Logicom Public LTD — Interim / Quarterly Report 2018

Jul 27, 2018

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

	Period ended	Period ended	Year ended
	30 June 2018	30 June 2017	31 December
			2017
	€	€	€
Sales	450.902.595	422.229.082	865.808.647
Cost of sales	(419.384.218)	(392.275.307)	(804.898.678)
Gross profit Other income	31.518.377 95.516	29.953.775 146.550	60.909.969 2.163.417
Administrative expenses	(19.824.066)	(19.406.553)	(37.975.208)
Other expenses	-	-	(2.244.282)
Profit from operating activities	11.790.827	10.693.772	22.853.896
Net foreign exchange profit	302.401	151.675	1.051.610
Interest receivable	372.811	155.078	1.481.184
Interest payable and bank expenses	(4.052.961)	(2.984.876)	(7.185.218)
Net finance cost	(3.377.749)	(2.678.123)	(4.652.424)
Share in profit from affiliates after taxation	6.147.731	-	-
Share of profit / (loss) of jointly controlled companies and
partnership net of taxation	52.022	(248.397)	(409.162)
Profit before taxation	14.612.831	7.767.252	17.792.310
Taxation	(876.784)	(777.982)	(3.164.048)
Profit for the period/year	13.736.047	6.989.270	14.628.262
Other comprehensive expenses not to be reclassified to
profit or loss in future periods	-	-	-
Surplus from revaluation of land and buildings	84.345	10.948	168.689
Deferred taxation resulting from revaluation of land and	84.345	10.948	168.689
buildings
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	268.336	351.446	1.151.284
Exchange difference from translation and consolidation of
financial statements from foreign operations	1.841.554	(6.990.135)	(10.566.579)
Exchange difference in relation to the offset of net
investment in a foreign operation	(958.413)	2.696.585	3.069.531
Other comprehensive income/(expenses) for the period/year	1.235.822	(3.931.156)	(6.177.075)
Total comprehensive income for the period/year	14.971.869	3.058.114	8.451.187
Profit for the period/year attributable to:
Shareholders of the Company	13.710.670	7.060.639	15.624.710
Non-controlling interest	25.377	(71.369)	(996.448)
Profit for the period/year	13,736.047	6.989.270	14.628.262
Total comprehensive income for the period/year
attributable to:
Shareholders of the Company	14.946.492	3.129.483	9.447.635
Non-controlling interest	25.377	(71.369)	(996.448)
Total comprehensive income	14.971.869	3.058.114	8.451.187
Basic earnings per share – cents	18.51	9.53	21.09
Fully diluted earnings per share – cents	18.51	9.53	21.09

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2018

	30 June	31 December
	2018	2017
	€	€
ASSETS
Property, plant and equipment	20.382.614	12.180.638
Intangible assets and goodwill	9.822.569	9.909.558
Investments in associated companies	36.546.640	-
Investments available for sale	231.356	6.428.220
Trade and other debtors	21.430.289	21.129.431
Deferred taxation	1.678.325	1.619.047
Total non-current assets	90.091.793	51.266.894
Inventories	72.580.506	64.957.047
Trade and other debtors	208.792.427	181.643.637
Investments at fair value through profit and loss	16.448	16.448
Tax receivable	351.015	739.810
Cash and cash equivalents	26.598.401	38.582.807
Total current assets	308.338.797	285.939.749
Total assets	398.430.590	337.206.643
Equity
Share capital	25.187.064	25.187.064
Reserves	79.115.949	64.169.459
Equity attributable to the shareholders of the Company	104.303.013	89.356.523
Non-controlling interest	(2.377.285)	(2.402.663)
Total equity	101.925.728	86.953.860
Liabilities
Long-term loans	26.445.171	13.326.255
Trade and other creditors	11.133.114	11.066.714
Deferred taxation	793.915	794.200
Contingent liabilities	2.021.946	2.139.532
Total long-term liabilities	40.394.146	27.326.701
Trade and other creditors	104.425.438	109.987.680
Bank overdrafts	49.535.861	40.564.031
Short-term loans	89.707.137	62.295.134
Current portion of long-term loans	7.136.958	4.423.077
Promissory notes	1.955.001	1.781.542
Financial derivatives	1.676.913	2.338.169
Tax payable	1.509.051	1.483.489
Contingent liabilities	164.357	52.960
Total current liabilities	256.110.716	222.926.082
Total liabilities	296.504.862	250.252.783
Total equity and liabilities	398.430.590	337.206.643

