TIDMAFS
RNS Number : 6122L
Amiad Water Systems Ltd
06 September 2012
6 September 2012
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Results for the six months to 30 June 2012
Amiad, a leading global producer of water treatment and
filtration solutions, announces its half year results for the six
months ended 30 June 2012.
Financial Summary
-- Revenue increased by 13% to $66.4m (H1 2011: $59.0m)
-- Operating profit was $5.9m (H1 2011: $5.5m)
-- Profit before tax was $5.0m (H1 2011: $4.9m)
-- Gross margins at 44% (H1 2011: 44%)
-- Fully diluted earnings per share was $0.18 (H1 2011: $0.18)
-- Interim dividend of $0.051 per share (H1 2011: $0.049)
-- Cash and cash equivalents at 30 June 2012 were $12.7m (31
December 2011: $11.8m; 30 June 2011: $15.0m)
Operational Summary
Traditional Segments (Irrigation, Industrial and Municipal)
-- Irrigation and Industrial segments saw solid revenue growth
-- Municipal segment saw a slight dip in H1 2012 compared with
the strong H1 2011, but recovery expected in H2 2012 based on the
current projects underway
-- Awarded a significant contract in Australia in the Municipal
(desalination) segment as well as for ultra-filtration membrane
protection at the Ashdod Desalination Plant in Israel
New Developing Segments (Ballast Water and Oil & Gas)
-- Significant increase in the contribution to revenues from
Amiad's new segments of Ballast Water and Oil & Gas. For both
segments, revenues in H1 2012 were greater than for FY 2011
-- Signed a long-term supply agreement with Calgon Carbon
Corporation (NYSE: CCC) ("Calgon") for incorporation of Arkal
technology in Calgon's Hyde GUARDIAN(R) Ballast Water Treatment
Systems
-- Sales particularly strong in the Ballast Water segment in the US
-- Secured significant contract in the Oil & Gas segment for
pre-filtration membrane protection in Australia
-- Progress was made with the Company's new products, in
particular the Arkal AR-3 (Super Flow 70) contributed to revenues
in the Ballast Water segment in the US and the Arkal AR-1 (Super
Galaxy) is in the pre-commissioning phase for the Ashdod
Desalination Plant
Commenting on the results, Arik Dayan, Chief Executive Officer
of Amiad, said: "We are pleased to report another period of solid
growth for Amiad. Our traditional segments of Irrigation, Municipal
and Industrial have made good progress, the new segments are
achieving stellar growth (albeit from a low revenue base) and our
solutions are attracting worldwide interest.
"Looking ahead, the Company has entered the second half with a
higher backlog than at the equivalent period in 2011. The new
segments are expected to continue to grow as products introduced
last year gain traction globally and the traditional segments
maintain steady progress. As a result, the Company is on track to
achieve double digit revenue growth for full year 2012 in line with
market expectations."
Enquiries
Amiad Water Systems Ltd.
Arik Dayan, Chief Executive
Officer
Amir Harel, Chief Financial
Officer +972 4 690 9500
-----------------
Nomura Code Securities Ltd.
-----------------
Clare Terlouw, Giles Balleny +44 20 7776 1200
-----------------
Luther Pendragon
-----------------
Harry Chathli, Claire Norbury +44 20 7618 9100
-----------------
Operational Review
The revenue momentum from 2011 continued into the first half of
2012 with Amiad achieving growth of 13% to $66.4m (H1 2011:
$59.0m). This was a result of solid revenue growth in the
traditional Irrigation and Industrial segments, and significant
revenue growth in the new segments of Ballast Water and Oil &
Gas. Gross margins were maintained at 44%, similar to the
equivalent period in 2011.
The Irrigation and Industrial segments constituted approximately
42% and 43% of H1 2012 revenues respectively, which was broadly
similar to their proportions of FY 2011 revenue. There was a
decline in the Municipal segment revenues due to the constraints on
public funding and projects, particularly in the US and Europe, as
a result of the politico-economic environments of those
geographies. This segment constituted approximately 5.5% of the
Company's revenues for the period (FY 2011: 8.5%). However, due to
signed contracts and backlog to date, the Company expects the
revenues in the Municipal segment to recover in the second half of
2012 and that the percentage contribution to FY 2012 revenues will
be similar to that for FY 2011.
