TIDMSIM
RNS Number : 0734A
SimiGon Limited
25 September 2020
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
SimiGon Ltd
("SimiGon" or the "Company")
Interim Results for the six months ended 30 June 2020
SimiGon Ltd (LSE: SIM), a global leader in providing simulation
and training solutions, announces its interim results for the six
months ended 30 June 2020 (the "Period").
Financial Highlights
-- Revenues decreased by 50% to $1.35 million (H1 2019: $2.68
million) reflecting slower progress in delivering against project
milestones due to COVID-19 restrictions and limitations on securing
expected new business wins
-- Pipeline for H2 and beyond gives confidence in longer-term prospects
-- Consequential impact on gross margin of 49% (H1 2019: 66%)
-- Operating expenses decreased by 15% to $1.88 million (H1 2019: $2.20 million)
-- Operating loss of $1.22 million (H1 2019: $0.44 million)
-- Net loss increased by 193% to $1.27 million (H1 2019: $0.43 million)
-- Basic and diluted loss per share of $0.02 (H1 2019: loss per share $0.01)
-- Cash, cash equivalent, short term investment and deposits of
$6.30 million as at 30 June 2020 (30 June 2019: $6.15 million)
-- Trade receivables decreased by 73% to $0.61 million (30 June 2019: $2.30 million)
Operational Highlights
-- Establishment of a Mergers & Acquisitions (M&A) team,
seeking strategic acquisition opportunities for the Company to
increase SimiGon's near term revenues as well as improve long term
growth prospects.
-- Secured additional software and hardware warranties and
support services for the United States Air Force T-6A Level 5 FAA
Compliant Flight Training Device, valued at up to $0.7 million over
the course of 6 months starting in May 2020, with options to extend
the service period for an additional 12 months.
-- Continued to support major military flight training programs including:
Ø The USAF Air Education and Training Command Undergraduate
Remotely Piloted Aircraft Training ("URT");
Ø Support for Lockheed Martin's UK Military Flight Training System ("UKMFTS"); and
Ø Providing software and services as part of long-term
relationship with a strategic European customer.
-- Successfully delivered milestones for the United States Air
Force ("USAF") phase one contract to provide twelve (12)
SIMbox-based F-15E Mixed Reality ("MR") training devices for USAF
Air Combat Command ("ACC").
-- Completed multiple delivery milestones for the $2 million
Israeli Air Force ("IAF") F-16 Maintenance Trainer Program ("IAF
F16 Maintenance Trainer") contract announced in June 2016 and for
the T6A Simulation Based Trainers to the IAF Flight Academy
contract ("IAF T6A") announced in September 2018.
-- Successful milestones deliveries for the $1.8 million
contract from a large international defense electronics company to
design, develop and implement a C-130 virtual maintenance training
solution.
-- During the Period, SimiGon has continued its ongoing R&D
efforts to enhance simulation-based training and position the
Company to capitalize on new high growth market opportunities
mainly in maintenance training technologies.
-- Promoted the Chief Operating Officer, Mr. Jack Sarnicki, to
President of SimiGon Inc., the main trading subsidiary of the
Company.
Ami Vizer, SimiGon's Chief Executive Officer and Executive
Chairman, commented: "SimiGon's core business supporting military
aircrew training through direct Government contract and
subcontracts has been adversely affected by the coronavirus
(COVID-19). Despite numerous contracts delays, we have continued to
work through the challenges, making our programme deliveries and
support while receiving a contract extension from the USAF for RPA
training. The ongoing R&D efforts in XR and maintenance
training are creating significant future growth potential. This has
made SimiGon a more cohesive, focused and ready-made company for
the challenges to come.
We are continually reassessing our prospects given the dynamic
environment and restrictions imposed across our international
business, but have concluded that performance for the financial
year will be behind that of 2019. This is unfortunate but
understandable in the circumstances, and given that existing
long-term relationships have remained strong, our contracts remain
in place if delayed, and, with a resilient financial position, we
are confident in the longer term prospects for the business."
