TIDMAFS
RNS Number : 6317H
Amiad Water Systems Ltd
26 March 2020
26 March 2020
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Final Results
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, announces its final results for the year
ended 31 December 2019.
Financial Summary
-- Revenue of $115.6m (2018: $113.9m)
-- Gross margin of 38.9% (2018: 42.1%)
-- Operating profit of $3.1m (2018: $6.1m)
-- Profit before tax of $0.1m (2018: $4.8m)
-- Cash generated from operations was $12.9m (2018: $1.1m)
-- Net debt at 31 December 2019 reduced to $12.5m (30 June 2019:
$14.4m; 31 December 2018: $13.8m)
-- Cash and cash equivalents at 31 December 2019 increased to
$15.0m (30 June 2019: $14.1m; 31 December 2018: $13.5m)
Operational Summary
-- Growth in revenue reflecting increased sales in APAC and EMEA
regions and Industry business unit:
-- Sales in the APAC region - which was the largest contributor
to revenue - increased by 8.6%, driven by return to normal business
in Amiad India following successful reorganisation of that
subsidiary
-- Industry business unit sales, which accounted for 48.7% of
Company revenue, increased by 4.8%, based on significant growth of
35.8% in the Municipal segment
-- Sustained execution on strategy to improve operations and recognised initial benefits:
-- Increased efficiency where manufacturing process automation has been introduced
-- Maintained tight cost control and implemented internal efficiency measures
-- Towards year-end, implemented cost cutting measures that are
expected to deliver annualised savings of $4.6m, which will be
almost fully realised in 2020
-- Post period, as announced on 27 February 2019, Amiad entered
into a conditional agreement with FIMI for an investment of up to
GBP17.6m through a subscription for new Ordinary Shares by FIMI and
an open offer to the Company's shareholders
Dori Ivzori, Chief Executive Officer of Amiad, said: "Amiad
achieved modest revenue growth in 2019. As explained in our trading
update in December, whilst we began the year with a positive sales
pipeline, certain projects did not convert into firm orders and
hence the growth was not as high as we expected alongside certain
margin pressures. Nevertheless, we continued to make good progress
in improving internal operational efficiency and took further
actions in the final quarter, which we expect to benefit from in
the current financial year. In addition, we delivered strong cash
generation from operations and reduced net debt.
"Looking ahead, we entered 2020 with a higher backlog than at
the same point in the prior year and expect growth for both the
Irrigation and Industrial business units. However, we're keeping
under review the extent of potential disruption to trade caused by
the COVID-19 outbreak as well as the impact of the currency
markets. Meanwhile, Amiad stands to be well capitalised following
the substantive investment from our shareholder, FIMI, and we are
taking steps to ensure we are well-positioned for sustained
profitable growth when normal business resumes. Consequently, the
Board is confident in our business and looks to the future with
optimism."
Enquiries
Amiad Water Systems Ltd.
Dori Ivzori, Chief Executive
Officer
Avishay Afriat, Chief Financial
Officer +972 4 690 9500
-----------------
Stifel Nicolaus Europe Ltd.
-----------------
Stewart Wallace, Ben Maddison +44 20 7710 7600
-----------------
Luther Pendragon Ltd.
-----------------
Harry Chathli, Claire Norbury,
Rachel So +44 20 7618 9100
-----------------
About Amiad
Amiad Water Systems (AIM: AFS) is a leading global producer of
automatic, self-cleaning water treatment and filtration products
and systems. Through its engineering skills and ability to
innovate, Amiad provides cost-effective "green" solutions for the
irrigation and industrial purposes. In these markets, its patented
products are being integrated into the core of systems for
filtration and water treatment, micro irrigation and membrane
protection, wastewater and potable water treatment, cooling systems
and sea water filtration.
Headquartered in Israel, Amiad provides these solutions through
nine subsidiaries and a comprehensive network of distributors to
customers in more than 80 countries.
For additional information or product details, please visit
www.amiad.com .
Operational Review
Amiad delivered modest revenue growth during 2019 to $115.6m
(2018: $113.9m), primarily reflecting a good performance in APAC
and an increase in sales in the Industry business unit. As
previously noted, currency fluctuations had a particularly negative
impact on the Company's reported results and on a constant currency
basis, Amiad's revenue for 2019 was approximately $118.1m.
