RNS Number : 4010D
Amiad Filtration Systems Ltd
15 September 2008
15 September 2008
Amiad Filtration Systems Ltd.
("Amiad" or "the Company")
Results for the six months to 30 June 2008
Amiad, the producer and global supplier of water filters and filtration systems for the industrial, municipal and irrigation markets,
announces its interim results for the six months to 30 June 2008.
Financial Highlights
* Turnover increased by 44% to US$39.5m (H1 2007: US$27.4m)
* Operating profit increased by 65% to US$6.1m (H1 2007: US$3.7m)
* Profits before tax increased by 47% to US$5.4m (H1 2007: US$3.7m)
* Gross margins at 49% (H1 2007: 49%)
* Fully diluted earnings per share increased by 36% to 20.1 US$ cents (H1 2007: 14.8 US$ cents)
* Interim dividend of 3.5 US$ cents (gross) per share (H1 2007: 3.0 US$ cents (gross) per share)
* Cash and cash equivalents at 30 June 2008 of US$6.5m (31 December 2007: US$4.1m)
Operational Highlights
* Sales growth in all main territories
* Order levels in the industrial & municipal segment were good across all major territories and new territories were penetrated
* Operations in East Asia showed significant growth
* Projects in Russia, Kazakhstan and Ukraine showed good progress
* Breakthrough project secured in India for screen-filters in the petrochemical and power industries with further projects secured
in the region
* New contracts secured in the US
* Increased demand for products in the irrigation segment due to plantation of crops in response to growing demand for alternative
fuel sources
* Continuous pressure on margins impacted by the weakness of the US dollar and increases in raw material prices
Commenting on the results, Rami Treger, Chief Executive Officer of Amiad, said: "The socio-economic rise of developing countries, along
with the increasing demands upon water supplies in the western world, resulted in Amiad experiencing considerable and sustained growth on a
global scale in all segments. Additionally, the Company has enjoyed the fruits of marketing efforts with increased sales and new and
breakthrough contracts in new territories.
Looking ahead, Amiad has entered the second half of 2008 with a backlog higher than the corresponding period last year as the positive
trend of the first half has continued. As a result, the Company expects to report continued growth for the second half of 2008 compared to
the corresponding period in 2007, and significant growth for the full year 2008 compared to 2007."
Enquiries:
Amiad Filtration Systems Ltd.
Rami Treger, Chief Executive Officer +972 (0) 4 690 9500
Itamar Eder, Chief Financial Officer
Corfin Communications
Harry Chathli, Victoria Ward + 44 (0) 20 7977 0020
Operational Review
The Board is pleased to report excellent growth in the first half of 2008. Sales in the first half are significantly higher than in the
first half of 2007, building on the strong growth from the previous year. The Company increased its revenues by 44% to US$39.5m compared to
the first half of 2007 (H1 2007: US$27.4m) and profit before tax increased by 47% to US$5.4m compared to the first half of 2007 (H1 2007:
US$3.7m).
The Company anticipated an increase in global water investment and increased its sales and marketing efforts accordingly, resulting in
increased trading in all main parts of the business.
Order levels in the industrial & municipal segment have been good across all major territories, particularly in Europe, Australia and
North America. Additionally, the Company has successfully secured orders in new territories.
Overall, the Company's automatic screen filters have continued to gain traction and the thread filters have also seen strong growth,
specifically in the municipal for drinking water and industrial applications. In the US, the Company continues to perform well in its
specialist project for the provision of clean water for liquid gas storage and this contract has been expanded. New orders during the period
were for micro fiber automatic self-cleaning filters with a soft drinks producer as well as two sites for brine water filtration.
Operations in East Asia have also shown significant growth. In South Korea, the Company has secured a large project using thread and
pre-filtration filters and the project in Singapore of converting sewage water into drinking water continues to grow successfully. Other
projects for the industrial sector include a breakthrough project in India for the use of Amiad's screen-filters in the petrochemical
industry and additional projects in the power and automobile industries have been undertaken. The industrial sector in China is also
progressing well with a new project in the steel industry. The water cooling business in the petrochemical market with a customer in Brazil
continues to perform strongly. Projects in Russia, including the use of Amiad's filters to remove iron from water to produce drinking water,
as well as those in Kazakhstan and Ukraine, continue to make good progress. A new project was also initiated in the region for the steel
industry for high flow, auto-self cleaning screen filters and, building on momentum in Eastern Europe, the Company gained a new contract for the filtration of drinking water.