Legal actions:
On January 13, 2020 D.D Goldstein Real Estates and Investment
Ltd., which to the Company's knowledge acquired 1,500,000 shares in
the Company during 2019, has filed two legal actions in the Tel
Aviv District Court - a petition for leave to file a monetary claim
concerning salaries on behalf of the Company and an action for
prerogative relief concerning resolutions approved at the Company's
annual general meeting held on December 30, 2019 (the "AGM")
regarding the appointment of directors and the determination of
their compensation. The legal actions allege certain flaws in the
election of Mr. Simon Bentley, Mr. Ran Pappo, Mrs. Ronit Schwartz
and Mrs. Deborah Bitman as directors (the "Plaintiff"). The Company
has notified its insurers with respect to allegations against
directors.
Coronavirus (COVID-19)
In March 2020 the World Health Organization declared coronavirus
COVID-19 a global pandemic. COVID-19 threatens to be a disruptor to
companies, supply chains and the world economy. As of the date of
approval of the interim consolidated financial statements, there
has been a significant impact on the Company's operations resulting
from the COVID-19 outbreak. Though the Company had not received any
cancelation notices from its customers in respect of active
purchase orders as a result of COVID-19, the restrictions imposed
in response to the pandemic have slowed the ability of the Company
to deliver during the Period, and whilst this business has been
delayed rather than lost, it is clear that the rate of winning new
business opportunities has been negatively impacted. In light of
the uncertainty as to the severity and duration of the pandemic,
the overall impact of COVID-19 on the Company's future revenues,
profitability, liquidity and financial position is difficult to
assess at this time. The Company expects a moderate improvement in
performance in H2 but the performance for the full financial year
will be below that of the previous financial year.
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer and
Executive Chairman +1 (407) 951 5548
Efi Manea, Chief Financial Officer
finnCap (NOMAD & Broker) +44 (0) 207 220 0500
Henrik Persson / Matthew Radley
Overview
During the Period while impacted from COVID-19, the Company
achieved successful delivery milestones of its strategic contracts.
This includes milestones on the IAF F-16 Maintenance Trainer, C-130
virtual maintenance training solution and T-6A Simulation Based
Trainers programs, Onsite/Offsite and logistics support provided to
the USAF for the URT program and continued support for the UK
Military Flight Training System. Advanced proven technology,
together with successful deliveries, have led SimiGon to be
contracted with strategic programs throughout the period which has
solidified SIMbox as a major training technology platform.
SimiGon's technology supports industry demand for more realistic
training and depth perception provided with XR solutions.
Integrated with our Learning Management System and Virtual
Instructor, trainees receive high value, self-paced training,
saving end user organizations time and money.
Over the Period, the Company continued its strategic focus on
its three main areas:
-- Sustain the baseline - Successfully delivering Distributed
Learning Solutions to our core strategic partners worldwide.
SimiGon, directly and through its partners, now has training sites
in North America, Europe, Middle East and in the Asia Pacific
markets.
-- Expand market reach - Expand the utilization of our SIMbox
technology to multiple domains. This was successfully achieved by
targeting several high opportunity markets such as maintenance
training providers, commercial equipment operators, as well as
training and research labs that utilize SIMbox as part of their
research.
-- Strengthen SimiGon's technology capabilities - Improve the
technological capabilities of the SIMbox technology in order to
enable the growth of the Company as detailed above. Beyond the
expansion of our graphics engine, simulation and learning
management system, we have added and delivered XR solutions to
multiple clients around the globe.
The R&D efforts in the Period have focused on advancing the
Company's maintenance training technologies, improving XR
performance, enabling plug&play capability with consumer VR
headsets, together with continued development of the Company's
simulation software development tools, high fidelity Image
Generator, user monitoring and performance tracking with simulation
data analytics. This comprehensive solution developed by SimiGon
not only provides an immersive, high fidelity training environment,
it also provides organizations the ability to see trainee(s)
progression rate and areas of difficulty, enabling the curriculum
to be tweaked for better training results. SIMbox technologies
accelerating training are increasing the Company's opportunities
and market penetration across military and civilian training
markets.
