LOGICOM PUBLIC LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
period ended 30 June 2022
Period ended | Period ended | Year ended | ||
30 June 2022 | 30 June 2021 | 31 Dec 2021 | ||
€ | € | € | ||
Sales | 564.883.876 | 455.367.265 | 949.209.173 | |
Cost of sales | (521.953.215) | (420.007.326) | (874.252.247) | |
Gross profit | 42.930.661 | 35.359.939 | 74.956.926 | |
Other income | 125.459 | 223.907 | 899.612 | |
Expected credit losses | (130.110) | (85.050) | (75.318) | |
Administrative expenses | (25.189.745) | (21.192.602) | (43.764.019) | |
Profit from operating activities | 17.736.265 | 14.306.194 | 32.017.201 | |
Net loss from exchange difference | (818.637) | (366.960) | (1.432.559) | |
Interest receivable | 275.620 | 284.210 | 595.992 | |
Interest payable and bank expenses | (3.336.776) | (2.475.595) | (5.096.787) | |
Net finance cost | (3.879.793) | (2.558.345) | (5.933.354) | |
Share in profit from affiliates after taxation | 4.685.282 | 2.087.059 | 1.581.313 | |
Share in profit / (loss) from joint ventures after taxation | 385.559 | (45.023) | 107.298 | |
Profit before taxation | 18.927.313 | 13.789.885 | 27.772.458 | |
Taxation | (1.556.815) | (1.289.417) | (2.995.789) | |
Profit for the period/year | 17.370.498 | 12.500.468 | 24.776.669 | |
Other comprehensive income not to be reclassified to profit | ||||
or loss in future periods | ||||
(Decrease) / increase in fair value from revaluation of | ||||
investments at fair value through other comprehensive | (411.891) | (110.015) | 912.931 | |
income | ||||
Deferred taxation resulting from revaluation of land and | ||||
buildings | 1.655 | (296) | 3.309 | |
Adjustment from re-measurement of liability | - | - | 595.970 | |
Deferred taxation in adjustment from re-measurement of | ||||
liability | - | - | (48.679) | |
Other comprehensive income to be reclassified to profit or | (410.236) | (110.311) | 1.463.531 | |
loss in future periods | ||||
Exchange difference from translation and consolidation of | ||||
financial statements from foreign operations | 10.898.235 | 4.282.371 | 7.579.741 | |
Exchange difference in relation to the offset of net | ||||
investment in a foreign operation | (4.520.627) | (967.042) | (2.633.110) | |
Share in loss from affiliate | (356.134) | (123.592) | (214.823) | |
Other comprehensive income for the period/year | 6.021.474 | 3.191.737 | (4.731.808) | |
5.611.238 | 3.081.426 | 6.195.339 | ||
Total comprehensive income for the period/year | 22.981.736 | 15.581.894 | 30.972.008 | |
Profit for the period/year attributable to: | ||||
Shareholders of the Company | 17.220.237 | 12.521.392 | 24.745.689 | |
Non-controlling interest | 150.261 | (20.924) | 30.980 | |
Profit for the period/year | 17.370.498 | 12.500.468 | 24.776.669 | |
Total comprehensive income for the period/year | ||||
attributable to: | ||||
Shareholders of the Company | 22.831.475 | 15.602.818 | 30.941.028 | |
Non-controlling interest | 150.261 | (20.924) | 30.980 | |
Total comprehensive income | 22.981.736 | 15.581.894 | 30.972.008 | |
Basic earnings per share - cents | 23.25 | 16.90 | 33.40 | |
Fully diluted earnings per share - cents | 23.25 | 16.90 | 33.40 |
LOGICOM PUBLIC LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2022
30 June | 31 December | |
2021 | 2021 | |
ASSETS | € | € |
Property, plant and equipment | 22.320.800 | 22.246.895 |
Assets with right of use | 5.138.528 | 4.896.969 |
Intangible assets and goodwill | 8.437.407 | 8.697.465 |
Investments in affiliates and joint ventures | 84.906.607 | 80.144.277 |