The Company achieved good growth in sales of its new Sigma
series for the Irrigation market. While the ramp up that the
Company had expected to occur in the second half of the year was
lower than anticipated, the Company was encouraged by the demand
for these products and remains confident that they will deliver
value. Similarly, the significant pipeline that the Company had
established for the new TEQUATIC(TM) PLUS Filter in the Industry
business unit did not translate into the expected orders during the
second half.
Amiad continued to execute on its strategy to improve its
operations and recognised initial benefits. The manufacturing
process automation that the Company introduced in 2018 and in the
first half of 2019 delivered efficiency gains in those products
where it has been applied. The Company maintained tight cost
control and, towards the end of the year, introduced a number of
further cost saving measures, including the reorganisation of a
number of positions and closing certain non-core subsidiaries such
as Brazil. These actions have been completed and are expected to
deliver savings of $4.6m on an annualised basis, which will be
almost fully realised in 2020.
In response to COVID-19, the Company has acted to ensure the
safety of its employees and has complied with the regulatory
requirements in each of its territories, while preserving business
continuity as far as possible. The Company's staff have moved to
working remotely where possible. At present, production is still
continuing in each territory and the Company has taken measures in
order to ensure it can still deliver products to its customers, as
far as circumstances allow. As a result, to date, the Company has
not been materially impacted by the COVID-19 outbreak. The
situation is evolving rapidly and the Company is monitoring and
adapting to developments as they occur.
Performance by Segment
Amiad has two business units: Irrigation and Industry. Revenue
generated under the Company's distribution agreement with Netafim,
whereby Netafim sells Amiad's Irrigation products, contributes to
the Irrigation business unit sales. The Industry business unit
comprises sales into the Petrol, Petrochemical, Oil & Gas
("PPOG"), Municipal and General (other industry) segments.
Irrigation
The Irrigation business unit generated $59.3m in 2019 (2018:
$60.3m), accounting for 51.3% of the Company's revenue (2018:
52.9%). This primarily reflects growth in APAC and the US being
offset by reductions elsewhere, particularly in EMEA. Revenue
generated under the Netafim agreement was broadly flat at $20.2m
($20.6m).
The new product series that Amiad launched in 2018 targeted at
the Irrigation market, consisting of the Mini Sigma, Sigma Pro and
ADI-P, performed well with good sales through the Company's direct
channels. However, the ramp in sales that the Company expected
through its distributor network in the second half of the year was
lower than anticipated. The Company remains confident that sales in
the new products will continue to increase in 2020.
Industry
The Industry business unit generated $56.2m in 2019 (2018:
$53.7m), accounting for 48.7% of the Company's revenue (2018:
47.1%). The increase was predominantly due to growth in the
Municipal segment within the Industry business unit, where sales
grew by 35.8% driven primarily by projects in the US and Singapore.
Other than a slight reduction in sales for the APAC region, there
was growth in all other geographical regions. The Municipal segment
accounted for 27.1% of the Industry business unit's sales (2018:
20.9%).
There was also growth in the PPOG segment of the Industry unit,
with revenue increased to $9.1m (2018: $8.8m). The growth was due
to increased sales in the APAC region. The PPOG segment accounted
for 16.2% of the Industry business unit's sales (2018: 16.4%).
Specifically, the significant pipeline that had been established
for the second half of the year for the new TEQUATIC(TM) PLUS
Filter, which is designed for difficult-to-treat, highly loaded
water, did not translate to orders. This was due to various factors
peculiar to the individual projects. While this was disappointing,
the Company continues to explore the market demand for its
TEQUATIC(TM) PLUS Filter and expects some of this pipeline that had
been expected to convert to orders in 2019 to result in orders in
2020. However, the Company remains cautious about the potential
impact on this market of the COVID-19 outbreak and the depressed
oil price.
For the Company's other projects within the Industry business
unit, which are classified within the 'General' industry segment,
sales were $31.9m (2018: $33.7m), with the reduction due to lower
sales in the US. The General industry segment accounted for 56.7%
of the Industry business unit's sales (2018: 62.7%)
Performance by Region
Americas
The Americas region includes sales by Amiad's subsidiaries in
the US and Mexico as well as sales from the Company's headquarters
in Israel into Latin America.
