TIDMVSC
Embargoed until 7:00 AM, Tuesday, August 25, 2009
Visonic
Interim Results
Visonic Limited (LSE: VSC.L; TASE: VSC.TA) ("Visonic" or "the Group"), the
international developer and manufacturer of electronic security systems
(alarms) and home management systems, is pleased to announce its Interim
Results for the six month period ended 30 June 2009.
Key Points
Sales of $42.7m (H1 2008: $44.6m)
44% increase in operating profit to $4.7m* (H1 2008: $3.3m)
33% increase in profit before tax to $5.7m* (H1 2008: $4.3m)
26% increase in net profit to $5.2m* (H1 2008 $4.2m)
Strong cash flow from operation $7.5m (H1 2008 $1.6m)
80% Increase in net financial assets to $12.6m (31 December 2008 $7m)
* This includes a non-recurring tax rebate of $1.2m.
Visonic's Chairman, Yaacov Kotlicki, commented:
"Given the world-wide economic crisis and recession, we are pleased to report
resilient results for the first half of this year. Though we experienced a
minor decrease in sales in comparison with the corresponding period last year,
the Group's operating profit in the first half of 2009 has increased by 44% to
$4.7m. In particular, we are proud of our strong improved balance sheet while
net financial assets increased from $7m in December 2008 to $12.6m at 30 June
2009. This improved performance was achieved mainly as a result of a variety of
efficiency improvement measures taken by management while continuing to focus
on R&D and Sales and Marketing programs."
Chairman's & CEO's Statement
Results Overview
Although the Group's sales in the first six months of the year amounted to
$42.7m, a 4.3% decrease from the corresponding period in 2008 ($44.6m), the
Group's operating profit, profit before taxes and net profit increased, as
stated above. The decrease in sales is due, amongst other reasons, to the
economic global slow down and the weakness of the Euro and British Pound which
reduced the value of sales in US Dollar terms.
It is estimated that future sales will benefit from the recent launch of new
products, amongst others, the Outdoor Detector and the PowerMax Express. The
latter is a mass market product aimed at customers that want basic alarm
features, high quality and advanced communication technologies.
The major geographical territories in which Visonic products are sold, show the
following changes:
UK up 1%;
Mainland Europe down 4% (sales increased in Scandinavia and France, but
decreased in most other countries);
Israel down 9%;
North America down 16%.
Measures to increase efficiency, strict budgetary control processes implemented
by management and the depreciation of the NIS against the US Dollar have
increased gross profit margin to 44.5% (H1 2008: 43.5%). This and the
non-recurring tax rebate of $1 million (see below) has reduced operational
costs to $14.3m (H1 2008 $16.1m). Consequently, operational profit increased by
43.7% to $4.7m (H1 2008 $3.3m) even though the weakness of the Euro and
Sterling has had a detrimental effect on profit margins.
In order to secure the Group's future and consolidate its market leading
position, the aforementioned measures have not included redundancies of R&D,
sales or marketing personnel, and the Group has maintained all related
activities at similar levels to previous years. This was achieved due to the
company's strong balance sheet and financial status.
Since January 2009, engineering costs have been presented as part of R&D
instead of being part of COGS as in previous reports. In this report, the
results for H1-2008 and annual figures have been reclassified, accordingly.
During June 2009, the Company recorded in "Other accounts receivable" a sum of
$ 1.2m in respect of a tax rebate receivable from the Israeli Tax Authority.
The rebate receivable refers to overpaid indirect taxes in previous years,
$1.0m were recorded as "other income" and a sum $ 0.2m was recorded as
"financial income".
Net financial income amounted to $0.9m - the same level as in the corresponding
period last year.
Profit before tax increased by 33% to $5.7m in comparison with the
corresponding period in 2008 ($4.3m).
Tax liability in Israel is calculated on the NIS denominated accounts with
reference to Israeli tax law and accounting principles, rather than on the US
Dollar accounts prepared under IFRS. The Company benefited from a favorable tax
regime in Israel and the total tax expense was $0.5m on global earnings.