Investments at fair value through other total income | 11.313.276 | 11.725.167 |
Trade and other debtors | 24.288.588 | 24.174.092 |
Deferred taxation | 1.536.514 | 1.179.785 |
Total non-current assets | 157.941.720 | 153.064.650 |
Inventories | 96.196.924 | 79.362.639 |
Trade and other debtors | 285.633.283 | 241.847.813 |
Investments at fair value through profit and loss | 14.943 | 14.943 |
Derivative financial instruments | 1.612.872 | - |
Tax receivable | 112.462 | 529.879 |
Cash and cash equivalents | 27.013.147 | 40.515.953 |
Total current assets | 410.583.631 | 362.271.227 |
Total assets | 568.525.351 | 515.335.877 |
Equity | ||
Share capital | 25.187.064 | 25.187.064 |
Reserves | 199.071.539 | 176.240.064 |
Equity attributable to the shareholders of the Company | 224.258.603 | 201.427.128 |
Non-controlling interest | (2.444.486) | (2.594.747) |
Total equity | 221.814.117 | 198.832.381 |
Liabilities | ||
Long-term loans | 10.031.356 | 11.509.386 |
Lease liabilities | 4.225.929 | 3.831.093 |
Trade and other creditors | 11.957.263 | 11.863.763 |
Deferred taxation | 462.236 | 462.236 |
Contingent liabilities and termination of employment | 3.264.856 | 2.746.538 |
Total long-term liabilities | 29.941.640 | 30.413.016 |
Trade and other creditors | 163.726.517 | 162.633.317 |
Bank overdrafts | 38.500.789 | 41.185.501 |
Short-term loans | 106.772.081 | 72.609.182 |
Current portion of long-term loans | 3.561.276 | 3.733.264 |
Lease liabilities | 1.229.651 | 1.157.660 |
Promissory notes | 1.998.967 | 1.997.842 |
Derivative Financial derivatives | - | 421.946 |
Tax payable | 878.492 | 2.205.164 |
Contingent liabilities and termination of employment | 101.821 | 146.604 |
Total current liabilities | 316.769.594 | 286.090.480 |
Total liabilities | 346.711.234 | 316.503.496 |
Total equity and liabilities | 568.525.351 | 515.335.877 |
LOGICOM PUBLIC LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
Period ended 30 June 2022
Period ended | Period ended | ||
Cash flow from operating activities | 30 June 2022 | 30 June 2021 | |
€ | € | ||
Profit for the period | 17.370.498 | 12.500.468 | |
Adjustments for: | |||
Various exchange differences | 5.699.125 | 2.549.004 | |
Depreciation | 681.950 | 775.216 | |
Depreciation from lease of assets | 116.982 | 105.275 | |
Depreciation of assets with right of use | 882.371 | 780.400 | |
Interest payable | 2.863.802 | 1.908.073 | |
Interest receivable | (275.620) | (284.210) | |
Expected credit losses | 130.110 | 85.080 | |
Provision for decrease in the value of goods | 146.009 | 138.878 | |
Share in profit from investments in affiliates | (4.685.282) | (2.087.059) | |
Share in (profit) loss from joint ventures | (385.559) | 45.023 | |
Change in fair value of derivative financial instruments | (2.034.818) | (940.818) | |
Gain on sale of property, plant and equipment | (7.723) | (15.814) | |
Amortisation resulting from development costs | 281.906 | 269.946 | |
Charge to profit or loss for contingent liabilities and termination of | |||
employment | 308.069 | 280.500 | |
Taxation | 1.556.815 | 1.289.417 | |
22.648.635 | 17.399.379 | ||
Increase in inventories | (16.980.294) | (16.129.572) | |
Increase in trade and other debtors | (44.030.076) | (15.474.034) | |
Increase / (decrease) in trade and other creditors | 1.186.700 | (5.661.577) | |
Increase / (decrease) in promissory notes | 1.125 | (126.332) | |
Benefits paid for termination of employment | - | (130.105) | |
(37.173.910) | (20.122.241) | ||
