48.313 (8.454.587)	50.481 (7.922.643)	1.120.542 (34.591.764)
Profit from operating activities	5.274.208	6.091.716	20.309.718
Net foreign exchange loss	(144.518)	(928.471)	183.602
Interest receivable Interest payable and bank charges	20.321 (1.785.471)	7.293 (1.806.951)	131.184 (7.451.416)
Net finance costs	(1.909.668)	(2.728.129)	(7.136.630)
Share in loss from associated companies and partnership net of
taxation	(96.829)	(129.416)	(929.682)
Profit before taxation	3.267.711	3.234.171	12.243.406
Taxation	(249.802)	(430.939)	(1.760.950)
Profit for the period / year Other comprehensive income to be reclassified to profit of loss in subsequent periods Surplus from the revaluation of investments in shares available for sale Exchange difference from translation and consolidation of financial statements from foreign operations Exchange difference in relation to hedge of net investment in a foreign operation Deferred taxation arising from exchange difference in relation to foreign operations Deferred taxation from the revaluation of land and buildings Other comprehensive (expenses)/income for the period/year after taxation Total comprehensive income for the period/year after	3.017.909 249.017 (1.818.169) 1.004.449 37.241 660 (526.802)	2.803.232 (8.985) 5.431.933 (4.231.960) 24.729 (1.616) 1.214.101	10.482.456 (102.879) 5.331.942 (3.794.853) 87.936 2.641 1.524.787
taxation	2.491.107	4.017.333	12.007.243
Profit for the period / year attributable to: Company's shareholders Non-controlling interest	3.044.205 (26.296)	2.847.545 (44.313)	10.827.335 (344.879)
Profit for the period / year	3.017.909	2.803.232	10.482.456
Total comprehensive income for the period/year attributable to: Company's shareholders Non-controlling interest	2.517.403 (26.296)	4.061.645 (44.313)	12.352.122 (344.879)
Total comprehensive income	2.491.107	4.017.333	12.007.243
Basic earnings per share (cent)	4,11	3,84	14,62
Fully diluted earnings per share (cent)	4,11	3,84	14,62

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	As at 31 March 2016	31 March 2016	31 December 2015
		€	€
Asset
Property, plant and equipment		11.929.158	11.957.137
Intangible assets and goodwill		8.705.760	8.731.551
Financial assets available for sale		6.008.216	5.853.396
Trade and other debtors		21.466.003	21.295.695
Deferred taxation		3.035.804	2.993.808
Total non-current assets		51.144.941	50.831.587
Inventories		60.182.535	69.624.498
Trade and other debtors		143.096.967	172.189.073
Financial assets at fair value through
profit and loss		23.635	23.635
Derivative financial instruments		83.663	-
Tax receivable		6.886.632	7.424.305
Cash and cash equivalents		27.829.227	28.148.721
Total current assets		238.102.659	277.410.232
Total assets		289.247.600	328.241.819
Equity
Share capital		25.187.064	25.187.064
Reserves		49.948.455	47.431.052
Equity attributable to the Company's shareholders		75.135.519	72.618.116
Minority interest		(875.701)	(849.405)
Total equity		74.259.818	71.768.711
Liabilities
Long-term loans		4.313.514	2.947.384
Trade and other creditors		9.550.751	9.550.751
Deferred taxation		581.116	579.927
Contingent liabilities		321.529	350.697
Total long-term liabilities		14.766.910	13.428.759
Trade and other creditors		77.870.824	108.806.738
Bank overdrafts		48.758.523	52.383.050
Short-term loans		46.264.749	43.038.306
Current portion of long-term loans		1.885.820	3.991.439
Promissory notes		21.262.502	30.808.228
Derivative financial instruments		1.466.582	351.408
Tax payable		2.396.872	3.350.180
Contingent liabilities		315.000	315.000
Total current liabilities		200.220.872	243.044.349
Total liabilities		214.987.782	256.473.108
Total equity and liabilities		289.247.600	328.241.819

