Logicom Public LTD — Interim / Quarterly Report 2018

Nov 9, 2018

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 30 September 2018

	Period ended	Period ended	Year ended
	30 September	30 Sept	31 December
	2018	2017	2017
	€	€	€
Sales	658.570.401	624.015.119	865.808.647
Cost of sales	(612.509.596)	(580.171.002)	(804.898.678)
Gross profit	46.060.805	43.844.117	60.909.969
Other income	181.437	213.504	2.163.417
Administrative expenses	(29.306.937)	(28.393.060)	(37.975.208)
Other expenses	-	-	(2.244.282)
Profit from operating activities	16.935.305	15.644.561	22.853.896
Net profit from exchange difference	468.718	828.470	1.051.610
Interest receivable	559.455	221.139	1.481.184
Interest payable and bank expenses	(6.260.886)	(4.490.301)	(7.185.218)
Net finance cost	(5.232.713)	(3.440.692)	(4.652.424)
Share in profit from associated companies after taxation	5,771,357	-	-
Share in profit / (loss) from companies of joint control and
partnership after taxation	90,922	(350.385)	(409.162)
Profit before taxation	17.564.871	11.873.484	17.792.310
Taxation	(1,196.437)	(1.449.410)	(3.164.048)
Profit for the period/year	16.368.434	10.424.074	14.628.262
Other comprehensive income not to be reclassified to profit
or loss in future periods
Surplus from revaluation of land and buildings	-	-	-
Deferred taxation arising from revaluation of land and
buildings	126.517	16.422	168.689
	126.517	16.422	168.689
Other comprehensive income to be reclassified to profit or
loss in future periods
Increase in fair value from revaluation of investments in
shares available for sale	156.136	644.093	1.151.284
Exchange difference from the translation and consolidation
of financial statements of companies abroad	(2.283.569)	(9.053.330)	(10.566.579)
Exchange difference in relation to the offset of net
investment in a foreign operation	1.201.461	2.979.895	3.069.531
Other comprehensive expenses for the period/year	(799.455)	(5.412.920)	(6.177.075)
Total comprehensive income for the period/year	15.568.979	5.011.154	8.451.187
Profit for the period/year attributable to:
Shareholders of the Company	16.321.327	10.521.925	15.624.710
Minority interest	47.107	(97.851)	(996.448)
Profit for the period/year	16.368.434	10.424.074	14.628.262
Total comprehensive income for the period/year
attributable to:
Shareholders of the Company	15.521.872	5.109.005	9.447.635
Minority interest	47.107	(97.851)	(996.448)
Total comprehensive income	15.568.979	5.011.154	8.451.187
Basic earnings per share - cents	22.03	14.20	21.09
Fully diluted earnings per share - cents	22.03	14.20	21.09

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2018

	30 Sept	31 December
	2018	2017
	€	€
ASSETS
Property, plant and equipment	20.260.610	12.180.638
Intangible assets and goodwill	9.908.143	9.909.558
Investments in associated companies	36.170.267	-
Investments available for sale	119.156	6.428.220
Trade and other debtors	21.595.669	21.129.431
Deferred taxation	1.680.012	1.619.047
Total non-current assets	89.733.857	51.266.894
Inventories	69.839.394	64.957.047
Trade and other debtors	193.424.141	181.643.637
Investments in fair value through profit and loss	16.448	16.448
Tax receivable	1.714.187	739.810
Cash and cash equivalents	29.446.469	38.582.807
Total current assets	294.440.639	285.939.749
Total assets	384.174.496	337.206.643
Equity
Share capital	25.187.064	25.187.064
Reserves	77.040.372	64.169.458
Equity attributable to the shareholders of the Company	102.227.436	89.356.522
Minority interest	(2.355.556)	(2.402.663)
Total equity	99.871.880	86.953.859
Liabilities
Long-term loans	24.971.744	13.326.255
Trade and other creditors	11.177.436	11.066.714
Deferred taxation	793.915	794.200
Contingent liabilities	2.156.939	2.139.532
Total long-term liabilities	39.100.034	27.326.701
Trade and other creditors	105.868.199	109.987.681
Bank overdrafts	48.879.926	40.564.031
Short-term loans	78.793.400	62.295.134
Current portion of long-term loans	6.974.796	4.423.077
Promissory notes	897.172	1.781.542
Derivative financial instruments	1.547.413	2.338.169
Tax payable	2.095.104	1.483.489
Contingent liabilities	146.572	52.960
Total current liabilities	245.202.582	222.926.083
Total liabilities	284.302.616	250.252.784
Total equity and liabilities	384.174.496	337.206.643

