UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2024
Commission
File Number 0-29442
FORMULA
SYSTEMS (1985) LTD.
(Translation
of registrant’s name into English)
Terminal
Center, 1 Yahadut Canada Street, Or-Yehuda, Israel 6037501
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form
20-F ☒ Form 40-F ☐
CONTENTS
Quarterly Results of Operations
On November 21, 2024, Formula
Systems (1985) Ltd. (“we” or “us”) announced our financial results for the third quarter and nine-month ended
September 30, 2024. A copy of our press release announcing our results is furnished as Exhibit 99.1 to this Report of
Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.
Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| FORMULA SYSTEMS (1985) LTD. |
|
| |
|
| By: |
/s/ Asaf Berenstin |
|
| |
Name: |
Asaf Berenstin |
|
| |
Title: |
Chief Financial Officer |
|
| |
|
|
|
| |
Date: |
November 21, 2024 |
|
EXHIBIT INDEX
Exhibit 99.1
PRESS RELEASE
Formula Systems Reports Financial Results for
the Third Quarter and First Nine Months Period Ended September 30, 2024
Revenues for the Third Quarter Increased by
6.9% Year Over Year to a Record Breaking $700 million. Net Income Attributable to Formula Systems Shareholders for the Third Quarter Increased
by 51.4% Year Over Year to $23.6 million.
OR YEHUDA, Israel, Nov. 21, 2024 (GLOBE
NEWSWIRE) -- Formula Systems (1985) Ltd. (Nasdaq and TASE: FORTY) (“Formula” or the “Company”), a global
information technology group engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based
business solutions and developing proprietary software products, today announced its results for the third quarter and first nine months
period ended September 30, 2024.
Financial Highlights for the Third Quarter
Ended September 30, 2024
| ● | Revenues
for the third quarter ended September 30, 2024 increased by 6.9% to a record breaking $699.9 million, compared to $654.8 million in the
same period last year. |
| ● | Operating
income for the third quarter ended September 30, 2024 increased by 21.9% to $71.0 million compared to $58.2 million in the same period
last year. Operating income for the third quarter of 2024 includes a capital gain in an amount of $6.5 million realized from the initial
public offering of our affiliate, TSG IT Advanced Systems Ltd, on the TASE exchange. This gain reflects the appreciation in value of
our investment in TSG IT Advanced Systems Ltd and is recorded under ‘Other Income’ in our consolidated financial statements.
The initial public offering of TSG IT Advanced Systems Ltd was priced at NIS 183.25 per share (approximately $48.6 per share), implying
a market valuation of approximately NIS 462 million (approximately $122.6 million) at the time of the IPO. |
| ● |
Net income attributable to Formula’s shareholders
for the third quarter ended September 30, 2024 increased by 51.4% to $23.6 million, or $1.51 per fully diluted share, compared to
$15.6 million, or $1.00 per fully diluted share, in the same period last year.
