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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amiad Water Systems Ltd | LSE:AFS | London | Ordinary Share | IL0010943905 | ORD ILS0.5 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 364.00 | 340.00 | 380.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMAFS
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
Hot Features
Premium
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
-------- -------- --------
T o t a l Non-Current Assets 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 PERIODED 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 PERIODED JUNE 30, 2016
Attributable to owners of the parent
------------------------------------------------------------------------------------------
Transaction
Number Currency with Non-
of Share Capital translation non-controlling Retained controlling Total
Shares capital Reserve reserve interest earning Total interest 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 MONTHED
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 MONTHED
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 PERIODED JUNE 30, 2016
Attributable to owners of the parent
--------------------------------------------------------------------------------
Transaction
Currency with non- Non-
Number of Share Capital translation controlling Retained controlling Total
shares capital reserve reserve interest earning Total interest 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 PERIODED 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 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 Year ended
June 30, 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
(END) Dow Jones Newswires
September 08, 2016 02:01 ET (06:01 GMT)
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