Logicom Public : 3rd Quarter Financial Report 2022

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 30 September 2022

			Period ended	Period ended	Year ended
			30 Sept 2022	30 Sept 2021	31 Dec 2021
			€	€	€
Sales	851.698.600	674.140.311	949.209.173
Cost of sales	(786.916.400)	(621.197.915)	(874.252.247)
Gross profit	64.782.200	52.942.396	74.956.926
Other income	1.310.540	308.929	899.612
Anticipated credit losses	(1.415.051)	(240.315)	(75.318)
Administrative expenses	(38.543.587)	(32.075.018)	(43.764.019)
Profit from operating activities	26.134.102	20.935.992	32.017.201
Net loss from exchange difference	(2.224.075)	(918.628)	(1.432.559)
Interest receivable	422.239	411.547	595.992
Interest payable and bank expenses	(5.634.617)	(3.764.489)	(5.096.787)
Net finance cost	(7.436.453)	(4.271.570)	(5.933.354)
Share in profit from associated companies after taxation	5.939.088	2.147.824	1.581.313
Share in profit from joint ventures after taxation	236.691	22.797	107.298
Profit before taxation	24.873.428	18.835.043	27.772.458
Taxation	(2.146.365)	(1.724.954)	(2.995.789)
Profit for the period/year	22.727.063	17.110.089	24.776.669
Other comprehensive income not to be reclassified to profit
or loss in future periods
Increase in fair value from revaluation of investments at fair
value through comprehensive income	933.619	720.715	912.931
Deferred taxation arising from revaluation of land and buildings	2.482	(443)	3.309
Adjustment from remeasurement of obligation	-	-	595.970
Deferred taxation in adjustment from remeasurement of
obligation	-	-	(48.679)
			936.101	720.272	1.463.531
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	19.384.667	6.739.755	7.579.741
Exchange difference in relation to the offset of net investment
in a foreign operation	(8.307.202)	(1.764.979)	(2.633.110)
Share in (loss)/profit from associated company	(447.618)	29.933	(214.823)
			10.629.847	5.004.709	4.731.808
Other comprehensive expenses for the period/year	11.565.948	5.724.981	6.195.339
Total comprehensive income for the period/year	34.293.011	22.835.070	30.972.008
Profit for the period/year attributable to:
Company shareholders	22.637.575	17.104.252	24.745.689
Minority interest	89.488	5.837	30.980
Profit for the period/year	22.727.063	17.110.089	24.776.669
Total comprehensive income for the period/year attributable
to:
Company shareholders	34.203.523	22.829.233	30.941.028
Minority interest	89.488	5.837	30.980
Total comprehensive income	34.293.011	22.835.070	30.972.008
Basic earnings per share - cents	30.56	23.09	33.40
Fully diluted earnings per share - cents	30.56	23.09	33.40

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2022

		30 Sept 2022	31 Dec 2021
		€	€
ASSETS
Property, plant and equipment	22.456.028	22.246.895
Assets with right of use	5.580.660	4.896.969
Intangible assets and goodwill	8.292.370	8.697.465
Investments in associated companies and joint ventures	86.040.038	80.144.277
Investments at fair value through other comprehensive income	12.658.787	11.725.167
Trade and other debtors	23.614.416	24.174.092
Deferred taxation	1.939.490	1.179.785
Total non-current assets	160.581.789	153.064.650
Inventories	103.288.259	79.362.639
Trade and other debtors	307.161.244	241.847.813
Investments at fair value through profit and loss	14.943	14.943
Derivative financial instruments	3.127.974	-
Tax receivable	981.592	529.879
Cash and cash equivalents	29.202.989	40.515.953
Total current assets	443.777.001	362.271.227
Total assets	604.358.790	515.335.877
Equity
Share capital	25.187.064	25.187.064
Reserves	204.517.219	176.240.064
Equity attributable to Company shareholders	229.704.283	201.427.128
Minority interest	(2.505.259)	(2.594.747)
Total equity	227.199.024	198.832.381
Liabilities
Long-term loans	9.355.176	11.509.386
Liabilities from lease agreements	4.446.621	3.831.093
Trade and other creditors	12.060.882	11.863.763
Deferred taxation	462.236	462.236
Provisions for other liabilities and termination of employment	3.560.046	2.746.538
Total long-term liabilities	29.884.961	30.413.016
Trade and other creditors	179.447.965	162.633.317
Bank overdrafts	40.439.522	41.185.501
Short-term loans	119.806.454	72.609.182
Current portion of long-term loans	3.405.352	3.733.264
Liabilities from lease agreements	1.371.657	1.157.660
Promissory notes	1.687.569	1.997.842
Derivative financial instruments	-	421.946
Tax payable	1.004.523	2.205.164
Provisions for other liabilities and termination of employment	111.762	146.604
Total current liabilities	347.274.804	286.090.480
Total liabilities	377.159.765	316.503.496
Total equity and liabilities		604.358.790	515.335.877