More recently, the Company has secured contracts in new territories including in Chile where Amiad's automatic self cleaning screen
filters have been selected for use in the mining industry and in the Philippines for a project using micro fiber technology for use in
municipal drinking water.
In the irrigation segment, trading conditions have continued to improve globally as a result of increased planting of crops such as
corn, sugarcane and soya beans in response to the growing demand for alternative fuel sources. In Europe, the Company has seen a high
increase in demand with projects in Italy and France developing well. The Company is also pleased to report that it has recently secured a
large irrigation project for water supply in Central Africa.
Also, in the first half of 2008, the Company entered into an agreement to acquire a controlling interest in a Turkish company for a cash
consideration of up to US$1.4m. The deal was completed in July 2008. This is an important move for Amiad adding a complementary product line
and manufacturing capabilities and enabling the Company to penetrate new territories. Sales of the Turkish company in 2007 were just over
US$2m and it was profitable. Amiad continues to seek opportunities to acquire similar positions in companies which add new technologies or
enable it to enter into new territories.
Financial review
Revenue for the six months ended 30 June 2008 increased by 44% compared to the first half of 2007 to US$39.5m (H1 2007: US$27.4m).
Profit before tax increased by 47% compared to the first half of 2007 to US$5.4m (H1 2007: US$3.7m). Fully diluted earnings per share were
20.1 US cents (H1 2007: 14.8 US cents). Gross margins were stable at 49% (H1 2007: 49%).
The Company continued to be impacted by the weakness of the US dollar and increases in raw material prices. The Company worked to
increase efficiency in production lines with tightened purchasing and increased prices across most product lines. This enabled the Company
to maintain gross margins of 49%. Looking ahead, pressure on margins is expected to continue; however, the Company is continuously taking
actions in order to try to maintain its current gross margins, but this cannot be guaranteed.
Operating profit increased by 65% compared to the first half of 2007 to US$6.1m (H1 2007: US$3.7m) reflecting the considerable growth of
the business.
The significant growth is also reflected in the working capital requirements which resulted in a negative net cash balance of US$1.9m
(H1 2007: zero cash balance) from operating activities. However, the Company improved its working capital ratio from 41% as at 30 June 2007
to 37% as at 30 June 2008. Cash and cash equivalents in the bank was US$6.5m at the end of the period (31 December 2007: US$4.1m).
Dividend
The Directors have decided to declare a dividend out of the Company's profits for the six months ended 30 June 2008 of 3.5 US$ cents
(gross) per share (H1 2007: US $cents 3.0 (gross) per share), with an ex dividend date of 15 October 2008, a record date of 17 October 2008
and a payment date of 14 November 2008.
Management
In May 2008, the Company announced the appointment of Tal Yeshua as Non-Executive Chairman to guide the Company towards further
long-term growth. Tal Yeshua had previously been a Non-Executive Director at Amiad since February 2008. He succeeded Abraham Heifetz who was
Non-Executive Chairman of the Company from February 2005.
Outlook
The socio-economic rise of developing countries, along with the increasing demands upon water supplies in the western world, has
resulted in Amiad experiencing considerable and sustained growth on a global scale in all segments. Additionally, the Company has enjoyed
the fruits of marketing efforts with increased sales and new contracts in new territories.
Looking ahead, Amiad has entered the second half of 2008 with a backlog higher than at the corresponding period last year and also
higher than at the beginning of the current year, as the positive trend of the first half has continued. As a result, the Company expects to
report continued growth for the second half of 2008 compared to the corresponding period in 2007, and significant growth for the full year
2008 compared to 2007.
