TIDMSIM
RNS Number : 1205C
SimiGon Limited
11 April 2017
11 April 2017
SimiGon Ltd
("SimiGon" or "the Company")
Audited Full Year Results
SimiGon Ltd (LSE: SIM), a global leader in providing simulation
and training solutions, is pleased to announce its audited full
year results for the year ended 31 December 2016.
Financial Highlights
-- Net profit of $0.36 million (2015: $1.78 million)
-- Revenues of $6.02 million (2015: $6.94 million)
-- Gross margin 69% (2015: 78%)
-- Basic and diluted EPS $0.01 (2015: $0.04)
-- Annual dividend declared of 0.136 cents per share
-- Share buy-back programme (subject to shareholder approval)
Operational Highlights
-- Continued success winning new business and expanding relationships in core markets:
o Military and aviation markets: Winning Notice from the Israeli
Air Force for $2 million contract;
o Non-military targeted vertical markets: five-and-a-half year
contract worth $7.9 million to deliver SIMbox based training
solutions to a leading provider of training solutions for the
civilian aviation industries in the Far East; Continuing to meet
project milestones for long term contract with Check-6, the
Company's first major contract outside the aerospace and defence
industry
-- Continue to establish and prove capability by successfully delivering on all contracts
-- Identified opportunities for expansion beyond core markets
into other domains such as crane operators, consumer drivers and
civil aviation
-- Ongoing transition to longer term, high visibility license contracts
-- Next generation SIMbox v.5.3 released in Sept 2016, bringing
more advanced capabilities to the training and simulation
industry
Mr. Ami Vizer, Chief Executive Officer of SimiGon, stated:
"SimiGon continues to cement its position as a prime contractor for
major long term simulation programmes, which is reflected by our
success in securing a number of significant new contracts during
the year. We also continued to deliver project milestones for long
term contracts, underpinning our strategic position as a technology
partner to our customers.
"Looking ahead, the transition to high value, long term
contracts is continuing and whilst this may impact revenue
performance in the short term, the expected improvement in long
term revenue and profit visibility provides a much stronger footing
for the Company. We are confident that the previously announced
contract delays will be concluded in the near future and the
associated revenue and profit is expected to be additional to
current expectations for the financial years 2017 and 2018.
"The Board looks to the future with optimism and is confident in
the Company's ability to deliver growth over the long term".
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive
Officer +1 (407) 951 5548
Efi Manea, Chief Financial
Officer
finnCap (NOMAD & Broker) +44 (0) 20 7220 0500
Henrik Persson/Scott Mathieson
(corporate finance)
Stephen Norcross (corporate
broking)
Alma PR (Public Relations)
Hilary Buchanan/Josh Royston/Helena
Bogle +44(0) 208 004 4217
Overview
While the Company's financial performance for year 2016 has been
affected by circumstances that were outside of its control the
underlying business remains profitable and continues to perform
well with new business won and growing recurring revenues from
existing strategic partners. The pipeline of new business in the
Company's core military, aviation and non-military verticals
remains strong and the Board is encouraged by new opportunities
identified in the mass application market.
For the year SimiGon recorded a net profit of $0.36 million
(2015: $1.78 million) and revenue of $6.02 million (2015: $6.94
million). The Company has concluded that it must recognize in FY
2016 certain costs of meeting additional client demands outside the
original scope of a major $6.7 million contract (as announced in
June 2013). In addition, the Company has also been disappointed
that procedural delays in concluding the signatory processes
underlying its contract with the Israeli Air Force (as announced on
20 June 2016) have not enabled it to recognize any related revenues
during the year. Research and development expenses increased from
$1.47 million in 2015 to $1.71 million in 2016 which reflects the
Company's commitment and focus on ongoing R&D to ensure future
success.
SimiGon is a technology and services provider for large
simulation training programs to governments and private sector
organizations. The Company's core end market is defense-related
industries as well as vertical markets such as civilian
applications for pilot training, maintenance training and soft
skills training. This core market remained robust during the year
with two major contracts awarded. The Company has also identified
new opportunities such as crane operators, consumer drivers and
civil aviation in the mass commercial and consumer application
market which the Board believes provides the Company with a huge
expanded market opportunity to pursue as a result of the
fundamental shift in training through experience rather than
through manuals.