The two new developing segments of Ballast Water and Oil &
Gas made a strong start to the year as revenues in H1 2012 were
more than the revenues for the whole of 2011. For the six months
ended 30 June 2012, the Ballast Water and Oil & Gas segments
accounted for approximately 5.7% and 3.8% of revenues
respectively.
Progress was made with Amiad's eight new products that were
launched in November 2011. The Arkal AR-3 (Super Flow 70) is
already contributing to revenues in the Ballast Water segment in
the US. Several of the products are undergoing pilot tests and the
Arkal AR-1 (Super Galaxy) is in the pre-commissioning phase for the
Ashdod Desalination Plant. It is expected that the Arkal AR-1
(Super Galaxy) will generate revenues during the second half of
2012 and the other products will begin contributing from the first
half of 2013.
At the Company's Beit Zera site in Israel, construction
continued on a new factory for injection moulding, which will
produce combined Amiad-Arkal polymer-based products. It is expected
that production will commence during the fourth quarter of 2012.
This reflects Amiad's strategy regarding the growth potential of
polymer-based products, particularly for the ballast water
industry.
Global Activity
Asia
In China, revenues for the first half of 2012 were broadly
similar to the same period of the prior year, with sales primarily
in the Industrial and Municipal segments. The Company is also
seeing the beginning of the funding of large irrigation projects,
and it expects this funding to expand further in 2012. Similarly,
in Singapore, sales were in line with the first half of 2011 and
Amiad recently delivered a project for Hyundai there, which is now
in the commissioning phase.
Amiad performed well in India, with revenues for the first half
of 2012 exceeding the whole of 2011. This growth is primarily from
the Industrial segment, with projects in the power generation
sector and with steel factories. In addition, the production line
at Amiad's subsidiary in India is now almost functioning at full
capacity.
US and South America
In the US, Amiad achieved strong growth in the Ballast Water
segment. The Company signed a long-term supply agreement with
Calgon Carbon Corporation to provide its Arkal automatic
self-cleaning disc filtration technology for incorporation within
Calgon's Hyde GUARDIAN Ballast Water Treatment Systems. The
combined solution will be used both on new ship builds as well as
to retrofit existing ships, and will be applied to US and
international carriers. The Hyde GUARDIAN unit received
International Maritime Organization (IMO) Type Approval in April
2009 and was the first ballast water treatment system accepted in
the U.S. Coast Guard's Shipboard Technology Evaluation Program. The
agreement was signed through the Company's wholly-owned subsidiary,
Amiad USA, Inc., and with Hyde Marine, Inc., a subsidiary of
Calgon.
Momentum continued in the Irrigation segment in the US, with a
growth rate of 16%, driven primarily by an increase in farming and
food consumption. The Industrial segment performed well, achieving
the same level of revenues as the equivalent period last year.
However, there was a decline in the Municipal segment due to a
slowdown in activity in the public sector ahead of the political
elections.
EMEA
In Western Europe, the Company achieved growth in revenues, but
this was largely due to a significant project in the Oil & Gas
segment in France where Amiad provided a salt leaching brine
filtration system at an underground liquid hydrocarbon storage
facility. In general, Amiad experienced weakness in the Western
European market, with a particular slowdown in the Municipal
segment, which the Company expects will persist throughout
2012.
In Eastern Europe and Russia, however, Amiad performed well,
winning projects in the steel industry in Kazakhstan and several
significant projects in Russia. During the period, Amiad installed
two new projects with existing customers in Eastern and Western
Russia respectively: the former is to provide pre-filtration for
reverse osmosis membrane protection for process water and the
latter is for iron ore removal from well water at a municipal
treatment plant to produce potable water.
In Israel, Amiad signed a contract, valued at $1.67m, to provide
an Arkal AR-1 (Super Galaxy) automatic disc filtration system
(SpinKlin R) for the protection of ultra-filtration membranes at
the Mekorot Group, Israel's national water company, Ashdod
Desalination Plant, which is due to commence operation in early
2013. It will be one of the largest such facilities in Israel,
producing 100 million cubic metres of water per year, accounting
for approximately 15% of Israeli domestic water consumption.