Operational Review
SimiGon's core technology platform, SIMbox, and support services
were developed for large simulation training programmes for the
Government and Commercial sectors. As the Company evolves into a
training systems integrator, SimiGon remains at the forefront of
designing, developing, implementing and supporting advanced
simulation and training solutions to accelerate learning. Increased
operational proficiency lowers safety risks and better prepares
operators for real operations, whether they are flights, weapons
systems operations, flight line maintenance tasks or deep sea oil
rig operations. Leveraging the robust SIMbox ecosystem, SimiGon and
its partners are delivering XR capable simulation-based training
content across multiple domains and across the hardware spectrum,
from tablets and laptops/PCs to high fidelity training devices.
SimiGon's strategic, simulation-based training solutions offer
flexible licensing models with traditional software licensing or
SaaS. SimiGon's technologies and capabilities provide significant
added value to multiple industries.
Markets
Aerospace and defense related industry
SimiGon's historical core market is aerospace and defense,
particularly military aviation, where the Company continues to
illustrate its position as a preferred technology supplier to the
world's largest military training programs.
The Company's track record of delivering on time and within
budget has led to winning multiple military-related contracts
around the world, as well as serving to further entrench the
Company with existing customers into new programs.
Civilian and Commercial vertical markets
SimiGon's significant capabilities, proven in the defense
sector, are being leveraged to pursue new civilian training
contracts. SimiGon's civilian training market opportunities range
from maintenance, safety, energy and other industrial operations
skills. The Company's efforts to grow vertical Government and
Civilian training are proceeding. The Company recognizes the growth
potential in XR training solutions and is developing and marketing
relevant solutions to support this fundamental shift in the
training world.
The pre-COVID19 global smart education and learning market size
is expected to reach $423.2 billion by 2025 at a 15.2% CAGR,
offering extensive expansion opportunities for SimiGon. The
enterprise XR training market is expected to reach $393 billion by
2025 with a CAGR of 69.4% between 2019-2025.
Millennials and Generation Z users learning experience is
transforming the training industry as students are exposed to
digital devices from a young age. Adaptive learning,
simulation-based learning, blended learning, and collaborative
learning, all part of SimiGon products, have subsequently evolved
to offer users enhanced learning methodologies and experiences.
The simulation-based learning segment is anticipated to grow at
a fast pace, enabling professional organizations and educational
institutions to virtually experience real world environments for
trainees to practice, navigate, explore, and obtain more
information through a virtual medium before they start working on
real-life tasks. Growing awareness among people and rising
popularity of smart education are encouraging solution providers to
invest in research and development for creating more reliable,
better, and cost-effective solutions.
As an Open System Architecture ("OSA") software framework,
SimiGon's ability to integrate with new technologies makes its
viable long-term training simulation software fully capable of
leveraging the immersive training needs of the XR civilian markets.
SimiGon software offers an advanced solution to organizations
seeking to teach visual and interactive problem solving in far
ranging markets such as civilian aviation, technician training,
language training, customer service training and corporate
leadership. The Company's technology, experience and personnel,
place it in a unique position to take advantage of the cultural
shifts democratizing learning and training to reach the wider
consumer market.
Marketing
SimiGon's marketing mix includes digital and print advertising,
social media and booths at four industry symposiums, including the
ITEC in Europe, IITSEC, Air Warfare Symposium and TSIS in the US,
as well as participation in smaller industry demos for select end
users.
General
The Company continues to further develop its disruptive,
baseline, commercial off-the-shelf ("COTS") product with additional
top layer application content and capabilities to reach more end
users and vertical markets.