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 30 September 2018

30 Sept 2018 30 Sept 2017 € € Cash flow from operating activities Profit for the period/year 16.368.434 10.424.074 Adjustments for: Various exchange differences 1.824.518 (4.478.093) Depreciation 958.162 990.311 Depreciation from lease of assets 228.701 333.140 Interest payable 5.520.597 3.789.424 Interest receivable (559.455) (221.139) Share in profit from associated companies (5.771.357) - Share in (profit) / loss from companies of joint control and partnership (90.922) 350.385 Change in fair value of derivative financial instruments (738.145) 2.158.340 Profit from sale of property, plant and equipment (2.335) (22.259)		Period ended	Period ended
	Charge in the results for provisions	151.130	-
Taxation 395.737 777.982
18.285.065 14.102.165
(Increase) / decrease in reserves (4.882.347) 11.900.111
Increase in trade and other debtors (12.246.742) (4.594.824)
Decrease in trade and other creditors (4.008.760) (12.538.052)
(2.852.784) 8.869.400
Interest paid (5.520.597) (3.789.424)
Tax paid (1.559.199) (1.776.916)
Net cash flow (for) / from operating activities (9.932.580) 3.303.060
Cash flow for investing activities
Proceeds from sale of property, plant and equipment 41.848 135.300
Payments for purchase of intangible assets - (9.453)
Payments for purchase of investments in associated companies (23.933.710) -
Decrease in provisions (40.000) (40.000)
Payments for purchase of property, plant and equipment (9.090.565) (963.230)
Interest received 559.455 221.139
Net cash flow for investing activities (32.462.972) (656.244)
Cash flow from financing activities
Proceeds from new loans 134.308.483 78.279.496
Repayment of loans (103.613.009) (69.595.153)
Dividend paid (4.815.174) (4.074.378)
Decrease in promissory notes (884.370) (1.192.116)
(Payments) / proceeds from derivative financial instruments (52.611) 44.287
Net cash flow from financing activities 24.943.319 (3.462.136)
Net flow in cash and cash equivalents (17.452.233) 6.108.952
Cash and cash equivalents at beginning of period (1.981.224) (12.867.118)
Cash and cash equivalents at end of period (19.433.457) (7.108.551)

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 September 2018

	Sh are ita l Ca p	Sh are mi pre um res erv e	lua Re tio va n Re ser ve	fai Re at ser ve r lue va	Dif fer en ce fro m rsio f con ve n o sha ita l re cap int o E uro €	dg He ing res erv e	Sta tut ory res erv e	ha Exc nge dif fer en ce res erv e
	€	€	€	€		€	€	€
lan Ba 1 J 20 17 at ce as an ua ry Co reh siv l in e t ota mp en com e	25 .18 7.0 64	10 .44 3.3 75	4.6 20 .98 2	73 0.5 23	116 .81 8	( ) 10 .50 7.0 21	97 7.9 63	5.1 32 .53 0
fit for th od Pro eri e p	-	-	-	-	-	-	-	-
he reh l in Ot siv e t ota r co mp en com e	-	-	16 .42 2	64 4.0 93	-	2.9 79 .89 5	-	( 0) 9.0 53 .33
cti wit h s ha reh old nis ed in Tra nsa on s ers re cog uit Eq y
sed di vid d i aid in Pro n 2 01 6 p 20 17 po en	-	-	-	-	-	-	-	-
nsf Tra er	-	-	-	-	-	-	62 .85 4	-
Rev alu ati lise d t hro h u on re ser ve rea ug se	-	-	( ) 1.0 98	-	-	-	-	-
lan be Ba 30 Se 20 17 at tem ce as p r	25 .18 7.0 64	10 .44 3.3 75	4.6 36 .30 6	1.3 74 .61 6	116 .81 8	( 6) 7.5 27 .12	1.0 40 .81 7	( 0) 3.9 20 .80
lan Ba 1 J 20 18 at ce as an ua ry	25 .18 7.0 64	10 .44 3.3 75	4.7 60 .82 7	1.8 81 .80 7	116 .81 8	( 0) 7.4 37 .49	1.3 78 .43 0	( 9) 5.4 34 .04
reh siv l in Co e t ota mp en com e
fit for th eri od Pro e p	-	-	-	-	-	-	-	-
Ot he reh siv l in e t ota r co mp en com e
	-	-	126 .51 7	156 .13 6	-	( 1) 1.2 01 .46	-	2.2 83 .56 9
ith sh ho lde ed Tra cti nis in nsa on s w are rs rec og uit Eq y
sed di vid d i aid Pro n 2 01 7 p in 20 18 po en	-	-	-	-	-	-	-	-
Tra nsf the nsl ati to tra er on re ser ve	-	-	-	( 3) 2.4 92 .44	-	-	157 .52 7	-
Rev alu ati lise d t hro h u on re ser ve rea ug se	-	-	( 3) 21 .63	-	-	-	-	-
lan be Ba 30 Se r 2 01 8 at tem ce as p	25 .18 7.0 64	10 .44 3.3 75	4.8 65 .71 1	( ) 45 4.5 00	116 .81 8	( 1) 8.6 38 .95	1.5 35 .95 7	( 0) 3.1 50 .48