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT 30 JUNE, 2008
30 June 31 December
2008 2007 2007
U.S. dollars in thousands
A s s e t s (Unaudited) (Audited)
CURRENT ASSETS:
Cash and cash equivalents 6,544 3,369 4,060
Financial assets at fair value through profit
or loss 106 2,511 2,112
Accounts receivable and accruals:
Trade 24,229 19,888 17,858
Other 1,921 1,245 1,126
Inventories 16,464 13,223 15,955
Income Tax assets 1,420 745 1,695
T o t a l current assets 50,684 40,981 42,806
NON-CURRENT ASSETS:
Loan to a related party 778 659 703
Severance pay fund 196
Long-term receivables 151 154 158
Property and equipment 3,528 2,943 3,051
Intangible assets 3,854 2,759 3,815
Deferred income tax assets 1,343 1,301 1,409
T o t a l non-current assets 9,654 7,816 9,332
T o t a l assets 60,338 48,797 52,138
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT 30 JUNE, 2008
30 June 31 December,
2008 2007 2007
U.S dollars in thousands
(Unaudited) (Audited)
Liabilities and equity
CURRENT LIABILITIES:
Short-term credit and borrowings from bank 13,255 8,948 8,674
Accounts payable and accruals:
Trade 11,361 10,496 12,028
Other 6,680 3,583 5,313
Current income tax liability 387 366 398
T o t a l current liabilities 31,683 23,393 26,413
NON-CURRENT LIABILITIES:
Borrowings from banks and others
(net of current maturities) 1,455 2,800 2,202
Severance pay obligations 24 *34 -
Deferred income tax liabilities 413 471 477
T o t a l non-current liabilities 1,892 3,505 2,679
T o t a l liabilities 33,575 26,698 29,092
EQUITY
Capital and reserves attributable to
equity holders of the Company:
Share capital 2,334 2,291 2,291
Capital reserves 13,401 12,797 12,797
Currency translation reserve 624 240 360
Retained earnings 10,341 6,340 7,559
26,700 21,668 23,007
MINORITY INTEREST 63 431 39
T o t a l equity 26,763 22,099 23,046
T o t a l liabilities and equity 60,338 48,797 52,138
* Reclassified.
The notes on pages 8 to 12 are an integral part of these condensed financial statements.
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2008
6 months ended Year ended 31 December,
30 June
2008 2007 2007
U.S dollars in thousands
except per share data
(Unaudited) (Audited)
REVENUE 39,473 27,437 56,955
COST OF SALES 20,218 14,009 29,986
GROSS PROFIT 19,255 13,428 26,969
SELLING AND MARKETING COSTS 9,519 6,486 13,844
ADMINISTRATIVE AND GENERAL 3,481 3,071 6,451
EXPENSES
AMORTIZATION OF INTANGIBLE ASSETS 204 188 372
OTHER LOSSES (INCOME)- NET (3) 12
13,201 9,757 20,667
OPERATING PROFIT 6,054 3,671 6,302
FINANCE INCOME 314 491 610
FINANCE COSTS 988 506 1,009
FINANCE COST- NET 674 15 399
PROFIT BEFORE INCOME TAX 5,380 3,656 5,903
INCOME TAX EXPENSES 1,493 749 1,139
PROFIT FOR THE PERIOD 3,887 2,907 4,764
ATTRIBUTED TO:
Equity holders of the company 3,871 2,821 4,582
Minority interest 16 86 182
3,887 2,907 4,764
U.S dollars
EARNINGS PER SHARE ATTRIBUTABLE TO
THE EQUITY HOLDERS OF THE
COMPANY DURING THE PERIOD
(see note 3c):
Basic 0.203 0.149 0.243
Diluted 0.201 0.148 0.241
The notes on pages 8 to 12 are an integral part of these consolidated financial statements.
