Logicom Public LTD — Interim / Quarterly Report 2018

May 25, 2018

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 31 March 2018

	Period ended	Period ended	Year ended
	31 March	31 March	31 December
	2018	2017	2017
	€	€	€
Sales	226.180.546	222.476.695	865.808.647
Cost of sales	(210.641.286)	(207.003.181)	(804.898.678)
Gross profit	15.539.260	15.473.514	60.909.969
Other income	50.088	88.523	2.163.417
Administrative expenses	(9.824.799)	(9.584.815)	(37.975.208)
Other expenses	-	-	(2.244.282)
Profit from operating activities	5.764.549	5.977.222	22.853.896
Net profit from exchange difference	506.708	39.610	1.051.610
Interest receivable	189.119	38.819	1.481.184
Interest payable and bank expenses	(1.826.936)	(1.397.514)	(7.185.218)
Net finance cost	(1.131.109)	(1.319.085)	(4.652.424)
Share in profit from associated companies after taxation	4,353,303	-	-
Share in profit / (loss) from companies of joint control and
partnership after taxation	68,351	(90.669)	(409.162)
Profit before taxation	9.055.094	4.567.468	17.792.310
Taxation	(395.737)	(509.312)	(3.164.048)
Profit for the period/year	8.659.357	4.058.156	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	42.172	5.474	168.689
	42.171	5.474	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	123.136	377.189	1.151.284
Exchange difference from the translation and consolidation
of financial statements of companies abroad	(1.849.641)	(2.944.231)	(10.566.579)
Exchange difference in relation to the offset of net
investment in a foreign operation	599.327	532.415	3.069.531
Other comprehensive expenses for the period/year	(1.085.006)	(2.029.153)	(6.177.075)
Total comprehensive income for the period/year	7.574.351	2.029.003	8.451.187
Profit for the period/year attributable to:
Shareholders of the Company	8.624.903	4.080.258	15.624.710
Minority interest	34.454	(22.102)	(996.448)
Profit for the period/year	8.659.357	4.058.156	14.628.262
Total comprehensive income for the period/year
attributable to:
Shareholders of the Company	7.539.897	2.051.105	9.447.635
Minority interest	34.454	(22.102)	(996.448)
Total comprehensive income	7.574.351	2.029.003	8.451.187
Basic earnings per share - cents	11.64	5.51	21.09
Fully diluted earnings per share - cents	11.64	5.51	21.09

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 March 2018

	31 March	31 December
	2018	2017
	€	€
ASSETS
Property, plant and equipment	20.004.086	12.180.638
Intangible assets and goodwill	9.824.213	9.909.558
Investments in associated companies	34.752.212	-
Investments available for sale	72.356	6.428.220
Trade and other debtors	21.321.513	21.129.431
Deferred taxation	1.665.525	1.619.047
Total non-current assets	87.639.905	51.266.894
Inventories	63.804.816	64.957.047
Trade and other debtors	180.238.478	181.643.637
Investments in fair value through profit and loss	16.448	16.448
Tax receivable	438.122	739.810
Cash and cash equivalents	31.324.580	38.582.807
Total current assets	275.822.444	285.939.749
Total assets	363.462.349	337.206.643
Equity
Share capital	25.187.064	25.187.064
Reserves	71.709.355	64.169.458
Equity attributable to the shareholders of the Company	96.896.419	89.356.522
Minority interest	(2.368.209)	(2.402.663)
Total equity	94.528.210	86.953.859
Liabilities
Long-term loans	28.128.778	13.326.255
Trade and other creditors	11.109.093	11.066.714
Deferred taxation	793.916	794.200
Contingent liabilities	1.856.685	2.139.532
Total long-term liabilities	41.888.472	27.326.701
Trade and other creditors	106.941.638	109.987.681
Bank overdrafts	35.741.458	40.564.031
Short-term loans	72.550.511	62.295.134
Current portion of long-term loans	6.974.795	4.423.077
Promissory notes	494.757	1.781.542
Derivative financial instruments	2.876.117	2.338.169
Tax payable	1.339.602	1.483.489
Contingent liabilities	126.789	52.960
Total current liabilities	227.045.667	222.926.083
Total liabilities	268.934.139	250.252.784
Total equity and liabilities	363.462.349	337.206.643

