Logicom Public LTD — Interim / Quarterly Report 2015

Apr 4, 2016

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

Year ended 31 December 2015

	2015 €	2014 €
Revenue	846.252.721	631.176.348
Cost of sales	(792.471.781) (588.982.295)
Gross profit	53.780.940	42.194.053
Other income Administrative expenses	1.120.542 (34.591.764)	1.013.367 (29.359.775)
Profit from operations	20.309.718	13.847.645
Net foreign exchange (loss)/profit Interest receivable Interest payable and bank expenses Net finance cost	183.602 131.184 (7.451.416) (7.136.630)	(880.170) 167.464 (5.668.824) (6.381.530)
Share in loss from affiliates and partnership after taxation
Profit before taxation	(929.682) 12.243.406	(1.205.601) 6.260.514
Taxation	(1.760.950)	(244.887)
Profit for the year	10.482.456	6.015.627
Other comprehensive income not to be reclassified to profit or loss in future periods	-	-
Other comprehensive income to be reclassified to profit or loss in future periods
(Deficit)/ surplus from revaluation of investments in shares available for sale Exchange difference from conversion and consolidation of	(102.879)	185.959
financial statements of companies abroad Exchange difference in relation to the offset of net investment in	5.331.942	4.389.114
a foreign operation Deferred taxation arising from exchange differences in relation to	(3.794.853)	(3.941.794)
companies abroad Deferred taxation arising from revaluation of land and buildings	87.936 2.641	98.915 (6.465)
Other comprehensive income for the year after taxation	1.524.787	725.729
Total comprehensive income for the year after taxation	12.007.243	6.741.356
Profit for the year attributable to: Company's shareholders Minority interest	10.827.335 (344.879)	6.473.576 (457.949)
Profit for the year	10.482.456	6.015.627
Total comprehensive income for the year attributable to: Company's shareholders Minority interest	12.352.122 (344.879)	7.199.305 (457.949)
Total comprehensive income	12.007.243	6.741.356
Basic profit per share (cent)	14,6	8,7
Fully diluted profit per share (cent)	14,6	8,7

LOGICOM PUBLIC LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2015

	2015	2014
	€	€
Assets
Property, plant and equipment	11.957.137	11.392.452
Intangible assets and goodwill	8.731.551	8.853.305
Investments available for sale	5.853.396	5.927.886
Trade and other debtors	21.295.695	18.668.146
Deferred taxation	2.993.808	3.557.620
Total non-current assets	50.831.587	48.399.409
Inventories	69.624.498	60.857.033
Trade and other debtors	172.189.073	144.434.822
Derivative financial derivatives	-	1.274.941
Investments at fair value through profit and loss	23.635	99.792
Tax receivable	7.424.305	4.465.061
Cash and cash equivalents	28.148.721	26.006.304
Total current assets	277.410.232	237.137.953
Total assets	328.241.819	285.537.362
Equity
Share capital	25.187.064	25.187.064
Reserves	47.431.052	38.130.050
Equity attributable to the shareholders of the Company	72.618.116	63.317.114
Minority interest	(849.405)	(504.526)
Total equity	71.768.711	62.812.588
Liabilities
Long-term loans	2.947.384	5.486.974
Trade and other creditors	9.550.751	8.145.189
Deferred taxation	579.927	1.448.659
Provisions for liabilities	350.697	436.529
Total long-term liabilities	13.428.759	15.517.351
Trade and other creditors	108.806.738	88.805.913
Bank overdrafts	52.383.050	47.675.631
Short-term loans	43.038.306	39.611.692
Current instalments of long-term loans	3.991.439	5.531.959
Promissory notes	30.808.228	24.557.129
Derivative financial derivatives	351.408	-
Tax payable	3.350.180	825.099
Provisions for liabilities	315.000	200.000
Total current liabilities	243.044.349	207.207.423
Total liabilities	256.473.108	222.724.774
Total equity and liabilities	328.241.819	285.537.362

