Louis PLC

Annual / Quarterly Financial Statement • Apr 19, 2019

CONSOLIDATED PROFIT AND LOSS ACCOUNT

	2018	2017
	€'000	€'000
Income	180,127	115.036
Operating expenses	(60,854)	(36.877)
Cost of personnel	(49,898)	(31.870)
Administrative and other expenses	(6,738)	(2.128)
	(117,490)	(70.875)
Operating profit before interest, taxes, depreciation,
amortization and hotel rents	62,637	44.161
Hotel rents	(12,373)	(11.407)
Depreciation, amortizations and write-offs	(12,182)	(8.952)
Amortization of leases	(688)	(688)
Other amortizations	114	233
Profit from operations	37,508	23.707
Finance income	259	590
Finance cost	(10,273)	(11.136)
Net finance cost	(10,014)	(10.546)
Loss from impairment in the value of assets	(6,390)	(2,382)
Write-offs and provisions for bad debts	-	(48)
Net profit from restructuring of borrowings	11,305	8,207
Loss from impairment in the value of assets held for sale	(233)	-
Loss from disposal of assets	(3,360)	-
Loss from write-off of stocks	(412)	-
Profit from the acquisition of a subsidiary company	1,249	-
Other net profits	2,159	5,777
Share in profit / (loss) from investments in companies with net
position	4	(4,147)
Profit before taxation	29,657	14.791
Taxation	551	(3.230)
Profit for the year	30,208	11,561
Profit for the year attributable to:
Company owners	30,180	11.537
Minority interest	28	24
Profit for the year	30,208	11.561
Earnings per share
Basic and fully diluted earnings per share (€ cents)	6.55	2.51

CONSOLIDATED STATEMENT OF TOTAL INCOME

	2018	2017
	€'000	€'000
Profit for the year	30.208	11.561
Other total income
Amounts not to be reclassified to the consolidated statement of profit and loss account
Revaluation of land and buildings	870	3
Deferred taxation from revaluation of land and buildings	(212)	(3)
Adjustments to personnel benefit obligations	107	31
Deferred taxation from adjustments to personnel benefit
obligations	(31)	(9)
Decrease in deferred taxation due to change in the Greek
income tax rate from 29% to 25%	465	-
	1,199	22
Amounts which will or may be reclassified to the
consolidated statement of profit and loss
Exchange difference in respect of a subsidiary in foreign currency	3	(11)
Fair value losses from cash flow set-offs	(1,869)	-
	(1,866)	(11)
Other total (expenses) / income for the year	(667)	11
Total income for the year	29.541	11.572
Total income for the year attributable to:
Company owners	29.512	11.548
Minority interest	29	24
Total income for the year	29.541	11.572

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2018

	2018	2017
	€'000	€'000
ASSETS
Property, vessels, plant and equipment	269.955	212.454
Intangible assets	578	172
Lease contracts	18.819	19.507
Investments in companies with net position	-	16.608
Financial assets in fair value through other total income	8
Amounts due from related parties	-	6.174
Non-current assets	289.360	254.915
Stocks	2.622	1.751
Trade and other receivables	14.325	7.543
Amounts due from related parties	273	521
Bank deposits	7.898	2.474
Cash and cash equivalents	29.803	18.766
	54,921	31,055
Assets held for sale	16,150	-
Current assets	71.071	31.055
Total assets	360.431	285.970
EQUITY
Share capital	9.211	9.211
Reserves	(201)	(29.408)
Equity attributable to Company owners	9.010	(20.197)
Minority interest	49	28
Total equity	9.059	(20.169)
LIABILITIES
Borrowings	229.471	209.867
Finance lease liabilities	21.693	23.098
Other liabilities	1.027	1.124
Derivative financial instruments	286	-
Deferred income	3.213	3.208
Deferred taxation	28.572	31.008
Non-current liabilities	284.262	268.305
Bank overdrafts	5.646	5.494
Borrowings	18.024	8.677
Finance lease liabilities	1.429	1.375
Trade and other liabilities	28.340	12.767
Amounts due to related parties	716	277
Derivative financial instruments	1.583	-
Deferred income Contractual obligations	114 8.843	5.303 -
Tax due	2.406	3.941
Current liabilities	67.110	37.834
Total liabilities	351.372	306.139
Total equity and liabilities	306.431	285.970

