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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Orpak Systems | LSE:ORPK | London | Ordinary Share | IL0010948797 | ORD ILS0.02 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 115.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMORPK
RNS Number : 9680W
Orpak Systems Ltd
06 August 2009
6 August 2009
Orpak Systems Ltd
("Orpak" or "the Company")
Financial results for the second quarter and six months ended 30 June 2009
Orpak Systems Ltd, the leading provider of card-free secure fuel payment systems
based on vehicle identification and end-to-end solutions for the automation of
fuel stations, announces its financial results for the second quarter and six
months ended 30 June 2009.
Second Quarter 2009 Highlights
* Revenue was $15.5m (Q2 2008: $17.6m)
* Operating profit increased 38% to $3.0m (Q2 2008: $2.2m)
* Net profit was $2.2m (Q2 2008: $2.2m).
Six months ended 30 June 2009 Highlights
* Revenue was $30.8m (H1 2008: $32.7m)
* Operating profit increased 49% to $5.5m (H1 2008: $3.7m)
* Net profit increased 55% to $4.5m (H1 2008: $2.9m), Non GAAP net profit was
$4.7m (H1 2008: $3.1m)
* Fully diluted earning per share US$ 14 cents (H1 2008: US$ 8 cents)
* Net cash and cash equivalents totaled $26.3m at 30 June 2009
* Executed cost cutting plan to restore bottom-line performance and mitigate
impact of currency factors on operational efficiency
* Finalized the equipment of 570 BP stations in Turkey with automation and fuel
payment systems based on vehicle identification, and began to deliver the first
batch of 40,000 vehicle identification units out of an anticipated total of
approximately 65,000 vehicles
* Company delivered $1m per the agreement signed with Gilbarco Inc. to equip new
fleet management systems of Gasboy International
* Progress with opportunities in Europe, Africa and Asia
Outlook
* Global macro-economic conditions continue to effect sales
* Company continues to benefit from a high level of repeat business
* For full year 2009, the Company expects to continue to gain market share in
emerging markets
Hayim Kohen, Chief Executive of Orpak, said: "We are pleased that this period
has seen sustained momentum in net profit growth as demand for our products
across all markets remains encouraging. Whilst the weakness of the financial
markets remains challenging, we are focused on mitigating the negative impact
and continuing the successes we have achieved to date.
Looking ahead, the Company expects to continue to gain market share in emerging
markets and as a result, the Board looks to the future with confidence."
Hayim Kohen, CEO and Hemi Shtral, CFO will be hosting a conference call for
investors today at 4pm BST (11am EDT, 8am PDT). In the US, please dial +1 866
966 5335; in the UK, please dial 0808 109 0700; outside the US and UK, please
dial +44 203 037 9095.
Enquiries:
Orpak Systems Ltd
Hayim Kohen, CEO +972 3 577 6868
Hemi Shtral, CFO
Libertas Capital
Sandy Jamieson+44 20 7569 9650
Corfin Communications
Harry Chathli, Claire Norbury +44 20 7977 0020
Note to Editors:
Orpak develops, manufactures and markets end-to-end solutions for the automation
of fuel stations and fleet management. Orpak is a market leader in automated
refueling systems that incorporate fuel payment based on vehicle identification.
Using advanced technologies to meet customer requirements, Orpak's solutions
integrate forecourt automation and management, convenience-store management
systems, commercial and retail sales solutions, and fuel delivery systems. The
Company's solutions are designed to benefit customers through enabling fuel
savings, preventing fuel fraud, maximizing loyalty programs and providing other
advanced services that increase profitability.
The Company's products have been delivered to more than 11,120 fuel stations and
2.5 million vehicles in 30 countries across the globe and are distributed
through an international network of subsidiaries and partners.
Orpak has been ISO-9001 certified since 1995, and the Company's products meet
appropriate local safety standards and regulations in markets in which it
operates.
Orpak (AIM: ORPK) was admitted to AIM in December 2005.
Financial review
Orpak is pleased to announce continued growth in operating profit for the second
quarter and six months ended 30 June 2009, reflecting sustained demand for the
Company's products and services in key territories.