Amiad's system will have a filtration degree of 100 micron and will
be required to withstand a flow rate of 40,000 cubic metres per
hour. The Company will begin supplying the units from October 2012,
with installation due to occur in March 2013.
Australia
The momentum in Australia was maintained, with Amiad achieving
strong growth, which was led by the Municipal and Industrial
segments, especially the mining industry. In particular, the
Company was awarded two significant contracts, valued at
approximately $8m and $1.6m respectively, for reverse osmosis and
pre-filtation membrane protection for projects in the desalination
and oil & gas industries. The larger of the projects involves
the supply and commissioning of the Company's Amiad automatic
self-cleaning screen filter technology for seawater reverse osmosis
membrane protection at the Southern SeaWater Desalination Plant,
which is located in Binningup, south of Perth. The other contract
is with Origin Energy, one of Australia's leading integrated energy
companies, for the supply and commissioning of the Company's Arkal
automatic self-cleaning disc technology (Spin Klin Galaxy) for
Origin's Australia Pacific LNG project for the processing of coal
seam gas to liquefied natural gas. Amiad's solution will perform
pre-filtration to ensure membrane protection during the
process.
Financial Review
Revenues for the six months ended 30 June 2012 increased by 13%
to $66.4m compared with $59.0m for the first half of 2011. Fully
diluted earnings per share was $0.18 (H1 2011: $0.18).
Operating profit was $5.9m compared with $5.5m for the first
half of 2011, and profit before tax was $5.0m (H1 2011: $4.9m).
Gross margins were maintained at 44% (H1 2011: 44%; H2 2011:
43%).
As of 30 June 2012, cash and cash equivalents in the bank were
$12.7m compared with $11.8m at 31 December 2011 and $15.0m at 30
June 2011. The reduction from the same time last year mainly
reflects an increase in working capital to support the Company's
growth. The Company also made an investment in SAP and CRM systems,
and there was a growth in expenses relating to Research &
Development and Sales & Marketing, including the launch of
eight new products. The increase in cash and cash equivalents over
the six month period ended 30 June 2012 is mainly due to additional
long-term bank loans, which were partly offset by an increase in
working capital to support the Company's growth and the investment
made in the period (SAP, CRM, R&D and machinery).
Dividend
The Directors have decided to declare an interim dividend out of
the Company's profits for the six months ended 30 June 2012 of
$0.051 gross per share (interim dividend 2011: $0.049 gross per
share), with an ex dividend date of 10 October 2012, a record date
of 12 October 2012 and a payment date of 31 October 2012.
Outlook
Amiad continues to expand due to increasing investment in water
infrastructure primarily in the BRIC territories as well as in some
developed countries. The new products introduced at the end of last
year are receiving growing interest, which is translating to sales.
The Company is expanding through gaining market share in its
traditional segments and via opportunities in its new segments, and
Amiad is looking to accelerate this growth organically and, where
necessary, inorganically.
The Company has entered the second half of 2012 with a higher
backlog than at the equivalent period last year. The new segments
are expected to continue to grow as products introduced in 2011
gain traction globally, and the traditional segments maintain
steady progress. As a result, the Company is on track to achieve
double digit revenue growth for full year 2012 in line with market
expectations.
AMIAD WATER SYSTEMS LTD.
(Amiad Filtration Systems Ltd. formerly)
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2012
June 30
------------------- ----------
2012 2011 December
31
2011
-------- --------- ----------
(Unaudited) (Audited)
------------------- ----------
U.S. dollars in thousands
-------------------------------
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents 12,733 15,005 11,848
Financial assets at fair value through
profit or loss 229 636 442
Accounts receivable and accruals:
Trade 45,268 40,432 40,913
Other 5,227 4,154 4,277
Inventories 28,027 26,523 29,643
Income tax assets 1,235 1,855 2,007
-------- --------- ----------
T o t a l current assets 92,719 88,605 89,130
-------- --------- ----------
NON-CURRENT ASSETS:
Investments in associates 10 10 10
Loan to a related party 527 647 558
Severance pay fund 357 112
Long-term receivables 273 315 397
Prepaid expenses 163 228 228
Property and equipment 9,705 7,520 9,014
Intangible assets 19,392 18,219 19,287
Deferred income tax assets 1,733 1,376 1,503
-------- --------- ----------
T o t a l non-current assets 31,803 28,672 31,109
-------- --------- ----------
T o t a l assets 124,522 117,277 120,239
======== ========= ==========
AMIAD WATER SYSTEMS LTD.