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2008
Attributable to equity holders of the Company
Number of shares Share capital Capital reserve Currency translation Retained earning Total
Minority interest Total shareholders
reserve
equity
of shares
BALANCE AT JANUARY 1, 2008 18,872,723 2,291 12,797 360 7,559 23,007
39 23,046
(audited)
CHANGES DURING THE 6 MONTH
ENDED 30 June 2008:
Currency translation - - - 264 - 264
8 272
differences
Profit for the period - - - - 3,871 3,871
16 3,887
Total recognized profit for 6 - - - 264 3,871 4,135
24 4,159
month ended 30 June 2008
Share-based payment - value of - - - 4 4
4
employee services
Exercise of options of 310,085 43 604 - (172) 475
- 475
employees
Dividend ($ 0.048 per share) - - - - (921) (921)
- (921)
BALANCE AT JUNE 30, 2008 19,182,808 2,334 13,401 624 10,341 26,700
63 26,763
(unaudited)
BALANCE AT JANUARY 1, 2007 18,872,723 2,291 12,797 164 4,303 19,555
345 19,900
(audited)
CHANGES DURING THE 6 MONTH
ENDED 30 June 2007:
Currency translation - - - 76 - 76
- 76
differences
Profit for the period - - - - 2,821 2,821
86 2,907
Total recognized profit for 6 - - - 76 2,821 2,897
86 2,983
month ended 30 June 2007
Share-based payment - value of - - - - 60 60
- 60
employee services
Dividend ($ 0.045 per share) - - - - (844) (844)
- (844)
BALANCE AT JUNE 30, 2007 18,872,723 2,291 12,797 240 6,340 21,668
431 22,099
(unaudited)
18,872,723 2,291 12,797 164
BALANCE AT JANUARY 1, 2007 4,303 19,555
345 19,900
(audited)
CHANGES DURING THE YEAR ENDED
31 December 2007:
Currency translation - - - 196 - 196 -
196
differences
Profit for the period - - - 4,582 4,582
182 4,764
Total recognized profit for - - - 196 4,582 4,778 182
4,960
2007
Dividend ($ 0.07 per share) - - - - (1,410) (1,410) -
(1,410)
Purchase of treasury stocks by - - - - - - (488)
(488)
a subsidiary
Share-based payment - Value of - - - - 84 84
- 84
employee services
BALANCE AT DECEMBER 31, 2007 18,872,723 2,291 12,797 360 7,559 23,007
39 23,046
(audited)
The notes on pages 8 to 12 are an integral part of these condensed financial statements.
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2008
6 months ended Year ended
30 June 31
December,
2008 2007 2007
U.S. dollars in thousands
(Unaudited) (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations 86 1,353 6,312
Interest paid (450) (298) (722)
Income tax paid (1,580) (1,078) (2,029)
Net cash generated from (used in) operating (1,944) (23) 3,561
activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (904) (729) (1,254)
Purchases of intangible assets (243) (189) (599)
Investments grants received 29 93 169
Investment in financial assets at fair value
through profit
or loss, net 2,012 (630) (50)
Proceeds from sale of property and equipment 58 58 154
Long-term loan granted to others, net 7 (49) (53)
Collection of long-term loan granted to a 28 23 47
related party
Net cash generated from (used in) investing 987 (1,423) (1,586)
activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (921) (844) (1,410)
Proceeds from exercise of options 475
Repayments of long term borrowings (1,048)
Receipt of long-term borrowings and other 1,003 1,316
liabilities
Purchase of treasury stocks by a subsidiary (1,317)
Repayments of long term borrowings (939) (2,126)
Short-term borrowings from banks, net 4,713 1,473 1,354
Net cash generated from (used in) financing 3,328 584 (2,183)
activities
EXCHANGE GAIN ON CASH AND CASH
EQUIVALENTS 113 14 51
NETINCREASE (DECREASE) IN CASH AND CASH 2,484 (848) (157)
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 4,060 4,217 4,217
CASH AND CASH EQUIVALENTS AT END OF YEAR 6,544 3,369 4,060
The notes on pages 8 to 12 are an integral part of these condensed financial statements.
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - GENERAL
The interim financial statement as of 30 June 2008 and for the six-month period then ended (hereafter - the interim statements) has been
prepared in condensed form in accordance with IAS 34 - "Interim Financial Reporting".