Net profit increased from $4.2m to $5.2m and earnings per share increased from
10 cents to 12.5 cents.
The balance sheet remains strong with $21.1m of financial assets ($17.1m cash
and cash equivalents and $4m other short and long term financial assets).
Credit from banks and bank loans remained unchanged at $8.5m, therefore, net
financial assets increased from $7m at the beginning of the year to $12.6m.
Equity represented 67% of the balance sheet total, compared to 60% in H1-2008.
Inventories decreased from $15.7m at the beginning of the year to $14.3m. This
reduction of $1.4m is the result of tighter controls implemented by management.
Cash flow from operating activities amounted to $7.5m (H -2008 $1.6m). This
improvement in cash flow reflects the higher levels of profitability in the
period and also the receipt a $1.8m in overpaid income tax advances. The above
mentioned tax rebate of $1.2m was received in August and will be reflected in
the year end statement.
On June 2009 the company distributed a maintained dividend of GBP0.01 per share.
The total dividend amounted to $691,000, which was paid in cash.
Performance of the Location Tracking System Segment (Visonic Technologies
Ltd.), continued to improve with an increase in sales of 12.8%, from $3.8m in
H1-2008 to $4.3m, and an operating profit of $0.3m in the first half of 2009,
compared to $0.15m in the corresponding period in 2008.
As announced in the Preliminary Results for the year ended 31st December 2008,
the Company is still in technical breach of LR 6.1.19 as the number of shares
in public hands (as defined within the Listing Rules) has fallen below 25 per
cent. The Company is working towards a resolution to this situation.
Outlook
The Board estimates that sales during the second half of 2009 will continue at
approximately the same levels as the first six months of the year. In
comparison with 2008, we expect to see some decrease in the third quarter and
an improvement in the fourth quarter.
This report contains certain forward-looking statements within the meaning of
Israeli applicable law relating to future events or our future performance,
such as statements regarding trends, demand for our products and expected
revenues, operating results and earnings.
Such forward-looking statements usually contain language such as "believe",
"estimate" and the like.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied in those
forward-looking statements.
These risks and other factors include but are not limited to: changes affecting
currency exchange rate, including the NIS/US Dollar and the NIS/EURO exchange
rate; payment default by any of our major clients; the loss of one of more of
our key personnel; changes in laws and regulations, including those relating to
the electronic security (alarms) industry and the home management industry and
inability to meet and maintain regulatory qualifications and approvals for our
products; termination of arrangements with our suppliers; loss of one or more
of our principal clients; increasing levels of competition in markets in which
we do business; changes in economic conditions in Israel, including in
particular economic conditions in the Company's core markets; our inability to
predict accurately consumption of our products; and risks associated with
product liability claims.
We cannot guarantee future results, levels of activity, performance or
achievements. We do not assume any obligation to update the forward-looking
information contained in this report.
Yaacov
Kotlicki
Dr.Avigdor Shachrai
Chairman President & CEO
25 August 2009
Visonic Limited
Dr. Avigdor Shachrai (President & Tel: + 972 3 645 6797 Fax: +972 3
CEO) 6456788
Yair Naaman (CFO) www.visonic.com
Adi Enav (Investor Relations) Address: P.O.B. 13132, Tel-Aviv 69710,
Israel
adie@visonic.com
HudsonSandler
Alistair Mackinnon-Musson/ Nathan Tel: + 44 (0)20 7796 4133
Field
visonic@hspr.com
Arbuthnot Securities
Edward Gay/ Richard Johnson + 44 (0)20 7012 2000
Auditors' review report to the shareholders of Visonic Ltd.
Introduction
We have reviewed the accompanying financial information of Visonic Ltd. and its
subsidiaries ("the Group"), which comprises the condensed consolidated balance
sheet as of 30 June 2009 and the related condensed consolidated statements of
comprehensive income, changes in equity and cash flows for the six months then
ended. The Company's board of directors and management are responsible for the
preparation and presentation of interim financial information for this period
in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is
to express a conclusion on this interim financial information based on our
review.