(Amiad Filtration Systems Ltd. formerly)
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2012
June 30
------------------- ----------
December
2012 2011 31 2011
-------- --------- ----------
(Unaudited) (Audited)
------------------- ----------
U.S. dollars in thousands
-------------------------------
Liabilities and equity
CURRENT LIABILITIES:
Short-term credit and current maturities
of borrowings from banks 17,907 19,300 16,686
Financial liabilities at fair value
through profit or loss - derivatives 625 188 816
Accounts payable and accruals:
Trade 20,540 25,212 24,387
Other 9,402 9,234 8,797
Dividend payable 1,242 1,310 -
Current income tax liability 553 782 404
-------- --------- ----------
T o t a l current liabilities 50,269 56,026 51,090
-------- --------- ----------
NON-CURRENT LIABILITIES:
Borrowings from banks and others
(net of current maturities) 18,515 9,955 16,829
Put option liability 2,737 2,379 2,553
Accrued severance pay 11
Deferred income tax liabilities 1 9 7
-------- --------- ----------
T o t a l non-current liabilities 21,264 12,343 19,389
-------- --------- ----------
T o t a l liabilities 71,533 68,369 70,479
-------- --------- ----------
EQUITY:
Capital and reserves attributable
to equity holders of the Company:
Share capital 2,798 2,789 2,789
Capital reserves 24,794 24,692 24,692
Currency translation reserve 189 949 (20)
Transaction with non controlling
interest (180) (180) (180)
Retained earnings 25,329 20,517 22,383
-------- --------- ----------
52,930 48,767 49,664
NON CONTROLLING INTEREST 59 141 96
-------- --------- ----------
T o t a l equity 52,989 48,908 49,760
-------- --------- ----------
T o t a l liabilities and equity 124,522 117,277 120,239
======== ========= ==========
AMIAD WATER SYSTEMS LTD.
(Amiad Filtration Systems Ltd. formerly)
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Six months ended
June 30
-------------------
2012 2011 Year ended December
31
2011
---------- --------- -------------------
(Unaudited) (Audited)
--------------------- -------------------
U.S dollars in thousands
except per share data
------------------------------------------
REVENUE 66,394 59,048 117,276
COST OF SALES 37,416 32,932 66,097
---------- --------- -------------------
GROSS PROFIT 28,978 26,116 51,179
RESEARCH AND DEVELOPEMEMNT 1,560 1,107 1,838
SELLING AND MARKETING COSTS 15,159 13,717 28,157
ADMINISTRATIVE AND GENERAL EXPENSES 6,339 5,763 12,293
OTHER LOSSES (INCOME) NET 59 6 (48)
---------- --------- -------------------
OPERATING PROFIT 5,861 5,523 8,939
---------- --------- -------------------
FINANCE INCOME 434 635 1,526
FINANCE COSTS (1,259) (1,243) (2,132)
---------- --------- -------------------
FINANCE COST, NET (825) (608) (606)
---------- --------- -------------------
PROFIT BEFORE INCOME TAX 5,036 4,915 8,333
INCOME TAX EXPENSES 884 823 1,293
---------- --------- -------------------
PROFIT FOR THE PERIOD 4,152 4,092 7,040
========== ========= ===================
OTHER COMPREHENSIVE INCOME:
Currency translation differences 209 230 (759)
---------- --------- -------------------
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 4,361 4,322 6,281
========== ========= ===================
PROFIT FOR THE PERIOD ATTRIBUTED TO:
Equity holders of the Company 4,188 4,084 7,057
Non controlling interest (36) 8 (17)
---------- --------- -------------------
4,152 4,092 7,040
========== ========= ===================
U.S dollars
------------------------------------------
EARNINGS PER SHARE:
Attributable to the equity holders
of the Company during the period:
Basic 0.18 0.18 0.31
========== ========= ===================
Diluted 0.18 0.18 0.31
========== ========= ===================
AMIAD WATER SYSTEMS LTD.