The Board is confident that the fundamentals of the business
remain strong and our business in the past year has further
strengthened our position as a preferred supplier for simulation
and training technologies and solutions. The pipeline of business
is encouraging and this, combined with a growing market opportunity
and contracts scheduled to complete in the current financial year,
leaves the Board confident in the long term prospects of the
Company.
Operational Review
SimiGon undertakes to win and develop strategic,
simulation-based training programs. The Company's partners include
government and blue chip organizations as well as small
businesses.
SimiGon is altering the Modelling, Simulation & Training
world landscape with SIMbox technologies. The highly agile SIMbox
platform can be used to create simulation content of any type and
for any purpose. With the user friendly SIMbox Toolkit for
simulation content development, SimiGon is focused on enabling
non-programmers to rapidly create simulation content.
Markets
Core markets: military, aviation, targeted commercial
verticals
The Company's core end market is defence-related industries as
well as vertical markets such as civilian applications for pilot
training, maintenance training and soft skills training. These
targeted core markets share similar characteristics in that they
are highly regulated, require complex and specialised skill
training and have a zero margin for error. The Company has been
successful in broadening out its core offering from the military
application to tangential targeted verticals, including civil
aviation.
Every program the Company is involved at is a growth opportunity
in that specific market while also adding new capabilities that are
easily transferable to vertical markets, including civil aviation
training and industrial training and serves long term growth
potential. While SimiGon has a strong position as a technology
provider of choice for large military aviation training programs,
the Company is very excited about the many opportunities in its
core market. SimiGon's proven credentials in this market space as a
strategic supplier of training and simulation technologies pave the
way for a leading role in additional military flight training
programmes.
New mass consumer application market
The Company has been at the forefront of designing and providing
highly technical simulation and training solutions in markets to
increase learning efficiencies, reduce risk and save costs for its
clients, where there is absolutely no margin for error. The fact
that the Company has contracts with bodies such as the US Air Force
and the Israeli Air Force is testament to the quality of the
solutions that it provides.
The Company believes that, as a result and through its high
levels of IP and the experience gained over the last years, it is
well placed to benefit from a cultural shift in how training is
delivered in a diverse range of industries, solving a wide array of
problems that eventually reduce risk and save costs.
Where online video is so readily accessible, written instruction
manuals providing usability and functionality guides are fast
becoming obsolete. The trend towards 'learning by doing' simulation
is growing at pace with consumers demanding visual and interactive
problem solving.
SimiGon's technology positions it ideally to take advantage of
this trend and currently provides the end-users with the
compressive training environment solution needed. Whilst the
company's offering in this market is at a nascent stage, the Board
believes it has the potential to offer a significant new, highly
profitable revenue stream.
Business model:
SimiGon's strategy, in line with market requirements, is to
focus on long-term, high value, stable license contracts that
provide better revenue and profit visibility as a result of
distributing over the period in which they are provided rather than
on single lump sum license sales.
Growth Strategy
The Company's organic growth strategy is focused on winning new
strategic customers and growing engagement within the existing
customer base. SimiGon's ability to capture market share is due to
its ongoing participation in large scale simulation and training
projects. This strong track record enables the Company to increase
its strategic business scope and potential revenue streams. The
Company's strategy is to compete as a prime contractor when
feasible and as a subcontractor if the business analysis determines
a higher win probability as a subcontractor. When participating on
a team as a technology provider and services subcontractor, the
Company provides partners with significant added value as a
training technologies developer and solution provider.
SimiGon has been delivering on all of its major contracts during
2016 and it continues to increase its visibility in the market and
awareness of new opportunities as a prime contractor and strategic
partner. The Company leverages direct relationships with end users
and partners. As the business and sound reputation grow, SimiGon
will be better disposed to contend for larger contracts.
The Company is committed to R&D to ensure its products and
services remain at the forefront of the evolving training /
education landscape. A continuous rollout of new, innovative
solutions enables the Company to deepen its relationship with
existing clients and capture new customers.
Contracts overview:
Delivery of a major contract as prime contractor
In June 2013, The Company announced that it had signed a
contract valued at $6.7 million for a major training programme.
This was a milestone contract for SimiGon in terms of the
geographic region, the programme scope and the contract value.
