TIDMAFS
RNS Number : 9076P
Amiad Water Systems Ltd
06 September 2017
6 September 2017
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 2017.
Financial Summary
-- Revenue increased 6.2% to $55.7m (H1 2016: $52.4m)
-- Gross margin improved to 39.6% (H1 2016: 39.2%)
-- Operating profit increased 51.0% to $2.8m (H1 2016: $1.9m)
-- Profit before tax increased 93.9% to $3.2m (H1 2016: $1.7m)
-- Fully diluted earnings per share of $0.098 (H1 2016: $0.049)
-- Net debt at 30 June 2017 was $8.1m (31 December 2016: $8.8m)
-- Cash and cash equivalents at 30 June 2017 were $15.7m (31 December 2016: $16.1m)
Operational Summary
-- Growth in sales reflecting progress across all core segments
-- Irrigation segment sales, which accounted for 57.8% of total
revenue, increased in all but one territory
-- Increased sales in the Industrial segment in China, India and
Israel offset weakness elsewhere resulting in overall growth in the
segment
-- Sales in the Municipal segment were 33.6% higher than H1
2016, primarily due to a significant increase in the US
-- Oil & Gas segment sales grew 13.4% due to growth in Australia and also the US
-- Completed in-house metal fabrication facility, which is now
fully operational, that will enable increased efficiency and
quality
Strategic Plan
-- Review completed by new CEO
-- Clear roadmap to grow revenues to $150m by 2022 with continued focus on profitability
-- Primary focus on Irrigation segment and North America -
offers a significant opportunity across all segments
-- Ballast Water segment offering will be enhanced over the next
six months to target this potentially significant market, however
if progress cannot be delivered over this period then resources
will be refocused elsewhere
Dori Ivzori, Chief Executive Officer of Amiad, said: "I am
pleased to report this set of results that represents an inflection
point for Amiad. We achieved sales growth across all of our core
segments and saw a substantial increase in profitability thanks to
the foundations that we laid last year and continued tight cost
control. At the same time, we completed our in-house metal
fabrication facility, which is now fully operational and will
contribute to improved efficiency in the second half of the year
and beyond.
"Looking ahead, we entered the second half of 2017 with a higher
backlog than at the same time last year and are receiving
increasing customer interest in our products. While we expect to be
negatively impacted in the second half from the weakness of the US
Dollar against the New Israeli Shekel, there is sufficient demand
in the business to compensate for this and, consequently, we
anticipate reporting full year growth for 2017 in line with market
expectations. As a result, the Board looks to the future with
confidence and to delivering shareholder value."
Enquiries
Amiad Water Systems Ltd.
-------------------------------- -----------------
Dori Ivzori, Chief Executive
Officer
Irit Ben-Dov, 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 +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
nine 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
In the first half of 2017, the Company achieved growth in all of
its core segments and in most geographies except the US, Singapore,
Europe and Brazil due to weakness in the Industrial segment in
those territories. As a result, total revenue increased 6.2%
year-on-year. However, thanks to progress made in 2016 in adjusting
the cost structure, maintaining control over expenses and
benefiting from its foreign exchange hedging over the period, the
Company achieved 93.9% growth in profit before tax. The Company
also completed its in-house metal fabrication facility, which is
now fully operational and will contribute to improved efficiency
during the second half of 2017 onwards. Amiad continued to invest
in R&D in line with its policy and is developing new products,
particularly for the Irrigation segment, that are to be launched
from 2018, that form part of the Company's strategic plan as
described below.
Segment Performance
The Irrigation and Industrial segments generated $32.2m and
$17.8m respectively during the period (H1 2016: $30.3m and $17.5m),
accounting for 57.8% and 31.9% of the Company's revenue (H1 2016:
57.9% and 33.4%). The growth in the Irrigation segment was across
all geographies, except India. In the Industrial segment, an
increase in sales in China, India and Israel offset weakness
elsewhere resulting in slight growth overall.