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended 31 December 2015

	2015	2014
	€	€
Cash flow from operating activities
Profit for the year	10.482.456	6.015.627
Adjustments for:
Various exchange differences	625.204	(316.085)
Depreciation	1.141.781	1.016.482
Depreciation from lease of assets Interest payable	493.952 4.458.270	523.043 3.342.513
Interest receivable	(131.184)	(167.464)
Net profit from exchange difference in derivative financial	(4.268.792)	(1.314.503)
derivatives
Loss from revaluation of investments at fair value through
profit and loss	76.157	185.512
Impairment of investments available for sale	75.808	-
Loss from write-off of investments in subsidiaries	12.217	-
Loss/(profit) from sale of property, plant and equipment	21.040	(7.837)
Amortisation resulted from developments costs	124.578	90.000
Taxation	2.103.233	1.220.211
Increase in reserves	15.214.720 (8.767.465)	10.587.499 (9.537.336)
Increase in trade and other debtors	(30.381.800)	(45.572.069)
Increase in trade and other creditors	21.406.387	31.152.037
	(2.528.158)	(13.369.869)
Interest paid	(4.458.270)	(3.342.513)
Tax paid	(2.537.396)	(5.485.334)
Net cash flow for operating activities	(9.523.824)	(22.197.716)
Cash flow for investing activities
Receipts for the acquisition of investments available for sale	(104.197)	(1.085.481)
Receipts from sale of property, plant and equipment	194.151	902.141
Payments for purchase of intangible assets	(2.824)	(53.028)
Payments for the acquisition of investments at fair value
through profit and loss Payment for the purchase of other investments	- -	(8.259) (377.441)
Increase/(decrease) in provisions	29.168	(504.956)
Payments for the purchase of property, plant and equipment	(1.818.220)	(1.896.861)
Interest received	131.184	167.464
Net cash flow for investing activities	(1.570.738)	(2.856.421)
Cash flow from operating activities
Receipts from drafting of new loans	44.490.155	42.975.446
Repayment of loans	(45.143.651)	(29.362.148)
Increase in promissory notes	6.251.099	9.588.141
Dividend paid	(2.963.184)	(1.851.989)
Receipts from derivative financial derivatives	5.895.141	39.562
Net cash flow from financing activities	8.529.560	21.389.012
Net flow in cash and cash equivalent	(2.565.002)	(3.665.125)
Cash and cash equivalents at beginning of year	(21.669.327)	(18.004.202)
Cash and cash equivalents at end of year	(24.234.329)	(21.669.327)

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Year ended 31 December 2015

	Share capital €	Shares at a premium reserve €	Revaluation Reserve €	Reserve at Fair value €	Difference from conversion of share into Euro €	Set off reserve €	Reserve pursuant difference to the law €	Exchange reserve €	Revenue reserve €	Total €	Minority interest €	Total €
Balance as at 1 January 2014	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
Comprehensive total income Profit for the year	-	-	-	-	-	-	-	-	6.473.576	6.473.576	(457.949)	6.015.627
Other comprehensive
total income Transactions with shareholders recognized in	-	-	(6.465)	185.959	-	(3.941.794)	-	4.389.114	-	626.814	-	626.814
equity Proposed dividend of 2013 paid in 2014	-	-	-	-	-	-	-	-	(1.851.989)	(1.851.989)	-	(1.851.989)
Reserve of revaluation realised due to usage	-	-	(22.080)	-	-	-	-	-	22.080	-	-	-
Balance as at 1 January 2015	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
Comprehensive total income Profit for the year	-	-	-	-	-	-	-	-	10.827.335	10.827.335	(344.879)	10.482.456
Other comprehensive total income	-	-	2.641	(102.879)	-	(3.794.853)	-	5.331.942	-	1.436.851	-	1.436.851
Transactions with shareholders recognized in equity
Proposed dividend of 2014 paid in 2015	-	-	-	-	-	-	-	-	(2.963.184)	(2.963.184)	-	(2.963.184)
Transfer Reserve of revaluation realised due to usage	-	-	-	-	-	-	691.377	-	(691.377)	-	-	-
	-	-	(22.080)	-	-	-	-	-	22.080	-	-	-
Balance as at 31 December 2015	25.187.064	10.443.375	3.144.659	1.304.971	116.818	(9.331.678)	900.739	2.006.269	38.845.899	72.618.116	(849.405)	71.768.711