Logicom Public LTD — Interim / Quarterly Report 2021

Dec 7, 2021

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 30 September 2021

	Period ended	Period ended	Year ended
	30 Sept 2021	30 Sept 2020	31 Dec 2020
	€	€	€
Sales	674.140.311	628.277.400	862.017.413
Cost of sales	(621.197.915)	(577.420.421)	(790.969.747)
Gross profit	52.942.396	50.856.979	71.047.666
Other income	308.929	729.835	2.107.324
Anticipated credit losses	(240.315)	(1.553.356)	(2.247.873)
Administrative expenses	(32.075.018)	(30.694.643)	(41.619.856)
Profit from operating activities	20.935.992	19.338.815	29.287.261
Net (loss) / gain from exchange difference	(918.628)	185.633	536.531
Interest receivable	411.547	471.137	659.208
Interest payable and bank expenses	(3.764.489)	(4.686.018)	(6.027.924)
Net finance cost	(4.271.570)	(4.029.248)	(4.832.185)
Share in gain from associated companies after taxation	2.147.824	1.894.467	2.709.416
Share in gain / (loss) from joint ventures after taxation	22.797	(149.674)	(195.548)
Profit before taxation	18.835.043	17.054.360	26.968.944
Taxation	(1.724.954)	(1.917.629)	(3.782.573)
Profit for the period/year	17.110.089	15.136.731	23.186.371
Other comprehensive income not to be reclassified to profit
or loss in future periods
Increase / (decrease) in fair value from revaluation of
investments at fair value through comprehensive income	720.715	(1.509.849)	(205.182)
Deferred taxation arising from revaluation of land and buildings	(443)	(129.590)	(591)
Adjustment from remeasurement of obligation	-	-	(271.163)
Deferred taxation in adjustment from remeasurement of			5.943
obligation	-	-
	720.272	(1.639.439)	(470.993)
Other comprehensive income to be reclassified to profit or loss in future periods
Exchange difference from the translation and consolidation of
financial statements of companies abroad	6.739.755	(1.712.219)	(8.785.101)
Exchange difference in relation to the offset of net investment
in a foreign operation	(1.764.979)	1.441.522	3.009.015
Share in gain / (loss) from associated company	29.933	(174.249)	147.738
	5.004.709	(444.946)	(5.628.348)
Other comprehensive expenses for the period/year	5.724.981	(2.084.385)	(6.099.341)
Total comprehensive income for the period/year	22.835.070	13.052.346	17.087.030
Profit for the period/year attributable to:
Company shareholders	17.104.252	15.196.658	23.260.480
Minority interest	5.837	(59.927)	(74.109)
Profit for the period/year	17.110.089	15.136.731	23.186.371
Total comprehensive income for the period/year attributable
to:
Company shareholders	22.829.233	13.112.273	17.161.139
Minority interest	5.837	(59.927)	(74.109)
Total comprehensive income	22.835.070	13.052.346	17.087.030
Basic earnings per share - cents	23.09	20.51	31.40
Fully diluted earnings per share – cents	23.09	20.51	31.40