(Amiad Filtration Systems Ltd. formerly)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Attributable to equity holders of the Company
--------------------------------------------------------------------------
Transaction
Currency with
Number Share Capital translation non-controlling Retained Non-controlling Total
of shares capital Reserve reserve interest earnings Total interest shareholders'equity
------------ -------- -------- ------------ ---------------- --------- ----------- -------------------- --------------------
U.S dollars in thousands
----------------------------------------------------------------------------------------------------------------------
BALANCE AT JANUARY 1, 2012
(audited) 22,590,690 2,789 24,692 (20) (180) 22,383 49,664 96 49,760
=========== ======== ======== ============ ================ ========= =========== ==================== ====================
CHANGES DURING THE SIX MONTHS
ENDED JUNE 30, 2012
(unaudited):
Comprehensive income -
Profit for the year 4,188 4,188 (36) 4,152
Other comprehensive income
-
Currency translation
differences 209 209 (1) 208
----------- -------- -------- ------------ ---------------- --------- ----------- -------------------- --------------------
Total comprehensive income 209 4,188 4,397 (37) 4,360
Transaction with owners:
Dividend ($0.055 per
share) (1,242) (1,242) (1,242)
Exercise of options
of employees 72,691 9 102 111 111
----------- -------- -------- ------------ ---------------- --------- ----------- -------------------- --------------------
Total transactions with
owners 72,691 9 102 (1,242) (1,131) (1,131)
----------- -------- -------- ------------ ---------------- --------- ----------- -------------------- --------------------
BALANCE AT JUNE 30, 2012
(unaudited) 22,663,651 2,798 24,794 189 (180) 25,329 52,930 59 52,989
=========== ======== ======== ============ ================ ========= =========== ==================== ====================
BALANCE AT JANUARY 1, 2011
(audited) 22,521,690 2,780 24,467 708 17,743 45,698 290 45,988
=========== ======== ======== ============ ================ ========= =========== ==================== ====================
CHANGES DURING THE SIX MONTHS
ENDED JUNE 30, 2011
(unaudited):
Comprehensive income -
Profit for the year 4,084 4,084 8 4,092
Other comprehensive income
-
Currency translation
differences 232 232 (2) 230
----------- -------- -------- ------------ --------- ----------- -------------------- --------------------
Total comprehensive income 232 4,084 4,316 6 4,322
Transaction with owners:
Dividend ($ 0.058 per
share) (1,310) (1,310) (1,310)
Acquisition of
non-controlling
interest 69,000 9 225 9 (180) 63 (155) ( 92)
----------- -------- -------- ------------ ---------------- --------- ----------- -------------------- --------------------
Total transactions with
owners 69,000 9 225 9 (180) (1,310) (1,247) (155) (1,402)
----------- -------- -------- ------------ ---------------- --------- ----------- -------------------- --------------------
BALANCE AT JUNE 30, 2011
(unaudited) 22,590,690 2,789 24,692 949 (180) 20,517 48,767 141 48,908
=========== ======== ======== ============ ================ ========= =========== ==================== ====================
AMIAD WATER SYSTEMS LTD.
(Amiad Filtration Systems Ltd. formerly)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Attributable to equity holders of the Company
------------------------------------------------------------------------------------------
Transaction
Currency with Total
Number of Share Capital translation non-controlling Retained Non-controlling shareholders'
shares capital reserve reserve interest earnings Total interest equity
----------- -------- -------- ------------ ---------------- --------- -------------- ---------------- --------------
U.S dollars in thousands
----------- ---------------------------------------------------------------------------------------------------------------
Balance at 1 January 2011 22,521,690 2,780 24,467 708 17,743 45,698 290 45,988
=========== ======== ======== ============ ========= ============== ================ ==============
Comprehensive income -
Profit for the year 7,057 7,057 (17) 7,040
Other comprehensive
income:
Currency
translation
differences (737) (737) (22) (759)
----------- -------- -------- ------------ --------- -------------- ---------------- --------------
Total comprehensive
income (737) 7,057 6,320 (39) 6,281
Transaction with
owners:
Acquisition of
non-controlling
interest 69,000 9 225 9 (180) 63 (155) (92)
Dividend ($0.107
per share) (2,417) (2,417) (2,417)
----------- -------- -------- ------------ ---------------- --------- -------------- ---------------- --------------
Total transaction with
owners 69,000 9 225 9 (180) (2,417) (2,354) (155) (2,509)
----------- -------- -------- ------------ ---------------- --------- -------------- ---------------- --------------
Balance at 31 December
2011 22,590,690 2,789 24,692 (20) (180) 22,383 49,664 96 49,760
=========== ======== ======== ============ ================ ========= ============== ================ ==============
AMIAD WATER SYSTEMS LTD.