Second quarter revenue was $15.5m (Q2 2008: $17.6m). Operating profit increased
by 38% to $3.0m (Q2 2008: $2.2m). Net profit for the second quarter was $2.2m
(Q2 2008: $2.2m).
Turnover in the six months to 30 June 2009 was $30.8m (2008: $32.7m) and
operating profit increased by 49% to $5.5m (H1 2008: $3.7m). Net profit
increased 55% to $4.5m (H1 2008: $2.9m).
Net profit, excluding the provision of expenses for stock option plans and the
amortization of intangible assets associated with acquisitions, amounted to
$4.7m (H1 2008: $3.1m).
During 2009, the Company took firm action to address the challenges arising from
the weakness in the financial markets by reducing operating expenses. These
steps expected to produce encouraging results, and the benefits are expected to
persist into the next quarters.
Fully diluted earnings per share were 14 cents (H1 2008: 8 cents).
Sales and marketing expenditure amounted to $3.2m compared with $3.8m for the
same quarter last year as the Company maintained a tight control over its
operating costs in response to the economic downturn.
Net cash and cash equivalents totaled $26.3m at 30 June 2009.
Operating review
Orpak succeeded in increasing its market share in the territories in which it is
established and continued to expand into new areas. During the second quarter,
the Company's systems were delivered to 160 petrol stations and 90,000 vehicles
bringing the total to 11,120 petrol stations and 2.5 million vehicles equipped
to date, distributed across 30 countries.
Revenue in Europe fell to $24.1m (H1 2008: $25.4m) as a result of freeze on
capital expenditure by oil companies due to weakening global economic
conditions. Europe remained the largest contributor to the Company's revenues as
major orders, including contracts with oil companies in several countries in
Eastern Europe, were delivered on time and within budget, thereby consolidating
Orpak's position in this region.
Under a contract with BP in Turkey, Orpak delivered an additional 2,500 vehicle
identification units, bringing the total to date to 40,000 out of an anticipated
total of approximately 65,000 vehicles. This formed part of an ongoing contract
with BP in Turkey, and further strengthens the Company's position in the region.
During the first six months the Company delivered $1m per the agreement with
Gilbarco Inc. to equip new fleet management systems of Gasboy International,
part of the Gilbarco family of companies, with Orpak technology. The Gasboy
products will be sold and supported in the United States exclusively through the
existing network of Gasboy distributors and Authorized Service Contractors, and
globally on a non-exclusive basis. The new Gasboy fleet management systems
include: fleet head office, site controller, wireless vehicle identification,
and fuel truck controller. The inclusion of Orpak technology will enhance the
product offering available to Gasboy customers.
Outlook
The Company continues to experience the impact of weakening global economic
conditions although interest in Orpak's products remains strong as oil
companies consider return to investing in automated services for fleets and
petrol forecourts. The Company continues to benefit from a high level of repeat
business and expects to continue to gain market share in emerging markets. As a
result, the Board looks to the future with confidence.