The Municipal segment sales were $3.7m (accounting for 6.7% of
H1 2017 total revenue), compared with $2.8m in H1 2016, with the
increase due to growth in the US. Revenue in the Oil & Gas
segment was $2.0m, or 3.5% of total sales, compared with $1.7m
(3.3% of total revenue) in H1 2016 with the growth due to an
increase in sales in Australia but also the US. The Ballast Water
segment continued to experience difficult trading conditions with
revenues of $0.01m (H1 2016: $0.03m).
Global Activity
US
In the US, the Company took a strategic decision to restructure
the Industrial segment sales team and channel partner network to
support targeted growth in 2018 and beyond. As a result of this
reorganisation, sales in this segment were significantly lower
during the period compared with the prior year. However, this was
partly offset by growth in revenues in the other segments,
particularly in the Municipal segment where a few medium-sized
projects were delivered in the first half of 2017. Consequently,
total revenues amounted to $11.3m compared with $11.8m in H1
2016.
EMEA
Revenues in EMEA grew by 9.7% in aggregate over H1 2016, which
was due to weakness in Europe being offset primarily by an increase
in Israel but also Turkey.
The growth in Israel was principally across the Irrigation and
Industrial segments as well generating sales in the Municipal
segment.
In Europe, sales in the Irrigation segment continued to increase
slightly as the sales office established in the region continued to
build on the success of the prior year, and the Municipal segment
also experienced growth, however this was offset by sustained
weakness in the Industrial and Oil & Gas segments in this
region.
As previously announced, during the period the Company was
notified about issues with the certification used by its French
subsidiary company (the "Subsidiary") to confirm compliance of
certain products ("Products"), sold by the Subsidiary, with the
French Attestation de Conformité Sanitaire ("ACS") standard.
Following an initial investigation, the Company put in place new
management oversight of its French and European operations, and
appointed Amiad's VP Operations & COO as interim President of
the Subsidiary. In addition, application for the requisite ACS
certification for the relevant Products was submitted and the
Company is pleased to report that it has received the first of the
two certificates. Amiad continues to work with its customers to
minimise the disruption to ongoing projects.
Asia
Sales in China and India grew by 22.1% and 15.3% respectively
over the same period of last year, primarily due to an increase in
the Industrial segment. In China, the strengthening economy
resulted in an increase in investment, especially in the steel
industry that has traditionally been the strongest sector for Amiad
in China. In India, the Company won a number of large Municipal and
Industrial projects that it commenced supplying during the first
half of 2017.
However, on aggregate, sales in Asia decreased due to a
significant reduction in revenues in Singapore as a result of a
slight delay in a few major projects that Amiad now expects to
complete in the second half of the year.
Australia
In Australia, revenues were 13.5% higher than the comparable
period of the prior year. This was primarily due to growth in the
Oil & Gas segment. The Irrigation segment also continued to
perform well, with sales remaining level with the prior year, while
the Industrial and Municipal segments declined slightly.
The above analysis shows the Company's sales by business
unit.
Financial Review
Revenue for the six months ended 30 June 2017 increased by 6.2%
to $55.7m compared with $52.4m for H1 2016. As stated above, the
growth was due to improvement across the Company's segments
(excluding Ballast Water), although there was variation within the
different geographies.
Gross margin was 39.6% (H1 2016: 39.2%). The slight improvement
was due to continued tight cost control and gains from operational
efficiencies. However, spending on R&D increased as Amiad
invested in sustaining its product innovation to support future
sales. In the second half of 2017, the Company expects further
improvement as Amiad begins to recognise the full benefits from the
construction of its new metal fabrication facility, but this will
be offset by the negative impact of the foreign currency exchange
rate of the US Dollar against the New Israeli Shekel as described
below. In H1 2017, hedging generated income of $700,000 to offset
the $1.0m loss at the operating level compared with the equivalent
period of the previous year.