Delivery under this contract has continued during 2016 although
on a slower timetable than expected as a result of the client
requesting SimiGon to provide a number of deliverables outside of
the original contract scope. As part of SimiGon's drive to support
all its clients, the Company has been prepared to agree to these
new demands and has been meeting the delivery milestones during
year 2016. The Company now expects to complete all system delivery
milestones and receive the requisite client confirmations within
the first half of year 2017.
Expansion into the civil aviation market
In May 2016, SimiGon signed an exclusive five-and-a-half-year
contract to deliver SIMbox based training solutions to a leading
provider of training solutions for the civilian aviation industries
in the Far East. Under the terms of the contract, SimiGon will be
paid $7.9 million to license its SIMbox software over the contract
period, with a minimum of $1.4 million per year starting this
year.
This contract is part of SimiGon's strategy to focus on
long-term, high value, stable license contracts that provide better
revenue and profit visibility rather than on single lump sum
license sales. In addition, this is another major contract outside
of the defence industry which further expands the Company's growth
strategy to diversify its product offering and increase its
addressable market. The contract underlines SimiGon's ability to
penetrate a much larger market and can be a stepping stone to
securing additional business in the civilian aviation industry
through similar opportunities.
New contract wins
SimiGon announced in June 2016 a Contract Winning Notice for a
$2 million contract from the Israeli Air Force ("IAF") to provide
advanced F-16 maintenance trainers to be delivered within a period
of 18 months once the expected contract is signed.
By adding a new solution for virtual maintenance training to its
product offering, SimiGon will be able to build upon its past
performance to succeed in a growing market of virtual training for
aircraft technicians. The same technology, training aids and
methodology of delivering advanced training for aircrew is now
leveraged for maintenance staff training, saving organizations
considerable time and money with a single training technology
backbone. This comprehensive solution is already being marketed
worldwide and will contribute to the Company's market share.
The contract deliverables include SimiGon's SIMbox enterprise
training system and interactive Simulation Based Training lessons
for F-16 maintenance technicians. The client-server system will
support 60 trainees annually. Each trainee will have a personal
workstation allowing them to learn avionics and front line
maintenance with the support of a Virtual Instructor (VI) for a
self-paced syllabus in a fully immersive, virtual environment. This
solution further demonstrates the flexibility and extensibility of
SIMbox as a suitable training solution for virtually any domain,
including maintenance. This agreement is the latest in a long line
of SimiGon contracts for providing its products and services to
leading military organizations worldwide. The Contract Winning
Notice underscores SimiGon's successful entry into the maintenance
training market and opens the door to compete for and win similar
opportunities in the future.
During year 2016 SimiGon has been awarded an additional contract
valued of $0.4 million from its strategic European aircraft
manufacturer customer, which mainly includes the delivery of
licenses as part of simulation based training of the client
installed at academic training centers.
Long term contracts
The Company has an increasing portfolio of long term
partnerships developing further business and provide revenue
visibility. Many of these partnerships are expected to continue
with additional contracts through 2017 and beyond.
SimiGon continues in its support for the UK Military Flying
Training System (UKMFTS) as a technology and services provider to
Lockheed Martin. The Company continues to deliver under this long
term contract, now in its seventh year of support, exceeding
partner and end user expectations of SimiGon's technologies and
performance.
Check-6 Inc., one of the leading providers of training solutions
to the energy and mining industries, is a textbook example of
SimiGon's ability to help companies achieve new growth. Throughout
this contract, SimiGon has successfully executed against its agreed
deliverables. This relationship continues to yield long term
business. The Company is optimistic that additional agreements will
be executed to extend this relationship.
The USAF maintenance and support contract awarded to SimiGon for
the SIMbox based T-6A Modular Training Devices SimiGon delivered as
part of a June 2011 contract demonstrates the long term nature of
the relationship with this strategic customer. SimiGon continues in
its efforts to support this customer and expand this
relationship.
SimiGon continues to support a major existing European customer
the Company has been supplying with software and services since
2009. The customer is operating SimiGon training solutions in four
different training centers daily and is receiving very positive
customer reviews. SimiGon is certain that this relationship will
continue and lead to additional future orders.
SimiGon's support for successful Unmanned Aerial Vehicle ("UAV")
training solutions for a leading provider in the small tactical
unmanned aircraft systems remains solid. Through SimiGon's
ecosystem, the SIMbox technology supports initial operator training
and advanced operational training at the schoolhouse. SimiGon
continues to leverage this success in the UAV market.