|
Financial Highlights for the Nine-Month Period Ended September
30, 2024
| ● | Revenues
for the nine-months ended September 30, 2024 increased by 4.3% to a nine-month record-breaking $2.07 billion, compared to $1.98 billion
in the same period last year. |
| ● | Operating
income for the nine-months ended September 30, 2024 increased by 11% to $198.7 million, compared to $179.0 million in the same period
last year. |
| ● | Net income attributable to
Formula’s shareholders for the nine-months ended September 30, 2024 increased by 23.4% to $59.6 million, or $3.81 per
fully diluted share, compared to $48.3 million, or $3.10 per fully diluted share, in the same period last year. |
| ● | As
of September 30, 2024, Formula held 48.21%, 43.51%, 46.71%, 100%, 47.2%, 90.1%, 80%, 100% and 100% of the outstanding ordinary shares
of Matrix IT Ltd., Sapiens International Corporation N.V., Magic Software Enterprises Ltd., Michpal Micro Computers (1983) Ltd., TSG
IT Advanced Systems Ltd., Insync Staffing Solutions, Inc., Ofek Aerial Photography Ltd., ZAP Group Ltd., and Shamrad Electronic (1997)
Ltd., respectively. |
| ● | Consolidated
cash and cash equivalents and short-term bank deposits totaled approximately $510.9 million as of September 30, 2024, compared to
$528.2 million as of December 31, 2023. |
| ● | Total
equity as of September 30, 2024 was $1.36 billion (representing 47.8% of the total consolidated statements of financial position), compared
to $1.31 billion (representing 46.5% of the total consolidated statements of financial position) as of December 31, 2023. |
Debentures Covenants
As of September 30, 2024, Formula was in compliance
with all of its financial covenants under the debenture series issued by it, based on the following achievements:
Covenant 1
| ● | Target
equity attributable to Formula’s shareholders (excluding non-controlling interests): above $325 million. |
| |
● |
Actual equity attributable to Formula’s shareholders as of September 30, 2024 was $660.1 million. |
Covenant 2
| ● | Target
ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for Formula’s Series C
and D Secured Debentures): below 65%. |
| ● | Actual
ratio of net financial indebtedness to net capitalization, as of September 30, 2024 was 0.18%. |
Covenant 3
| ● | Target
ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four most recent quarters): below 5. |
| ● | Actual
ratio of net financial indebtedness to EBITDA as of September 30, 2024 was 0.006. |
Comments of Management
Commenting on the results, Guy Bernstein, CEO
of Formula Systems, said: “I am proud of Formula’s strong performance in the third quarter and throughout the first nine-months
of 2024. Our operating income of $71.0 million in the third quarter of 2024 was up 21.9% on a year over year basis and 9.2% on a on a
sequential basis, growing our nine-months of 2024 operating income to $198.7 million. These results underscore our commitment to driving
sustained growth and operational excellence across all facets of our business. We continue to uphold our core values of innovation, professionalism,
agility, and transparency across our entire group. These principles enable us to consistently create significant value for our customers
by helping them manage, streamline, and accelerate their operations, ultimately contributing to their growth”
“Matrix reported its best third quarter
in history with record-breaking results recorded across all its key financial indices: revenues, gross profit, operating income, net income
and EBITDA. Matrix revenues for the third quarter grew by 6.4% year over year reaching an all-time third quarter high of NIS 1.42 billion
(approximately $381.9 million). Operating income grew by 16.0%, reaching NIS 108.2 million (approximately $29.1 million). We are pleased
with Matrix’s continued recognition as a market leader in Israel in the implementation of fastest-growing technologies, such as
cloud, cyber, digital, data, DevOps and AI, which enable the company to create significant value for its customers in managing, streamlining,
accelerating and making its businesses thrive. Matrix operates across all fronts in the technology sector, offering a rich variety of
technological solutions, particularly in high-demand areas such as cloud, cybersecurity, digital, data, and AI. Our activities with the
defense sector and defense industries continue to be extensive and demonstrate consistent growth. Matrix’s leading position, particularly
in high-demand technologies and solutions, its broad range of technological services and solutions, its wide sectoral diversification,
and its extensive U.S. operations all enable Matrix to maintain its vitality, value, and leadership in the industry for its clients, partners,
and investors. These strengths allow Matrix to continue demonstrating growth even during challenging economic, political, and security
periods. Matrix continues its strategy of mergers and acquisitions in core and complementary areas. As part of this strategy, Matrix intends
to complete several additional M&A transactions this year to support accelerated growth rates and increase value propositions for
its clients”
“Sapiens revenues for the third quarter
reached $137 million, reflecting a 4.8% increase compared to the same period last year. Sapiens Non-GAAP operating profit totaled $25
million, representing 18.3% of its total revenues.. Revenue growth was driven by 7.1% growth in Sapiens’ European region, 1.7% growth
in North America and 6.6% growth in ROW regions. This quarter’s non-GAAP operating profit totaled $25 million (on a U.S GAAP basis),
representing 18.3% of total revenue.”
