Source - RNS
RNS Number : 2549J
Amiad Water Systems Ltd
08 September 2016
 

8 September 2016

 

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 2016.

 

Financial Summary

·    Revenue was $52.4m (H1 2015: $59.2m)

·    Gross margin was 39.2% (H1 2015: 40.1%)

·    Operating profit was $1.9m (H1 2015: $3.9m)

·    Profit before tax was $1.7m (H1 2015: $3.5m)

·    Fully diluted earnings per share of $0.049 (H1 2015: $0.065)

·    Net debt at 30 June 2016 was $10.4m (31 December 2015: $8.8m; 30 June 2015: $18.2m)

·    Cash and cash equivalents at 30 June 2016 were $16.2m (31 December 2015: $17.0m)

 

Operational Summary

·    Progress made by Amiad Europe where sales increased by over 10% including first six-month contribution in the Industrial and Municipal segments from newly set up UK subsidiary

·    Irrigation segment sales, which accounted for 57.9% of total revenue, were broadly level as the segment continued to perform well in Australia and EMEA, supported by sales of Amiad's Omega and Sigma products

·    Industrial segment sales decreased to $17.5m (H1 2015: $18.6m), mainly due to weakness in Asia

·    Sales in the Oil & Gas segment were significantly lower at $1.7m (H1 2015: $4.7m), compared with a strong 2015, due to the lack of projects as a result of the continuing low oil price environment

·    Municipal segment continued to suffer from lack of investment in major infrastructure projects by local authorities as revenue declined to $2.8m compared with $4.8m in H1 2015, but the segment is showing signs of recovery

 

Post-period development

·    Post period, in the Municipal segment the Company was awarded four key projects in Africa via Amiad Europe, Singapore and Israel totalling approximately $5m

o Pre filtration for Ultra Filtration membranes (UF) prior to Reverse Osmosis  project in Singapore using new products - Arkal Super Galaxy

o Protection of potable water supply and drip irrigation supply from storm water in Africa via Amiad Europe

o Wastewater treatment in Israel

 

Arik Dayan, Chief Executive Officer of Amiad, said: "During the period, the Company consolidated the progress made in 2015 and continued to maintain tight control over costs. The Irrigation segment was, again, the main contributor to revenue resulting from increased sales of new products in Australia and EMEA. As expected, however, the Oil & Gas segment saw a reduction in projects, due to the effect on the industry from the continuing low oil price environment, and the Company also received significantly lower revenues from China and Turkey in H1 2016 compared with the same period last year due to a decline in the Industrial segment.

 

"The first half finished with greater interest in our products as new contracts were signed and the momentum continued into the second half of the year with increased backlog as of July 2016. Irrigation will continue to be the largest contributor to the revenues, Oil & Gas will be lower as expected and the Municipal segment is showing signs of recovery in Asia and Europe. In the Industrial segment orders secured in the first half, in particular in China and USA, should support this segment's revenues in the second half. As a result, the Company expects to report second half revenues which are higher than in the first half."

 

 

Enquiries

 

Amiad Water Systems Ltd.

 

Arik Dayan, 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 H1 2016 the Company consolidated the significant operational progress made in 2015 and continued to maintain tight control over costs. During the period the Company continued to seek ways of improving its manufacturing processes. Amiad continued to improve its operational efficiency due to its previous investment in the polymeric production process, which has resulted in a reduction in the cost of materials. The Company is investing in its supply chain, developing an in-house metal fabrication capability to further improve efficiency and quality, which is expected to further reduce material costs in future years.

 

Segment Performance

 

The Irrigation and Industrial segments generated $30.3m and $17.5m respectively during the period (H1 2015: $30.9m and $18.6m), accounting for 57.9% and 33.4% of the Company's revenue (H1 2015: 52.2% and 31.56%). The Irrigation segment continued to perform well in Australia and EMEA, supported by sales of Amiad's Omega and Sigma products. The decrease in revenue in the Industrial segment was mainly due to weakness in Asia and Turkey.

