TIDMAFS
RNS Number : 6108Y
Amiad Water Systems Ltd
10 September 2015
10 September 2015
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Interim Results
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, announces its interim results for the six
months ended 30 June 2015.
Financial Summary
-- Revenue was $59.2m (H1 2014: $60.2m)
-- Gross margin was 40.1% (H1 2014: 39.4%)
-- Operating profit increased 88% to $3.9m (H1 2014: $2.1m)
-- Profit before tax more than doubled to $3.5m (H1 2014: $1.7m)
-- Fully diluted earnings per share increased 33% to $0.065 (H1 2014: $0.049)
-- Net debt reduced to $18.2m (31 December 2014: $21.3m; 30 June 2014: $19.7m)
-- Cash and cash equivalents at 30 June 2015 were $14.5m (31
December 2014: $14.1m; 30 June 2014: $14.7m)
Operational Summary
-- Growth in the Irrigation and Oil & Gas segments mitigated
weakness in the Industrial and Municipal segments - resulting in
sales being broadly flat
o Irrigation segment sales increased to $30.5m (H1 2014:
$27.7m), and continued to be the largest contributor to total
revenues accounting for 52% of total revenue
o Sales in the Oil & Gas segment increased 74% to $4.7m (H1
2014: $2.7m)
o Industrial segment sales declined due to weakness in industry
in most geographies, in particular China
o Municipal segment continued to suffer from lack of investment
in major infrastructure projects by local authorities
o Ballast Water segment still depressed due to lack of
regulatory impetus
-- Growth in sales of new products maintained, accounting for 9.8% of revenues (H1 2014: 5.5%)
-- Completed implementation of restructuring and cost cutting
exercise, resulting in reduction in expenses
-- Post period end, established a subsidiary in the UK to
support increasing demand for clean water solutions in UK and
Europe
Arik Dayan, Chief Executive Officer of Amiad, said: "We are
pleased with the significant growth in the Irrigation and Oil &
Gas segments - based on our latest products - which largely served
to mitigate the weakness in the Industrial and Municipal segments.
In addition, thanks to the implementation of the restructuring and
cost cutting exercise, we were able to improve gross margins,
reduce operational expenses and strengthen the foundations of the
business. As a result, we achieved our goal of getting back to
being profitable.
"Amiad entered the second half of 2015 with a higher backlog
than at the same time in the prior year, which is primarily based
on the continued growth in Irrigation and Oil & Gas. Global
macro-economic conditions continue to impact certain parts of our
business, particularly Industrial and Municipal segments, however,
our broad portfolio and presence in over 80 countries buffer us
from major fluctuations. As we have said previously, our focus in
2015 is on generating profits through expanding our business and
maintaining tight cost control. As a result, the Board is confident
of achieving year-end results in line with market
expectations."
Enquiries
Amiad Water Systems Ltd.
-------------------------------- -----------------
Arik Dayan, Chief Executive
Officer
Irit Ben-Dov, Chief Financial
Officer +972 4 690 9500
-------------------------------- -----------------
Stifel Nicolaus Europe
Ltd.
-------------------------------- -----------------
Giles Balleny +44 20 7710 7600
-------------------------------- -----------------
Luther Pendragon Ltd.
-------------------------------- -----------------
Harry Chathli, Claire
Norbury, Oliver Hibberd +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
industrial, municipal, irrigation, oil & gas and ballast water
markets. In these segments 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
11 subsidiaries and a comprehensive network of over 170
distributors to customers in more than 80 countries.
For additional information or product details, please visit
www.amiad.com.
Operational Review
During the period, Amiad made significant progress in the
Irrigation and Oil & Gas segments - based largely on its new
Omega and Sigma products - but this was mitigated by a slowdown in
the Industrial, Municipal and Ballast Water segments. As a result,
total revenues were broadly flat at $59.2m (H1 2014: $60.2m).