“Magic Software reported another strong
quarter of growth and resilience, with a 10.4% year-over-year increase in revenues, reaching $143 million. This performance reflects the
continued success of Magic Software’s strategic focus on delivering value to its customers through innovative digital and cloud
transformation solutions. While navigating in a dynamic macroeconomic environment, Magic Software’s diversified portfolio and strong
client relationships have enabled it to achieve consistent growth and improve operational efficiency. Looking ahead, we are confident
in Magic Software’s ability to continue building on this momentum as it further invest in its business and enhance its capabilities
to meet the evolving needs of its customers worldwide. Magic Software revised its annual revenue guidance for 2024 increasing the lower
range of its revenue guidance from $540 million to $544 million reflecting its continued solid momentum for the remaining part of the
year and positive outlook. Magic Software full year revenues guidance for 2024 is $544 million to $550 million”.
“Michpal concluded the first nine-months
of 2024 with consolidated revenues of NIS 115.5 million (approximately $31.1 million), growing 9.4% year over year on a constant currency
basis. Michpal offers comprehensive proprietary on-premise and web-based payroll software solutions and related services, as well as integrated
specialized management systems in the field of financial accounting, taxation and compliance, for accounting professionals (accountants
and tax consultants), bookkeepers, controllers, and CFOs. Michpal continues its strategy of mergers and acquisitions in core and complementary
areas. As part of this strategy, Michpal intends to complete additional M&A transactions this year to support accelerated growth rates
and increase value propositions for its clients”
“TSG concluded the third quarter of 2024
with strong results, demonstrating significant growth in revenue and profits. Revenues for the third quarter of 2024 increased by 15.7%
year over year to NIS 84.2 million (approximately $22.7 million). EBITDA for the third quarter of 2024 increased by 14.3% year-over-year
on a constant currency basis to NIS 13.5 million (approximately $3.6 million), compared to NIS 11.8 million (approximately $3.2 million)
in the same period last year. TSG continues to advance the expansion and enhancement of its operations while strengthening its marketing
and sales capabilities both domestically and internationally. TSG has also expanded product development across its two main sectors and
successfully secured six tenders with Israeli municipalities during the third quarter of 2024. Following the successful completion of
its IPO on the Tel Aviv Stock Exchange, TSG is actively pursuing mergers and acquisitions initiatives to enhance its capabilities and
further capitalize on its business potential.”
“Over the past year, Zap Group, Israel’s
leading consumer websites company, has demonstrated agility in adapting to evolving market dynamics. The launch of its groundbreaking
E-Commerce Marketplace platform marks a pivotal transformation in its business model. By integrating cutting-edge technology and service-driven
solutions, Zap Group has enhanced its relationships with small and medium-sized businesses, driving higher sales volumes, while deepening
connections with end consumers through a 360-degree, holistic experience. In its first year of operation, the Marketplace platform has
delivered remarkable results, with tens of thousands of transactions generating tens of millions of NIS. Currently, over 400 stores feature
more than 70,000 products, reflecting strong adoption and success. The platform enables businesses to engage directly with consumers,
fostering personalized relationships, leveraging data-driven insights, and effectively managing customer journeys. This innovation positions
Zap Group at the forefront of Israel’s digital economy. In response to broader economic challenges, including the geopolitical situation
in Israel since October 2023, Zap Group has adopted a prudent approach to investments and operations. While prioritizing operational efficiency
and cost optimization, Zap Group remains committed to growth. As it continues to expand its digital platforms, enhance customer engagement,
and optimize data management, Zap Group is well-positioned to deliver seamless and value-driven e-commerce experiences.”
Stand-Alone Financial Measures
This
press release presents, further below, certain stand-alone financial measures to reflect Formula’s stand-alone financial position
in reference to its assets and liabilities as the parent company of the group. These financial measures are prepared consistent with the
accounting principles applied in the consolidated financial statements of the group. Such measures include investments in subsidiaries
and a jointly controlled entity measured at cost adjusted by Formula’s share in the investees’ accumulated
undistributed earnings and other comprehensive income or loss.