 

The Municipal segment sales decreased to $2.8m (accounting for 5.3% of H1 2016 total revenue) from $4.8m in H1 2015 due to a lack of investment by municipal entities in large infrastructure projects. Revenue in the Oil & Gas segment was $1.7m, or 3.3% of total sales, compared with $4.7m (7.9% of total revenue) in H1 2015 with the decline due to a reduction in projects as a result of the continuing low oil price environment, compared with a strong year in 2015 based on projects awarded in 2014 and delivered in 2015.

 

Global Activity

 

US & Latin America

 

In the US, revenues amounted to $11.8m compared with $12.3m in H1 2015 due to a decline in the Irrigation segment, as a result of a lowering in the price of almonds causing weakness in that market, and Municipal segments, partly offset by improvement in the Industrial segment based on increasing demand for power generation projects. The Company also delivered a significant Oil & Gas project during the period.

 

EMEA

 

Revenues in EMEA grew by over 10% including the first full six-month contribution in the Industrial and Municipal segments from a newly set up UK subsidiary. Sales in the Irrigation segment in Europe also increased significantly as the sales office established in the region continued to build on success of last year.

 

Post period, Amiad Europe won a project for the protection of potable water supply and drip irrigation supply from storm water in Africa.

 

Asia

 

Sales in Asia, on aggregate, saw a decrease of 37% in revenues compared with H1 2015. There were decreased sales across all segments in India and China. However, despite reduced revenues, there were improved margins in non-irrigation business. In China, the project wins in the Industrial segment are expected to contribute to the anticipated increase in Company revenue in the second half of the year. 

 

Australia

 

In Australia, revenues were slightly lower at $5.1m compared with $5.6m in H1 2015. The Irrigation segment performed well, achieving a slight increase in revenues, based on sales of the new Omega and Sigma filters. The Industrial segment also saw a slight increase in revenues but there was a sharp drop in Oil & Gas revenues as expected. Revenues in the Municipal segment were marginally below H1 2015 revenue figures.

 

 

The above analysis shows the Company's sales by subsidiary.

 

Financial Review

 

Revenue for the six months ended 30 June 2016 was $52.4m compared with $59.2m for H1 2015. As previously stated, the weakness in revenue was a result of the reduction in projects in the Oil & Gas segment, due to the effect on the industry from the continuing low oil price environment, compared with a strong year experienced in 2015. Revenues were also lower from China, due to a decline in the Industrial segment, and Turkey.

 

Gross margin was 39.2% (H1 2015: 40.1%). The Company maintained tight cost control with lower selling & marketing and administrative & general expenses, however this was not sufficient to fully offset the decline in revenues and as a result operating margins declined. Spending on R&D increased as Amiad invested in sustaining its product innovation to support future sales.

 

Operating profit was $1.9m (H1 2015: $3.9m) and profit before tax was $1.7m compared with $3.5m for the first six months of the prior year. Fully diluted earnings per share were $0.049 compared with $0.065 in H1 2015.

 

As at 30 June 2016, cash and cash equivalents were $16.2m (31 December 2015: $17.0m). Net debt was $10.4m (31 December 2015: $8.8m; 30 June 2015: $18.2m), and is expected to be at a similar level at year-end 2016 bearing in mind the expected increase in capital expenditure in H2 2016.

 

Update on appointment of Chief Executive Officer

 

As announced on 7 June 2016, Mr Arik Dayan, the Company's Chief Executive Officer and Director, has informed the Board of Directors of his intention to step down from his post to pursue other interests and new challenges. Arik Dayan will remain as the CEO and on the Board of Directors until a replacement is found and a period of orderly handover occurs. The search for his successor as CEO is at an advanced stage and the Board intends to make an announcement shortly.

 

Outlook

 

The first half finished with greater interest in the Company's products as new contracts were signed and the momentum continued into the second half of the year with increased backlog than this time last year. Irrigation will continue to be the largest contributor to the revenues, Oil & Gas will be lower as expected and, offsetting uncertainties which are currently affecting Turkey, the Municipal segment is showing signs of recovery in Asia and Europe. In the Industrial segment, orders secured in the first half, in particular in China and USA, should support this segment's revenues in the second half.

 

Consequently, the Company expects to report second half revenues which are higher than in the first half. However, the quantum of the increase will be determined by how trading develops in the second half and the timing of the delivery of the newly won large contracts.

