Interim results -6-
September 21 2009 - 2:00AM
UK Regulatory
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning January 1, 2009:
a) IAS 1 (revised), 'Presentation of financial statements. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner
changes in equity) in the statement of changes in equity, requiring 'non-owner
changes in equity to be presented separately from owner changes in equity. All
'non-owner changes in equity are required to be shown in a performance
statement.
Entities can choose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).
The group has elected to present two performance statements (the income
statement and statement of comprehensive income). The interim financial
statements have been prepared under the revised disclosure requirements.
The amendment to International Accounting Standard No. 1 (as amended),
'Presentation of Financial Statements' ("the amendment to IAS 1R"), entered into
force on January 1, 2009.
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):
The amendment to IAS 1R explains that only some, and not all, financial assets
and liabilities classified as 'held for trading under the provisions of
International Accounting Standard No. 39, 'Financial Instruments - Recognition
and Measurement ("IAS 39") can be regarded as examples of assets and
liabilities classified as current.
The application of the provisions of the above amendment is not expected to
affect the Groups financial statements to any significant degree.
b) IFRS 8, 'Operating segments' (effective from January 1, 2009). IFRS 8
replaces IAS 14 and aligns segment reporting with the requirements of the US
standard SFAS 131, 'Disclosures about segments of an enterprise and related
information. The new standard requires a 'management approach', under which
segment information is presented on the same basis as that used for internal
reporting purposes. The Group is apply IFRS 8 from 1 January 2009. The standard
has no material impact on the segment reporting of the Company.
c) The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
but are not currently relevant for the Group:
· IFRIC 13, 'Customer loyalty programmes;
· IFRS 2 (amendment), 'Share-based payment;
· IAS 36 (Amendment), 'Impairment of assets;
· IAS 38 (Amendment), 'Intangible assets;
· IAS 19 (Amendment), 'Employee benefits;
· IAS 39 (amendment), 'Financial instruments: Recognition and measurement.
NOTE 4 - SHAREOLDERS' EQUITY:
b) On 1 April, 2009, the Company's Board of Directors resolved to distribute
dividends to its shareholders
in the amount of $827 thousand ($0.043 per
share).
On 13 September, 2009, the Company's Board of Directors resolved to distribute
dividends to its shareholders in the amount of $672 thousand ($0.035 per share).
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 4 - SHAREOLDERS' EQUITY (continued):
* Earnings per share
Data regarding the earning per share
+-------------------------------------------+----------+----------+------+--------------+
| | Six months ended |Year ended December |
| | June 30, | 31, |
+-------------------------------------------+---------------------+---------------------+
| | 2009 | 2008 | 2008 |
+-------------------------------------------+----------+----------+---------------------+
| | (Unaudited) | (Audited) |
+-------------------------------------------+---------------------+---------------------+
| | U.S. dollars in thousands |
+-------------------------------------------+-------------------------------------------+
| Weighted average number of Ordinary | | | |
| shares | | | |
+-------------------------------------------+----------+-----------------+--------------+
| outstanding (in thousands): | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Basic: | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Number of shares in the beginning of | 19,238 | 18,873 | 18,873 |
| the period | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Adjustments for exercise of options | | 196 | 260 |
+-------------------------------------------+----------+-----------------+--------------+
| Number of shares used for calculation | | | |
| of earnings | | | |
+-------------------------------------------+----------+-----------------+--------------+
| per share -basic | 19,238 | 19,069 | 19,133 |
+-------------------------------------------+----------+-----------------+--------------+
| Diluted: | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Number of shares used | | | |
| for calculation of | | | |
| earnings | | | |
+-------------------------------------------+----------+-----------------+--------------+
| | 19,238 | 19,069 | 19,133 |
| per | | | |
| share | | | |
| -basic | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Adjustments for share options | 17 | 155 | 129 |
+-------------------------------------------+----------+-----------------+--------------+
| Number of shares used | | | |
| for calculation of | | | |
| earnings | | | |
+-------------------------------------------+----------+-----------------+--------------+
| per share -diluted | 19,255 | 19,224 | 19,262 |
+-------------------------------------------+----------+-----------------+--------------+
| | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Net income attributable | | | |
| to equity holders | | | |
+-------------------------------------------+----------+-----------------+--------------+
| of the Company | 3,652 | 3,871 | 5,244 |
+-------------------------------------------+----------+-----------------+--------------+
| Basic earnings per share (in U.S. | 0.190 | 0.203 | 0.274 |
| dollars) | | | |
+-------------------------------------------+----------+-----------------+--------------+
| Diluted earnings per share (in U.S. | 0.190 | 0.201 | 0.272 |
| dollars) | | | |
+-------------------------------------------+----------+----------+------+--------------+
NOTE 5 - EMPLOYEE INCNTIVE PLAN
During 2009, the board of directors approved a Bonus Scheme which will be
available to the Company's employees and Management.
The bonus scheme will be in operation in relation to financial year ending 31
December 2009. The level of bonus payable will be depended on the achievement of
targets as set out in the Bonus Scheme.
Any bonus shall be paid following Board's approval of the 2009 financial
statement in March 2010. Eligibility to receive the Bonus is contingent upon
employment by the Company for the whole of the Bonus Year and/or at the bonus
payment date. The payment of any bonus to individual not complying with the
above shall be subject to the absolute discretion of the chairman of the Board
and/or CEO of the Company.
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 5 - EMPLOYEE INCNTIVE PLAN (continued):
The bonus to the Employees shall be paid, subject to the absolute discretion of
the Board or of whoever the Board may authorize to do so. As the payment of the
bonus is fully discretionary, the Company reserves the right not to pay a bonus
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