Formula believes that these financial measures
provide useful information to management and investors regarding Formula’s stand-alone financial position. Formula’s management
uses these measures to compare the Company’s performance in the current period to that of prior periods for trend analyses. These
measures are also used in financial reports prepared for management and in quarterly financial reports presented to the Company’s
board of directors. The Company believes that the use of these stand-alone financial measures provides an additional tool for investors
to use in evaluating Formula’s financial position.
Management of the Company does not consider these
stand-alone measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Formula urges investors
to review the consolidated financial statements which it includes in press releases announcing quarterly financial results, including
this press release, and not to rely on any single financial measure to evaluate the Company’s business or financial position.
About Formula
Formula Systems, whose ordinary shares are traded
on the Tel-Aviv Stock Exchange and ADSs are traded on the Nasdaq Global Select Market, is a global information technology holding company
engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and
developing proprietary software products.
For more information, visit www.formulasystems.com.
Press Contact:
Formula Systems (1985) Ltd.
+972-3-5389487
ir@formula.co.il
Forward Looking Statements
Certain matters discussed in this press release
that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities
Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that
are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements
may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,”
“may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect
to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results,
levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements
expressed or implied by the forward-looking statements, including, but not limited to: adverse macro-economic trends and their duration,
including inflation, relatively high interest rates, and supply chain delays, which trends may last for a significant period and materially
adversely affect our results of operations; the degree of our success in our plans to leverage our global footprint to grow our sales;
the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy;
the degree of our success in developing and deploying new technologies for software solutions that address the updated needs of our customers
and serve as the basis for our revenues; the lengthy development cycles for our solutions, which may frustrate our ability to realize
revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the
realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market
share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term,
large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream;
the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with
clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to
our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems particularly
in the current hybrid office/work-from-home environment; risks related to industries, such as the insurance, healthcare, defense
and the telecom, in which certain of our clients operate; risks posed by our global sales and operations, such as changes in regulatory
requirements, supply chain disruptions, geopolitical instability stemming from Russia’s invasion of Ukraine, wide-spread viruses
and epidemics or fluctuations in currency exchange rates; and risks related to our and our subsidiaries’ principal location
in Israel.
While we believe such forward-looking statements
are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties
materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the
risks discussed under the heading “Item 3.D Risk Factors” in our most recent Annual Report on Form 20-F for the year ended
December 31, 2023, filed with the U.S. Securities and Exchange Commission on May 15, 2024, in order to review conditions that we believe
could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking
statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking
statements for any reason, or to conform those statements to actual results or to changes in our expectations.
FORMULA SYSTEMS (1985) LTD.
CONSOLIDATED CONDENSED STATEMENTS OF PROFIT OR LOSS
U.S. dollars in thousands (except per share data)
| | |
Three months ended | | |
Nine months ended | |
| | |
September 30, | | |
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
Unaudited | | |
Unaudited | |
| Revenues | |
| 699,931 | | |
| 654,839 | | |
| 2,066,012 | | |
| 1,980,612 | |
| Cost of revenues | |
