Interim results -5-
September 21 2009 - 2:00AM
UK Regulatory
| | Six months ended | Year ended |
+-------------------------------------------------+----------------------+------------+
| | June 30, | December |
| | | 31, |
+-------------------------------------------------+----------------------+------------+
| | 2009 | 2008 | 2008 |
+-------------------------------------------------+-----------+----------+------------+
| | (Unaudited) | (Audited) |
+-------------------------------------------------+-----------+----------+------------+
+-------------------------------------------------+-----------------------------------+
| | U.S dollars in thousands |
+-------------------------------------------------+-----------------------------------+
+-------------------------------------------------+-----------+-----------+------------+
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| Cash generated from operations (see note 8) | 3,189 | 86 | 7,134 |
+-------------------------------------------------+-----------+-----------+------------+
| Interest paid | (283) | (450) | (747) |
+-------------------------------------------------+-----------+-----------+------------+
| Income tax paid | (983) | (1,580) | (3,616) |
+-------------------------------------------------+-----------+-----------+------------+
| Net cash generated from (used in) operating | 1,923 | (1,944) | 2,771 |
| activities | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| Acquisition of subsidiary | | | (1,520) |
+-------------------------------------------------+-----------+-----------+------------+
| Purchases of property and equipment | (356) | (904) | (1,846) |
+-------------------------------------------------+-----------+-----------+------------+
| Purchases of intangible assets | (213) | (243) | (545) |
+-------------------------------------------------+-----------+-----------+------------+
| Investments grants received | | 29 | 29 |
+-------------------------------------------------+-----------+-----------+------------+
| Investment in financial assets at fair value | | | |
| through | | | |
+-------------------------------------------------+-----------+-----------+------------+
| profit or loss, net | | 2,012 | 2,012 |
+-------------------------------------------------+-----------+-----------+------------+
| Investment in short-term deposit | (1,000) | | |
+-------------------------------------------------+-----------+-----------+------------+
| Proceeds from sale of property and equipment | 125 | 58 | 112 |
+-------------------------------------------------+-----------+-----------+------------+
| Long-term loan granted to others, net | | 7 | (43) |
+-------------------------------------------------+-----------+-----------+------------+
| Collection of long-term loan granted to a | (31) | 28 | 104 |
| related party | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| Net cash generated from (used in) investing | (1,475) | 987 | (1,697) |
| activities | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| Exercise of options by employees | | 475 | 559 |
+-------------------------------------------------+-----------+-----------+------------+
| Dividends paid to equity holders of the Company | (827) | (921) | (1,592) |
+-------------------------------------------------+-----------+-----------+------------+
| Receipt of long-term borrowings and other | 17 | | 1,786 |
| liabilities | | | |
+-------------------------------------------------+-----------+-----------+------------+
| Repayments of long term borrowings | (817) | (939) | (1,816) |
+-------------------------------------------------+-----------+-----------+------------+
| Short-term borrowings from banks, net | 794 | 4,713 | 2,554 |
+-------------------------------------------------+-----------+-----------+------------+
| Net cash generated from (used in) financing | (833) | 3,328 | 1,491 |
| activities | | | |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
| EXCHANGE LOSS (GAIN) ON CASH AND CASH | | | |
+-------------------------------------------------+-----------+-----------+------------+
| EQUIVALENTS | 142 | 113 | (116) |
+-------------------------------------------------+-----------+-----------+------------+
| NET INCREASE (DECREASE) IN CASH AND CASH | | | |
+-------------------------------------------------+-----------+-----------+------------+
| EQUIVALENTS | (243) | 2,484 | 2,449 |
+-------------------------------------------------+-----------+-----------+------------+
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 6,509 | 4,060 | 4,060 |
+-------------------------------------------------+-----------+-----------+------------+
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 6,266 | 6,544 | 6,509 |
+-------------------------------------------------+-----------+-----------+------------+
| | | | |
+-------------------------------------------------+-----------+-----------+------------+
The attached notes are an integral part of this condensed consolidated interim
financial information.
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION:
Amiad Filtration Systems Ltd. (hereafter -the Company) and its subsidiaries
(together- the Group) is a producer and global supplier of water filters and
filtration systems used in the industrial & municipal market and the irrigation
market.
The Company was incorporated in Israel in June 1997. The address of its
registered office is Kibbutz Amiad, Israel.
The Company is traded on the Alternative Investment Market in London (AIM),
a part of the London Stock Exchange, since December 2005.
NOTE 2 - BASIS OF PREPARATION
This condensed consolidated interim financial information of June 30, 2009 and
for the six month periods then ended (hereafter - the interim financial
information) have been prepared in condensed form in accordance with IAS 34 -
"Interim Financial Reporting".
The condensed consolidated interim financial information should be read in
conjunction with the annual financial statements for the year ended December 31
2008, which have been prepared in accordance with IFRS.
This condensed consolidated interim financial information is reviewed and not
audited.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended December 31, 2008,
as described in those annual financial statements.
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