We did not review the condensed interim financial information of certain
subsidiaries, whose assets constitute approximately 19.5 % of total
consolidated assets as of 30 June 2009, and whose revenues constitute
approximately 40.4 % of total consolidated revenues for the six months then
ended. The condensed interim financial information of those companies was
reviewed by other auditors, whose review reports have been furnished to us, and
our conclusion, insofar as it relates to the financial information in respect
of those companies, is based on the review reports of the other auditors.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review and the review reports of the other auditors, nothing has
come to our attention that causes us to believe that the accompanying interim
financial information is not prepared, in all material respects, in accordance
with IAS 34.
Tel-Aviv, Israel KOST FORER GABBAY & KASIERER
August 25, 2009 A Member of Ernst & Young Global
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
As of
As of 30 June 31 December
2009 2008 2008
US$ '000 US$ '000 US$ '000
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 17,087 13,027 14,469
Short-term deposits 2,000 - 1,000
Trading securities 1,053 - -
Available-for-sale financial assets - 183 -
Trade receivables 21,348 26,452 18,159
Income tax receivable 672 2,958 2,462
Other accounts receivable 3,161 2,807 1,962
Inventories 14,287 14,897 15,735
Total current assets 59,608 60,324 53,787
NON-CURRENT ASSETS:
Held-to-maturity investment 1,010 - -
Long-term deposits - 1,700 -
Property and equipment, net 7,713 5,863 7,468
Prepaid expenses 439 644 510
Deferred tax assets 839 1,475 990
Intangible assets, net 3,928 4,243 4,206
Total non-current assets 13,929 13,925 13,174
Total assets 73,537 74,249 66,961
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Loans from banks and current maturities of long-term
loans 8,500 4,700 8,500
Trade payables 9,221 13,207 7,594
Other current liabilities 6,208 *)7,069 *)5,801
Total current liabilities 23,929 24,976 21,895
LONG-TERM LIABILITIES:
Bank loans - 4,000 -
Government grants 510 *)410 *)532
Employees benefits liability 33 160 45
Total long-term liabilities 543 4,570 577
EQUITY:
Share capital 21 21 21
Share premium 24,004 23,710 23,954
Net unrealized gains reserve - 13 -
Retained earnings 25,040 20,959 20,514
Total equity 49,065 44,703 44,489
Total liabilities and equity 73,537 74,249 66,961
*) Reclassified.
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
August 25, 2009
Date of approval of Yaacov Kotlicki Dr. Avigdor Yair Naaman
the Shachrai
financial Chairman of the Chief Executive Chief Financial
statements Board Officer Officer
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Six months ended Year ended
30 June 31 December
2009 2008 2008
US$ '000 US$ '000 US$ '000
Unaudited Audited
Sale of goods 42,747 44,645 84,932
Cost of sales (23,738) *) (25,218) *) (48,660)
Gross profit 19,009 19,427 36,272
Research and development costs
(4,384) *) (4,429) *)(8,803)
Selling and marketing expenses (8,327) (8,760) (17,336)
General and administrative expenses (2,546) (2,837) (5,225)
Share-based payments expense (50) (114) (154)
Other income 1,021 - -
Total operating expenses (14,286) (16,140) 31,518
Operating profit 4,723 3,287 4,754
Financial income 1,051 1,451 1,901
Financial expenses (114) (513) (2,052)
Other income 17 43 6
Income before taxes on income 5,677 4,268 4,609
Taxes on income 460 112 898
Net income 5,217 4,156 3,711
Other comprehensive loss:
Loss from available-for-sale financial
assets, net - - (13)
Total comprehensive income 5,217 4,156 3,698
Basic and diluted earnings
per share (in cents) 12.5 10 8.9
*) Reclassified see Note 3.