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2021

	30 Sept 2021	31 Dec 2020
	€	€
ASSETS
Property, plant and equipment	22.596.113	22.288.295
Assets with right of use	4.827.899	5.193.533
Intangible assets and goodwill	8.448.579	8.859.491
Investments in associated companies and joint ventures	81.892.132	79.422.663
Investments at fair value through other comprehensive income	11.532.951	6.985.960
Trade and other debtors	23.116.225	24.055.226
Deferred taxation	1.718.218	1.197.053
Total non-current assets	154.132.117	148.002.221
Inventories	70.203.420	51.046.991
Trade and other debtors	197.566.677	191.031.564
Investments at fair value through profit and loss	12.881	12.881
Tax receivable	693.535	822.003
Cash and cash equivalents	27.759.086	55.643.856
Total current assets	296.235.599	298.557.295
Total assets	450.367.716	446.559.516
Equity
Share capital	25.187.064	25.187.064
Reserves	168.548.846	151.543.735
Equity attributable to Company shareholders	193.735.910	176.730.799
Minority interest	(2.491.526)	(2.497.363)
Total equity	191.244.384	174.233.436
Liabilities
Long-term loans	12.323.455	13.842.401
Liabilities from lease agreements	3.944.943	4.144.363
Trade and other creditors	11.819.381	11.690.929
Deferred taxation	908.374	908.374
Provisions for other liabilities and termination of employment	3.541.866	3.268.831
Total long-term liabilities	32.538.019	33.854.898
Trade and other creditors	124.651.288	141.706.797
Bank overdrafts	30.600.841	36.026.311
Short-term loans	62.919.824	50.268.209
Current portion of long-term loans	3.680.323	3.506.157
Liabilities from lease agreements	1.091.216	1.114.669
Promissory notes	1.587.578	1.939.027
Derivative financial instruments	1.099.306	2.733.095
Tax payable	954.937	1.176.917
Total current liabilities	226.585.313	238.471.182
Total liabilities	259.123.332	272.326.080
Total equity and liabilities	450.367.716	446.559.516

CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 30 September 2021

30 Sept 2021 € 30 Sept 2020 € Cash flow from operating activities Profit for the period 17.110.089 15.136.731 Adjustments for: Various exchange differences 4.115.800 (1.768.318) Depreciation 1.128.946 1.010.362 Depreciation from lease of assets 159.444 182.200 Depreciation of assets with right of use 1.191.498 1.197.348 Interest payable 2.914.931 3.922.077 Interest receivable (411.547) (471.137) Anticipated credit losses 240.315 1.553.356 Provision for decrease in the value of goods 197.425 208.728 Share in gain from investments in associated companies (2.147.824) (1.894.467) Share in (gain) / loss in companies of joint control and partnership (22.797) 149.674 Change in fair value of derivative financial instruments (1.633.789) 433.175 Gain on of property, plant and equipment (19.266) (17.181) Amortisation from development costs 404.540 180.419 Debit in the results for provisions for other liabilities and termination of employment 427.902 380.869 Taxation 1.724.954 1.917.629 25.380.6210 22.121.465 (Increase) / decrease in reserves (19.353.854) 17.526.536 Increase in trade and other debtors (5.836.427) (25.075.316) (Decrease) / increase in trade and other creditors (16.927.057) 56.526.881 (Decrease) / increase in promissory notes (351.449) 564.440 Benefits for termination of employment paid (206.289) (362.603) (17.294.455) 71.301.403 Interest paid (2.710.482) (3.676.827) Tax paid (1.818.466) (2.687.245) Net cash flow (for) / from operating activities (21.823.403) 64.937.331 Cash flow for investing activities Proceeds from sale of property, plant and equipment 36.031 932.664 Payments for acquisition of investments at fair value through other (3.826.277) (1.000.800) comprehensive income Increase in provisions - 37.838 Payments for purchase of property, plant and equipment (1.346.926) (1.651.598) Interest received 411.547 471.137 Net cash flow for investing activities (4.725.625) (1.210.759) Cash flow from / (for) financing activities Proceeds from new loans 93.832.010 73.651.236 Repayment of loans (82.525.175) (107.488.039) Repayments of obligations from financial leases (1.290.739) (1.431.586) Dividend paid (5.926.368) (3.703.980) Net cash flow for / (from) financing activities 4.089.728 (38.972.369) Net flow in cash and cash equivalents (22.459.300) 24.754.203 Cash and cash equivalents at beginning of period 19.617.545 (21.111.933) Cash and cash equivalents at end of period (2.841.755) 3.642.270	Period ended	Period ended

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period ended 30 September 2021