However, due to the restructuring and cost cutting exercise that
the Company commenced in November 2014 and completed during the
period, the Company reduced expenses thereby achieving growth in
operating profit - and enabling a return to profitability on
pre-tax and net basis.
Segment Performance
The Irrigation and Industrial segments generated $30.5m and
$19.0m respectively during the period (H1 2014: $27.7m and $22.9m),
accounting for 52% and 32% of the Company's revenues (H1 2014: 46%
and 38%). The decline in the Industrial segment was mainly due to
weakness in China compared with the prior year. The Municipal
segment sales decreased to $4.8m (8%) from $6.1m in H1 2014 due to
a lack of investment by municipal entities in large infrastructure
projects. Revenue in the Oil & Gas segment grew to $4.7m, or 8%
of total sales, from $2.7m (5%) in the first half of 2014. The
Ballast Water segment remained weak with revenues of $0.1m (H1
2014: $0.8m) due to the continued lack of regulatory impetus for
ship owners to invest in new systems.
Global Activity
US
In the US in H1 2014, Amiad had been delivering an exceptional
Navy project, which finished in H2 2014. As a consequence, in H1
2015 the Company experienced a decline in revenues in the
Industrial segment and this resulted in overall sales in the US
being lower at $12.3m compared with $15.2m in the first half of
2014. Sales in the Irrigation segment in the US were slightly
higher than in H1 2014, which was based on increasing demand for
water filtration as a result of the widespread drought in
California. Whilst sales in the Oil & Gas segment were lower
than in the prior period, the Company delivered some strategic
projects such as for injection water.
EMEA
Revenues in EMEA grew 10% in aggregate over H1 2014. Sales in
the Irrigation segment in Europe increased significantly as a
result of the Irrigation sales office that was established last
year in the region. Amiad also performed well in the Oil & Gas
segment in EMEA.
Post period, as announced on 7 September 2015, Amiad established
a wholly-owned subsidiary in the UK to support the increasing
demand for clean water solutions in the UK and Europe. It will
operate from Swansea, Wales and, when the office opens later this
month, will be the Company's first permanent base in the UK.
Previously, Amiad's products and solutions were sold through its
distributor based in Swansea. The new subsidiary, Amiad Water
Systems UK Ltd, will report to Amiad Europe, and provide marketing
and technical support functions.
Asia
In Asia, revenues were slightly softer compared with the prior
year period, with a general decline in the Industrial segment being
largely offset by an exceptional Industrial project in India, an
improvement in Irrigation in China for food production and growth
in Oil & Gas in South East Asia.
In China, sales were significantly lower in the Industrial
segment due to a lack of activity in the steel industry. In the
Company's other segments in China, the Company achieved an increase
in revenues, but the contribution (other than Irrigation) remains
unsubstantial. Amiad also strengthened the management team in
China. Amiad continues to believe that the longer-term growth
opportunities offered by China remain substantial.
Australia
The Industrial segment continued to suffer in Australia due to
the reduced demand for raw materials from China, Australia's
largest export customer, which has resulted in resource companies
cancelling or postponing projects. However, sales increased in the
Irrigation and Municipal segments, resulting in overall revenues
for the period being slightly lower than the first half of 2014.
The growth in the Irrigation segment was based on the new Omega and
Sigma filters, with the demand being due to investment in upgrading
irrigation systems used in food production to advanced, automatic
solutions, which is being supported by public authorities.
Product Development
Amiad's portfolio of products launched in November 2011
continued to be well-received and increasingly penetrate the
market. In particular, the growth in the Irrigation and Oil &
Gas segments was based on sales of the Omega and Sigma
products.
Investment in R&D was $1.5m compared with $1.8m for the
first half of 2014. The reduction was due to the restructuring and
cost cutting exercise. Following the appointment of a new Vice
President of R&D during the period, the Company intends to
increase spending on R&D to continue to develop market-leading
technology and products.