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Net
unrealized
gains
Share Share (loss) Retained Total
capital premium reserve earnings equity
US$'000 US$'000 US$ '000 US$ '000 US$'000
Six months ended 30
June 2009 (Unaudited)
As of 1 January 2009
(Audited) 21 23,954 - 20,514 44,489
Share-based payments
expense - 50 - - 50
Dividend - - - (691) (691)
Total comprehensive
income - - - 5,217 5,217
As of 30 June 2009 21 24,004 - 25,040 49,065
Six months ended 30
June 2008 (Unaudited)
As of 1 January 2008
(Audited) 21 23,596 13 17,610 41,240
Share-based payments
expense - 114 - - 114
Dividend - - - (807) (807)
Total comprehensive
income - - - 4,156 4,156
As of 30 June 2008 21 23,710 13 20,959 44,703
Year ended 31
December 2008
(Audited)
As of 1 January 2008 21 23,596 13 17,610 41,240
Refund of issuance
expenses - 204 - - 204
Share-based payments - 154 - - 154
Dividend - - - (807) (807)
Total comprehensive
income (loss) - - (13) 3,711 3,698
As of 31 December
2008 21 23,954 - 20,514 44,489
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended Year ended
30 June 31 December
2009 2008 2008
US$'000 US$'000 US$ '000
Unaudited Audited
Cash flows from operating activities:
Net income 5,217 4,156 3,711
Adjustments to reconcile net income to net cash
provided by operating activities
Adjustments to profit or loss items:
Depreciation and amortization 1,215 1,201 2,401
Taxes on income 309 22 323
Deferred taxes 151 90 575
Increase (decrease) in long-term employee benefit
liabilities (12) 145 30
Gain from sale of property and equipment, net - (14) (31)
Financial expenses (income), net (312) 195 527
Loss (gain) from revaluation of short and long-term
deposits - 260 (1,240)
Share-based payments expense 50 114 154
Realized gain from sale of available-for-sale financial
assets - - (13)
1,401 2,013 2,726
Changes in assets and liabilities:
Decrease (increase) in trade receivables (3,189) (6,066) 2,227
Decrease (increase) in income tax receivable 101 (411) (126)
Increase in other accounts receivable (1,199) (1,006) (161)
Decrease (increase) in inventories 1,448 (3,646) (4,484)
Decrease (increase) in long-term prepaid expenses 71 (26) 108
Increase (decrease) in trade payables 1,627 4,896 (717)
Increase in other current liabilities 407 1,654 386
Increase (decrease) in Government grants (22) 155 277
(756) (4,450) (2,490)
Cash paid and received during the period for:
Interest paid (95) (248) (423)
Interest received 353 131 437
Taxes received 1,780 - -
Taxes paid (400) (41) (131)
1,638 (158) (117)
Net cash provided by operating activities 7,500 1,561 3,830
Cash flows from investing activities:
Short-term deposits, net (1,000) - (1,000)
Purchase of trading securities (1,053) - -
Held-to-maturity investment (1,010) - -
Long-term deposits - - 3,200
Proceeds from redemption of available-for-sale
financial asset - - 183
Acquisition of intangible assets (201) (296) (706)
Proceeds from sale of property and equipment - 35 78
Purchase of property and equipment (981) (935) (3,319)
Net cash used in investing activities (4,245) (1,196) (1,564)
Cash flows from financing activities:
Dividend paid (691) (807) (807)
Refund of issuance expenses - - 204
Short-term loans from banks - 180 (20)
Net cash used in financing activities (691) (627) (623)
Exchange differences on balances of cash and cash
equivalents 54 (78) (541)
Increase (decrease) in cash and cash equivalents 2,618 (340) 1,102
Cash and cash equivalents at the beginning of the
period 14,469 13,367 13,367
Cash and cash equivalents at the end of the period 17,087 13,027 14,469
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
NOTE 1:- GENERAL
These financial statements have been prepared in a condensed format as of 30
June 2009 and for the six months then ended ("interim consolidated financial
statements"). These financial statements should be read in conjunction with the
Company's annual financial statements as of 31 December 2008 and for the year
then ended and accompanying notes ("annual financial statements").
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
a. Basis of preparation of the interim consolidated financial statements:
The interim consolidated financial statements have been prepared in accordance
with generally accepted accounting principles for the preparation of financial
statements for interim periods, as prescribed in IAS 34, "Interim Financial
Reporting".