Targeted verticals such as commercial aviation maintenance
training, security training, language training and vocational
training have common requirements to the defense-related industries
the Company continues to target. Specifically, they are highly
regulated, require complex and specialized skill training and have
zero tolerance for error. SimiGon is seeking to increase market
share and broaden the end user applications for its base line
SIMbox software platform in new domains.
Business Model
The Company's strategy, is to focus on long-term, high value,
stable SaaS license contracts and services that provide better
revenue and profit visibility as a result of distributing over the
Period in which they are provided rather than lumpy license
sales.
With SaaS-based contracts, the recurring maintenance and support
stream is already included in the contract terms. In addition, the
Company maintains flexibility with its traditional perpetual
license fee model where the Company is paid for software license
and support, as well as providing turnkey solutions for customers
and partners as a Prime contractor or Sub-contractor.
Growth Strategy
The Company is focused on organic growth with its existing
customer base, offering continuous product developments and
services; leveraging its experience and IP developed from existing
contracts as a Prime Contractor and Subcontractor to win new
business and capture sales in established segments; and expanding
its core technology's applicability for new market domains,
directly and indirectly.
SimiGon's highly scalable, COTS technology training management
system makes it an ideal solution to address new training domains
with little customization required. New projects and markets
continue to utilize the product infrastructure and developer tools
to create the new application content; once developed, they are
leveraged to target the wider market.
In addition, SimiGon is seeking to acquire simulation &
training businesses that are aligned with the Company's strategic
focus in the Government and Commercial training and simulation
market. SimiGon is in the enviable position of having both the
financial ability and trust of our key shareholders to make
strategic business acquisitions that will help us expand in our key
market segments.
Long term contracts
The Company maintained its solid portfolio of long term
partnerships:
-- On December 2019, the Company has been awarded a $1.8 million
contract from a large international defense electronics company
("Defense Company") to design, develop and implement a C-130
virtual maintenance training solution. The Contract for the C-130
training system is a new product complementing SimiGon's current
range of VMT solutions, including the F-16 training system which is
already used by the IAF. This Contract, along with other ground
based training systems using SimiGon technologies in the IAF,
including T-6A Virtual Reality systems and the M-346 Advanced Jet
Trainer, further solidifies SimiGon technologies as the IAF's
primary training technology platform for aircrew academy members.
The Contract's period of performance (excluding 12 months warranty
and support) is approximately eighteen (18) months. During the
Period, SimiGon has successfully delivered programs milestones
-- The Company has been awarded with a BPA from the USAF for the
supply of Virtual and Mixed Reality Systems. The BPA, has a
contract ceiling of $6 million over a two-year period. This allows
the U.S. Government to rapidly order Virtual Reality (VR) and Mixed
Reality (MR) solutions. SimiGon was one of four contractors
awarded.
-- SimiGon continues its successful support for UKMFTS as a
technology and services provider to Lockheed Martin. The Company
continues to deliver under this long term contract, now in its
ninth year of support, exceeding partner and end user expectations
of SimiGon's technologies and performance.
-- Ongoing USAF contracts for the continued maintenance and
support including onsite hardware and software support for the
sixteen SIMbox-based T-6A Level 5 FTDs.
-- SimiGon completed multiple delivery milestones for the $2
million IAF F16 Maintenance Trainer contract announced in June 2016
to provide F-16 maintenance simulation based training systems to
the IAF's technician school in Haifa, Israel. This contract, in the
maintenance training domain, is a new, lucrative vertical for
SimiGon and will provide us with the experience and credentials to
leverage for similar new business opportunities in other regions
and other sectors.
-- The Company continues to support and has further expanded its
long-term relationship with a major existing European customer that
it has been supplying with software and services since 2009.
SimiGon continues its successful support of the SIMbox-based T-6A
Simulation Based Trainers units provided to the IAF Flight
Academy.