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

					Pe io d e de d r n	3 1 M h 2 arc	0 16
					Dif fere nce
					from
					sion con ver
		Sha re	Rev alu atio Fai m n		of s har e lue ital int r va cap o	Hed gin stat uto g		han Exc ge	Tra nsla tion ce		Min orit y
	Sha re	miu pre					ry	diff eren
	ital cap	rese rve	rese rve		eur o	rese rve	rese rve	rese rve	rese rve	l tota	inte rest	Tot al
	€	€	€	€	€	€	€	€	€	€	€	€
Bal at 1 J anc e as anu ary 201 5	25. 187 .064	10.4 43. 375	3.1 64.0 98	1.40 7.8 50	116 .81 8	(5.5 36. 825 )	209 .362	(3.3 25. 673 )	31. 651 .045	63. 317 .114	(50 4.5 26)	62. 812 .58 8
Tot al c hen sive inc om pre om e
fit f he y Pro or t ear	-	-	-	-	-	-	-	-	2.8 03. 232	2.8 03. 232	(44 .31 3)	2.7 58. 919
Oth otal hen sive er t com pre
inc om e	-	-	-	(8.9 85)	-	(4.2 31. 960 )	-	5.4 56. 662	-	1.2 15.7 17	-	1.2 15.7 17
Rev alu atio n re serv e
lise d th gh u rea rou se	-	-	(1.6 16)	-	-	-	-	-	1.6 16	-	-	-
Bal 31 Ma rch at anc e as
201 5	25. 187 .064	10.4 43. 375	3.1 62.4 82	1.39 8.86 5	116 .81 8	(9.7 68. 785 )	209 .362	2.1 30. 989	34. 455 .89 3	336 .06 3 67.	(54 8.8 39)	787 .224 66.
Bal 1 J at anc e as anu ary
201 6	25. 187 .064	10.4 43. 375	3.14 4.6 59	1.30 4.9 71	116 .81 8	(9.3 31. 678 )	900 .739	2.0 06. 269	38. 845 .899	72. 618 .11 6	(84 9.4 05)	71. 768 .71 1
Tot al c hen sive inc om pre om e
Pro fit f he p erio d or t	-	-	-	-	-	-	-	-	3.04 4.2 05	3.04 4.2 05	(26 .29 6)	3.0 17.9 09
Oth otal hen sive er t com pre
inc om e	-	-	660	249 .017	-	1.00 4.4 49	-	(1.7 80.9 28)	-	(52 6.8 02)	-	(52 6.8 02)
Rev alu atio n re serv e
lise d th gh u rea rou se	-	-	(5.5 20)	-	-	-	-	-	5.5 20	-	-	-
31 Bal at Ma rch anc e as
201 6	25. 187 .064	10.4 43. 375	3.1 39.7 99	1.55 3.9 88	116 .81 8	(8.3 27. 229 )	900 .739	225 .34 1	41. 895 .624	75. 135 .519	(87 5.7 01)	74. 259 .81 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 31 March 2016

	31 March 2016	31 March 2015
	€	€
Cash flow from operating activities
Profit for the period/year	3.017.909	2.803.231
Adjustments for:
Various exchange differences	(1.998.154)	185.967
Depreciation	287.636	462.213
Depreciation on leased assets	139.540	-
Interest payable	1.785.471	1.000.648
Interest receivable	(20.321)	(7.293)
(Profit) from the sale of property, plant and equipment	(5.940)	-
Amortisation of development costs	14.281	37.728
(Credit) in profit and loss for provisions	(29.168)	-
Taxation	1.399.235	430.939
	4.590.489	4.913.433
Decrease/(increase) in inventories	9.441.963	(14.945.232)
Decrease/(increase) in trade and other debtors	28.921.798	(17.351.752)
(Decrease)/increase in trade and other creditors	(30.953.912)	239.363
	12.018.338	(27.144.188)
Tax paid	(665.437)	(1.006.865)
Net cash flow from /(for) operating activities	11.352.901	(28.151.053)
Cash flow for investment activities
Proceeds from sale of property, plant and equipment	7.894	-
Payments for purchase of property, plant and equipment	(661.435)	(348.771)
Interest received	20.321	7.293
Net cash flow for investing activities	(633.220)	(341.478)
Cash flow (for)/from financing activities
Proceeds from the new loans	14.244.390	12.322.378
Repayment of loans	(11.359.352)	(11.285.913)
Interest payments	(1.785.471)	(1.000.648)
(Decrease) / increase in promissory notes	(9.545.726)	11.951.447
Proceeds from derivative financial instruments	1.031.511	-
Net cash flow (for)/from financing activities	(7.414.648)	11.987.264
Net cash flow and cash equivalents	3.305.033	(16.505.267)
Cash and cash equivalents at beginning of period / year	(24.234.329)	(23.584.480)
Cash and cash equivalents at end of period / year	(20.929.296)	(40.089.747)