(Amiad Filtration Systems Ltd. formerly)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Six months ended Year ended
June 30 December 31,
----------------------
2012 2011 2011
---------- ---------- --------------
(Unaudited) (Audited)
---------------------- --------------
U.S dollars in thousands
--------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations 2,276 5,037 6,421
Interest paid (516) (479) (903)
Interest received 250 168 289
Income tax paid (528) ( 1,757) (3,942)
---------- --------- ---------------
Net cash generated from operating activities 1,482 2,969 1,865
---------- --------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,767) (1,544) (3,980)
Purchases of intangible assets and capitalized
development
Expenses (799) (283) (2,412)
Investments grants received 11 218
Sales of financial assets at fair value
through
profit or loss, net 1,933 1,933
Restricted deposit (1,222) 259
Proceeds from sale of property and equipment 87 24 122
Collection of long-term loan granted to
a related party 42 28 84
Long-term receivable (42)
---------- --------- ---------------
Net cash generated from (used in) investing
activities (3,648) 116 (3,776)
---------- --------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Acquisition of non controlling interest
- Amiad France (92) (92)
Dividends paid to equity holders of the
Company (2,417)
Receipt of long-term borrowings and other
liabilities 5,805 110 10,990
Repayments of long term borrowings (3,093) (2,378) (4,995)
Proceeds from exercise of options 111
Short-term borrowings (repayments) from
banks, net 185 2,916 (868)
---------- --------- ---------------
Net cash generated from financing activities 3,008 556 2,618
---------- --------- ---------------
EXCHANGE LOSS (GAIN) ON CASH AND CASH
EQUIVALENTS 43 71 (152)
---------- --------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 885 3,712 555
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 11,848 11,293 11,293
---------- --------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 12,733 15,005 11,848
========== ========= ===============
CASH FLOWS FROM OPERTIONS:
Six months ended Year ended
June 30 December
31,
--------------------
2012 2011 2011
--------- --------- -----------
(Unaudited) (Audited)
-------------------- -----------
U.S. dollars in thousands
---------------------------------
Profit for the period 4,152 4,092 7,040
(a) Adjustments to reconcile net income
to net cash
generated from operating activities:
Income and expenses not involving cash
flows:
Depreciation and amortization 1,737 1,537 3,138
Interest paid 516 479 903
Interest received (250) ( 168) (289)
Income taxes paid 528 1,757 3,942
Increase in put option 184 159 333
Deferred income taxes, net (241) (429) (567)
Accrued severance pay, net 120 13 278
Exchange rate differences on borrowings 4 62 (126)
Loss (gain) from sale of fixed assets 54 3 (5)
Loss (gain) from financial assets at
fair value through profit 22 (56) 902
Exchange rate differences on borrowings
to related party and others 15 (27) 46
--------- --------- -----------
2,689 3,330 8,555
--------- --------- -----------
Changes in working capital:
Decrease (increase) in accounts receivable:
Trade (4,322) (3,791) (4,708)
Other 1,029 (1,963) (2,807)
Decrease (increase) in prepaid expenses 24 (93)
Decrease (increase) in long-term receivable 142 (60)
Increase (Decrease) in accounts payable:
Trade (3,853) 6,713 6,413
Other 751 (382) (1,171)
Decrease (increase) in inventories 1,664 (2,962) (6,748)
--------- --------- -----------
(4,565) (2,385) (9,174)
--------- --------- -----------
Cash generated from operations 2,276 5,037 6,421
========= ========= ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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