Financial Performance
Revenue for the Period was $1.35 million, compared to $2.68
million for the six months ended 30 June 2019. This decrease was
attributable to the operational difficulties and delays in
delivering against contracts during the COVID-19 pandemic and
slowing of new business opportunities. Subject to revenue
recognition and deliveries, it is expected that H2 revenue will be
at the very least the same as H1 as these delays unwind, though it
is possible that these may slip into the coming financial year.
Gross profit for the Period was $0.66 million, as compared to
$1.76 million for the six months ended 30 June 2019. Accordingly,
gross margins decrease to 49% for the Period as compared to 66% for
the six months ended 30 June 2019. The main contributor to the
reported decrease in gross margin is the purchase of hardware in a
total of $0.23 million that was provided as part of SimiGon's
programs with the USAF and with the IAF T6A program.
Total operating expenses for the Period decreased by 15% to
$1.88 million as compared to $2.20 million in the six months ended
30 June 2019. R&D expenses for the Period decreased by 22% to
$0.86 million as compared to $1.10 million for the six months ended
30 June 2019 mainly due to salary expenses.
Marketing expenses for the Period decreased by 9% to $0.51
million as compared to $0.57 million for the six months ended 30
June 2019 mainly due to salary expenses. General and Administrative
expenses for the Period decreased by 5% to $0.50 million as
compared to $0.53 million for the six months ended 30 June 2019
mainly due to salary expenses.
The decrease in R&D and marketing expenses is part of a
strategic decision by the Company to ensure that it continues to be
on the front foot with respect to capitalizing on the many market
opportunities available to the Company whilst also ensuring costs
are kept under control. Development of our existing software
ensures that we maintain our position as one of the leading
providers in the market.
Operating loss for the Period was $1.22 million, as compared to
$0.44 million for the six months ended 30 June 2019.
As a consequence of the factors above, the Company recorded net
loss for the Period of $1.27 million compared with $0.43 million
for the six months ended 30 June 2019.
Basic and diluted loss per share was to $0.02 for the Period as
compared to basic and diluted loss per share of $0.01 for the six
months ended 30 June 2019. As at 30 June 2020 the Company had
liquid cash of $6.30 million as compared to $6.04 million as at 31
December 2019.
Trade receivables decreased by 73% to $0.61 million as of 30
June 2020 as compared to $2.30 million as of 30 June 2019. A total
of $0.33 million of the year end trade receivables balance has been
collected since 30 June 2020.
The interim consolidated financial statements have been prepared
on a going concern basis which assumes that the Company will
continue its operations for the foreseeable future and be able to
realize its assets and discharge its liabilities and commitments in
the normal course of business. In arriving at this determination,
the Company has undertaken a thorough review of the Company's cash
flow forecast and potential liquidity risks. Cash flow projections
have been prepared which show that the Company will have sufficient
funds to finance its operations and meet its obligations during the
period of at least 12 months from the date of approval of the
interim consolidated financial statements.
As part of the Company's ongoing activities to reduce the impact
of COVID19 on its financials, on April 24 2020, the Company's
subsidiary SimiGon Inc has received a loan in a total of $0.23
million from the US Small Business Administration (SBA) as part of
their Paycheck Protection Program that helps businesses keep their
workforce employed during COVID-19 crisis. The SBA will forgive
loans if all employee retention criteria are met, and the funds are
used for eligible expenses. In addition, the Company receive a
state-guaranteed bank loan in a total amount of $0.23 million
following the announcement made by the State of Israel of the
opening of dedicated small business financial aid funds following
the COVID-19 crisis.
Outlook
In spite of the short to medium term impact of COVID-19,
SimiGon's outlook in the longer term remains positive. This is
primarily due to its superior technology, growing presence in the
maintenance training sector, continued R&D investment and the
overwhelming need to provide millennials and Generation Z with XR
capable, immersive training solutions. Government and Civilian
requirements for proficient training operators in multiple domain
zero risk tolerance industries such as aviation and energy, is a
challenge the Company looks forward to capturing.
The negative impact of the COVID-19 pandemic on the current
financial year is set out above but the Company remains agile and
able to scale rapidly to support new business and deliver its
vision and business strategy.
