Logicom Public LTD — Interim / Quarterly Report 2017

Jul 28, 2017

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 30 June 2017

	Period ended	Period ended	Year ended
	30 June 2017	30 June 2016	31 December
			2016
	€	€	€
Sales	422.229.082	393.993.656	799.131522
Cost of sales	(392.275.307)	(366.339.339)	(742.686.033)
Gross profit	29.953.775	27.654.317	56.445.489
Other income	146.550	173.098	1.189.938
Administrative expenses	(19.406.553)	(18.141.118)	(36.465.495)
Profit from operating activities	10.693.772	9.686.297	21.169.932
Net profit from exchange difference	151.675	114.086	27.080
Interest receivable	155.078	40.684	182.099
Interest payable and bank expenses	(2.984.876)	(3.553.877)	(6.487.749)
Net finance cost	(2.678.123)	(3.399.107)	(6.278.570)
Share in profit from affiliates and partnership after taxation	(248.397)	(260.424)	(1.508.930)
Profit before taxation	7.767.252	6.026.766	13.382.432
Taxation	(777.982)	(548.485)	(1.724.370)
Profit for the period/year	6.989.270	5.478.281	11.658.062
Other comprehensive expenses not to be classified in profit
or loss in future periods	-	-	1.455.891
Surplus from revaluation of land and buildings	10.948	1.320	21.896
Deferred taxation resulted from revaluation of land and	10.948	1.320	1.477.787
buildings
Other comprehensive expenses to be classified in profit or
loss in future periods
Surplus from revaluation of investments in shares available
for sale	351.446	(97.514)	(574.448)
Exchange difference from conversion and consolidation of
financial statements of companies abroad	(6.990.135)	(64.121)	3.126.261
Exchange difference in relation to the offset of net
investment in a foreign operation	2.696.585	444.703	(1.175.343)
Deferred taxation resulted from exchange difference in
relation to companies abroad	-	16.488	-
Other comprehensive income/(expenses) for the period/year
after taxation	(3.931.156)	300.876	2.854.257
Total comprehensive income for the period/year after
taxation	3.058.114	5.779.157	14.512.319
Profit for the period/year attributable to:
Shareholders of the Company	7.060.639	5.557.971	12.214.872
Minority interest	(71.369)	(79.690)	(556.810)
Profit for the period/year	6.989.270	5.478.281	11.658.062
Total comprehensive income for the period/year
attributable to:
Shareholders of the Company	3.129.483	5.858.847	15.069.129
Minority interest	(71.369)	(76.690)	(556.810)
Total comprehensive income	3.058.114	5.779.157	14.512.319
Basic profit per share - cent	9.53	7.50	16.49
Fully diluted profit per share -cent	9.53	7.50	16.49

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2017

2017 2016 € € ASSETS Property, plant and equipment 12.981.536 13.777.623 Intangible assets and goodwill 8.676.226 8.669.161 Financial assets available for sale 5.628.382 5.276.936 Trade and other debtors 22.902.040 22.557.386 Deferred taxation 2.224.033 2.315.497 Total non-current assets 52.412.217 52.596.603 Inventories 67.161.850 78.890.775 Trade and other debtors 163.213.285 157.598.708 Financial derivatives - 239.944 Financial assets at fair value through profit and loss 16.448 16.448 Tax receivable 7.201.375 7.835.637 Cash and cash equivalents 29.391.250 39.266.277 Total current assets 266.984.208 283.847.789 Total assets 319.396.425 336.444.392 Equity Share capital 25.187.064 25.187.064 Reserves 61.925.684 58.796.201 Equity attributable to the shareholders of the Company 87.112.748 83.983.265 Minority interest (1.477.584) (1.406.215) Total equity 85.635.164 82.577.050 Liabilities Long-term loans 6.482.080 486.011 Trade and other creditors 10.834.292 10.625.561 Deferred taxation 503.561 503.574 Provisions for liabilities 120.000 120.000 Total long-term liabilities 17.939.933 11.735.146 Trade and other creditors 95.499.273 115.366.099 Bank overdrafts 39.136.570 52.133.395 Short-term loans 76.502.803 67.114.604 Current instalments of long-term loans 1.569.323 3.307.399 Promissory notes 1.109.091 2.588.889 Financial derivatives 1.349.843 - Tax payable 614.425 1.581.810 Provisions for liabilities 40.000 40.000 Total current liabilities 215.821.328 242.132.196 Total liabilities 233.761.261 253.867.342 Total equity and liabilities 319.396.425 336.444.392	30 June	31 December

CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 30 June 2017

	Period ended	Period ended
	30 June 2017	June 2016
Cash flow from operating activities	€	€
Profit for the period/year	6.989.270	5.478.281
Adjustment for:
Various exchange differences	(4.501.274)	(4.252.949)
Depreciation	669.435	615.422
Depreciation from lease of assets	231.612	254.610
Interest payable	2.536.669	2.979.987
Interest receivable	(155.078)	(40.684)
Change in fair value of financial derivatives	1.510.279	411.007
Profit from sale of property, plant and equipment	(12.847)	(1.264)
Amortisation resulted from developments costs	-	31.201
Taxation	777.982	1.399.235
	8.046.048	6.874.846
Decrease in reserves	11.728.925	5.858.766
(Increase)/decrease in trade and other debtors	(5.959.231)	19.055.485
Decrease in trade and other creditors	(19.658.095)	(25.243.441)
	(5.842.353)	6.545.656
Tax paid	(1.111.105)	(938.382)
Net cash flow (for)/from operating activities	(6.953.458)	5.607.274
Cash flow for investing activities
Receipts from sale of property, plant and equipment	48.662	12.042
Receipt from sale of financial derivatives	-	628.139
Payments for the purchase of property, plant and equipment	(718.927)	(1.472.595)
Interest received	155.078	40.684
Net cash flow for investing activities	(515.187)	(791.730)
Cash flow from financing activities
Receipts from drafting of new loans	82.414.495	61.679.174
Repayment of loans	(68.768.303)	(47.029.745)
Payments of interest	(2.536.669)	(2.979.987)
Decrease in promissory notes	(598.588)	(9.545.726)
Receipts from financial derivatives	79.508	-
Net cash flow from financing activities	10.590.443	2.123.716
Net flow in cash and cash equivalents	3.121.798	6.939.260
Cash and cash equivalents at beginning of period	(12.867.118)	(24.234.329)
Cash and cash equivalents at end of period	(9.745.320)	(17.295.069)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2017

	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 2016	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
Comprehensive total
income
Profit for the period	-	-	-	-	-	-	-	-	5.557.971	5.557.971	(79.690)	5.478.281
Other comprehensive total
income	-	-	1.320	(97.514)	-	444.703	-	(64.121)	15.168	299.556	-	299.556
Balance as at
30 June 2016	25.187.064	10.443.375	3.145.979	1.207.457	116.818	(8.886.975)	900.739	1.942.148	44.419.038	78.475.643	(929.095)	77.546.548
Balance as at
1 January 2017	25.187.064	10.443.375	4.620.982	730.523	116.818	(10.507.021)	977.963	5.132.530	47.281.031	83.983.265	(1.406.215)	82.577.050
Profit for the period	-	-	-	-	-	-	-	-	7.060.639	7.060.639	(71.369)	6.989.270
Other comprehensive total
income	-	-	10.948	351.446	-	2.696.585	-	(6.990.135)	-	(3.931.156)	-	(3.931.156)
Transfer	-	-	-	-	-	-	33.390	-	(33.390)	-	-	-
Reserve of revaluation
realized due to usage	-	-	(732)	-	-	-	-	-	732	-	-	-
Balance as at
30 June 2017	25.187.064	10.443.375	4.631.198	1.081.969	116.818	(7.810.436)	1.011.353	(1.857.605)	54.309.012	87.112.748	(1.477.584)	85.635.164