 

 

 

AMIAD WATER SYSTEMS LTD.

CONDENSED CONSOLIDATED BALANCE SHEET

JUNE 30, 2016

 

 

 

June 30
December 31,

 

2016

2015

2015

 

(Unaudited)

(Audited)

 

U.S. dollars in thousands

       

 

Assets

 

 

 

CURRENT ASSETS: 

 

 

 

Cash and cash equivalents 

16,201

14,452

17,018

Financial assets at fair value through

 

 

 

profit or loss

220

477

148

Trade and other receivables: 

 

 

 

Trade 

37,839

47,824

36,014

Other 

4,167

5,716

4,488

Current income tax assets

165

322

430

Inventories

25,381

24,702

24,719

              T o t a l  Current Assets

83,973

93,493

82,817

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

Investment in joint venture

10

10

10

Severance pay fund, net

93

49

95

Long-term receivables

47

55

43

Property, plant and equipment

10,354

10,913

10,731

Intangible assets

15,226

16,329

15,690

Deferred income tax assets        

2,319

1,884

1,778

28,049

29,240

28,347

              T o t a l  Assets 

112,022

122,733

111,164

 

 

 

 

 

 

 

 

 

Date of approval of the interim financial information by the Company's Board of Directors: September 6, 2016

 

AMIAD WATER SYSTEMS LTD.

CONDENSED CONSOLIDATED BALANCE SHEET

JUNE 30, 2016

 

June 30
December 31,

 

2016

2015

2015

 

(Unaudited)

(Audited)

 

U.S. dollars in thousands

       

 

Liabilities and equity

 

 

 

CURRENT LIABILITIES: 

 

 

 

Bank credit and current maturities of

 

 

 

borrowings from banks

10,438

21,252

14,188

Financial liabilities at fair value through profit or

 

 

 

loss - derivatives

115

95

214

Trade and other payable: 

 

 

 

Trade 

15,191

18,262

15,461

Other 

10,602

13,202

9,946

 Put option liability

-

2,927

-

Liability to the CEO of a subsidiary

1,306

-

1,367

Current income tax liability

772

371

321

              T o t a l  Current Liabilities

38,424

56,109

41,497

NON-CURRENT LIABILITIES: 

 

 

 

Borrowings from banks

 

 

 

(net of current maturities)

16,207

11,404

11,673

Liability to the CEO of a subsidiary

1,508

-

1,508

Deferred income tax liabilities

-

227

329

Accrued severance pay, net

380

377

321

              T o t a l  Non-Current Liabilities

18,095

12,008

13,831

              T o t a l  Liabilities 

56,519

68,117

55,328

EQUITY:

 

 

 

Capital and reserves attributable to

 

 

 

equity holders of the Company:

 

 

 

Share capital

2,798

2,798

2,798

Capital reserves

28,483

28,372

28,437

Currency translation reserve

(180)

(2,881)

(180)

Transaction with non-controlling interest

(4,224)

(180)

(4,145)

Retained earnings

28,465

26,373

28,773

 

55,342

54,482

55,683

Non-controlling interests

161

134

153

     Total  Equity

55,503

54,616

55,836

    Total Liabilities and Equity

112,022

122,733

111,164

 

 

 

 

 

 

 

The attached notes are an integral part of this condensed consolidated interim financial information.

 

AMIAD WATER SYSTEMS LTD.

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2016

 

 

Six months ended

Year ended

 

 

 

June 30

December 31,

 

 

 

2016

2015

2015

 

 

 

(Unaudited)

(Audited)

 

 

 

U.S dollars in thousands
except per share data

 

Revenue

52,409

59,167

118,779

Cost of sales

31,876

35,461

70,630

Gross Profit

20,533

23,706

48,149

Research and development, net

1,680

1,497

2,932

Selling and marketing costs

12,237

12,613

25,460

Administrative and general expenses

4,794

5,746

11,049

Other gains (losses)

28

85

114

Operating Profit

1,850

3,935

8,822

Finance income

698

887

790

Finance costs

(879)

(1,283)

(2,960)

Finance costs, net

(181)

(396)

(2,170)