Interim Condensed Consolidated Balance Sheets as at
+----------------------------------+------------+------------+------------+------------+
| | | June 30 | December |
| | | | 31 |
+----------------------------------+------------+-------------------------+------------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+------------+------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------+------------+------------+------------+------------+
| | | $ | $ | $ |
| | | thousands | thousands | thousands |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Current assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Cash and cash equivalents | | 11,170 | 14,853 | 17,130 |
+----------------------------------+------------+------------+------------+------------+
| Held for trading investments | | 1,166 | 21,442 | 15,046 |
+----------------------------------+------------+------------+------------+------------+
| Held to maturity investments | | 614 | - | - |
+----------------------------------+------------+------------+------------+------------+
| Trade receivables | | 14,562 | 8,989 | 13,121 |
+----------------------------------+------------+------------+------------+------------+
| Other receivables | | 2,558 | 3,147 | 2,539 |
+----------------------------------+------------+------------+------------+------------+
| Inventories | | 8,189 | 10,027 | 7,551 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total current assets | | 38,259 | 58,458 | 55,387 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Non-current assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Held to maturity investments | | 15,023 | - | 2,190 |
+----------------------------------+------------+------------+------------+------------+
| Deferred income tax assets | | 485 | 556 | 486 |
+----------------------------------+------------+------------+------------+------------+
| Employee benefits | | 400 | 184 | 424 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | 15,908 | 740 | 3,100 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Property and equipment, net | | 2,479 | 3,342 | 2,788 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Intangible assets | | 18,476 | 18,968 | 17,170 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total non-current assets | | 36,863 | 23,050 | 23,058 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total assets | | 75,122 | 81,508 | 78,445 |
+----------------------------------+------------+------------+------------+------------+
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Alex Milner Chairman of the Board |
+---------------------------------------------------------------+
| | |
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Hayim Kohen General Manager and Member of the Board |
+---------------------------------------------------------------+
| | |
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Hemi Shtral Chief Financial Officer |
+----------------------+----------------------------------------+
Date of approval of the financial statements: August 5, 2009
Interim Consolidated Balance Sheets as at
+---------------------------------------------+--+------------+------------+------------+
| | | June 30 | December |
| | | | 31 |
+---------------------------------------------+--+-------------------------+------------+
| | | 2009 | 2008 | 2008 |
+---------------------------------------------+--+------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------------------+--+------------+------------+------------+
| | | $ | $ | $ |
| | | thousands | thousands | thousands |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Liabilities and equity | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Current liabilities | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Bank overdraft | | - | 3 | 70 |
+---------------------------------------------+--+------------+------------+------------+
| Short-term loans from banks | | 1,661 | 1,965 | 1,710 |
+---------------------------------------------+--+------------+------------+------------+
| Trade payables | | 4,798 | 6,022 | 6,215 |
+---------------------------------------------+--+------------+------------+------------+
| Other payables | | 11,806 | 14,696 | 13,955 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total current liabilities | | 18,265 | 22,685 | 21,950 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Non-Current liabilities | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Deferred taxes liabilities | | 1,968 | 2,246 | 2,093 |
+---------------------------------------------+--+------------+------------+------------+
| Employee benefits | | 254 | 251 | 246 |
+---------------------------------------------+--+------------+------------+------------+
| Other long-term liabilities | | 5,974 | 5,170 | 5,250 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total non-current liabilities | | 8,196 | 7,667 | 7,589 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total liabilities | | 26,461 | 30,352 | 29,539 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Equity | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Share capital | | 179 | 179 | 179 |
+---------------------------------------------+--+------------+------------+------------+
| Share premium | | 21,705 | 21,705 | 21,705 |
+---------------------------------------------+--+------------+------------+------------+
| Treasury shares | | (2,327) | (501) | (501) |
+---------------------------------------------+--+------------+------------+------------+
| Translation reserve | | 683 | 8,144 | 1,967 |
+---------------------------------------------+--+------------+------------+------------+
| Retained earnings | | 27,349 | 20,996 | 24,401 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total equity attributable to equity holders | | 47,589 | 50,523 | 47,751 |
| of the parent | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Minority interest | | 1,072 | 633 | 1,155 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total equity | | 48,661 | 51,156 | 48,906 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total liabilities and equity | | 75,122 | 81,508 | 78,445 |
+---------------------------------------------+--+------------+------------+------------+
Interim Condensed Consolidated Income Statements for the