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 31 March 2018

	Period ended	Period ended
	31 March 2018	31 March 2017
	€	€
Cash flow from operating activities
Profit for the period/year	8.659.357	4.058.156
Adjustments for:
Various exchange differences	(964.174)	(2.671.276)
Depreciation	240.713	329.144
Depreciation from lease of assets	79.388	109.769
Interest payable	1.516.945	1.187.980
Interest receivable	(189.110)	(38.819)
Share in profit from associated companies	(4.343.303)	-
Share in (profit) / loss from companies of joint control and partnership	(68.351)	90.669
Change in fair value of derivative financial instruments	548.151	237.149
Loss / (profit) from sale of property, plant and equipment	1.630	(11.796)
Taxation	395.737	812.281
	5.866.974	4.103.257
Decrease in reserves	1.152.231	23.777.781
Decrease / (increase) in trade and other debtors	1.213.077	(3.869.415)
Decrease in trade and other creditors	(3.003.664)	(21.627.772)
	5.228.618	2.383.851
Tax paid	(237.936)	(594.884)
Net cash flow from operating activities	4.990.682	1.778.967
Cash flow for investing activities
Proceeds from sale of property, plant and equipment	23.759	(7.071)
Payments for purchase of intangible assets	125.345	-
Payments for purchase of investments in associated companies	(23.933.710)	-
Decrease in provisions	(209.018)	-
Payments for purchase of property, plant and equipment	(8.417.516)	(179.819)
Interest received	189.119	38.819
Net cash flow for investing activities	(32.222.021)	(148.071)
Cash flow from / (for) financing activities
Proceeds from new loans	53.324.409	15.592.160
Repayment of loans	(25.714.791)	(17.605.501)
Payments of interest	(1.516.945)	(1.187.980)
Decrease in promissory notes	(1.286.785)	(598.588)
(Payments) / proceeds from derivative financial instruments	(10.203)	237.149
Net cash flow from / (for) financing activities	24.795.685	(3.562.760)
Net flow in cash and cash equivalents	(2.435.654)	(1.921.864)
Cash and cash equivalents at beginning of period	(1.981.224)	(13.048.456)
Cash and cash equivalents at end of period	(4.416.878)	(14.970.320)

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 31 March 2018

	Sh are l Ca ita 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	Set of f res erv e	Sta tut ory res erv e	ha Exc nge dif fer en ce res erv e	Re ve nu e Re ser ve	tal To	Mi rity no int st ere	tal To
	€	€	€	€	€	€	€	€	€	€	€	€
lan Ba at ce as
1 J 20 17 an ua ry reh siv l Co e t ota mp en	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
inc om e fit for th eri od Pro e p Ot he reh siv l e t ota	-	-	-	-	-	-	-	-	4.0 80 .25 8	4.0 80 .25 8	( 22 .10 2)	4.0 58 6 .15
r co mp en inc om e	-	-	-	37 7.1 89	-	53 2.4 15	-	( 1) 2.9 44 .23	-	( 7) 2.0 34 .62	-	( 7) 2.0 34 .62
of alu Re ati ser ve rev on lize d d to rea ue usa ge	-	-	( 6) 36	-	-	-	-	-	36 6	-	-	-
lan Ba at ce as 31 rch 20 Ma 17	25 .18 7.0 64	10 3.3 .44 75	4.6 20 .61 6	07 2 1.1 .71	116 .81 8	( 9.9 .60 6) 74	97 7.9 63	2.1 88 .29 9	.36 1.6 51 55	86 .02 8.8 96	( 28 .31 7) 1.4	84 .60 0.5 79
Ba lan at ce as 1 J 20 18 an ua ry reh l Co siv e t ota mp en	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 Ot he reh siv l e t ota r co mp en	-	-	-	-	-	-	-	-	8.6 24 .90 3	8.6 24 .90 3	( 4) 34 .45	8.6 59 .35 7
inc om e	-	-	42 .17 2	123 .13 6	-	59 9.3 27	-	( 1) 1.8 49 .64	-	( 6) 1.0 85 .00	-	( 6) 1.0 85 .00
nsf Tra to er rev en ue res erv e of alu Re ati ser ve rev on	-	-	-	( 3) 2.4 92 .44	-	-	-	-	2.4 92 .44 3	-	-	-
lize d d to rea ue usa ge	-	-	( ) 7.1 11	-	-	-	-	-	7.1 11	-	-	-
lan Ba at ce as 31 rch 20 18 Ma	25 .18 7.0 64	10 .44 3.3 75	4.7 95 .88 8	( ) 48 00 7.5	116 .81 8	( 3) 6.8 38 .16	1.3 78 .43 0	( 0) 7.2 83 .69	69 .58 4.1 97	96 .89 6.4 19	( 9) 2.3 68 .20	94 .52 8.2 10