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
Year ended
Six months ended December
June 30, 31,
------------------
2020 2019 2019
---------- ------ ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
(except per share data)
------------------------------
Revenues 1,349 2,680 4,882
Cost of revenues 689 924 1,797
---------- ------ ----------
Gross profit 660 1,756 3,085
---------- ------ ----------
Operating expenses:
Research and development 861 1,101 2,175
Selling and marketing 514 567 1,187
General and administrative 502 530 1,171
---------- ------ ----------
Total operating expenses 1,877 2,198 4,533
---------- ------ ----------
Operating loss (1,217) (442) (1,448)
Other income 3 - -
---------- ------ ----------
Loss before financial expenses (1,214) (442) (1,448)
Financial income 41 88 215
Financial expenses 98 79 215
---------- ------ ----------
Loss (1,271) (433) (1,448)
========== ====== ==========
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
Year ended
Six months ended December
June 30, 31,
------------------
2020 2019 2019
---------- ------ ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Loss (1,271) (433) (1,448)
---------- ------ ----------
Other comprehensive income not to
be reclassified to profit or loss
in subsequent periods:
Remeasurement gain (loss) from defined
benefit plan *) - (9) (27)
---------- ------ ----------
Total other comprehensive loss (1,271) (442) (1,475)
========== ====== ==========
Total comprehensive loss (1,271) (442) (1,475)
Basic and diluted loss per share attributable
to equity holders of the Company (in
U.S. dollars) (0.02) (0.01) (0.03)
======= ======= ======
Weighted average number of shares
used in computing basic and diluted
loss per share (in thousands) 51,017 51,018 51,020
======= ======= ======
*) Represents less than $ 1 thousand.
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
December
June 30, 31,
2020 2019
-------------- -----------
Unaudited Audited
-------------- -----------
U.S. dollars in thousands
---------------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,183 2,974
Short-term bank deposit 3,280 1,181
Short-term investments 1,832 1,887
Short-term restricted cash - 523
Trade receivables, net 611 1,407
Other accounts receivable and prepaid expenses 123 37
Total current assets 7,029 8,009
-------------- -----------
NON-CURRENT ASSETS:
Restricted cash 50 38
Long-term prepaid expenses 31 27
Property, plant and equipment 28 99
Right-of-use assets 169 294
Goodwill and intangible asset 1,068 1,068
Total non-current assets 1,346 1,526
-------------- -----------
Total assets 8,375 9,535
============== ===========
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
December
June 30, 31,
2020 2019
-------------- -----------
Unaudited Audited
-------------- -----------
U.S. dollars in thousands
---------------------------
EQUITY AND LIABILITIES
CURRENT LIABILITIES:
Current maturities of long term bank loan 5 -
Trade payables 70 86
Current maturities of lease liabilities 132 245
Deferred revenues 343 236
Other accounts payable and accrued expenses 767 845
-------------- -----------
Total current liabilities 1,317 1,412
-------------- -----------
NON-CURRENT LIABILITIES:
Long term bank loan 226 -
Lease liabilities 9 31
Employee benefit liabilities 370 362
Other non-current liabilities 701 708
-------------- -----------
Total non-current liabilities 1,306 1,101
-------------- -----------
Total liabilities 2,623 2,513
-------------- -----------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
COMPANY:
Share capital 125 125
Additional paid-in capital 16,652 16,651
Treasury shares (105) (105)
Accumulated deficit (10,920) (9,649)
-------------- -----------
Total equity attributable to equity holders
of the Company 5,752 7,022
-------------- -----------
Total liabilities and equity 8,375 9,535
============== ===========
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
Six months ended December
June 30, 31,
------------------
2020 2019 2019
---------- ------ ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Cash flows from operating activities:
Loss (1,271) (433) (1,448)
---------- ------ ----------