In the Americas, Amiad delivered sales of $29.8m (2018: $30.9m),
which accounted for 25.8% of total Company revenue (2018: 27.2%).
As previously noted, the macroeconomic factors impacting the
Americas resulted in certain projects not proceeding in the second
half of the year due to lack of capital investment.
In its key geography of the US, sales were $26.2m (2018:
$26.8m), reflecting a slight decrease in the Industry business unit
to $13.8m (2018: $14.4m). Within the Industry unit in the US, sales
significantly increased in the Municipal segment to $7.6m (2018:
$5.1m). This was offset by a reduction in sales for the General
industry segment and slight reduction in the PPOG segment. Sales in
the Irrigation unit in the US were flat year-on-year at $12.4m
(2018:$12.4m).
In Latin America, sales were $3.6m for 2019 compared with $4.1m
in 2018. This reflects flat year-on-year sales in the Industry unit
at $1.7m (2018: $1.7m) and a slight decrease in the Irrigation unit
to $1.9m (2018: $2.4m). As noted above, towards the end of the
year, the Company took the decision to close its subsidiary in
Brazil as part of its cost saving actions.
EMEA
The EMEA region includes sales by Amiad's subsidiaries in France
(Amiad Europe), Turkey and the UK as well as the domestic sales of
the Company's headquarters in Israel and also into Europe, the
Middle East and Africa.
Revenue in EMEA grew slightly to $35.1m ($34.2m). This growth
was due to higher sales in the Industry business unit, which
generated $20.1m (2018: $18.2m), reflecting increased sales in the
Municipal and General segments at $2.8m (2018: $1.2m) and $16.5m
(2018: $16.1m) respectively. In the Irrigation business unit, sales
were $15.0m (2018: $16.0m). Geographically, slight reductions in
Amiad Europe, Amiad UK and from the Company headquarters into EMEA
were offset by growth in Turkey and Israel, including increased
sales in the domestic Israeli market across both business units and
all segments.
APAC
The APAC region includes sales by Amiad's subsidiaries in
Australia, China, India and Singapore as well as sales from the
Company's headquarters in Israel into the Asia-Pacific
geography.
Revenue in APAC increased by 8.6% to $30.6m (2018: $28.1m),
reflecting growth in the Irrigation unit to $9.9m (2018: $8.8m) and
in the Industry unit to $20.7m (2018: $19.3m). The main contributor
to this growth was Amiad India, which increased sales by $1.2m to
$2.8m (2018: $1.6m) as a result of the subsidiary resuming normal
business activity following the reorganisation that commenced in
2018. Australia continued to be the overall largest contributor to
regional revenue, accounting for 46.9% of total sales (2018:
49.1%), with sales increasing to $14.3m (2018: $13.8m).
Within the Industry business unit, there was an increase in
revenue in the PPOG and General segments with sales of $4.9m (2018:
$3.7m) and $11.5m (2018: $11.3m). Sales in the Municipal segment
were $4.2m (2018: $4.4m).
Financial Review
Revenue for the year ended 31 December 2019 increased to $115.6m
compared with $113.9m for 2018. On a constant currency basis,
revenue for 2019 was approximately $118.5m with the difference
being primarily due to the strength of the US Dollar against the
Australian Dollar and Euro.
Gross margin was 38.9% (2018: 42.1%) with the reduction due to
the negative impact of several factors:
-- Impact of currency exchange rate: primarily the strengthening
of New Israeli Shekel against the US Dollar, resulting in increased
cost of sales based in Israel, and the sales erosion due to the
strength of the US Dollar against the Australian Dollar and Euro as
mentioned above
-- Shift in sales mix, with variation by product and territory:
such as the reduction in sales of certain high-margin products in
the US, which were replaced with sales of other lower margin
products; as well as a certain number of specific low-margin
projects completed in the first half of the year
-- The receipt of government grants in 2018, which wasn't repeated in 2019
The gross margin for the full year was slightly lower than that
for the half-year period primarily due to the greater currency
impact in the second half. In addition, the margin didn't recover
in the second half as expected due to the ramp in sales of the new
products, which carry a higher margin, being less than initially
anticipated as described above. The lower sales in the second half
also meant that the Company wasn't able to offset the large,
lower-margin projects completed in the first half of the year.