Financial Review
Revenues for the six months ended 30 June 2015 were $59.2m
compared with $60.2m for the first half of 2014. The Company's
revenue recognition continued to be impacted by adverse changes in
exchange rates, mainly the US Dollar against the New Israeli
Shekel, but also between the Australian and US Dollars as well as
the Euro and US Dollar. However, despite revenues being broadly
flat, fully diluted earnings per share increased 33% to $0.065 (H1
2014: $0.049).
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Operating profit increased 88% to $3.9m compared with $2.1m for
the first half of 2014, and profit before tax more than doubled to
$3.5m (H1 2014: $1.7m). In addition, this represents a return to
profit compared with the previous six months period: for the second
half of 2014, the Company made a loss before tax of $2.1m.
Gross margins were 40.1% (H1 2014: 39.4%). The increase was
mainly due to the benefits of the cost cutting and restructuring
programme as well as the impact of currency exchange rate.
As of 30 June 2015, cash and cash equivalents were $14.5m (31
December 2014: $14.1m; 30 June 2014: $14.7m). Net debt decreased to
$18.2m (31 December 2014: $21.3m; 30 June 2014: $19.7m) as a result
of the increase in the net cash generated from operating
activities.
Dividend
The Company has a progressive dividend policy and has
historically paid dividends twice annually. However, the Board has
resolved, from the current year, to consider and pay dividends once
a year after the approval of the Company's audited annual financial
statements. The Board expects to declare a dividend in March 2016
for the year ending 31 December 2015.
Outlook
Amiad entered the second half of 2015 with a higher backlog than
at the same time in the prior year, which is primarily based on the
continued growth in the Irrigation segment. Global macro-economic
conditions continue to impact certain parts of the business,
particularly Industrial and Municipal segments, however, the
Company's broad portfolio and presence in over 80 countries buffer
it from major fluctuations. As stated previously, the management
team's focus in 2015 is on generating profits through expanding the
business and maintaining tight cost control. As a result, the Board
is confident of achieving year-end results that are in line with
market expectations.
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2015
June 30 December
31,
-----------------
2015 2014 2014
-------- ------- -----------
(Unaudited) (Audited)
----------------- -----------
U.S. dollars in thousands
------------------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 14,452 14,743 14,090
Financial assets at fair
value through
profit or loss 477 44 452
Trade and other receivables:
Trade 47,824 46,916 44,091
Other 5,716 5,105 3,230
======== ======== ========
Current income tax assets 322 775 869
Inventories 24,702 26,097 23,729
-------- -------- --------
T o t a l Current Assets 93,493 93,680 86,461
-------- -------- --------
NON-CURRENT ASSETS:
Investment in joint venture 10 10 10
Severance pay fund, net 49 254 105
Long-term receivables 55 46 48
Property, plant and equipment 10,913 11,094 11,184
Intangible assets 16,329 16,508 16,849
Deferred income tax assets 1,884 2,064 2,738
-------- -------- ========
T o t a l Non Current Assets 29,240 29,976 30,934
-------- -------- --------
T o t a l Assets 122,733 123,656 117,395
======== ======== ========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2015
June 30 December
31,
-----------------
2015 2014 2014
-------- ------- -----------
(Unaudited) (Audited)
----------------- -----------
U.S. dollars in thousands
------------------------------
Liabilities and equity
CURRENT LIABILITIES:
Bank credit and current maturities
of
borrowings from banks 21,252 20,987 23,212
Financial liabilities at
fair value through profit
or
loss - derivatives 95 86 1,066
Trade and other payable:
Trade 18,262 18,956 15,064
Other 13,202 9,891 8,431
Put option liability 2,927 2,204 2,927
Current income tax liability 371 735 463
Dividend payable -,- 499 -,-
--------- --------- ---------
T o t a l Current Liabilities 56,109 53,358 51,163
--------- --------- ---------
NON-CURRENT LIABILITIES:
Borrowings from banks
(net of current maturities) 11,404 13,444 12,205