The significant accounting policies and methods of computation adopted in the
preparation of the interim consolidated financial statements are consistent
with those followed in the preparation of the annual financial statements,
except for the noted below:
IAS 1 (Revised) - Presentation of Financial Statements:
IAS 1 (Revised) introduces an additional statement, "statement of comprehensive
income". The statement may be presented as a separate statement which includes
net income and all items carried in the reported period directly to equity that
do not result from transactions with the shareholders in their capacity as
shareholders (other comprehensive income) such as adjustments arising from
translating the financial statements of foreign operations, fair value
adjustments of available-for-sale financial assets, changes in revaluation
reserve of fixed assets and etc. and the tax effect of these items carried
directly to equity, with allocation between the Company and the minority
interests. Alternatively, the items of other comprehensive income may be
displayed along with the items of the statement of income in a single statement
entitled "statement of comprehensive income" which replaces the statement of
income, while properly allocated between the Company and the minority
interests. Items carried to equity resulting from transactions with the
shareholders in their capacity as shareholders (such as capital issues,
dividend distribution etc.) will be disclosed in the statement of changes in
equity as will the summary line carried forward from the statement of
comprehensive income, with allocation between the Company and the minority
interests.
IAS 1 (Revised) also requires entities to present a balance sheet as of the
beginning of the comparative period when the entity has applied an accounting
policy retrospectively, makes a retrospective restatement or reclassifies items
in the annual financial statements.
The revision was adopted on 1 January 2009 with a retrospective restatement of
comparative figures.
IFRS 8 - Operating Segments:
IFRS 8 ("the Standard") deals with operating segments and replaces IAS 14.
According to the Standard, the Company adopted a management approach in
reporting on the financial performance of the operating segments. The segment
information is the information that is internally used by management in order
to assess its performance and allocate resources to the operating segments.
The Company concluded that the operating segments determined in accordance with
IFRS 8 are the same as the business segments previously identified under IAS
14.
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES (Cont.)
IFRS 2 - Share-based Payment:
Pursuant to an amendment to IFRS 2, the definition of vesting terms will only
include service conditions and performance conditions and the cancellation of a
grant that includes non-vesting conditions by the Company or the counterparty,
will be accounted for by way of acceleration of vesting and not by forfeiture.
Vesting conditions include only service conditions and performance conditions.
Conditions that are other than service and performance conditions will be
viewed as non-vesting conditions and must therefore be taken into account when
estimating the fair value of the instrument granted.
This amendment was adopted on 1 January 2009. The initial adoption of the
Standard did not have any effect on the interim consolidated financial
statements.
IAS 20 - Government Grants:
Pursuant to an amendment to IAS 20, interest-free loans or loans with a
below-market rate of interest received by a company from the State will be
accounted for upon initial recognition and in subsequent periods pursuant to
the provisions of IAS 39, "Financial Instruments: Recognition and Measurement".
Accordingly, the loan will be initially measured at fair value and discounted
at market interest. The difference between the loan amount received and the
fair value will be accounted for thereafter as a Government grant according to
the provisions of the Standard.
The amendment was adopted as a prospective change on 1 January 2009 with
respect of Scientist's grants received after that date.
b. Held-to-maturity investments:
The Group has held-to-maturity investments that are financial assets
(non-derivative) with fixed or determinable payments and fixed maturity that
the Group has the positive intention and ability to hold to maturity. After
initial recognition, held-to-maturity investments are measured at amortized
cost using the effective interest method taking into account transaction costs.
Gains and losses are recognized in the statement of income when the investments
are derecognized or impaired, as well as through the systematic amortization
process.
c. Financial assets at fair value through profit or loss:
The Group has financial assets at fair value through profit or loss comprising
derivative not designated as hedging instrument and financial assets designated
upon initial recognition as at fair value through profit or loss.
NOTE 3:- RECLASSIFICATION
Starting with these financial statements, engineering costs are presented as
part of the research and development costs instead of being part of cost of
sales as in previous financial statements. Consequently, the Company
reclassified engineering costs from cost of sales to research and development
costs in the sum of $ 1,678 and $ 938 for the periods ending 31 December 2008,
and 30 June 2008, respectively.