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 30 September 2022

Cash flow from operating activities Profit for the period Adjustments for:

Various exchange differences Depreciation

Depreciation from lease of assets Depreciation of assets with right of use Interest payable

Interest receivable Anticipated credit losses

Provision for decrease in the value of goods

Share in profit from investments in associated companies Share in profit from joint ventures

Change in fair value of derivative financial instruments Profit from sale of property, plant and equipment Amortisation from development costs

Debit in the results for provisions for other liabilities and termination of employment

Taxation

Increase in reserves

Increase in trade and other debtors

Increase/(decrease) in trade and other creditors

Decrease in promissory notes

Benefits paid for termination of employment

Interest paid

Tax paid

Net cash flow from operating activities

Cash flow for investing activities

Proceeds from sale of property, plant and equipment Payments for purchase of intangible assets

Payments for acquisition of investments at fair value through profit and loss Payments for purchase of property, plant and equipment

Interest received

Net cash flow for investing activities

Cash flow from financing activities

Proceeds from new loans

Repayment of loans

Repayments of obligations from financial leases

Dividend paid

Net cash flow from financing activities

Net flow in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Period ended	Period ended
30 Sept 2022 €	30 Sept 2021 €
22.727.063	17.110.089
8.655.806	4.115.800
1.023.579	1.128.946
171.363	159.444
1.329.173	1.191.498
5.001.480	2.914.931
(422.239)	(411.547)
1.415.051	240.315
325.976	197.425
(5.939.088)	(2.147.824)
(236.691)	(22.797)
(3.549.920)	(1.633.789)
(9.107)	(19.266)
427.309	404.540
473.860	427.902
2.146.365	1.724.954
33.539.980	25.380.621
(24.251.596)	(19.353.854)
(64.993.773)	(5.836.427)
17.011.768	(16.927.057)
(310.273)	(351.449)
(246.674)	(206.289)
(39.250.568)	(17.294.455)
(4.786.554)	(2.710.482)
(3.798.719)	(1.818.466)
(47.835.841)	(21.823.403)

18.306 36.031

(21.708)-

• (3.826.277)
  (671.135) (1.346.926)
  422.239 411.547
  (252.298) (4.725.625)

184.995.250 93.832.010

(140.280.100) (82.525.175)

(1.267.628) (1.290.739)

(5.926.368) (5.926.368)

37.521.154 4.089.728

(10.566.985) (22.459.300)

(669.548) 19.617.545

(11.236.533) (2.841.755)

LOGICOM PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 September 2022

		Share	Share	Reva-	Diffe-rence	Hedging	Statutory	Exchange	Annuity	Total	Minority	Total
		Capital	premium	luation	from	reserve	reserve	difference	reserve		interest
			reserve	Reserve	conver-			reserve
					sion 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
Comprehensive total income
Profit for the period	-	-	-	-	-	-	-	17.104.252	17.104.252	5.837	17.110.089
Other comprehensive total income	-	-	(443)	-	(1.764.979)	-	6.739.755	750.648	5.724.981	-	5.724.981
Transactions with shareholders
recognised in equity
Share in other transactions with
shareholders from an associated
company	-	-	-	-	-	-	-	102.246	102.246	-	102.246
Proposed dividend in 2020 paid in 2021	-	-	-	-	-	-	-	(5.926.368)	(5.926.368)	-	(5.926.368)
Other changes
Transfer	-	-	-	-	-	75.361	-	(75.361)	-	-	-
Balance as at 30 September 2021	25.187.064	10.443.375	6.384.797	116.818	(8.446.861)	2.849.638	(2.697.640)	159.898.719	193.735.910	(2.491.526)	191.244.384
Balance as at 1 January 2022	25.187.064	10.443.375	6.388.549	116.818	(9.314.992)	2.849.638	(1.857.65)	167.614.330	201.427.128	(2.594.747)	198.832.381
Comprehensive total income
Profit for the period	-	-	-	-	-	-	-	22.637.575	22.637.575	89.488	22.727.063
Other comprehensive total income	-	-	2.482	-	(8.307.202)	-	19.384.667	486.001	11.565.948	-	11.565.948
Transactions with shareholders
recognised in equity
Share in other transactions with
shareholders from associated company	-	-	-	-	-	-	-	-	-	-	-
Proposed dividend in 2021 paid in 2022	-	-	-	-	-	-	-	(5.926.368)	(5.926.368)	-	(5.926.368)
Other changes
Transfer	-	-	-	-	-	-	-	-	-	-	-
Balance as at 30 September 2022	25.187.064	10.443.375	6.391.031	116.818	(17.622.194)	2.849.638	17.527.013	184.811.538	229.704.283	(2.505.259)	227.199.024