	Sh are l Ca ita p	Sh are mi pre um res erv e	Re va lua tio n Re ser ve	Dif fer en ce fro m con ve r sio f n o sha re ita l in to	He dg ing res erv e	Sta tut ory res erv e	ha Exc nge dif fer en ce res erv e	An ity nu res erv e	tal To	Mi rity no int st ere	tal To
	€	€		cap Eu ro	€	€	€	€	€	€	€
			€	€
lan Ba 1 J 20 20 at ce as an ua ry reh siv l in Co e t ota mp en com e	25 .18 7.0 64	10 .44 3.3 75	6.3 85 .83 1	116 .81 8	( 7) 9.6 90 .89	2.4 35 .55 7	( ) 65 2.2 94	129 .15 3.1 73	163 .37 8.6 27	( 4) 2.4 23 .25	160 .95 5.3 73
fit for th od Pro eri e p	-	-	-	-	-	-	-	15 .19 6.6 58	15 .19 6.6 58	( 7) 59 .92	15 .13 6.7 31
he reh siv l in Ot e t ota r co mp en com e	-	-	( 0) 129 .59	-	1.4 41 .52 2	-	( 9) 1.7 12 .21	( 8) 1.6 84 .09	( 5) 2.0 84 .38	-	( 5) 2.0 84 .38
ctio wit h s ha reh old Tra nsa ns ers nis ed in e ity rec og qu sed di vid d i id i Pro n 2 01 9 n 2 02 0 po en pa Sh oth ith in cti tra are er nsa on s w	-	-	-	-	-	-	-	( 0) 3.7 03 .98	( 0) 3.7 03 .98	-	( 0) 3.7 03 .98
sha reh old fro d c oci ate ers m ass om pa ny								( 7) 74	( 7) 74	-	( 7) 74
Oth cha er ng es nsf Tra er	-	-	-	-	-	139 .39 6	-	( 139 .39 6)	-	-	-
lan 30 Se be r 2 02 0 Ba at tem ce as p	25 .18 7.0 64	10 3.3 .44 75	6.2 56 .24 1	116 .81 8	( 8.2 49 .37 5)	2.5 .95 3 74	( 2.3 64 3) .51	138 .82 1.6 10	2.7 86 3 17 .17	( 2.4 83 .18 1)	170 .30 2.9 92
lan Ba 1 J 20 21 at ce as an ua ry reh siv l in Co e t ota en com e	25 .18 7.0 64	10 .44 3.3 75	6.3 85 .83 1	116 .81 8	( 2) 6.6 81 .88	2.7 74 .27 7	( 5) 9.4 37 .39	147 .94 3.3 02	176 .73 0.7 99	( 3) 2.4 97 .36	174 .23 3.4 36
mp fit for th od Pro eri e p	-	-	-	-	-	-	-	17 .10 4.2 52	17 .10 4.2 52	5.8 37	17 .11 0.0 89
Ot he reh siv l in e t ota r co mp en com e	-	-	( 3) 44	-	( 64 .97 9) 1.7	-	6.7 39 .75 5	0.6 48 75	24 .98 5.7 1	-	24 .98 5.7 1
ctio wit h s ha reh old Tra nsa ns ers nis ed in e ity rec og qu
sed di vid d i id i Pro n 2 02 0 n 2 02 1 po en pa Sh oth ith in cti tra are er nsa on s w	-	-	-	-	-	-	-	( 8) 5.9 26 .36	( 8) 5.9 26 .36	-	( 8) 5.9 26 .36
sha reh old fro d c oci ate ers m ass om pa ny	-	-	-	-	-	-	-	10 2.2 46	10 2.2 46	-	10 2.2 46
Oth cha er ng es nsf Tra er	-	-	-	-	-	.36 1 75	-	( .36 1) 75	-	-	-
lan 30 Se be r 2 02 Ba at tem 1 ce as p	25 .18 7.0 64	10 3.3 .44 75	6.3 84 .79 7	116 .81 8	( 8.4 46 .86 1)	2.8 49 .63 8	( 2.6 97 .64 0)	159 .89 8.7 19	193 .73 5.9 10	( 2.4 91 .52 6)	19 1.2 .38 44 4