NOTE 4:- DIVIDEND PAID
On 30 June 2009, the Company distributed dividend in the amount of GBP 0.01 per
share. The total dividend amounted to $ 691 thousand, which was paid in cash.
NOTE 5:- SHARE-BASED PAYMENT
During the six months ended 30 June 2009, 653,000 options were granted to
senior executives and other employees under the Company's Option plan, the
options shall be vested in four equal portions over a period of four years. The
exercise price of the options of GBP 0.425 is equal to the market price of the
shares on the date of grant. The fair value of the options granted amounting to
$ 44 thousand was estimated at the date of grant using the binomial model,
taking into account the terms and conditions upon which the options were
granted. The contractual life of each option granted is until 24 November 2013.
There are no cash settlement options. The weighted average fair value of
options granted during the six months ended 30 June 2009, was estimated on the
date of grant using the following assumptions:
Expected volatility (%) 29.1
Risk free interest rate (%) 3.5
Expected average life (years) 3
Share price and exercise price (GBP) 0.425
NOTE 6:- OPERATING SEGMENTS
a. General:
For management purposes, the Group is organized into business units based on
their products and services, and has two operating segments as follows:
- Security and home management
- Location tracking systems
Management monitors the operating results of its business units separately for
the purpose of making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on sale of goods and
operating income or loss. Group financing (including financial expenses and
financial income) and taxes on income are managed on a Group basis and are not
allocated to the operating segments.
NOTE 6:- OPERATING SEGMENTS (Cont.)
b. Reporting on operating segments:
Six months ended 30 June 2009 (Unaudited)
Location
Security and tracking Total
home management systems consolidated
US$ '000 US$ '000 US$ '000
Sale of goods 38,479 4,268 42,747
Segment operating
profit 4,432 291 4,723
Unallocated income
(expenses):
Financial income,
net 937
Other income, net 17
Taxes on income (460)
Net profit 5,217
Six months ended 30 June 2008 (Unaudited)
Location
Security and tracking Total
home management systems consolidated
US$ '000 US$ '000 US$ '000
Sale of goods 40,860 3,785 44,645
Segment operating
profit 3,137 150 3,287
Unallocated income
(expenses):
Financial income,
net 938
Other income, net 43
Taxes on income (112)
Net profit 4,156
Year ended 31 December 2008 (Audited)
Location
Security and tracking Total
home management systems consolidated
US$ '000 US$ '000 US$ '000
Sale of goods 76,517 8,415 84,932
Segment operating
profit 4,383 371 4,754
Unallocated income
(expenses):
Financial
expenses, net (151)
Other income, net 6
Taxes on income (898)
Net profit 3,711
NOTE 7:- ADDITIONAL INFORMATION
a. Dissolved Companies
On March 17, 2009, VT UK was dissolved.
On May 6, 2009, Visonic Pty was dissolved.
The effect of the dissolutions on the Company's financial statements, operating
results and cash flows is not material.
b. Indirect tax refund
The financial statements as of June 30, 2009, include an income receivable in
the amount of $ 1,225 in respect of a tax refund of indirect taxes in respect
of previous years, which was received in August 2009. Such refund was recorded
in the statements of comprehensive income as other operating income in the
amount of $ 1,021 and financial income in the amount of $ 204.
NOTE 8:- SUBSEQUENT EVENTS
Changes in the tax rates applicable to the Israeli Companies in the Group:
Further to the matter discussed in Note 17 to the annual financial statements,
in July 2009, the Israeli Parliament (the Knesset) passed the Economic
Efficiency Law (Amended Legislation for Implementing the Economic Plan for 2009
and 2010), 2009, which prescribes, among other things, an additional gradual
reduction in Israeli corporate tax rate, and real capital gains tax rate,
starting from 2011 to the following tax rates: 2011 - 24%, 2012 - 23%, 2013 -
22%, 2014 - 21%, 2015 - 20%, 2016 and thereafter - 18%.
The Company believes that the effect of the amendment on its financial
position, operating results and cash flows is not expected be material.
- - - - - - - - -
END
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