LOUIS PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Eq ity i bu b le Co ttr ta to a mp an ow ne rs u y
	D i f fe fro ren ce m ion co nv er s
	S ha re ita l ca p € '0 0 0	Pr ty op er lua ion t rev a res erv e € '0 0 0	Pe l rso nn e f be its ne res erv e € '0 0 0	R is k he dg ing res erv e € '0 0 0	O he t r res erv es € '0 0 0	f c ita l o ap int o Eu ro € '0 0 0	Re ve nu e res erv e € '0 0 0	To l ta € '0 0 0	M ino ity r int t er es € '0 0 0	To l e ity ta q u € '0 0 0
Ba lan t 1 Ja 2 0 1 8 a ce as a nu ar y s io ly d ta te p re v us s	9, 2 1 1	1 8. 1 0 2	3 3 5	-	( 4 )	3 6 4	( 4 8. 3 5 0 )	( 2 0. 1 9 7 )	2 8	( 2 0. 1 5 9 )
f t f Im he in it ia l a l ica ion t o t p ac p p o S I P R 9	-	-	-	-	-	-	( ) 3 0 5	( ) 3 0 5	-	( ) 3 0 5
Ba lan 1 Ja 2 0 1 8 t ce as a nu ar y	-	1 8. 1 0 2	3 3 5	-	( ) 4	3 6 4	( ) 4 8. 6 5 5	( ) 2 0. 5 0 3	2 8	( ) 2 0. 4 7 4
To l inc fo he ta r t om e ea r y Pr f it fo he r t o ea r y	-	-	-	-	-	-	3 0. 1 8 0	3 0. 1 8 0	2 8	3 0. 2 0 8
O he l inc t r t ta o om e
Ex ha d i f fe la ing t to c ng e re nc e r e a bs i d iar in fo ig su a re n c ur ren cy y	-	-	-	-	3	-	-	3	-	3
De fe d ion fro lua ion tax t t rre a m rev a f lan d a d bu i l d ing o n s	-	( 2 1 2 )	-	-	-	-	-	( 2 1 2 )	-	( 2 3 2 )
A d d it ion l de ia ion fro t a p rec m lua ion bro ht fo d t rev a ug rw ar	-	( 6 ) 7	-	- -	- -	-	6 7	- -	- -	-
f Re lua t ion lan d a d bu i l d ing va o n s	-	8 6 9	-	-	-	-	-	3 6 9	1	3 7 0
A d j in l be f it tm ts us en p er so nn e ne l ia b i l it ies	-	-	1 0 7	-	-	-	-	1 0 7	-	1 0 7

De fe d ion fro d j tax t tm ts rre a m a us en in l be f it l ia b i l it ies p ers on ne ne De f de fe d ion du tax t cre as e o rre a e	-	-	( 3 1 )	-	-	-	-	( 3 1 )	-	( 3 1 )
ha in he inc to t tax te c ng e om e ra fro 2 9 % 2 % to 5 m	-	4 4 2	2 3	-	-	-	-	4 6 5		4 6 5
Fa ir v lue los fro h f low a se s m ca s he dg ing	-	-		( ) 1, 8 6 9	-	-	-	( ) 1. 8 6 9		( ) 1, 8 6 5
fo O t he r t ta l inc r t he o om e y ea r	-	( ) 1. 0 3 2	9 9	( ) 1, 8 6 9	3	-	6 7	( ) 6 6 8	1	6 6 7
To l inc fo he ta r t om e y ea r	-	( ) 1. 0 3 2	9 9	( ) 1, 8 6 9	3	-	3 0. 2 4 7	2 9. 5 1 2	2 9	2 9. 5 4 1
Tr io it h o d ire ly t t an sa c ns w wn er s c ize d in ity re co g n eq u
Co i bu ion fro d d is i bu ion ntr t tr t to s m an s ow ne rs	-	-	-	-	-	-	-	-
D iv i de d n	-	-	-	-	-	-	-	-	( ) 8	( ) 8
To l c i bu ion fro d ta tr t on s m an d is i bu ion tr t to s ow ne rs	-	-	-	-	-	-	-	-	( 8 )	( 8 )
To l t ion it h o ta t ra ns ac s w wn er s d ire ly ize d in ity t c re co g n eq u	-	-	-	-	-	-	-	-	( ) 8	( ) 8
Ba lan 3 1 De be 2 0 1 8 t ce as a ce m r	9. 2 1 1	1 9, 1 3 4	4 3 4	( ) 1, 8 6 9	4 4	3 6 4	( ) 1 8. 4 0 8	9. 0 1 0	4 9	9. 0 5 9