Annual dividend declaration
In light of the strong cash position and further to the
Company's previously declared intention to pay an annual dividend,
the Board intends to pay a dividend of 0.136 cents per share,
equating to approximately 19% of the Company's earnings per share
(2015: approximately 15%) and to approximately 19% of the Company's
net profit (2015: approximately 17.2%). The dividend will be
payable on Friday 26 May 2017. The record date for payment of the
dividend will be Friday 5 May 2017. The ex-dividend date will be
Thursday 4 May 2017.
In line with the Israeli tax ordinance and regulations, the
dividend payment will be subject to 25% withholding at source
unless reduced by a relevant tax treaty.
In this regard, shareholders, who have a tax withholding
exemption or reduced withholding tax rate from dividend payments
obtained from by Israeli Tax Authorities, should present and
deliver it to the Company, together with the contact details of
their stock broker, no later than the end of the business day on
Wednesday 3 May 2017.
Share buy-back programme
Given the significant liquid cash balance of $8.14 million and
subject to shareholder approval, the Board intends to put in place
an irrevocable, non-discretionary programme for the repurchase of
its ordinary shares up to a total value of $0.2 million. It is
intended that the repurchase programme will be independently
managed by finnCap Ltd, the Company's nominated adviser and broker,
which will make trading decisions independently and without the
influence of the Company. Any ordinary shares repurchased on behalf
of the Company will be held in treasury and will be notified to a
Regulatory Information Service in accordance with the AIM Rules for
Companies. The repurchase programme will last until full repurchase
of the Company's Ordinary Shares and will be conducted within
pre-set parameters and in accordance with the authority that will
be granted by the Company's shareholders to repurchase shares.
Further announcements in relation to the implementation of the
share buy-back programme and obtaining shareholder approval will be
made in due course.
Financial Performance
Revenue for the year ended 31 December 2016 was $6.02 million,
compared to $6.94 million in 2015. In terms of regional breakdown,
44% of SimiGon's revenues came from North America (2015: 56%), 19%
from Europe, Middle East, South America and Australia (2015: 27%)
and 37% from the Far East (2015: 17%).
Gross profit for the year ended 31 December 2016 was $4.1
million, as compared to $5.4 million for the year ended 31 December
2015. Accordingly, gross margins decreased to 69% for the year
ended 31 December 2016 as compared to 78% for the year ended 31
December 2015.
Net profit for the fiscal year of $0.36 million (2015: profit of
$1.78 million).
Total operating expenses for the year ended 31 December 2016
increased by 4% to $3.91 million as compared to $3.77 million for
the year ended 31 December 2015. Research and development expenses
for year ended 31 December 2016 increased by 16% to $1.71 million
as compared to $1.47 million for the year ended 31 December 2015,
mainly due to increase salary expenses. Marketing expenses for the
year ended 31 December 2016 decreased by 12% to $1.09 million as
compared to $1.25 million for the year ended 31 December 2015
mainly due salary expenses.
General and administration expenses for the year ended 31
December 2016 increased by 6% to $1.11 million as compared to $1.05
million the year ended 31 December 2015 mainly to the collection in
year 2015 of debts for which provisions for doubtful debts were
recorded in the prior period and provisions for doubtful debts
recorded in year 2016.
The Company has recorded a net income tax credit of $0.07
million for the year ended 31 December 2016 mainly as a result of
creating a deferred tax asset in relation to the expected
utilization of carry forward losses against expected income in
future years.
As a consequence of the factors above, operating profit for the
year ended 31 December 2016 amounted to $0.22 million, as compared
to $1.64 million for the year ended 31 December 2015. Net basic and
diluted earnings per share decreased to $0.01 for the year ended 31
December 2016 as compared to $0.04 for the year ended 31 December
2015.
As at 31 December 2016 the Company had liquid cash of $8.14
million as compared to $7.41 million as at 31 December 2015 and
trade receivables of $2.92 million compared to $3.72 million for
the year ended 31 December 2015. $1.01 million of the year end
trade receivables balance has been collected since the year
end.