Because of the lower gross margin, gross profit for the year was
$45.0m (2018: $48.0m).
Total operating costs were maintained at $41.8m (2018: $41.8m).
Sales and marketing costs were slightly lower at $28.5m for 2019
(2018: $28.8m). R&D costs were level at $3.6m (2018: $3.6m) and
administrative and general expenses were slightly higher at $9.8m
(2018: $9.5m).
Operating profit was $3.1m (2018: $6.1m), with the reduction due
to the lower gross margin. Profit before tax was $0.1m (2018:
$4.8m) due to the lower operating profit as well as financial
expenses of $2.3m from the implementation of IFRS 16. Excluding
IFRS 16, profit before tax would have been $1.7m. Fully diluted
loss per share was $0.08 (2018: $0.10 earnings per share).
Cash generated from operations increased significantly to $12.9m
(2018: $1.1m), with approximately $10m of the increase due to less
cash being absorbed into working capital compared with the prior
year. It was also positively impacted by the application of IFRS 16
in 2019 due to the reallocation of lease charges from operating
activities to finance activities.
Due to the low level of profit before tax generated, especially
in Israel where there is a lower tax rate than in the subsidiary
countries, the Company had tax expenses of $1.0m on profit before
tax of $0.01m in 2019 compared with tax expenses of $1.1m on profit
before tax of $4.8m in 2018.
Additionally, the adoption of IFRS 16 had a negative impact on
the Company's reported net profit, including a negative currency
impact on finance costs resulting from the revaluation of the
operating leases that are denominated in the New Israeli Shekel. As
a result, the Company reported a net loss for 2019 of $0.9m (2018:
$3.8m net profit). Excluding the impact of IFRS 16, net profit was
$0.6m.
As at 31 December 2019, cash and cash equivalents were $15.0m
(30 June 2019: $14.1m; 31 December 2018: $13.5m). Net debt at 31
December 2019 was $12.5m (30 June 2019: $14.4m; 31 December 2018:
$13.8m). This reduction was due to the strong increase in the
generation of cash from operations with a $1.1m increase trade
receivables.
Outlook
Amiad entered 2020 with a higher backlog than at the same point
of the prior year and year-to-date sales in 2020 have been greater
than the same period in 2019. However, the Company is keeping under
review the extent of potential disruption to trade caused by the
COVID-19 outbreak as well as the impact of the currency markets.
Consequently, it is too early to assess the impact these factors
will have on revenue growth and the Company will keep the market
updated throughout the year.
Meanwhile, the Company continues to execute on its strategy to
improve efficiency and maintain strict cost control. As mentioned,
this includes expected costs savings of $4.6m from measures already
implemented towards the end of 2019, which will therefore be almost
fully realised in 2020. As a result, macroeconomic conditions
notwithstanding, Amiad expects an improvement in gross margin for
2020.
Additionally, Amiad expects to benefit from the potential
investment from FIMI. As a result of this, as well as the strong
cash generation during 2019, the Company will be well-capitalised.
The funding will be used to help develop the business in a number
of ways including, to further investment in research and
development of new products and solutions in both the irrigation
and industrial segments; scale up production through the automation
of certain processes for improved efficiency; and potentially
support the Company's aspiration of extending its water filtration
solutions portfolio and its access to new markets through the
acquisition of new technologies and channels to market.
Consequently, the Board looks to the future with optimism.