Operating profit increased by 51.0% to $2.8m (H1 2016: $1.9m)
and profit before tax increased by 93.9% to $3.2m compared with
$1.7m for the same period of the prior year. Fully diluted earnings
per share were $0.098 compared with $0.049 in H1 2016.
Foreign currency exchange movements - primarily the US Dollar
against the New Israeli Shekel - had a negative impact on the
Company's reported operating profit, but this did not affect the
reported profit before tax due to the net finance income, primarily
as a result of hedging arrangements. However, the Company does not
have the same level of hedging arrangements in place for the second
half of 2017 and so anticipates foreign currency movements to have
a negative impact of approximately $1.5m on full year reported
profit on a constant currency basis compared with full year
2016.
Further to the announcement of 12 July 2017, the Company expects
to incur exceptional legal and other costs related to the
certification issue in France of approximately $0.4m for full year
2017. Based on currently available information, the Company does
not anticipate there to be a material impact on the Company's
results for the 2017 financial year in relation to this matter.
As at 30 June 2017, cash and cash equivalents were $15.7m (31
December 2016: $16.1m). Net debt at 30 June 2017 was $8.1m (31
December 2017: $8.8m), however the Company expects a slight
increase by year-end due to the negative affect of the currency
exchange and the need to support R&D and other investment
associated with the strategic plan.
Strategic Plan
Following the appointment of Dori Ivzori as CEO in Q4 2016,
Amiad has been conducting an internal review to assess the position
of the Company and determine the strategy for growth going forward.
That process is now concluded.
The strategic aim of the Company is to be a profitable, growing
business generating at least $150m in annual revenue within the
next five years - which the Company would expect to achieve both
through organic growth as well as complementary acquisitions. To
achieve this, the Company has three strategic areas of focus:
-- Irrigation segment: Amiad will strengthen its position in
this core segment through internal development and potentially by
acquisition to ensure it has the right products and channels to
market. The Company intends to launch new products targeting this
market from 2018.
-- North America: The Company will invest in all segments,
including Irrigation, in the appropriate regions, and develop its
offering to target new sectors within its segments. Amiad believes
the North America region represents a substantial market
opportunity for its products, and will offer a stronger and faster
return on its investment than other geographies.
-- Ballast water segment: Over the next six months, Amiad will
focus on enhancing its offer to this market - which represents a
significant opportunity - and gain the requisite certifications and
partner approvals. If these targets have not been met within this
time period, the Company will refocus these resources on other
markets.
The Company will continue to be active in the non-Irrigation
segments, but will concentrate on fewer sectors and territories
within its segments to focus its efforts on areas where it can be
most successful. However, Amiad will continue to service its
customers in the traditional areas, including in markets that it
does not expect to invest actively in growing.
In addition, Amiad will continue to focus on reorganising the
business to improve the cost structure, efficiency, its customer
support and engineering capability.
Outlook
During the first half of 2017, Amiad received a greater number
of orders than during H1 2016 and entered the second half of 2017
with a higher value of backlog than at the same time of the prior
year. With Amiad receiving increased customer interest as segments
within many geographies experience a return to investment, the
momentum of the first half has been sustained into the second half.
While the Company expects to be negatively impacted in the second
half from the weakness of the US Dollar against the New Israeli
Shekel, with a reduced hedging offset, there is sufficient demand
in the business to compensate for this and, consequently, Amiad
anticipates reporting full year growth for 2017 in line with market
expectations.
Looking further ahead, with the improvement in its core markets
and with its new strategic plan in place, the Company is confident
of achieving sustained growth and delivering shareholder value over
the medium to long term.