Profit (loss) before income taxes

1,669

3,539

6,652

Income (expenses) tax

449

(984)

1,581

Profit (loss) for the period

1,220

2,555

5,071

Other comprehensive income (loss)-

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

Re-measurements of post-employment benefit obligations

-

-

(92)

Items that may be subsequently reclassified to profit or loss:

 

 

 

Currency translation differences

(81)

(694)

(1,963)

Other comprehensive income (loss) for the period

(81)

(694)

(2,055)

Total comprehensive income (loss) for the period

1,139

1,861

3,016

Profit (loss) attributable to:

 

 

 

Equity holders of the Company

1,210

2,429

4,921

Non-controlling interests

10

126

150

 

1,220

2,555

5,071

Total comprehensive income (loss) attributable to:

 

 

 

Equity holders of the Company

1,131

1,736

2,872

Non-controlling interest

8

125

144

 

1,139

1,861

3,016

 

 

 

 

 

 

U.S dollars

 

 

Earnings (loss) per share attributable to the equity

 

 

 

 

 

holders of the company during the period:

 

 

 

 

 

            Basic

0.053

0.107

0.217

 

 

            Diluted

0.049

0.065

0.166

 

                       

 

The attached notes are an integral part of this condensed consolidated interim financial information.

 

(Continued) - 1

AMIAD WATER SYSTEMS LTD.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2016

 

 

Attributable to owners of the parent

 

 

 

 

 

Currency

translation

reserve

Transaction with

non-controlling

interest

 

 

Non-

controlling

interest

 

 

Number of

Shares

Share

capital

Capital

Reserve

Retained

earning

 

 

 

Total

Total  equity

 

 

U.S dollars in thousands

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 MONTH ENDED

 

 

 

 

 

 

 

 

 

      JUNE 30, 2016 (unaudited):

 

 

 

 

 

 

 

 

 

Comprehensive income -

 

 

 

 

 

 

 

 

 

Profit (loss) 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

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

 

 

 

(693)

 

2,429

1,736

125

1,861

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

                                 
 

(Concluded) - 2

AMIAD WATER SYSTEMS LTD.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2016

 

 

 

 

Attributable to owners of the parent

 

 

 

 

 

 

 

Transaction

with non-

controlling

interest

 

 

 

 

 

 

 

 

 

Currency

translation

reserve

 

 

Non-

controlling

interest

 

 

 

Number of

shares

Share

capital

Capital

reserve

Retained

earning

 

 

 

 

Total

Total equity

 

 

 

U.S dollars in thousands

Balance at 1 January 2015

22,663,651

2,798

28,371

(2,188)

(180)

23,944

52,745

9

52,754

Comprehensive income -

 

 

 

 

 

 

 

 

 

Loss for the period

 

 

 

 

 

4,921

4,921

150

5,071

Currency translation differences

 

 

 

(1,957)

 

 

(1,957)

(6)

(1,963)

Remeasurement of net defined benefit liability

 

 

 

 

 

(92)

(92)

 

(92)

Total comprehensive income

 

 

 

(1,957)

 

4,829

2,872

144

3,016

Transaction with owners:

 

 

 

 

 

 

 

 

 

Recognition of compensation related to       

employee stock and options grants

 

 

66

 

 

 

66

 

66

Total transaction with owners

 

 

66

 

 

 

66

 

66

Balance at 31 December 2015

22,663,651

2,798

28,437

(4,145)

(180)

28,773

55,683

153

55,836

                       

 

 

 

The attached notes are an integral part of this condensed consolidated interim financial information.

 

 

 

AMIAD WATER SYSTEMS LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2016

 

Six months ended

Year ended

 

June 30

December 31,

 

2016

2015

2015

 

(Unaudited)

(Audited)

 

         U.S dollars in thousands

CASH FLOWS FROM OPERATING ACTIVITIES: 

 

 

 

Cash generated from (used in) operations (see note 5)

556

4,770

16,425

Interest paid

(374)

(570)

(781)

Interest received

24

58

130

Income tax received (paid)

114

(7)

(312)

Net cash generated from (used in) operating activities

320

4,251

15,462

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Purchase of property, plant and equipment

(856)

(898)

(2,084)