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Income and expenses not involving
operating cash flows:
Depreciation and amortization 149 159 308
Financial expenses (income), net 13 (57) (70)
Financial expenses lease liabilities 4 - 20
Share-based compensation 1 2 3
Change in employee benefit liabilities,
net 7 15 47
Changes in operating assets and liabilities:
Decrease in trade receivables 796 267 1,164
Decrease (increase) in other accounts
receivable and prepaid expenses (including
long-term) (19) 52 61
Increase (decrease) in trade payables (16) 27 (74)
Increase (decrease) in deferred revenues 107 (94) (91)
Increase (decrease) in other accounts
payable and accrued expenses (125) 52 146
---------- ------ ----------
917 423 1,514
---------- ------ ----------
Net cash provided by (used in) operating
activities (354) (10) 66
---------- ------ ----------
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
Six months ended December
June 30, 31,
------------------
2020 2019 2019
---------- ------ ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Cash flows from investing activities:
Decrease (increase) in restricted
cash, net 512 256 278
Increase in short-term bank deposits,
net (2,088) - (139)
Proceed from sale of property, plant
and equipment 55 - -
Purchase of property, plant and equipment (3) (15) (88)
---------- ------ ----------
Net cash provided by (used in) investing
activities (1,524) 241 51
---------- ------ ----------
Cash flows from financing activities:
Proceed from bank loan 231 - -
Repayment of lease liabilities (144) (142) (287)
Proceeds from share issuance upon
exercise of options - 1 1
Net cash provided by (used in) financing
activities 87 (141) (286)
---------- ------ ----------
Increase (decrease) in cash and cash
equivalents (1,791) 90 (169)
Cash and cash equivalents at beginning
of period 2,974 3,143 3,143
---------- ------ ----------
Cash and cash equivalents at end of
period 1,183 3,233 2,974
========== ====== ==========
Non-cash activities:
Right-of-use assets and corresponding
lease liabilities - 58 59
========== ====== ==========
SIMIGON LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
Additional
Number Share paid-in Treasury Accumulated Total
of shares capital capital shares deficit equity
------------- -------- ---------- -------- ----------- -------
U .S. dollars in thousands (except share amounts)
-------------------------------------------------------------------
Balance as of January 1,
2019 (audited) *) 50,858,618 125 16,647 (105) (8,174) 8,493
Total comprehensive loss - - - - (1,475) (1,475)
Share issuance upon exercise
of options 5,000 **) - 1 - - 1
Share-based compensation - 3 - 3
------------- -------- ---------- -------- ----------- -------
Balance as of December 31,
2019 (audited) *) 50,863,618 125 16,651 (105) (9,649) 7,022
Total comprehensive loss - - - - (1,271) (1,271)
Share-based compensation - - 1 - - 1
------------- -------- ---------- -------- ----------- -------
Balance as of June 30, 2020
(unaudited) *) 50,863,618 125 16,652 (105) (10,920) 5,752
============= ======== ========== ======== =========== =======
Additional
Number Share paid-in Treasury Accumulated Total
of shares capital capital shares deficit equity
------------- -------- ---------- -------- ----------- -------
U .S. dollars in thousands (except share amounts)
-------------------------------------------------------------------
Balance as of January 1,
2019 (audited) *) 50,858,618 125 16,647 (105) (8,174) 8,493
Total comprehensive loss - - - - (442) (442)
Share issuance 5,000 **) - 1 - - 1
Share-based compensation - - 2 - - 2
------------- -------- ---------- -------- ----------- -------
Balance as of June 30, 2019
(unaudited) *) 50,863,618 125 16,650 (105) (8,616) 8,054
============= ======== ========== ======== =========== =======
*) Includes a total of 535,571 shares held in treasury.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR LIMMTMTATTJM
(END) Dow Jones Newswires
September 25, 2020 02:00 ET (06:00 GMT)
Simigon (LSE:SIM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Simigon (LSE:SIM)
Historical Stock Chart
From Oct 2023 to Oct 2024