AMIAD WATER SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31
-----------------
2019 2018
-------- -------
$ in thousands
-----------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 14,991 13,526
Financial assets at fair value
through profit
or loss - derivatives 54 158
Trade and other receivables:
Trade 35,503 37,154
Other 7,945 4,761
======== =========
Inventories 27,682 30,9 75
Current income tax assets 502 632
-------- ---------
Total Current Assets 86,677 87, 20 6
-------- ---------
NON-CURRENT ASSETS:
Investment in joint venture - -
Severance pay fund, net 227 160
Long-term receivables 108 276
Property, plant and equipment 12,824 11,086
Intangible assets 12,100 13,267
Right of use assets 20,704 -
Deferred income tax assets 2,676 2, 68 7
-------- ---------
Total Non-Current Assets 48,639 27,4 7 6
-------- ---------
Total Assets 135,316 114,682
======== =========
AMIAD WATER SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31
-----------------
2019 2018
-------- -------
$ in thousands
-----------------
Liabilities and Equity
CURRENT LIABILITIES:
Bank credit and current maturities
of
borrowings from bank 17,589 17,365
Financial liabilities at fair value
through
profit or loss- derivatives - 180
Trade and other payables:
Trade 13,899 14,414
Other 13,384 10,841
Operating Lease liabilities 3,096 -
Current income tax liability 24 340
--------- ---------
Total Current Liabilities 47,992 43,140
--------- ---------
NON CURRENT LIABILITIES:
Borrowings from banks
(net of current maturities) 9,866 9,914
Liability for royalty payment - 1,008
Remeasurements of post-employment
benefit obligations, net 405 345
Operating Lease liabilities 19,285 -
Deferred income tax liabilities 179 -
--------- ---------
Total Non-Current Liabilities 29,735 11,267
--------- ---------
Total Liabilities 77,727 54,407
========= =========
EQUITY:
Capital and reserves attributable
to
equity holders of the Company:
Share capital 2,801 2 ,800
Capital reserves 28,874 28,781
Transaction with non-controlling
interests (416) (416)
Currency translation reserve (8,160) (7,380)
Retained earnings 31,762 33,574
--------- ---------
54,861 57,359
Non-controlling interests 2,728 2,916
--------- ---------
Total Equity 57,589 60,275
--------- ---------
Total Liabilities and Equity 135,316 114,682
========= =========
AMIAD WATER SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year ended December
31
-------------------------
2019 2018
------------ -----------
$ in thousands
except per share data
-------------------------
Revenue 115,585 113,923
Cost of revenue 70,628 *65,936
--------- ---------
Gross Profit 44,957 47,987
Research and development, net 3,567 3,644
Selling and marketing costs 28,523 *28,778
Administrative and general expenses 9,844 9,489
Other (gains) losses (113) (64)
--------- ---------
Operating Profit 3,136 6, 140
--------- ---------
Finance income 755 510
Finance expenses (3,812) (1,814)
--------- ---------
Finance expenses, net (3,057) (1,304)
--------- ---------
Profit before income taxes 79 4,836
Income tax expenses 974 1,074
--------- ---------
Profit (Loss) for the year (895) 3,762
========= =========
* Reclassified
Other comprehensive income (loss):
Items that will not be reclassified to profit
or loss:
Remeasurements of post-employment benefit
obligations, net 42 (1)
--------- ---------
Items that may be subsequently reclassified
to profit or loss :
Currency translation differences (1,133) (2,886)
--------- ---------
Other comprehensive loss for the year (1,091) (2,887)
========= =========
Total comprehensive income (loss) for the
year (1,986) 87 5
========= =========
Profit (Loss) attributable to:
Equity holders of the Company (1,854) 2,2 9 4
Non-controlling interests 959 1,468
--------- ---------
(895) 3,762
========= =========
Total comprehensive income (Loss) attributable
to:
Equity holders of the Company (2,592) 119
Non-controlling interests 606 756
--------- ---------
(1,986) 875
========= =========
$
--------------
Earnings per share attributable to the equity
holders of the Company during the year :
Basic (0.082) 0.101
======= =====
Diluted (0.081) 0.100
======= =====
AMIAD WATER SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
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 equity
----------- -------- -------- ------------- ---------------- --------- -------- ---------------- --------
$ in thousands
----------------------------------------------------------------------------------------------------
BALANCE AT JANUARY 1, 2018 22,663,651 2,798 28,720 (5,206) (259) 31,916 57,969 2,606 60,575
=========== ======== ======== ============= ================ ========= ======== ================ ========
Comprehensive income
(loss)
:
Profit (loss) for
the year 2,294 2,294 1,468 3,762
Currency translation
differences (2,174) (2,174) (712) (2,886)