Outlook
SimiGon continues to be profitable through focusing on its
strategic milestones and delivering against them. The Company's
goal of being a prime contractor and technology provider for major,
long term simulation training programmes is being achieved and the
Company continues to secure significant new contracts while
diversifying its end markets and reaching an ever increasing
audience.
The transition towards high value long term license contracts is
expected to continue. Though this may lead to lower revenue from
these contracts in the short term, it is expected to give SimiGon
much greater visibility over both revenue and profits in the long
term.
The Board of Directors is confident in its aim to successfully
deliver long term growth.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
-----------------
2016 2015
-------- -------
U.S. dollars in
thousands
-----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,221 5,545
Short-term bank deposit 1,005 -
Short-term investments 1,913 1,867
Trade receivables, net 2,919 3,715
Other accounts receivable and
prepaid expenses 61 59
Total current assets 11,119 11,186
-------- -------
NON-CURRENT ASSETS:
Restricted cash 374 374
Long-term prepaid expenses 39 12
Deferred tax 223 159
Property, plant and equipment 111 82
Goodwill and intangible asset 1,072 1,122
Total non-current assets 1,819 1,749
-------- -------
Total assets 12,938 12,935
======== =======
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
-----------------
2016 2015
-------- -------
U.S. dollars in
thousands
-----------------
EQUITY AND LIABILITIES
CURRENT LIABILITIES:
Trade payables 98 123
Deferred revenues 558 574
Other accounts payable and
accrued expenses 684 875
-------- -------
Total current liabilities 1,340 1,572
-------- -------
NON-CURRENT LIABILITIES:
Long-term deferred revenues 38 -
Employee benefit liabilities 222 192
Other non-current liabilities 732 722
Total non-current liabilities 992 914
-------- -------
Total liabilities 2,332 2,486
-------- -------
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY:
Share capital 125 124
Additional paid-in capital 16,629 16,526
Accumulated deficit (6,144) (6,201)
-------- -------
Total equity attributable to
equity holders of the Company 10,610 10,449
-------- -------
Non-controlling interests (4) -
Total equity 10,606 10,449
-------- -------
Total liabilities and equity 12,938 12,935
======== =======
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
December 31,
-----------------------------
2016 2015 2014
--------- -------- --------
U.S. dollars in thousands
(except share and per
share amounts)
-----------------------------
Revenues 6,018 6,935 8,316
Cost of revenues 1,882 1,534 1,989
--------- -------- --------
Gross profit 4,136 5,401 6,327
--------- -------- --------
Operating expenses:
Research and development 1,714 1,472 2,381
Selling and marketing 1,092 1,245 1,458
General and administrative 1,107 1,048 1,181
--------- -------- --------
Total operating expenses 3,913 3,765 5,020
--------- -------- --------
Operating profit 223 1,636 1,307
Finance income 172 74 178
Finance expenses 103 82 127
--------- -------- --------
Income before income taxes 292 1,628 1,358
Income tax benefit 69 154 -
--------- -------- --------
Net income 361 1,782 1,358
========= ======== ========
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
December 31,
-----------------------------
2016 2015 2014
--------- -------- --------
U.S. dollars in thousands
(except share and per
share amounts)
-----------------------------
Net income 361 1,782 1,358
--------- -------- --------
Other comprehensive income
not to be reclassified
to profit or loss in subsequent
periods:
Remeasurement gain (loss)
from defined benefit plan (2) 4 6
--------- -------- --------
Total comprehensive income 359 1,786 1,364
========= ======== ========
Net income (loss) attributable
to:
Equity holders of the
Company 365 1,782 1,358
Non-controlling interests (4) - -
--------- -------- --------
361 1,782 1,358
========= ======== ========
Total comprehensive income
(loss) attributable to:
Equity holders of the
Company 363 1,786 1,364
Non-controlling interests (4) - -
--------- -------- --------
359 1,786 1,364
========= ======== ========
Net basic and diluted
earnings per share attributable
to equity holders of the
Company in U.S. dollars 0.01 0.04 0.03
========= ======== ========
Weighted average number
of shares used in computing
basic earnings per share
(in thousands) 51,097 50,683 48,854
========= ======== ========
Weighted average number
