Interim results -7-
September 21 2009 - 2:00AM
UK Regulatory
to the Employees.
NOTE 6 - REVENUES FROM SALES
Sales by customer location:
+----------------------------------+----------+----------+-------------+
| | Six months ended |Year ended |
| | June 30, | December |
| | | 31, |
+----------------------------------+---------------------+-------------+
| | 2009 | 2008 | 2008 |
+----------------------------------+----------+----------+-------------+
| | (Unaudited) | (Audited) |
+----------------------------------+---------------------+-------------+
| | U.S. dollars in thousands |
+----------------------------------+----------+----------+-------------+
+----------------------------------+----------+----------+-------------+
| North America | 9,324 | 11,257 | 19,853 |
+----------------------------------+----------+----------+-------------+
| Europe | 6,830 | 7,111 | 14,738 |
+----------------------------------+----------+----------+-------------+
| Australia | 4,476 | 6,333 | 11,024 |
+----------------------------------+----------+----------+-------------+
| East Asia | 8,306 | 6,207 | 13,716 |
+----------------------------------+----------+----------+-------------+
| Israel | 3,590 | 3,118 | 5,485 |
+----------------------------------+----------+----------+-------------+
| South America | 2,854 | 3,285 | 4,795 |
+----------------------------------+----------+----------+-------------+
| Africa | 327 | 657 | 1,198 |
+----------------------------------+----------+----------+-------------+
| Middle East | 1,132 | 1,505 | 2,468 |
+----------------------------------+----------+----------+-------------+
| Total | 36,839 | 39,473 | 73,277 |
+----------------------------------+----------+----------+-------------+
NOTE 7 - TAXES ON INCOME:
The income of the Company is taxed at the regular rate.
The corporate tax rates for 2008 and thereafter are as follows: 2008 - 27%, 2009
- 26% and for 2010 and thereafter - 25%.
On July 23, 2009, the Israel Economic Efficiency Law (Legislation Amendments for
Applying the Economic Plan for 2009 and 2010), 2009 (hereinafter - the 2009
Amendment), became effective, stipulating, among other things, an additional
gradual decrease in tax rates in 2011 and thereafter, as follows: 2011 - 24%,
2012 - 23%, 2013 - 22%, 2014 - 21%, 2015 - 20% and 2016 and thereafter - 18%.
The calculation of taxes on income in the reported period is based on the best
available estimation of the weighted average of expected tax rate for the entire
year. The reduction in Israeli corporate tax rates has no material impact on the
estimated expected tax rate of the Company in the year ended December 31, 2009.
AMIAD FILTRATION SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 8 - CASH FLOWS FROM OPERATIONS:
+------------------------------------------------+----------+--------+-------------+
| | Six months ended | Year ended |
+------------------------------------------------+-------------------+-------------+
| | June 30, | December |
| | | 31, |
+------------------------------------------------+-------------------+-------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+----------+--------+-------------+
| | (Unaudited) | (Audited) |
+------------------------------------------------+-------------------+-------------+
| | U.S. dollars in thousands |
+------------------------------------------------+----------+--------+-------------+
+------------------------------------------------+----------+---------+-------------+
| Profit for the period | 3,648 | 3,887 | 5,279 |
+------------------------------------------------+----------+---------+-------------+
| Adjustments to reconcile net income to net | | | |
| cash generated from operating activities: | | | |
+------------------------------------------------+----------+---------+-------------+
| Income and expenses not involving cash flows: | | | |
+------------------------------------------------+----------+---------+-------------+
| Depreciation and amortization | 791 | 578 | 1,388 |
+------------------------------------------------+----------+---------+-------------+
| Interest paid | 283 | 450 | 747 |
+------------------------------------------------+----------+---------+-------------+
| Income taxes paid | 983 | 1,580 | 3,616 |
+------------------------------------------------+----------+---------+-------------+
| Share based payment | | 4 | 13 |
+------------------------------------------------+----------+---------+-------------+
| Deferred income taxes, net | 235 | 2 | (733) |
+------------------------------------------------+----------+---------+-------------+
| Accrued severance pay, net | (177) | 220 | 238 |
+------------------------------------------------+----------+---------+-------------+
| Exchange rate differences on borrowings | (94) | 59 | (47) |
+------------------------------------------------+----------+---------+-------------+
| Loss (Gain) on sale of property and equipment | 51 | (3) | 9 |
+------------------------------------------------+----------+---------+-------------+
| Gain from financial assets at fair value | 232 | (6) | (427) |
| through profit | | | |
+------------------------------------------------+----------+---------+-------------+
| Exchange rate differences on borrowings to | | | |
+------------------------------------------------+----------+---------+-------------+
| related party and others | 23 | (110) | (7) |
+------------------------------------------------+----------+---------+-------------+
| | 2,327 | 2,774 | 4,797 |
+------------------------------------------------+----------+---------+-------------+
| Changes in working capital: | | | |
+------------------------------------------------+----------+---------+-------------+
| Decrease (increase) in accounts receivable: | | | |
+------------------------------------------------+----------+---------+-------------+
| Trade | (2,838) | (5,998) | (421) |
+------------------------------------------------+----------+---------+-------------+
| Other | 694 | (477) | (1,418) |
+------------------------------------------------+----------+---------+-------------+
| Increase (Decrease) in accounts payable: | | | |
+------------------------------------------------+----------+---------+-------------+
| Trade | (5,188) | (1,136) | 1,919 |
+------------------------------------------------+----------+---------+-------------+
| Other | 1,357 | 1,267 | 1,647 |
+------------------------------------------------+----------+---------+-------------+
| Decrease (increase) in inventories | 3,076 | (231) | (4,669) |
+------------------------------------------------+----------+---------+-------------+
| Increase in put option | 113 | | |
+------------------------------------------------+----------+---------+-------------+
| | (2,786) | (6,575) | (2,942) |
+------------------------------------------------+----------+---------+-------------+
| Cash generated from operations | 3,189 | 86 | 7,134 |
+------------------------------------------------+----------+---------+-------------+
| | | | |
+------------------------------------------------+----------+---------+-------------+
| Non-cash transaction - grant receivables | | | |
+------------------------------------------------+----------+---------+-------------+
| regarding the purchase of Fixed assets | - | (31) | (31) |
+------------------------------------------------+----------+---------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBLFLKKBLBBV
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