Interest paid | (2.728.792) | (1.672.228) | |
Tax paid | (2.466.070) | (1.216.103) | |
Net cash flow for operating activities | (42.368.772) | (23.010.572) | |
Cash flow for investing activities | |||
Proceeds from sale of property, plant and equipment | (24.448) | 29.490 | |
Payments for acquisition of intangible assets | (21.708) | - | |
Payments for acquisition of property, plant and equipment | (419.904) | (733.411) | |
Interest received | 275.620 | 284.210 | |
Net cash flow for investing activities | (190.440) | (419.711) | |
Cash flow from financing activities | |||
Proceeds from new loans | 119.406.940 | 59.516.184 | |
Repayment of loans | (86.894.059) | (53.774.366) | |
Repayment of finance lease liabilities | (771.763) | (929.407) | |
Net cash flow from financing activities | 31.741.118 | 4.812.411 | |
Net flow in cash and cash equivalents | (10.818.094) | (18.617.872) | |
Cash and cash equivalents at beginning of period | (669.548) | 19.617.545 | |
Cash and cash equivalents at end of period | (11.487.642) | 999.673 |
LOGICOM PUBLIC LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period ended 30 June 2022
Share | Share | Revaluation | Difference | Hedging | Statutory | Exchange | Annuity | Total | Non- | Total | ||
Capital | premium | Reserve | from | reserve | reserve | difference | reserve | controlling | ||||
reserve | conversion | reserve | interest | |||||||||
of share | ||||||||||||
capital into | ||||||||||||
Euro | ||||||||||||
Balance as at | € | € | € | € | € | € | € | € | € | € | € | |
1 January 2021 | 25.187.064 | 10.443.375 | 6.385.240 | 116.818 | (6.681.882) | 2.774.277 | (9.437.395) | 147.943.302 | 176.730.799 | (2.497.363) | 174.233.436 | |
Total comprehensive | ||||||||||||
income | ||||||||||||
Profit for the period | - | - | - | - | - | - | - | 12.521.392 | 12.521.392 | (20.924) | 12.500.468 | |
Other total comprehensive | ||||||||||||
income | - | - | (296) | - | (967.042) | - | 4.282.371 | (233.607) | 3.081.426 | - | 3.081.426 | |
Transactions with | ||||||||||||
shareholders recognised | ||||||||||||
in equity | ||||||||||||
Share of other | ||||||||||||
transactions with | ||||||||||||
shareholders from affiliate | - | - | - | - | - | - | - | 102.246 | 102.246 | - | 102.246 | |
Other changes | ||||||||||||
Transfer | - | - | - | - | - | 9.762 | - | (9.762) | - | - | - | |
Balance as at | ||||||||||||
30 June 2021 | 25.187.064 | 10.443.375 | 6.384.944 | 116.818 | (7.648.924) | 2.784.039 | (5.155.024) | 160.323.571 | 192.435.863 | (2.518.287) | 189.917.576 | |
Balance as at | ||||||||||||
1 January 2022 | 25.187.064 | 10.443.375 | 6.388.549 | 116.818 | (9.314.992) | 2.849.638 | (1.857.654) | 167.614.330 | 201.427.128 | (2.594.747) | 198.832.381 | |
Total comprehensive | ||||||||||||
income | ||||||||||||
Profit for the period | - | - | - | - | - | - | - | 17.220.237 | 17.220.237 | 150.261 | 17.370.498 | |
Other total comprehensive | ||||||||||||
income | - | - | 1.655 | - | (4.520.627) | - | 10.898.235 | (768.025) | 5.611.238 | - | 5.611.238 | |
Transactions with | ||||||||||||
shareholders recognised | ||||||||||||
in equity | ||||||||||||
Share of other | ||||||||||||
transactions with | ||||||||||||
shareholders from affiliate | - | - | - | - | - | - | - | - | - | - | - | |
Other changes | ||||||||||||
Transfer | - | - | - | - | - | - | - | - | - | - | - | |
Balance as at | ||||||||||||
30 June 2022 | 25.187.064 | 10.443.375 | 6.390.204 | 116.818 | (13.835.619) | 2.849.638 | 9.040.581 | 184.066.542 | 224.258.603 | (2.444.486) | 221.814.117 |