6 Sep 2012 07:00
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® 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 | December 31 2011 | ||
2012 | 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 31 2011 | ||
2012 | 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 STATEMENTFOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Six months ended June 30 | Year ended December 31 2011 | |||||||
2012 | 2011 | |||||||
(Unaudited) | (Audited) | |||||||
U.S dollars in thousandsexcept 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 EQUITYFOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Attributable to equity holders of the Company |
| ||||||||||||||||
| |||||||||||||||||
Number of shares | Share capital | Capital Reserve | Currency translation reserve | Transaction with non-controlling interest | Retained earnings | Total | Non-controlling interest | Total 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 EQUITYFOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012
Attributable to equity holders of the Company |
| |||||||||||
| ||||||||||||
Number of shares | Share capital | Capital reserve | Currency translation reserve | Transaction with non-controlling interest | Retained earnings | Total | Non-controlling interest | Total shareholders' 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 |
|