+----------------------+------------+------------+------------+------------+------------+
| | | | | | Year ended |
+----------------------+------------+------------+------------+------------+------------+
| | Six month period ended | Three month period | December |
| | June 30 | ended June 30 | 31 |
+----------------------+-------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+----------------------+------------+------------+------------+------------+------------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
+----------------------+------------+------------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+----------------------+------------+------------+------------+------------+------------+
| Revenues from sales | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| and services | 30,781 | 32,668 | 15,527 | 17,571 | 71,177 |
+----------------------+------------+------------+------------+------------+------------+
| Cost of sales and | 15,727 | 18,337 | 7,914 | 9,644 | 37,185 |
| services | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Gross profit | 15,054 | 14,331 | 7,613 | 7,927 | 33,992 |
+----------------------+------------+------------+------------+------------+------------+
| Research and | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| development costs | 1,460 | 1,809 | 601 | 1,030 | 3,696 |
+----------------------+------------+------------+------------+------------+------------+
| Selling and | 6,314 | 7,059 | 3,151 | 3,774 | 15,051 |
| marketing costs | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| General and | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| administrative | 1,756 | 1,749 | 844 | 935 | 3,971 |
| expenses | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Other income | (73) | (21) | (46) | - | (12) |
+----------------------+------------+------------+------------+------------+------------+
| Other expenses | 13 | - | - | - | 18 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Results from | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| operating | 5,584 | 3,735 | 3,063 | 2,188 | 11,268 |
| activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Financing expense | | (1,070) | | - | (4,327) |
+----------------------+------------+------------+------------+------------+------------+
| Financing income | | 624 | | 535 | 1,498 |
+----------------------+------------+------------+------------+------------+------------+
| Net financing income | | | | | |
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (expense) | 35 | (446) | (387) | 535 | (2,829) |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit before income | 5,619 | 3,289 | 2,676 | 2,723 | 8,439 |
| tax | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Income tax (expense) | (668) | (359) | (288) | (317) | (842) |
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 4,951 | 2,930 | 2,388 | 2,406 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Attributable to: | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Equity holders of | 4,456 | 2,880 | 2,186 | 2,219 | 7,065 |
| the Parent | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Minority interest | 495 | 50 | 202 | 187 | 532 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 4,951 | 2,930 | 2,388 | 2,406 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
+----------------------+------------+------------+------------+------------+------------+
| Earnings per share | | | | | |
| (in | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| U.S. dollars) | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Basic | 0.138 | 0.085 | | 0.066 | 0.21 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Diluted | 0.137 | 0.085 | | 0.065 | 0.21 |
+----------------------+------------+------------+------------+------------+------------+
Interim Statement of Changes in Equity
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Attributable to equity holders of the Parent | | |
+----------------------------------+-------------------------------------------------------------------------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Share | Share | Treasury | Retained | Translation | | Minority | |
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | capital | premium | shares | earnings | reserve | Total | interest | Total |
| | | | | | | | | equity |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands | thousands | thousands | thousands |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the six month period ended | | | | | | | | |
| June 30, 2009 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2009 | 179 | 21,705 | (501) | 24,401 | 1,967 | 47,751 | 1,155 | 48,906 |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2009: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 4,456 | - | 4,456 | 495 | 4,951 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | | | | | | | | |
| translation of | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| financial statements for the | - | - | - | - | (1,284) | (1,284) | (22) | (1,306) |
| period (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and | - | - | - | 4,456 | (1,284) | 3,172 | 473 | (3,645) |
| expense for the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Acquisition of treasury shares | - | - | (1,826) | - | - | (1,826) | - | (1,826) |
| (unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend declared to equity | - | - | - | (1,119) | - | (1,119) | - | (1,119) |
| holders (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (459) | - | (459) | - | (459) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend paid to minority | - | - | - | - | - | - | (556) | (556) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share-based payment settled in | - | - | - | 70 | - | 70 | - | 70 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at June 30, 2009 | 179 | 21,705 | (2,327) | 27,349 | 683 | 47,589 | 1,072 | 48,661 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the six month period ended | | | | | | | | |
| June 30, 2008 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2008 | 179 | 21,705 | (501) | 20,400 | 1,631 | 43,414 | 638 | 44,052 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 2,880 | - | 2,880 | 50 | 2,930 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | | | | | | | | |
| translation of | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| financial statements for the | - | - | - | - | 6,513 | 6,513 | (55) | 6,458 |
| period (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and | - | - | - | 2,880 | 6,513 | 9,393 | (5) | 9,388 |
| expense for the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (2,383) | - | (2,383) | - | (2,383) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share based payment settled in | - | - | - | 99 | - | 99 | - | 99 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at June 30, 2008 | 179 | 21,705 | (501) | 20,996 | 8,144 | 50,523 | 633 | 51,156 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Year ended December 31, 2008 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2008 | 179 | 21,705 | (501) | 20,400 | 1,631 | 43,414 | 638 | 44,052 |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the year (Audited) | - | - | - | 7,065 | - | 7,065 | 532 | 7,597 |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | | | | | | | | |
| translation of | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| financial statements for the | - | - | - | - | 336 | 336 | (15) | 321 |
| year (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and | - | - | - | 7,065 | 336 | 7,401 | 517 | 7,918 |
| expense for the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (3,242) | - | (3,242) | - | (3,242) |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share based payment settled in | - | - | - | 178 | - | 178 | - | 178 |
| shares (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at December 31, 2008 | 179 | 21,705 | (501) | 24,401 | 1,967 | 47,751 | 1,155 | 48,906 |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
Interim Statement of Changes in Equity
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Attributable to equity holders of the Parent | | |
+----------------------------------+-------------------------------------------------------------------------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Share | Share | Treasury | Retained | Translation | | Minority | |
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | capital | premium | shares | earnings | reserve | Total | interest | Total |
| | | | | | | | | equity |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands | thousands | thousands | thousands |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the three month period | | | | | | | | |
| ended June 30, 2009 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at April 1, 2009 | 179 | 21,705 | (2,327) | 26,252 | (2,381) | 43,428 | 1,333 | 44,761 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2009: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 2,186 | - | 2,186 | 202 | 2,388 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | | | | | | | | |
| translation of | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| financial statements for the | - | - | - | - | 3,064 | 3,064 | 93 | 3,157 |
| period (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and | | | | | | | | |
| expense for the | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| period | - | - | - | 2,186 | 3,064 | 5,250 | 295 | 5,545 |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend declared to equity | - | - | - | (1,115) | - | (1,115) | - | (1,115) |
| holders (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend paid to minority | - | - | - | - | - | - | (556) | (556) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share-based payment settled in | - | - | - | 26 | - | 26 | - | 26 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at June 30, 2009 | 179 | 21,705 | (2,327) | 27,349 | 683 | 47,589 | 1,072 | 48,661 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the three month period | 179 | 21,705 | (501) | 18,736 | 5,327 | 45,446 | 551 | 45,997 |
| ended June 30, 2008 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at April 1, 2008 | | | | | | | | |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 2,219 | - | 2,219 | 187 | 2,406 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | | | | | | | | |
| translation of | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| financial statements for the | - | - | - | - | 2,817 | 2,817 | (105) | 2,712 |
| period (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and | - | - | - | 2,219 | 2,817 | 5,036 | 82 | 5,118 |
| expense for the | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share based payment settled in | - | - | - | 41 | - | 41 | - | 41 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at June 30, 2008 | 179 | 21,705 | (501) | 20,996 | 8,144 | 50,523 | 633 | 51,156 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
Interim Consolidated Statements of Cash Flows for the
+----------------------+------------+------------+------------+------------+------------+
| | | | | | Year ended |
+----------------------+------------+------------+------------+------------+------------+
| | Six month period ended | Three month period | December |
| | June 30 | ended June 30 | 31 |
+----------------------+-------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+----------------------+------------+------------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+----------------------+------------+------------+------------+------------+------------+
| | Unaudited | Audited | Unaudited | Unaudited | Audited |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Operating activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 4,951 | 2,930 | 2,388 | 2,406 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Depreciation | 440 | 513 | 219 | 266 | 972 |
+----------------------+------------+------------+------------+------------+------------+
| Amortization | 241 | 269 | 127 | 140 | 542 |
+----------------------+------------+------------+------------+------------+------------+
| Gain from sale of | | | | | |
| property and | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| equipment, net | (10) | (16) | 2 | (13) | (11) |
+----------------------+------------+------------+------------+------------+------------+
| Decrease (increase) | | | | | |
| in value | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| of marketable | 14 | 630 | 34 | (187) | 3,172 |
| securities, net | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Increase (decrease) | | | | | |
