Logicom Public LTD — Interim / Quarterly Report 2021

Sep 29, 2021

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

	Period ended	Period ended	Year ended
	30 June 2021	30 June 2020	31 Dec 2020
	€	€	€
Sales	455.367.265	414.295.318	862.017.413
Cost of sales	(420.007.326)	(380.625.579)	(790.969.747)
Gross profit	35.359.939	33.669.739	71.047.666
Other income	223.907	554.725	2.107.324
Expected credit losses	(85.050)	(433.624)	(2.247.873)
Administrative expenses	(21.192.602)	(20.730.604)	(41.619.856)
Profit from operating activities	14.306.194	13.060.236	29.287.261
Net (loss)/profit from exchange difference	(366.960)	(258.932)	536.531
Interest receivable	284.210	311.559	659.208
Interest payable and bank expenses	(2.475.595)	(3.429.525)	(6.027.924)
Net finance cost	(2.558.345)	(3.376.898)	(4.832.185)
Share in profit from affiliates after taxation	2.087.059	427.812	2.709.416
Share in loss from joint ventures after taxation	(42.023)	(82.925)	(195.548)
Profit before taxation	13.789.885	10.028.225	26.968.944
Taxation	(1.289.417)	(1.456.561)	(3.782.573)
Profit for the period/year	12.500.468	8.571.664	23.186.371
Other comprehensive income not to be reclassified to profit
or loss in future periods
Decrease in fair value from revaluation of investments at fair
value through other comprehensive income	(110.015)	(1.229.394)	(205.182)
Deferred taxation resulting from revaluation of land and
buildings	(296)	(86.394)	(591)
Adjustment from re-measurement of liability	-	-	(271.163)
Deferred taxation in adjustment from re-measurement of
liability	-	-	5.943
	(110.311)	(1.315.788)	(470.993)
Other comprehensive income to be reclassified to profit or
loss in future periods
Exchange difference from translation and consolidation of
financial statements from foreign operations	4.282.371	(609.301)	(8.785.101)
Exchange difference in relation to the offset of net
investment in a foreign operation	(967.042)	(114.469)	3.009.015
Share in (loss)/profit from affiliate	(123.592)	(149.729)	147.738
	(3.191.737)	(873.499)	(5.628.348)
Other comprehensive income for the period/year	(3.081.426)	(2.189.287)	(6.099.341)
Total comprehensive income for the period/year	15.581.894	6.382.377	17.087.030
Profit for the period/year attributable to:
Shareholders of the Company	12.521.392	8.605.442	23.260.480
Non-controlling interest	(20.924)	(33.778)	(74.109)
Profit for the period/year	12.500.468	8.571.664	23.186.371
Total comprehensive income for the period/year
attributable to:
Shareholders of the Company	15.602.818	6.416.155	17.161.139
Non-controlling interest	(20.924)	(33.778)	(74.109)
Total comprehensive income	15.581.894	6.382.377	17.087.030
Basic earnings per share – cents	16.90	11.62	31.40
Fully diluted earnings per share – cents	16.90	11.62	31.40

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2021

	30 June	31 December
	2021	2020
	€	€
ASSETS
Property, plant and equipment	22.274.822	22.288.295
Assets with a right of use	4.880.458	5.193.533
Intangible assets and goodwill	8.584.397	8.859.491
Investments in affiliates and joint ventures	81.512.068	79.422.663
Investments at fair value through other total income	6.875.945	6.985.960
Trade and other debtors	23.096.555	24.055.226
Deferred taxation	1.445.845	1.197.053
Total non-current assets	148.670.090	148.002.221
Inventories	67.037.685	51.046.991
Trade and other debtors	207.379.189	191.031.564
Investments at fair value through profit and loss	12.881	12.881
Tax receivable	442.428	822.003
Cash and cash equivalents	33.809.978	55.643.856
Total current assets	308.682.161	298.557.295
Total assets	457.352.251	446.559.516
Equity
Share capital	25.187.064	25.187.064
Reserves	167.248.799	151.543.735
Equity attributable to the shareholders of the Company	192.435.863	176.730.799
Non-controlling interest	(2.518.287)	(2.497.363)
Total equity	189.917.576	174.233.436
Liabilities
Long-term loans	12.347.614	13.842.401
Lease liabilities	3.974.233	4.144.363
Trade and other creditors	11.775.551	11.690.929
Deferred taxation	908.374	908.374
Contingent liabilities and termination of employment	3.419.231	3.268.831
Total long-term liabilities	32.425.003	33.854.898
Trade and other creditors	135.960.598	141.706.797
Bank overdrafts	32.810.305	36.026.311
Short-term loans	57.501.618	50.268.209
Current portion of long-term loans	3.509.353	3.506.157
Lease liabilities	1.052.450	1.114.669
Promissory notes	1.512.415	1.939.027
Derivative Financial derivatives	1.792.277	2.733.095
Tax payable	870.656	1.176.917
Total current liabilities	235.009.672	238.471.182
Total liabilities	267.434.675	272.326.080
Total equity and liabilities	457.352.251	446.559.516