| 527,033 | | |
| 495,222 | | |
| 1,562,453 | | |
| 1,498,126 | |
| Gross profit | |
| 172,898 | | |
| 159,617 | | |
| 503,559 | | |
| 482,486 | |
| Research and development costs, net | |
| 20,977 | | |
| 19,702 | | |
| 61,626 | | |
| 58,220 | |
| Selling, marketing and general and administrative expenses | |
| 88,098 | | |
| 81,669 | | |
| 250,486 | | |
| 245,242 | |
| Other income, net | |
| 7,207 | | |
| - | | |
| 7,207 | | |
| - | |
| Operating income | |
| 71,030 | | |
| 58,246 | | |
| 198,654 | | |
| 179,024 | |
| Financial expenses, net | |
| 5,809 | | |
| 6,423 | | |
| 15,240 | | |
| 19,119 | |
| Income before taxes on income | |
| 65,221 | | |
| 51,823 | | |
| 183,414 | | |
| 159,905 | |
| Taxes on income | |
| 13,862 | | |
| 12,486 | | |
| 40,970 | | |
| 35,356 | |
| Income after taxes | |
| 51,359 | | |
| 39,337 | | |
| 142,444 | | |
| 124,549 | |
| Share of profits of companies accounted for at equity, net | |
| 325 | | |
| 392 | | |
| 293 | | |
| 601 | |
| Net income | |
| 51,684 | | |
| 39,729 | | |
| 142,737 | | |
| 125,150 | |
| Net income attributable to non-controlling interests | |
| 28,066 | | |
| 24,133 | | |
| 83,121 | | |
| 76,849 | |
| Net income attributable to Formula Systems shareholders | |
| 23,618 | | |
| 15,596 | | |
| 59,616 | | |
| 48,301 | |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings per share (basic) | |
| 1.55 | | |
| 1.02 | | |
| 3.91 | | |
| 3.15 | |
| Earnings per share (diluted) | |
| 1.51 | | |
| 1.00 | | |
| 3.81 | | |
| 3.10 | |
| | |
| | | |
| | | |
| | | |
| | |
| Number of shares used in computing earnings per share (basic) | |
| 15,305,453 | | |
| 15,301,767 | | |
| 15,304,360 | | |
| 15,301,017 | |
| Number of shares used in computing earnings per share (diluted) | |
| 15,650,374 | | |
| 15,543,518 | | |
| 15,616,220 | | |
| 15,496,380 | |
FORMULA SYSTEMS (1985) LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
| | |
September 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
(Unaudited) |
| |
| ASSETS | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| |
| Cash and cash equivalents | |
| 469,711 | | |
| 451,946 | |
| Short-term deposits | |
| 41,142 | | |
| 76,224 | |
| Trade receivables, net | |
| 757,194 | | |
| 721,008 | |
| Prepaid expenses and other accounts receivable | |
| 86,408 | | |
| 84,670 | |
| Inventories | |
| 27,037 | | |
| 42,008 | |
| Total current assets | |
| 1,381,492 | | |
| 1,375,856 | |
| | |
| | | |
| | |
| NON-CURRENT ASSETS: | |
| | | |
| | |
| Long-term investments and receivables | |
| 66,054 | | |
| 52,002 | |
| Deferred taxes | |
| 32,778 | | |
| 33,361 | (*) |
| Investments in companies accounted for at equity | |
| 23,846 | | |
| 20,796 | |
| Property, plants and equipment, net | |
| 51,372 | | |
| 52,931 | |
| Right-of-use assets | |
| 154,668 | | |
| 120,651 | |
| Intangible assets, net and goodwill | |
| 1,140,260 | | |
| 1,143,509 | |
| Total non-current assets | |
| 1,468,978 | | |
| 1,423,250 | |
| | |
| | | |
| | |
| Total assets | |
| 2,850,470 | | |
| 2,799,106 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Credit from banks and others | |
| 155,562 | | |
| 145,973 | |
| Debentures | |
| 64,560 | | |
| 72,885 | |
| Current maturities of lease liabilities | |
| 44,610 | | |
| 44,064 | |
| Trade payables | |
| 226,692 | | |
| 258,649 | |
| Deferred revenues | |
| 141,187 | | |
| 137,643 | |
| Employees and payroll accrual | |
| 213,427 | | |
| 209,384 | |
| Other accounts payable | |
| 79,082 | | |
| 73,124 | |
| Liabilities in respect of business combinations | |
| 5,672 | | |
| 7,954 | |
| Put options of non-controlling interests | |
| 50,641 | | |
| 35,987 | |
| Total current liabilities | |
| 981,433 | | |
| 985,663 | |
| | |
| | | |
| | |
| LONG-TERM LIABILITIES: | |
| | | |
| | |
| Loans from banks and others | |
| 66,039 | | |
| 90,887 | |
| Debentures | |
| 227,117 | | |
| 231,541 | |
| Lease liabilities | |
| 118,833 | | |
| 84,639 | |
| Other long-term liabilities | |
| 13,024 | | |
| 12,678 | |
| Deferred taxes | |
| 38,740 | | |
| 45,711 | (*) |
| Deferred revenues | |
| 15,180 | | |
| 4,873 | |
| Liabilities in respect of business combinations | |
| 1,981 | | |
| 2,622 | |
| Put options of non-controlling interests | |
| 16,016 | | |
| 21,880 | |
| Employees benefit liabilities, net | |
| 10,615 | | |
| 10,427 | |
| Total long-term liabilities | |
| 507,545 | | |
| 505,258 | |
| | |
| | | |
| | |
| EQUITY | |
| | | |
| | |
| Equity attributable to Formula Systems shareholders | |
| 660,089 | | |
| 625,762 | |
| Non-controlling interests | |
| 701,403 | | |
| 682,423 | |
| Total equity | |
| 1,361,492 | | |
| 1,308,185 | |
| | |
| | | |
| | |
| Total liabilities and equity | |
| 2,850,470 | | |
| 2,799,106 | |
FORMULA SYSTEMS (1985) LTD.