Deferred income tax liabilities 227 -,- 823
Accrued severance pay, net 377 340 450
--------- --------- ---------
T o t a l Non Current Liabilities 12,008 13,784 13,478
--------- --------- ---------
T o t a l Liabilities 68,117 67,142 64,641
========= ========= =========
EQUITY:
Capital and reserves attributable
to
equity holders of the Company:
Share capital 2,798 2,798 2,798
Capital reserves 28,372 28,332 28,371
Currency translation reserve (2,881) (1,218) (2,188)
Transaction with non-controlling
interest (180) (180) (180)
Retained earnings 26,373 26,830 23,944
--------- --------- ---------
54,482 56,562 52,745
Non-controlling interests 134 (48) 9
--------- --------- ---------
Total Equity 54,616 56,514 52,754
--------- --------- ---------
Total Liabilities and Equity 122,733 123,656 117,395
========= ========= =========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015
Six months
ended Year ended
December
June 30 31,
-----------------------------------
2015 2014 2014
------------------------- -------- -----------
(Unaudited) (Audited)
----------------------------------- -----------
U.S dollars in thousands
except per share data
------------------------------------------------
Revenue 59,167 60,217 118,471
Cost of sales 35,461 36,477 72,418
------------------------- -------- --------------
Gross Profit 23,706 23,740 46,053
Research and development, net 1,497 1,759 3,158
Selling and marketing costs 12,613 14,349 28,204
Administrative and general expenses 5,746 5,586 11,359
Other gains (losses) 85 52 (468)
------------------------- -------- --------------
Operating Profit 3,935 2,098 2,864
------------------------- -------- --------------
Finance income 887 275 137
Finance costs (1,283) (713) (3,430)
------------------------- -------- --------------
Finance costs, net (396) (438) (3,293)
------------------------- -------- --------------
Profit (loss) before income
taxes 3,539 1,660 (429)
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Income (expenses) tax (984) (452) 559
------------------------- -------- --------------
Profit (loss) for the period 2,555 1,208 (988)
========================= ======== ==============
Other comprehensive income (loss)-
Items that will not be reclassified
to profit or loss:
Re-measurements of post-employment
benefit obligations -,- -,- (135)
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences (694) (197) (773)
------------------------- -------- --------------
Other comprehensive income (loss)
for the period (694) (197) (908)
------------------------- -------- ==============
Total comprehensive income (loss)
for the period 1,861 1,405 (1,896)
========================= ======== ==============
Profit (loss) attributable to:
Equity holders of the Company 2,429 1,247 (1,006)
Non controlling interests 126 (39) 18
------------------------- -------- --------------
2,555 1,208 (988)
========================= ======== ==============
Total comprehensive income (loss)
attributable to:
Equity holders of the Company 1,736 1,445 (1,913)
Non-controlling interest 125 (40) 17
------------------------- -------- --------------
1,861 1,405 (1,896)
========================= ======== ==============
U.S dollars
------------------------------------------------
Earnings (loss) per share attributable
to the equity
holders of the company during
the period:
Basic 0.107 0.053 (0.044)
========================= ======== ===========
Diluted 0.065 0.049 (0.065)
========================= ======== ===========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015
Attributable to owners of the parent
-----------------------------------------------------------------------------------------
Transaction
Currency with Non-
Number Non-controlling
of Share Capital translation Retained controlling
Interest Total
shares capital Reserve reserve earning Total interest equity
----------------------- ----------- -------- ------------ ---------------- --------- ----------------------- ------------ -------
U.S dollars in thousands
----------------------------------------------------------------------------------------------------------------
BALANCE AT JANUARY 1,
2015 (audited) 22,663,651 2,798 28,371 (2,188) (180) 23,944 52,745 9 52,754
CHANGES DURING THE SIX
MONTH ENDED
JUNE 30, 2015
(unaudited):
Comprehensive
income
-
Profit for the
period 2,429 2,429 126 2,555