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2017
June 30 December
31,
-----------------
2017 2016 2016
-------- ------- -----------
(Unaudited) (Audited)
----------------- -----------
U.S. dollars in thousands
------------------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 15,674 16,201 16,091
Financial assets at fair
value through
profit or loss 452 220 85
Trade and other receivables:
Trade 37,909 37,839 33,939
Other 5,145 4,167 4,331
======== ======== ========
Current income tax assets 446 165 417
Inventories 25,941 25,381 24,938
-------- -------- --------
T o t a l Current Assets 85,567 83,973 79,801
-------- -------- --------
NON-CURRENT ASSETS:
Investment in joint venture 10 10 10
Severance pay fund, net 396 93 361
Long-term receivables 60 47 59
Property, plant and equipment 11,065 10,354 10,783
Intangible assets 14,034 15,226 14,532
Deferred income tax assets 2,493 2,319 2,222
======== ======== --------
T o t a l Non Current Assets 28,058 28,049 27,967
-------- -------- --------
T o t a l Assets 113,625 112,022 107,768
======== ======== ========
Eli Opper Dori Ivzori Irit Ben-Dov
Chairman of the CEO and Director Chief Finance
Board Officer
Date of approval of the interim financial information by the
Company's Board of Directors: September 5, 2017
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2017
June 30 December
31,
-----------------
2017 2016 2016
-------- ------- -----------
(Unaudited) (Audited)
----------------- -----------
U.S. dollars in thousands
------------------------------
Liabilities and equity
CURRENT LIABILITIES:
Bank credit and current maturities
of
borrowings from banks 11,314 10,438 11,253
Financial liabilities at
fair value through profit
or
loss - derivatives 104 115 66
Trade and other payable:
Trade 16,138 15,191 13,854
Other 12,856 10,602 10,278
Liability to the CEO of a
subsidiary -,- 1,306 -,-
Current income tax liability 675 772 816
-------- --------- ---------
T o t a l Current Liabilities 41,087 38,424 36,267
-------- --------- ---------
NON-CURRENT LIABILITIES:
Borrowings from banks
(net of current maturities) 12,432 16,207 13,596
Liability to the CEO of a
subsidiary -,- 1,508 -,-
Deferred income tax liabilities 6 -,- 6
Accrued severance pay, net 409 380 369
-------- --------- ---------
T o t a l Non Current Liabilities 12,847 18,095 13,971
-------- --------- ---------
T o t a l Liabilities 53,934 56,519 50,238
======== ========= =========
EQUITY:
Capital and reserves attributable
to
equity holders of the Company:
Share capital 2,798 2,798 2,798
Capital reserves 28,531 28,483 28,520
Transaction with non-controlling
interest (259) (180) (259)
Currency translation reverse (5,539) (4,224) (6,288)
Retained earnings 31,358 28,465 29,857
-------- --------- ---------
56,889 55,342 54,628
Non-controlling interests 2,802 161 2,902
-------- --------- ---------
Total Equity 59,691 55,503 57,530
-------- --------- ---------
Total Liabilities and Equity 113,625 112,022 107,768
======== ========= =========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIODED JUNE 30, 2017
Six months
ended Year ended
December
June 30 31,
-----------------------------------
2017 2016 2016
------------------------- -------- -----------
(Unaudited) (Audited)
----------------------------------- -----------
U.S dollars in thousands
except per share data
------------------------------------------------
Revenue 55,670 52,409 105,590
Cost of sales 33,627 31,876 64,077
------------------------- -------- --------------
Gross Profit 22,043 20,533 41,513
Research and development, net 1,795 1,680 3,402
Selling and marketing costs 12,698 12,237 24,423
Administrative and general expenses 4,791 4,794 9,953
Other gains (losses) 34 28 (34)
------------------------- -------- --------------
Operating Profit 2,793 1,850 3,701
------------------------- -------- --------------
Finance income 1,100 698 1,009
Finance costs (656) (879) (1,622)
------------------------- -------- --------------
Finance income (costs), net 444 (181) (613)
------------------------- -------- --------------
Profit (loss) before income
taxes 3,237 1,669 3,088
Income tax expense 725 449 677
------------------------- -------- --------------