Remeasurement of net
defined
benefit liability (1) (1) (1)
------------- --------- -------- ---------------- --------
Total comprehensive
income 8 7
(loss) (2,174) 2,293 11 9 756 5
Transaction with owners:
Recognition of
compensation
related to
employee stock and
options
grants 63 63 63
Exercise of options 15,461 2 (2) -,-
Acquisition of
non-controlling ( 173
interest (157) (157) ) (330)
Dividend to
non-controlling
Interest (273) (273)
Dividend ($0.0 28
per share) (635) (635) (635)
----------- -------- -------- ------------- ---------------- --------- -------- ---------------- --------
Total transaction with owners 15,461 2 61 (157) (635) (729) (446) (1,175)
----------- -------- -------- ------------- ---------------- --------- -------- ---------------- --------
BALANCE AT DECEMBER 31, 2018 22,679,112 2,800 28,781 (7,380) (416) 33,574 57,359 2,916 60,275
=========== ======== ======== ============= ================ ========= ======== ================ ========
Comprehensive income
(loss)
:
Profit (loss) for
the year (1,854) (1,854) 959 (895)
Currency translation
differences (780) (780) (353) (1,133)
Remeasurement of net
defined
benefit liability 42 42 42
------------- --------- -------- ---------------- --------
Total comprehensive
income (1, 8
(loss) (780) 12) (2,592) 606 (1,986)
Transaction with owners:
Recognition of
compensation
related to
employee stock and
options
grants 94 94 94
Exercise of options 19,631 1 (1)
Dividend to
non-controlling
Interest (794) (794)
----------- -------- -------- ------------- ---------------- --------- -------- ---------------- --------
Total transaction with owners 19,631 1 93 94 (794) (700)
----------- -------- -------- ------------- ---------------- --------- -------- ---------------- --------
BALANCE AT DECEMBER 31, 2019 22,698,743 2,801 28,874 (8,160) (416) 31,762 54,861 2,728 57,589
=========== ======== ======== ============= ================ ========= ======== ================ ========
Year ended December
31
----------------------
2019 2018
---------- ----------
$ in thousands
----------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations 12,893 1,114
Interest paid (957) (455)
Interest received 176 228
Income taxes paid, net (588) (751)
-------- --------
Net cash generated from operating activities 11,524 136
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investment - 40
Purchase of property, plant and equipment (4,307) (3,223)
Purchase of intangible assets (1,150) (63)
Investment grants received 1,626
Proceeds from sale of property, plant
and equipment 72 44
Restricted deposit (10) 212
-------- --------
Net cash used in investing activities (5,395) (1,364)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid to equity holders of the
Company - (635)
Dividends paid to non-controlling interest (794) (273)
Payments of operating lease liabilities (3,578) -
Acquisition of non-controlling interest (330)
Receipt of long-term borrowings 8,634 5,373
Payments of long term borrowings (7,562) (7,505)
Increase (decrease) in bank credit and
short term
borrowing, net (797) 3,685
-------- --------
Net cash generated from (used in) financing
activities (4,097) 315
-------- --------
EXCHANGE RATE LOSS ON CASH AND CASH EQUIVALENTS (567) (1,683)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 1,465 (2,596)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 13,526 16,122
-------- --------
CASH AND CASH EQUIVALENTS AT OF YEAR 14,991 13,526
======== ========
CASH FLOWS FROM OPERATING ACTIVITIES:
Year ended December
31
----------------------
2019 2018
----------- ---------
$ in thousands
----------------------
Profit (Loss) for the year (895) 3,762
----------- ---------
(a) Adjustments to reconcile net income to net cash
generated from operating activities:
Depreciation and amortisation 6,532 2,864
Interest paid 957 455
Interest received (176) (228)
Income taxes paid, net 588 751
Share based payment, net 94 63
Decrease (increase) in deferred income taxes, net 192 (299)
Accrued severance pay (income), net 48 50
Gain from sale of investment (30)
Exchange rate differences 2, 154 237
Net Increase (decrease) in assets and liabilities
at fair value through profit or loss 15 152
Loss (profit) from sale of property, plant and equipment (25) (30)
----------- ---------
10,379 3,985
=========== =========
Changes in working capital:
Decrease (increase) in accounts receivable:
Trade 1,139 (245)
Other (3,318) (1,435)
Decrease (increase) in long term receivable 192 (230)
Increase (decrease) in accounts payable:
Trade (191) (21)
Other 2,521 (1,236)
Decrease/(increase) in inventories 3,066 (3,466)
-------- --------
3,409 (6,633)
-------- --------
Cash generated from operations 12,893 1,114
======== ========
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR KKPBQFBKDANB
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