Currency
translation
differences (693) (693) (1) (694)
---------------- ------- -------------- ------------ -------
Total comprehensive
income (2,881) 26,373 54,481 134 54,615
Transaction with
owners:
Recognition of
compensation
related
employee
stock
and option
grants 1 1 1
Total transactions
with
owners
----------- -------- ------------ ---------------- --------- ------- -------------- ------------ -------
BALANCE AT JUNE 30,
2015 (unaudited) 22,663,651 2,798 28,372 (2,881) (180) 26,373 54,482 134 54,616
=========== ======== ============ ================ ========= ======= ============== ============ =======
BALANCE AT JANUARY 1,
2014 (audited) 22,663,651 2,798 28,271 (1,416) (180) 26,082 55,555 (8) 55,547
CHANGES DURING THE SIX
MONTH ENDED
JUNE 30, 2014
(unaudited):
Comprehensive
income
-
Profit for the
period 1,247 1,247 (39) 1,208
Currency
translation
differences 198 198 (1) 197
---------------- ------- -------------- ------------ -------
Total comprehensive
income 198 1,247 1,445 (40) 1,405
Transaction with
owners:
Recognition of
compensation
related
employee
stock
and option
grants 61 61 61
Dividend
($0.022 per
share) (499) (499) (499)
------------ ------- -------------- -------
Total transactions
with
owners 61 (499) (438) (438)
----------- -------- ------------ ---------------- --------- ------- -------------- ------------ -------
BALANCE AT JUNE 30,
2014 (unaudited) 22,663,651 2,798 28,332 (1,218) (180) 26,830 56,562 (48) 56,514
=========== ======== ============ ================ ========= ======= ============== ============ =======
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015 (contd.)
Attributable to owners of the parent
---------------------------------------------------------------------------------
Transaction
Currency with non- Non-
Number Controlling
of Share Capital translation Retained controlling
Interest Total
shares capital reserve reserve earning Total interest equity
----------- -------- -------- ------------ ------------ --------- --------- ------------ --------
U.S dollars in thousands
----------- --------------------------------------------------------------------------------------------
Balance at 1 January
2014 22,663,651 2,798 28,271 (1,416) (180) 26,082 55,555 (8) 55,547
Comprehensive income
-
Loss for the
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period (1,006) (1,006) 18 (988)
Currency
translation
differences (772) (772) (1) (773)
Remeasurement of
net
defined benefit
liability (135) (135) (135)
------------ --------- --------- ------------ --------
Total comprehensive
income (772) (1,141) (1,913) 17 (1,896)
Transaction with
owners:
Recognition of
compensation
related to
employee
stock and
options
grants 100 100 100
Dividend
($0.106 per
share) (997) (997) (997)
-------- --------- --------- --------
Total transaction with
owners 100 (997) (897) (897)
----------- -------- -------- ------------ ------------ --------- --------- ------------ --------
Balance at 31 December
2014 22,663,651 2,798 28,371 (2,188) (180) 23,944 52,745 9 52,754
=========== ======== ======== ============ ============ ========= ========= ============ ========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015
Six months Year ended
ended
June 30 December
31,
----------------------------
2015 2014 2014
------------------ -------- ---------------
(Unaudited) (Audited)
---------------------------- ---------------
U.S dollars in thousands
---------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from (used in)
operations (see note 5) 4,770 (3,700) (302)
Interest paid (570) (433) (816)
Interest received 58 41 162
Income tax paid (7) (842) (2,576)
------------------ -------- ---------------
Net cash generated from (used
in) operating activities 4,251 (4,934) (3,532)
------------------ -------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant
and equipment (898) (838) (2,581)
Purchase of intangible assets (253) (357) (653)
Investments grants received -,- -,- 332
Restricted deposit 245 (48) (266)
Proceeds from sale of property,
plant and equipment 75 29 57
Collection of long-term loan
to a related party -,- 40 40
------------------ -------- ---------------
Net cash used in investing activities (831) (1,174) (3,071)
------------------ -------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid to equity holders