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Co Eq ity ttr i bu ta b le to u a mp an y ow ne rs D i f fe fro ren ce m ion co nv er s S O f c ita l ha Pr ium he Re M ino ity t o ap re em r ve nu e r									To l e ity ta q u
	ita l ca p € '0 0 0	res erv e € '0 0 0	Pr ty op er lua ion t rev a res erv e € '0 0 0	Pe l rso nn e be f its ne res erv e € '0 0 0	res erv es € '0 0 0	int o Eu ro € '0 0 0	res erv e € '0 0 0	To l ta € '0 0 0	int t er es € '0 0 0	€ '0 0 0
Ba lan 1 Ja 2 0 1 7 t ce as a nu ar y	7 8. 2 9 3	9 4. 3 0 1	1 8. 1 4 0	3 1 3	1 5 2	3 6 4	( ) 2 2 3. 3 0 8	( ) 3 1. 7 4 5	7	( ) 3 1. 7 3 8
To l inc fo he ta r t om e ea r y Pr f it fo he r t o ea r y	-	-	-	-	-	-	1 1. 5 3 7	1 1. 5 3 7	2 4	1 1. 5 6 1
O he l inc t r t ta o om e
De in ha ita l cre as e s re ca p	( ) 6 9. 0 8 2	( ) 9 4, 3 0 1	-	-	-	-	1 6 3. 3 8 3	-	-	-
Ex ha d i f fe la ing t to c ng e re nc e r e a bs i d iar in fo ig su y a re n c ur ren cy De fe d ion fro lua ion tax t t rre a m rev a A d d it ion l de ia ion fro t a p rec m	- -	- -	- ( 3 )	- -	( ) 1 1 -	- -	- -	( ) 1 1 ( 3 )	- -	( ) 1 1 ( 3 )
lua ion bro ht fo d t rev a ug rw ar	-	-	( ) 3 8	-	-	-	3 8	-	-	-
Re lua ion f im b le t ty va o mo va p rop er	-	-	3	-	-	-	-	3	-	3
f f f A d j in be it tm ts ta us en s ne b l ig ion t o a s	-	-	-	3 1	-	-	-	3 1	-	3 1
De fe d ion fro d j tax t tm ts rre a m a us en in f f be f it o b l ig ion ta t s ne a s	-	-	-	( ) 9	-	-	-	( ) 9	-	( ) 9
inc fo O t he r t ta l r t he o om e y ea r	( ) 6 9, 0 8 2	( ) 9 3, 3 0 1	( ) 3 8	2 2	( ) 1 1	-	1 6 3. 4 2 1	1 1	-	1 1
To l inc fo he ta r t om e y ea r	( ) 6 9, 0 8 2	( ) 9 4, 3 0 1	( ) 3 8	2 2	( ) 1 1	-	1 7 4. 9 5 8	1 1. 5 4 8	2 4	1 1. 5 7 2

Tr io it h o d ire ly t t an sa c ns wn er s c w ize d in ity re co g n eq u			-
Co i bu ion fro d d is i bu ion ntr t tr t to s m an s ow ne rs			-
D iv i de d n	-	-	-	-	-	-	-	-	( 3 )	( 3 )
To l c i bu ion fro d ta tr t on s m an d is i bu ion tr t to s ow ne rs	-	-	-	-	-	-	-	-	( 3 )	( 3 )
To l t ion it h o ta t ra ns ac s w wn er s d ire ly ize d in ity t c re co g n eq u	-	-	-		- -	-	-	-	( 3 )	( 3 )
Ba lan 3 1 De be 2 0 1 7 t ce as a ce m r	9. 2 1 1	-	1 8. 1 4 0	3 3 5	1 4 1	3 6 4	( 4 8. 3 0 ) 5	( 2 0. 1 9 ) 7	2 8	( 2 0. 1 6 9 )