The interim condensed financial report should be read in conjunction with the annual financial statements for the year ended 31 December
2007.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2007, As
described in the annual financial statements for the year ended 31 December 2007.
The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year
beginning 1 January 2008 but are not currently relevant for the group.
* IFRIC 11, 'IFRS 2 - Group and treasury share transactions'.
* IFRIC 12, 'Service concession arrangements'.
* IFRIC 14, 'IAS 19 - the limit on defined benefit asset, minimum funding requirements and their interaction'.
The following new standards, amendments to standards and interpretations have been issued but are not effective for 2008 and have not
been early adopted:
* IFRS 2 (amendment) 'Share-based payment', effective for annual periods beginning on or after 1 January 2009. Management is
assessing the impact of changes to vesting conditions and cancellations on the group's SAYE schemes.
* IFRS 3 (amendment), 'Business combinations' and consequential amendments to IAS 27, 'Consolidated and separate financial
statements', IAS 28, 'Investments in associates' and IAS 31, 'Interests in joint ventures', effective prospectively to business combinations
for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009.
Management is assessing the impact of the new requirements regarding acquisition accounting, consolidation hand associates on the group.
* IFRIC 16 - Hedges of a net investment in a foreign operation, effective for periods beginning on or after 1 October 2008 with
earlier application permitted. The management is currently assessing the impact of IFRIC 16 on the Company's operations.
* Improvements to IFRS - In May 2008 the IFRS issued amendments to certain IFRSs. Part of the changes result in accounting changes
for presentation, recognition or measurement purposes and part of the changes contain amendments that are terminology or editorial changes
only. These amendments are effective for periods starting on or after 1 January 2009. Management is currently assessing the impact of these
amendments.
NOTE 3 - SHAREOLDERS' EQUITY:
a. On 25 March, 2008, the Company's Board of Directors resolved to distribute dividends to its shareholders in the amount of $921
thousand ($0.48 per share).
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 - SHAREOLDERS' EQUITY (continued):
b. Share options:
During the first half of 2008, 310,085 share options ware exercised to the same amount of ordinary shares. The aggregate exercise amount
of $475 thousands was received during the financial report period.
c. Earnings per share
6 months ended Year ended 31 December,
30 June
2008 2007 2007
U.S. dollars in thousands
(Unaudited) (Audited)
Weighted average number of Ordinary
shares
outstanding (in thousands)
Basic:
Number of shares in the beginning of 18,873 18,873 18,873
the period
Adjustments for exercise of options 196 - -
Number of shares used for calculation
of earnings
per share -basic 19,069 18,873 18,873
Diluted:
Number of shares used for calculation
of earnings
per share -basic 19,069 18,873 18,873
Adjustments for share options 155 200 151
Number of shares used for calculation
of earnings
per share -diluted 19,224 19,073 19,024
Net income attributable to equity
holders
of the parent 3,871 2,821 4,582
Basic earnings per share (in U.S. 0.203 0.149 0.243
dollars)
Diluted earnings per share (in U.S. 0.201 0.148 0.241
dollars)
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 - EMPLOYEE INCNTIVE PLAN
During 2008, the board of directors approved a Bonus Scheme which will be available to staff members and members of Senior Management,
including to three members of the board.
a. Senior Management - bonus scheme will be in operation in relation to financial year ending 31 December 2008 which will pay a bonus
to the Senior Management team by reference to their monthly salary. The level of bonus payable will be depended on the achievement of
targets as set out in the Bonus Scheme. The maximum total bonus liability for the Company is NIS 850,000.
Any bonus shall be paid following Board's approval of the 2008 financial statement in March 2009. If any member of Senior Management is
not employed by the Company for the whole of the Bonus Year or is not employed at the bonus payment date, the payment of any bonus to that
individual shall be subject to the absolute discretion of the Chairman and/or CEO of the Company.
b. Staff members - a discretionary bonus scheme will be in operation in relation to the financial year ending 31 December 2008 which
will provide a bonus pool for Staff to recognize their contribution to the success of the business. The level of bonus payable will be
dependent on the achievement of targets as set out in the Bonus Scheme. The amount of the bonus for the Staff will be calculated as a bonus
pool, the amount in the pool being dependent on the achievement of the targets. The maximum bonus pool is NIS 1,650,000.