of the Company -,- -,- (997)
Receipt of long-term borrowings 3,000 51 3,072
Payments of long term borrowings (4,451) (4,488) (9,016)
Increase (decrease) in bank
credit and short term
borrowing, net (1,252) 10,368 12,988
------------------ -------- ---------------
Net cash generated from (used
in) financing activities (2,703) 5,931 6,047
------------------ -------- ---------------
EXCHANGE RATE GAIN (LOSS) ON
CASH AND CASH EQUIVALENTS (355) 49 (255)
------------------ -------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 362 (128) (781)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 14,090 14,871 14,871
------------------ -------- ---------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD 14,452 14,743 14,090
================== ======== ===============
AMIAD WATER SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION
a. Amiad Water Systems Ltd. (hereafter -"the Company") and its
subsidiaries (together- the Group) is a producer and global
supplier of water filters and filtration systems used in the
industrial, municipal market and the irrigation market.
b. The Company was incorporated in Israel in June 1997. The
address of its registered office is Kibbutz Amiad, Israel.
The Company has traded on the Alternative Investment Market in
London (AIM), a part of the London Stock Exchange, since December
2005.
The principal shareholders of the Company, as of the report
release date, are Kibbutz Amiad (hereafter -The "Kibbutz"),
directly and through a Company controlled by the Kibbutz, A.M.S.I.
Investments Ltd. ("AMSI") which owns 45.49% of the Company's
outstanding shares.
The Kibbutz and AMSI are engaged in a shareholders agreement
with Kibbutz Beit Zera Cooperative Agricultural Society Ltd. and
two cooperatives held by Beit Zera (hereinafter - "Beit Zera")
which owns 4.5% of the Company's outstanding shares and with Bermad
Industries Cooperative Agricultural Society Ltd. (hereinafter -
"Bermad") which owns 8.99% of the Company's outstanding shares. The
agreement was signed upon Beit Zera and Bermad becoming
shareholders in the Company pursuant to the acquisition of Arkal
Filtration systems Cooperative Agricultural Society Ltd. Pursuant
to the shareholders agreement the parties thereto shall vote their
shares together at all meeting of the shareholder of the Company,
as shall be agreed among them or in the absence of an agreement as
shall be decided by the Kibbutz. In addition, the shareholder
agreement imposes on Beit Zera and Bermad certain limitations on
the transferability of shares of the Company they received pursuant
to the acquisition of Arkal Filtration systems Cooperative
Agricultural Society Ltd.
These group consolidated financial statements were authorized
for issue by board of directors on September 9, 2015.
AMIAD WATER SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 2 - BASIS OF PREPARATION
a. These condensed consolidated interim financial statements for
the six months ended 30 June 2015 have been prepared in accordance
with IAS 34, 'Interim financial reporting'. The condensed
consolidated interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 December 2014, which have been prepared in accordance with
IFRSs.
This condensed consolidated interim financial information is
reviewed and not audited.
b. Estimates -
The preparation of interim financial statements requires
management to exercise its judgment; it also requires the use of
accounting estimates and assumptions that affect the application of
the group's accounting policy and the amounts of reported assets,
liabilities, income and expenses. Actual results may differ from
those estimates.
In preparation of these condensed consolidated interim financial
statements, the significant judgments that were exercised by the
management in applying the group's accounting policy and the key
sources of estimation uncertainty were similar to those applied in
the consolidated annual financial statements for the year ended
December 31, 2014.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies and computation methods used in
preparing the interim financial information are consistent with
those used in preparing the 2014 annual financial statements,
except for the following:
NOTE 4 - REVENUES FROM SALES:
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