STAND-ALONE STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
| | |
September 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
(Unaudited) | |
| ASSETS | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| |
| Cash and cash equivalents | |
| 68,707 | | |
| 30,082 | |
| Dividend receivable | |
| 7,296 | | |
| - | |
| Other accounts receivable and prepaid expenses | |
| 3,133 | | |
| 5,639 | (*) |
| Total current assets | |
| 79,136 | | |
| 35,721 | |
| | |
| | | |
| | |
| NON-CURRENT ASSETS: | |
| | | |
| | |
| Investment in subsidiaries and a jointly controlled entity (**) | |
| | | |
| | |
| Matrix IT Ltd. | |
| 157,756 | | |
| 160,056 | |
| Sapiens International Corporation N.V. | |
| 260,361 | | |
| 251,658 | |
| Magic Software Enterprises Ltd. | |
| 134,822 | | |
| 128,549 | |
| TSG Advanced IT Systems Ltd. | |
| 22,278 | | |
| 18,998 | |
| Michpal Micro Computers (1983) Ltd. | |
| 49,232 | | |
| 47,936 | (*) |
| Zap Group Ltd. | |
| 55,586 | | |
| 60,844 | (*) |
| Other | |
| 27,323 | | |
| 24,884 | (*) |
| Total investment in subsidiaries and a jointly controlled entity | |
| 707,358 | | |
| 692,925 | |
| | |
| | | |
| | |
| Other investments and long term receivables | |
| 37,611 | | |
| 22,737 | |
| Property, plants and equipment, net | |
| 9 | | |
| 11 | |
| Total non-current assets | |
| 744,978 | | |
| 715,673 | |
| | |
| | | |
| | |
| Total assets | |
| 824,114 | | |
| 751,394 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Loans from banks and others | |
| 2,255 | | |
| - | |
| Debentures | |
| 22,746 | | |
| 32,126 | |
| Trade payables | |
| 377 | | |
| 137 | |
| Other accounts payable | |
| 6,187 | | |
| 2,697 | |
| Liability in respect of a business combination | |
| 314 | | |
| 267 | |
| Total current liabilities | |
| 31,879 | | |
| 35,227 | |
| | |
| | | |
| | |
| LONG-TERM LIABILITIES: | |
| | | |
| | |
| Loans from banks and others | |
| 3,556 | | |
| - | |
| Debentures | |
| 128,590 | | |
| 90,405 | |
| Total long-term liabilities | |
| 132,146 | | |
| 90,405 | |
| | |
| | | |
| | |
| EQUITY | |
| 660,089 | | |
| 625,762 | |
| | |
| | | |
| | |
| Total liabilities and equity | |
| 824,114 | | |
| 751,394 | |
| (**) | The investments’ carrying amounts are measured consistent
with the accounting principles applied in the consolidated financial statements of the group and representing the investments’
cost adjusted by Formula’s share in the investees’ accumulated undistributed earnings and other comprehensive income or loss. |
Formula Systems 1985 (NASDAQ:FORTY)
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