Purchase of intangible assets 

(113)

(253)

(334)

Investments grants received

125

-

131

Restricted deposit

392

245

25

Proceeds from sale of property, plant and equipment

4

75

131

Net cash used in investing activities

(448)

(831)

(2,131)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Receipt of long-term borrowings

9,014

3,000

10,000

Dividends paid to equity holders of the Company

(1,518)

-

-

Payments of long term borrowings

(6,977)

(4,451)

(8,522)

Increase (decrease) in bank credit and short term

     borrowing, net

(1,246)

(1,252)

(10,958)

Net cash generated from (used in) financing activities

(727)

(2,703)

(9,480)

 

 

 

 

EXCHANGE RATE GAIN (LOSS) ON CASH AND CASH EQUIVALENTS

38

(355)

(923)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(817)

362

(2,928)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

17,018

14,090

14,090

CASH AND CASH EQUIVALENTS AT END OF PERIOD 

16,201

14,452

17,018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

The attached notes are an integral part of this condensed consolidated interim financial information.

 

 

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 is traded in the Alternative Investment Market in London (AIM), a part of the London Stock Exchange, since December 2005.

            The principal shareholders of the Company, as for 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 45.84% 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 statement were authorized for issue by board of directors on September 5, 2016.

 

 

 

 

 

 

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 2016 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 2015, 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, 2015.

 

 

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 2015 annual financial statements.

 

 

NOTE 4 - REVENUES FROM SALES:

 

Sales by customer location:

 

Six months ended

June 30,

Year ended
December 31,

 

2016

2015

2015

 

(Unaudited)

(Audited)

 

 U.S. dollars in thousands

 North America

13,448

15,135

30,922

 Europe

9,501

9,665

19,949

 Australia

5,930

6,362

11,423

 Israel

5,090

4,506

8,430

 South America

3,974

4,695

8,965

 Africa

2,966

2,473

4,645

 Middle East

1,702

5,294

13,309

 The Far East

9,798

11,037

21,136

 Total

52,409

59,167

118,779

 

 

AMIAD WATER SYSTEMS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

NOTE 5 - CASH FLOWS FROM OPERATIONS:

 

 

 

Six months ended

Year ended

 

June 30

December 31,

 

2016

2015

2015

 

(Unaudited)

(Audited)

 

U.S. dollars in thousands

Profit (loss) for the period

1,220

2,555

5,071

 

(a)  Adjustments to reconcile net income to net cash    

 

 

 

 

generated from operating activities:

 

 

 

 

Depreciation and amortization

1,694

1,707

3,446

 

Interest paid

374

570

781

 

Interest received

(24)

(58)

(130)

 

Income taxes paid (received), net

(114)

7

312

 

Share based payment, net

46

-

66

 

Distribution of profits to a CEO of a subsidiary

(114)

-

(102)

 

Changes in liability to the CEO of a subsidiary

53

-

50

 

Decrease (Increase) in deferred income taxes, net

(874)

256

442

 

Accrued severance pay, net

56

18

(155)

 

Exchange rate differences on borrowings

(102)

133

347

 

Loss (profit) from sale of property, plant and equipment

5

(83)

(111)

 

Decrease (increase) in assets at fair value

 

 

 

 

through profit or loss

(171)

(996)

(548)

 

Share based payment

-

1

-

 

 

829

4,110

4,398

 

Changes in working capital:

 

 

 

 

Decrease (increase) in accounts receivable:

 

 

 

 

         Trade

(1,782)

(4,562)

6,383

 

         Other

223

(2,400)

(1,101)

 

Decrease (increase) in prepaid expenses

-

(9)

-

 

Decrease (increase) in long-term receivable

(3)

1

(5)

 

Increase (Decrease) in accounts payable:

 

 

 

 

         Trade

(379)

3,941

1,617

 

         Other

1,077

4,944

1,670

 

Decrease (increase) in inventories

(629)

(1,255)

(1,608)

 

 

(1,493)

660

6,956

 

    Cash generated from (used in) operations

556

4,770

16,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR LFFFFAIIDIIR

Related Charts

Amiad Water Systems (AFS)

0.00p (0.00%)
delayed 08:00AM