Profit for the period 2,512 1,220 2,411
========================= ======== ==============
Other comprehensive income (loss)-
Items that will not be reclassified
to profit or loss:
Re-measurements of post-employment
benefit obligations -,- -,- 260
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences 769 (81) (2,147)
------------------------- -------- --------------
Other comprehensive income (loss)
for the period 769 (81) (1,887)
------------------------- -------- --------------
Total comprehensive income for
the period 3,281 1,139 524
========================= ======== ==============
Profit attributable to:
Equity holders of the Company 2,226 1,210 2,342
Non-controlling interests 286 10 69
------------------------- -------- --------------
2,512 1,220 2,411
========================= ======== ==============
Total comprehensive income attributable
to:
Equity holders of the Company 2,975 1,131 459
Non-controlling interest 306 8 65
------------------------- -------- --------------
3,281 1,139 524
========================= ======== ==============
U.S dollars
------------------------------------------------
Earnings (loss) per share attributable
to the equity
holders of the company during
the period:
Basic 0.098 0.053 0.103
========================= ======== ===========
Diluted 0.098 0.049 0.095
========================= ======== ===========
(Continued) - 1
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODED JUNE 30, 2017
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,
2017 (audited) 22,663,651 2,798 28,520 (6,288) (259) 29,857 54,628 2,902 57,530
CHANGES DURING THE SIX
MONTHED
JUNE 30, 2017
(unaudited):
Comprehensive income
-
Profit for the
period 2,226 2,226 286 2,512
Currency
translation
differences 749 749 20 769
---------------- -------- -------------- ------------ --------
Total comprehensive
income 749 2,226 2,975 306 3,281
Transaction with
owners:
Recognition of
compensation
related employee
stock
and option
grants 11 11 11
Dividend to a
non-controlling
interest (406) (406)
Dividend ($0.032
per
share) (725) (725) (725)
------------ -------- -------------- ------------ --------
Total transactions
with
owners 11 (725) (714) (406) (1,120)
----------- -------- ------------ ---------------- --------- -------- -------------- ------------ --------
BALANCE AT JUNE 30,
2017 (unaudited) 22,663,651 2,798 28,531 (5,539) (259) 31,358 56,889 2,802 59,691
=========== ======== ============ ================ ========= ======== ============== ============ ========
BALANCE AT JANUARY 1,
2016 (audited) 22,663,651 2,798 28,437 (4,145) (180) 28,773 55,683 153 55,836
CHANGES DURING THE SIX
MONTHED
JUNE 30, 2016
(unaudited):
Comprehensive income
-
Profit for the
period 1,210 1,210 10 1,220
Currency
translation
differences (79) (79) (2) (81)
---------------- -------- -------------- ------------ --------
Total comprehensive
income (79) 1,210 1,131 8 1,139
Transaction with
owners:
Recognition of
compensation
related employee
stock
and option
grants 46 46 46
Dividend ($0.067
per
share) (1,518) (1,518) (1,518)
------------ -------- -------------- --------
Total transactions
with
owners 46 (1,518) (1,472) (1,472)
----------- -------- ------------ ---------------- --------- -------- -------------- ------------ --------
BALANCE AT JUNE 30,
2016 (unaudited) 22,663,651 2,798 28,483 (4,224) (180) 28,465 55,342 161 55,503
=========== ======== ============ ================ ========= ======== ============== ============ ========
(Concluded) - 2
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODED JUNE 30, 2017
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
2016 22,663,651 2,798 28,437 (4,145) (180) 28,773 55,683 153 55,836
Comprehensive income
-
Loss for the period 2,342 2,342 69 2,411
Currency translation
differences (2,143) (2,143) (4) (2,147)
Remeasurement of net
defined benefit
liability 260 260 260
------------ --------- -------- ------------ --------
Total comprehensive
income (2,143) 2,602 459 65 524
Transaction with owners:
Transaction with
non-controlling
interests (79) (79) 2,684 2,605
Recognition of
compensation
related to
employee
stock and
options
grants 83 83 83
Dividend ($0.067