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

	Period ended	Period ended
	30 June 2018	30 June 2017
Cash flow from operating activities	€	€
Profit for the period/year	13.736.047	6.989.270
Adjustments for:
Various exchange differences	1.211.600	(4.501.274)
Depreciation	640.654	669.435
Depreciation from lease of assets	154.849	231.612
Interest payable	3.456.394	2.536.669
Interest receivable	(372.811)	(155.078)
Share in profit from associated companies	(6.147.731)	-
Share of (profit) / loss of jointly controlled companies and partnership	(52.022)	248.397
Change in fair value of financial derivatives	(588.097)	1.510.279
Gain on sale of property, plant and equipment	(2.193)	(12.847)
Charge to profit or loss for provisions	33.811	-
Taxation	395.737	777.982
	12.466.238	8.294.445
(Increase) / decrease in inventories	(7.623.459)	11.728.925
Increase in trade and other debtors	(27.449.648)	(5.959.231)
Decrease in trade and other creditors	(5.495.842)	(19.658.095)
	(28.102.711)	(5.593.956)
Interest paid	(3.456.394)	(2.536.669)
Tax paid	(462.427)	(1.111.105)
Net cash flow for operating activities	(32.021.532)	(9.241.730)
Cash flow for investing activities
Proceeds from sale of property, plant and equipment	36.014	48.662
Payments for purchase of investments in associated companies	(23.933.710)	-
Decrease in provisions	(40.000)	-
Payments for purchase of property, plant and equipment	(8.861.237)	(718.927)
Interest received	372.811	155.078
Net cash flow for investing activities	(32.426.122)	(515.187)
Cash flow from financing activities
Proceeds from new loans	107.751.472	82.414.495
Repayment of loans	(64.506.672)	(68.768.303)
Increase in promissory notes	173.459	(598.588)
Proceeds from financial derivatives	73.159	79.508
Net cash flow from financing activities	43.491.418	13.127.112
Net flow in cash and cash equivalents	(20.956.236)	3.370.195
Cash and cash equivalents at beginning of period	(1.981.224)	(12.867.118)
Cash and cash equivalents at end of period	(22.937.460)	(9.745.320)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period ended 30 June 2018

	Sh are Ca ita l p	Sh are mi pre um res erv e	lua tio Re va n Re ser ve	Re at ser ve fai alu r v e	Dif fer en ce fro m rsio con ve n of sha re ita l in to cap Eu ro	dg He e res erv e	Sta tut ory res erv e	nsl ati Tra on res erv e	tai d Re ne rni ea ngs	tal To	No n llin tro con g int st ere	tal To
	€	€	€	€	€	€	€	€	€	€	€	€
Ba lan at ce as
1 J 20 17 an ua ry	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	47 .28 1.0 31	83 .98 3.2 65	( 5) 1.4 06 .21	82 .57 7.0 50
tal reh To siv co mp en e
inc om e
fit for th od Pro eri e p	-	-	-	-	-	-	-	-	7.0 60 .63 9	7.0 60 .63 9	( 9) 71 .36	6.9 89 .27 0
Ot he tal reh siv r to co mp en e
inc om e	-	-	10 .94 8	35 46 1.4	-	2.6 96 .58 5	-	( 6.9 90 .13 5)	-	( 3.9 31 6) .15	-	( 3.9 31 6) .15
nsf Tra er	-	-	-	-	-	-	33 .39 0	-	( 0) 33 .39	-	-	-
Rev alu ati on re ser ve
lise d t hro h u rea ug se	-	-	( 2) 73	-	-	-	-	-	73 2	-	-	-
lan Ba at ce as
30 Jun e 2 01 7	25 .18 7.0 64	10 .44 3.3 75	4.6 31 .19 8	1.0 81 .96 9	116 .81 8	( 6) 7.8 10 .43	1.0 11 .35 3	( 5) 1.8 57 .60	54 .30 9.0 12	87 .11 2.7 48	( 4) 1.4 77 .58	85 .63 5.1 64
lan Ba at ce as 1 J 20 18 an ua ry tal reh To siv co mp en e	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	58 .45 9.7 40	89 .35 6.5 22	( 3) 2.4 02 .66	86 .95 3.8 59
inc om e fit for th od Pro eri e p he tal reh siv Ot r to co mp en e	-	-	-	-	-	-	-	-	13 .71 0.6 70	13 .71 0.6 70	25 .37 7	13 .73 6.0 47
inc om e	-	-	84 .34 5	26 8.3 36	-	( ) 95 8.4 13	-	1.8 41 4 .55	-	1.2 35 .82 2	-	1.2 35 .82 2
nsf ain ed Tra to ret er rni ea				( 3) 2.4 92 .44			157 .52 7		2.3 34 .91 6
ngs alu Rev ati on re ser ve	-	-	-		-	-		-		-	-	-
lise d t hro h u rea ug se	-	-	( 2) 14 .42	-	-	-	-	-	14 .42 2	-	-	-
lan Ba at ce as
30 Jun e 2 01 8	25 .18 7.0 64	10 .44 3.3 75	4.8 30 .75 0	( ) 34 2.3 00	116 .81 8	( 3) 8.3 95 .90	1.5 37 .95 7	( 5) 3.5 92 .49	74 .51 9.7 48	104 .30 3.0 14	( 6) 2.3 77 .28	10 1.9 25 .72 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 period of 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 of 17% will be payable on such deemed dividends to the extent that the shareholders 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 and Cyprus domiciled. 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.

Retained earnings is the only reserve that is available for distribution