AFS Amiad Water Systems Ltd

|                                            |                     |    31,     | 
+--------------------------------------------+---------------------+------------+ 
|                                            |  2009    |  2008    |    2008    | 
+--------------------------------------------+----------+----------+------------+ 
|                                            |    (Unaudited)      | (Audited)  | 
+--------------------------------------------+---------------------+------------+ 
|                                            |    U.S. dollars in thousands     | 
+--------------------------------------------+----------+----------+------------+ 
 
 
+--------------------------------------------+----------+-----------+------------+ 
|                A s s e t s                 |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| CURRENT ASSETS:                            |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| Cash and cash equivalents                  |   6,266  |     6,544 |      6,509 | 
+--------------------------------------------+----------+-----------+------------+ 
| Short term deposit                         |   1,000  |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| Financial assets at fair value through     |          |           |            | 
| profit                                     |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| or loss                                    |     295  |       106 |        527 | 
+--------------------------------------------+----------+-----------+------------+ 
| Accounts receivable and accruals:          |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| Trade                                      |  21,133  |    24,229 |     17,864 | 
+--------------------------------------------+----------+-----------+------------+ 
| Other                                      |   1,702  |     1,921 |      1,996 | 
+--------------------------------------------+----------+-----------+------------+ 
| Inventories                                |  17,100  |    16,464 |     19,616 | 
+--------------------------------------------+----------+-----------+------------+ 
| Income tax assets                          |   1,824  |     1,420 |      2,233 | 
+--------------------------------------------+----------+-----------+------------+ 
| T o t a l current assets                   |  49,320  |    50,684 |     48,745 | 
+--------------------------------------------+----------+-----------+------------+ 
|                                            |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| NON-CURRENT ASSETS:                        |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| Loan to a related party                    |     651  |       778 |        697 | 
+--------------------------------------------+----------+-----------+------------+ 
| Severance pay fund                         |     135  |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
| Long-term receivables                      |     164  |       151 |        109 | 
+--------------------------------------------+----------+-----------+------------+ 
| Property and equipment                     |   3,714  |     3,528 |      3,855 | 
+--------------------------------------------+----------+-----------+------------+ 
| Intangible assets                          |   6,652  |     3,854 |      6,835 | 
+--------------------------------------------+----------+-----------+------------+ 
| Deferred income tax assets                 |   1,357  |      *930 |      1,583 | 
+--------------------------------------------+----------+-----------+------------+ 
|        T o t a l non-current assets        |  12,673  |     9,241 |     13,079 | 
+--------------------------------------------+----------+-----------+------------+ 
| T o t a l assets                           |  61,993  |    59,925 |     61,824 | 
+--------------------------------------------+----------+-----------+------------+ 
|                                            |          |           |            | 
+--------------------------------------------+----------+-----------+------------+ 
 
 
*Reclassified 
 
 
 
 
 
 
+------------------------+-----+---------------------+-----+----------------------+ 
|                        |     |                     |     |                      | 
+------------------------+-----+---------------------+-----+----------------------+ 
|      Tal Yeshua        |     |     Arik Dayan      |     |   Ricki Kalmanzon    | 
+------------------------+-----+---------------------+-----+----------------------+ 
| Chairman of the Board  |     |        CEO          |     |        CFO           | 
+------------------------+-----+---------------------+-----+----------------------+ 
 
 
 
 
 
 
Date of approval of the interim financial information by the Company's Board of 
Directors: September 13, 2009 
 
 
 
 
 
 
AMIAD FILTRATION SYSTEMS LTD. 
CONDENSED CONSOLIDATED BALANCE SHEET 
JUNE 30, 2009 
 
 
+--------------------------------------------+----------+----------+--------------+ 
|                                            |      June 30,       |December 31,  | 
+--------------------------------------------+---------------------+--------------+ 
|                                            |  2009    |  2008    |    2008      | 
+--------------------------------------------+----------+----------+--------------+ 
|                                            |    (Unaudited)      |  (Audited)   | 
+--------------------------------------------+---------------------+--------------+ 
|                                            |     U.S. dollars in thousands      | 
+--------------------------------------------+----------+----------+--------------+ 
 
 
+--------------------------------------------+-----------+----------+------------+ 
|          Liabilities and equity            |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| CURRENT LIABILITIES:                       |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| Short-term credit and borrowings from      |   11,403  |   13,255 |     10,903 | 
| banks                                      |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| Accounts payable and accruals:             |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| Trade                                      |    8,176  |   11,361 |     12,728 | 
+--------------------------------------------+-----------+----------+------------+ 
| Other                                      |    7,024  |    6,680 |      7,247 | 
+--------------------------------------------+-----------+----------+------------+ 
| Current income tax liability               |    1,930  |      387 |        106 | 
+--------------------------------------------+-----------+----------+------------+ 
| T o t a l current liabilities              |   28,533  |   31,683 |     30,984 | 
+--------------------------------------------+-----------+----------+------------+ 
| NON-CURRENT LIABILITIES:                   |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| Borrowings from banks and others           |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| (net of current maturities)                |    1,926  |    1,455 |      2,440 | 
+--------------------------------------------+-----------+----------+------------+ 
| Put option liability                       |    1,801  |          |      1,679 | 
+--------------------------------------------+-----------+----------+------------+ 
| Severance pay obligations                  |           |       24 |         42 | 
+--------------------------------------------+-----------+----------+------------+ 
|     T o t a l non-current liabilities      |    3,727  |    1,479 |      4,161 | 
+--------------------------------------------+-----------+----------+------------+ 
|     T o t a l liabilities                  |   32,260  |   33,162 |     35,145 | 
+--------------------------------------------+-----------+----------+------------+ 
| EQUITY                                     |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| Capital and reserves attributable to       |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| equity holders of the Company:             |           |          |            | 
+--------------------------------------------+-----------+----------+------------+ 
| Share capital                              |    2,342  |    2,334 |      2,342 | 
+--------------------------------------------+-----------+----------+------------+ 
| Capital reserves                           |   13,305  |   13,401 |     13,305 | 
+--------------------------------------------+-----------+----------+------------+ 
| Currency translation reserve               |      (37) |      624 |      (269) | 
+--------------------------------------------+-----------+----------+------------+ 
| Retained earnings                          |   14,049  |   10,341 |     11,224 | 
+--------------------------------------------+-----------+----------+------------+ 

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