A portion of the bonus pool shall be paid to Kibbutz Amiad subject to the formula that is presented in the bonus scheme.
The bonus shall be paid, subject to the absolute discretion of management, following Board's approval of the 2008 financial statements
in March 2009. As the payment of the bonus is fully discretionary, the Company reserves the right not to pay a bonus.
NOTE 5 - REVENUES FROM SALES
Sales by customer location:
6 months ended Year ended
30 June 31
December,
2008 2007 2007
U.S. dollars in thousands
(Unaudited) (Audited)
North America 11,257 7,383 14,761
Europe 8,616 6,433 14,705
Australia 6,333 4,761 8,827
East Asia 6,207 3,411 8,036
Israel 3,118 3,174 5,791
South America 3,285 1,831 3,707
Africa 657 444 1,128
Total 39,473 27,437 56,955
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 - CONTINGENT LIABILITIES
On May 16, 2008, Amiad USA Inc. (hereafter- Amiad USA) received a settlement proposal demand letter from a counsel of a former employee
of Amiad USA. The employee argues that she is entitled to payment of certain funds in the amount of $ 4,000,000. The employee has agreed to
arbitration of her claims with Amiad USA. Amiad USA is currently evaluating possible candidates to serve as arbitrators.
According to the legal counsel of Amiad USA it is too early at this stage to predict any outcome or potential liability.
The Company has included in its accounts an amount that it believes to be reasonable and sufficient in the event that it is required to
pay any amount within the framework of the process.
NOTE 7 - SUBSEQUENT EVENTS
a. On July 10, 2008, the Company entered into a share purchase agreement (hereafter- share agreement) with the owners of a Turkish
company (hereafter - the owners) to purchase 51% of its share capital.
In consideration for the purchase of the Turkish company's shares, the Company has agreed to pay $1,290 thousands to the owners (hereto
the "purchase price"), of which $967,500 was paid on July 10, 2008. In addition to the purchase price the Company has agreed to pay the
owners an amount equal to 50% of the income tax payable by the owners arising from the share agreement, but not more than $125 thousands,
until March 15, 2009.
The Company and the owners together provided $600,000 to the Turkish company on July 10, 2008, to finance its working capital, pro-rata
to their shareholding post the transaction.
The purchase of the shares was made through the Company's new subsidiary that was established in The Netherlands.
b. Dividend
On 14 September, the Company's Board of Directors has decided to declare a dividend out of the company's profit for the six months ended
30 June 2008 in the amount of $ 671,398.
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8 - CASH FLOWS FROM OPERATIONS:
6 months ended Year ended
30 June 31 December,
2008 2007 2007
U.S. dollars in thousands
(Unaudited) (Audited)
Profit for the period 3,887 2,907 4,764
Adjustments to reconcile net income to net
cash used in operating activities:
Income and expenses not involving cash flows:
Depreciation and amortization 578 509 1,017
Interest paid 450 298 722
Income taxes paid 1,580 1,078 2,029
Share based payment 4 60 84
Deferred income taxes, net 2 (146) (249)
Accrued severance pay, net 220 (3) (233)
Exchange rate differences on borrowings 59 2 12
Loss (Gain) on sale of property and equipment (3) 11 (3)
Gain from marketable securities, net (6) (12) (193)
Exchange rate differences on borrowings to
related party and others (110) 3 (70)
6,661 4,707 7,880
Changes in working capital:
Increase in accounts receivable:
Trade (5,998) (2,861) (607)
Other (477) (613) (1,476)
Increase (Decrease) in accounts payable:
Trade (1,136) 2,405 3,684
Other 1,267 328 2,059
Increase in inventories (231) (2,613) (5,228)
(6,575) (3,354) 1,568
Cash generated from operations 86 1,353 6,312
Non-cash transaction - grant receivables (31) (28) (55)
regarding the purchase of Fixed assets
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR XZLLFVKBFBBL
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Jul 2023 to Jul 2024