of shares used in computing
diluted earnings per share
(in thousands) 51,319 50,818 49,085
========= ======== ========
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders
of the Company
-----------------------------------------------------
Additional Non-controlling
Number Share paid-in Accumulated interest Total
of shares capital capital deficit Total equity
---------- -------- ---------- ----------- ------ --------------- -------
U .S. dollars in thousands (except share
amounts)
-------------------------------------------------------------------------------
Balance as of
December 31,
2013 47,292,706 113 16,248 (8,782) 7,579 - 7,579
Total comprehensive
income - - - 1,364 1,364 - 1,364
Dividend distribution - - - (269) (269) - (269)
Share-based
compensation - - 90 - 90 - 90
Exercise of
stock options 2,786,984 8 12 - 20 - 20
-
Balance as of
December 31,
2014 50,079,690 121 16,350 (7,687) 8,784 8,784
Total comprehensive
income 1,786 1,786 - 1,786
---------- -------- ---------- ----------- ------ --------------- -------
Dividend distribution - - - (300) (300) - (300)
Share-based
compensation - - 65 - 65 - 65
Share issuance 285,000 1 107 - 108 - 108
Exercise of
stock options 628,464 2 4 - 6 - 6
---------- -------- ---------- ----------- ------ --------------- -------
Balance as of
December 31,
2015 50,993,154 124 16,526 (6,201) 10,449 - 10,449
Total comprehensive
income - - - 363 363 (4) 359
---------- -------- ---------- ----------- ------ --------------- -------
Dividend distribution - - - (306) (306) - (306)
Share-based
compensation - - 65 - 65 - 65
*)
Share issuance 100,000 - 38 - 38 - 38
Exercise of
stock options 301,035 1 - - 1 - 1
---------- -------- ---------- ----------- ------ --------------- -------
Balance as of
December 31,
2016 51,394,189 125 16,629 (6,144) 10,610 (4) 10,606
========== ======== ========== =========== ====== =============== =======
*) Represents an amount lower than $ 1 thousand.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
December 31,
-----------------------------
2016 2015 2014
-------- ---------- -------
U.S. dollars in thousands
-----------------------------
Cash flows from operating
activities:
Net income 361 1,782 1,358
-------- ---------- -------
Adjustments to reconcile net
income to net cash provided
by (used in) operating activities:
Adjustments to the profit
or loss items:
Depreciation and amortization 87 88 101
Deferred tax (64) (159) -
Finance income, net (71) (34) (9)
Share-based compensation 65 65 90
Change in employee benefit
liabilities, net 28 19 6
Changes in asset and liability
items:
Decrease (increase) in trade
receivables 796 (3,209) (257)
Decrease in other accounts
receivable and prepaid expenses
(including long-term) 18 11 28
Increase (decrease) in trade
payables (25) (30) 10
Increase (decrease) in deferred
revenues 22 (351) (293)
Increase (decrease) in other
accounts payable and accrued
expenses (167) 99 53
-------- ---------- -------
689 (3,501) (271)
-------- ---------- -------
Net cash provided by (used
in) operating activities 1,050 (1,719) 1,087
-------- ---------- -------
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
December 31,
-----------------------------
2016 2015 2014
---------- ------ ---------
U.S. dollars in thousands
-----------------------------
Cash flows from investing
activities:
Decrease (increase) in short-term
investments - 1,086 (2,943)
Decrease in restricted cash - - 30
Decrease (increase) in short-term
bank deposits (1,001) - 511
Increase in long-term deposits (26) (2) -
Purchase of fixed assets (66) (16) (39)
Net cash provided by (used
in) investing activities (1,093) 1,068 (2,441)
---------- ------ ---------
Cash flows from financing
activities:
Proceeds from share issuance *) - 1 -
Exercise of stock options - 5 13
Dividend distribution (306) (300) (269)
Repayment of refundable grants 25 - -
Net cash used in financing
activities (281) (294) (256)
---------- ------ ---------
Decrease in cash and cash
equivalents (324) (945) (1,610)
Cash and cash equivalents
at beginning of year 5,545 6,490 8,100
---------- ------ ---------
Cash and cash equivalents
at end of year 5,221 5,545 6,490
========== ====== =========
(a) Supplemental disclosure
of non-cash financing activities:
Receivable in respect of
issuance of shares 1 2 7
===
Issuance of shares in respect
of 2014 annual bonus to
directors and employees 38 107 -
===
*) Represents an amount lower than $ 1 thousand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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