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

	Period ended	Period ended
	30 June 2021	30 June 2020
Cash flow from operating activities	€	€
Profit for the period	12.500.468	8.571.664
Adjustments for:
Various exchange differences	2.549.004	(943.600)
Depreciation	775.216	666.882
Depreciation from lease of assets	105.275	122.189
Depreciation of assets with right of use	780.400	806.362
Interest payable	1.908.073	2.915.998
Interest receivable	(284.210)	(311.559)
Expected credit losses	85.080	433.624
Provision for decrease in the value of goods	138.878	140.163
Share in profit from investments in affiliates	(2.087.059)	(427.812)
Share in loss from joint ventures	45.023	82.925
Change in fair value of derivative financial derivatives	(940.818)	(354.666)
Gain on sale of property, plant and equipment	(15.814)	(13.452)
Amortisation resulting from development costs	269.946	120.519
Charge to profit or loss on contingent liabilities and termination of
employment	280.500	258.636
Taxation	1.289.417	1.456.561
	17.399.379	13.524.434
Increase in inventories	(16.129.572)	(2.489.621)
(Increase) / decrease in trade and other debtors	(15.474.034)	13.023.921
(Decrease) / increase in trade and other creditors	(5.661.577)	31.357.815
(Decrease) / increase in promissory notes	(126.332)	461.911
Benefits paid for termination of employment	(130.105)	(82.377)
	(20.122.241)	55.796.083
Interest paid	(1.672.228)	(2.793.213)
Tax paid	(1.216.103)	(1.092.019)
Net cash flow (for) / from operating activities	(23.010.572)	51.910.851
Cash flow for investing activities
Proceeds from sale of property, plant and equipment	29.490	897.021
Payments for acquisition of investments at fair value through profit and loss	-	(1.000.800)
Decrease in provisions	-	(40.000)
Payments for purchase of property, plant and equipment	(733.411)	(1.448.178)
Interest received	284.210	311.559
Net cash flow for investing activities	(419.711)	(1.280.398)
Cash flow from / (for) financing activities
Proceeds from new loans	59.516.184	41.619.348
Repayment of loans	(53.774.366)	(70.696.010)
Repayment of liabilities from finance leases	(929.407)	(905.705)
Net cash flow from / (for) financing activities	4.812.411	(29.982.367)
Net flow in cash and cash equivalents	(18.617.872)	20.648.086
Cash and cash equivalents at beginning of period	19.617.545	(21.111.933)
Cash and cash equivalents at end of period	999.673	(463.847)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period ended 30 June 2021

	Sh are Ca ita l p	Sh are mi pre um res erv e	lua tio Re va n Re ser ve	Dif fer en ce fro m rsio con ve n of sha re l in ita to cap Eu ro	dg ing He res erv e	Sta tut ory res erv e	ha Exc nge dif fer en ce res erv e	ity An nu res erv e	tal To	No n llin tro con g int st ere	tal To
	€	€	€	€	€	€		€	€	€	€
							€
lan Ba at ce as
1 J 20 20 an ua ry	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	-	-	-	-	-	-	-	8.6 05 .44 2	8.6 05 .44 2	( 8) 33 .77	8.5 71 .66 4
he tal reh siv Ot r to co mp en e inc om e			( 4) 86 .39		( 9) 114 .46		( ) 60 9.3 01	( 3) 1.3 79 .12	( 7) 2.1 89 .28		( 7) 2.1 89 .28
ctio wit h Tra nsa ns	-	-		-		-				-
sha reh old nis ed in ers re cog
uit eq y
Sh of he ot are r
ith cti tra nsa on s w sha reh old fro aff ilia te ers m	-	-	-	-	-	-	-	( 6) 74	( 6) 74	-	( 6) 74
he ha Ot r c nge s
Ba lan at ce as
30 Jun e 2 02 0	25 .18 7.0 64	10 .44 3.3 75	6.2 99 .43 7	116 .81 8	( 6) 9.8 05 .36	2.4 35 .55 7	( 5) 1.2 61 .59	136 .37 8.7 46	169 .79 4.0 35	( 2) 2.4 57 .03	167 .33 7.0 03
lan Ba at ce as
20 21 1 J an ua ry	25 .18 7.0 64	10 3.3 .44 75	6.3 85 .24 0	116 .81 8	( 6.6 81 .88 2)	2.7 .27 74 7	( 9.4 37 .39 5)	.94 3.3 02 147	176 .73 0.7 99	( 2.4 97 .36 3)	.23 3.4 36 174
fit for Pro th eri od e p	-	-	-	-	-	-	-	12 .52 1.3 92	12 .52 1.3 92	( 4) 20 .92	12 .50 0.4 68
Ot he tal reh siv r to co mp en e
inc om e h	-	-	( 6) 29	-	( ) 96 7.0 42	-	4.2 82 .37 1	( ) 23 3.6 07	3.0 81 .42 6	-	3.0 81 .42 6
Tra ctio wit nsa ns sha reh old ed nis in ers re cog
uit eq y
Sh of he ot are r
cti ith tra nsa on s w
sha reh old fro aff ilia te ers m he ha Ot	-	-	-	-	-	-	-	10 2.2 46	10 2.2 46	-	10 2.2 46
r c nge s nsf fro Tra ity er m an nu
res erv e	-	-	-	-	-	9.7 62	-	( ) 9.7 62	-	-	-
lan Ba at ce as
30 e 2 02 1 Jun	25 .18 7.0 64	10 3.3 .44 75	6.3 84 .94 4	116 .81 8	( 7.6 48 .92 4)	2.7 84 .03 9	( 5.1 .02 4) 55	160 .32 3.5 71	19 2.4 35 .86 3	( 2.5 18 .28 7)	189 .91 76 7.5