per
share) (1,518) (1,518) (1,518)
----------- -------- -------- ------------ ------------ --------- -------- ------------ --------
Total transaction with
owners 83 (79) (1,518) (1,514) 2,684 1,170
----------- -------- -------- ------------ ------------ --------- -------- ------------ --------
Balance at 31 December
2016 22,663,651 2,798 28,520 (6,288) (259) 29,857 54,628 2,902 57,530
=========== ======== ======== ============ ============ ========= ======== ============ ========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIODED JUNE 30, 2017
Six months Year ended
ended
June 30 December
31,
----------------------------
2017 2016 2016
------------------ -------- ---------------
(Unaudited) (Audited)
---------------------------- ---------------
U.S dollars in thousands
---------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations
(see note 5) 3,590 556 6,166
Interest paid (365) (374) (764)
Interest received 102 24 124
Income tax received (paid) (557) 114 (635)
------------------ -------- ---------------
Net cash generated from operating
activities 2,770 320 4,891
------------------ -------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant
and equipment (1,426) (856) (2,564)
Purchase of intangible assets (68) (113) (225)
Investments grants received 89 125 127
Restricted deposit (144) 392 465
Proceeds from sale of property,
plant and equipment 18 4 38
------------------ -------- ---------------
Net cash used in investing activities (1,531) (448) (2,159)
------------------ -------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Receipt of long-term borrowings 2,015 9,014 9,014
Dividends paid to equity holders
of the Company (725) (1,518) (1,518)
Dividends paid to minority interests (406) -,- -,-
Payments of long term borrowings (3,421) (6,977) (11,394)
Increase (decrease) in bank
credit and short term
borrowing, net 305 (1,246) 1,370
------------------ -------- ---------------
Net cash generated used in financing
activities (2,232) (727) (2,528)
------------------ -------- ---------------
EXCHANGE RATE GAIN (LOSS) ON
CASH AND CASH EQUIVALENTS 576 38 (1,131)
------------------ -------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (417) (817) (927)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 16,091 17,018 17,018
------------------ -------- ---------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD 15,674 16,201 16,091
================== ======== ===============
CASH FLOWS FROM OPERTIONS:
APPENDIX A:
Six months Year ended
ended
June 30 December
31,
---------------------
2017 2016 2016
---------- --------- -------------
(Unaudited) (Audited)
--------------------- -------------
U.S. dollars in thousands
------------------------------------
Profit for the period 2,512 1,220 2,411
(a) Adjustments to reconcile
net income to net cash
generated from operating activities:
Depreciation and amortization 1,658 1,694 3,431
Interest paid 365 374 764
Interest received (102) (24) (124)
Income taxes paid (received),
net 557 (114) 635
Share based payment, net 11 46 83
Distribution of profits to
a CEO of a subsidiary -,- (114) (371)
Changes in liability to the
CEO of a subsidiary -,- 53 151
Increase in deferred income
taxes, net (213) (874) (814)
Accrued severance pay, net (13) 56 65
Exchange rate differences on
borrowings (183) (102) 91
Loss (profit) from sale of
property, plant and equipment (16) 5 19
Increase in assets at fair
value
through profit or loss (329) (171) (85)
---------- --------- -----------
1,735 829 3,845
Changes in working capital:
Decrease (increase) in accounts
receivable:
Trade (3,351) (1,782) 878
Other (532) 223 (491)
Decrease (increase) in long-term
receivable 2 (3) (18)
Increase (Decrease) in accounts
payable:
Trade 1,617 (379) (980)
Other 2,263 1,077 1,127
Increase in inventories (656) (629) (606)
---------- --------- -----------
(657) (1,493) (90)
---------- --------- -----------
Cash generated from operations 3,590 556 6,166
========== ========= ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFETAEIEIID
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September 06, 2017 02:00 ET (06:00 GMT)
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