| in value of | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| long-term | 372 | (1,143) | (143) | (411) | (509) |
| liabilities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Income tax expense | 668 | 359 | 288 | 317 | 842 |
+----------------------+------------+------------+------------+------------+------------+
| Financing income, | (111) | (374) | (111) | (183) | (758) |
| net | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Share based payments | 70 | 99 | 26 | 41 | 178 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Operating gain | | | | | |
| before | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| working capital | 6,635 | 3,267 | 2,830 | 2,376 | 12,025 |
| changes | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Changes in working | | | | | |
| capital: | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (Increase) decrease | | | | | |
| in trade | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| receivables and | (1,766) | 13,164 | (545) | 4,472 | 7,758 |
| prepayments | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (Increase) decrease | | | | | |
| in other | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| receivables and | (294) | (1,550) | (39) | (362) | (917) |
| prepayments | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (Increase) | | | | | |
| decrease in | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| inventories | (832) | 1,909 | (316) | 1,490 | 3,250 |
+----------------------+------------+------------+------------+------------+------------+
| (Decrease) increase | | | | | |
| in | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| trade payables | (1,186) | (1,823) | (531) | (1,244) | (881) |
+----------------------+------------+------------+------------+------------+------------+
| (Decrease) increase | | | | | |
| in other | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| payables | (1,625) | (5,679) | (467) | 554 | (4,572) |
+----------------------+------------+------------+------------+------------+------------+
| Changes in employee | 26 | (54) | 50 | 58 | (301) |
| benefits | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | (5,677) | 5,967 | (1,848) | 4,968 | 4,337 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Income tax paid | (497) | (236) | (448) | (158) | (985) |
+----------------------+------------+------------+------------+------------+------------+
| Net cash provided | | | | | |
| by | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| operating | 461 | 8,998 | 534 | 7,186 | 15,377 |
| activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Investing activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Long-term loan paid | | | | | |
| from | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (granted to ) Rapac | | | | | |
| group | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| companies | (41) | 271 | (1) | 4 | 278 |
+----------------------+------------+------------+------------+------------+------------+
| Acquisition of | | | | | |
| property | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| and equipment | (248) | (527) | (94) | (143) | (907) |
+----------------------+------------+------------+------------+------------+------------+
| Acquisition of other | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| intangible assets | (785) | (938) | (394) | (471) | (1,823) |
+----------------------+------------+------------+------------+------------+------------+
| Investments in | | | | | |
| marketable | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| securities, net | (211) | 563 | (1,949) | 44 | (244) |
+----------------------+------------+------------+------------+------------+------------+
| Proceeds from sale | | | | | |
| of | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| property and | 35 | 33 | (12) | 19 | 113 |
| equipment | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Payment for | | | | | |
| investment in | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| a subsidiary | (1,298) | (3,705) | (1,298) | - | (3,705) |
+----------------------+------------+------------+------------+------------+------------+
| Interest received | 226 | 374 | 195 | 183 | 705 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Net cash used in | | | | | |
| investing | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| activities | (2,322) | (3,929) | (3,553) | (364) | (5,583) |
+----------------------+------------+------------+------------+------------+------------+
Interim Consolidated Statements of Cash Flows for the (cont'd)
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | Year ended |
+------------------------+------------+-----------+------------+------------+------------+
| |Six month period ended | Three month period | December |
| | June 30 | ended June 30 | 31 |
+------------------------+------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+------------------------+------------+-----------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+------------------------+------------+-----------+------------+------------+------------+
| | Unaudited | Audited | Unaudited | Audited | Audited |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Financing activities | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Acquisition of | (1,826) | - | - | - | |
| treasury shares | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Dividend paid | (459) | (2,383) | (459) | - | (3,242) |
+------------------------+------------+-----------+------------+------------+------------+
| Dividend paid to | (556) | - | (556) | - | - |
| minority | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Short-term loan from | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Rapac group companies | (348) | 75 | - | 72 | 371 |
+------------------------+------------+-----------+------------+------------+------------+
| Interest paid | (115) | - | (68) | - | (53) |
+------------------------+------------+-----------+------------+------------+------------+
| Interest bearing loans | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| and borrowings, net | 2 | 1,937 | (1) | 22 | 2,019 |
+------------------------+------------+-----------+------------+------------+------------+
| Long-term financing | (23) | (35) | (46) | (29) | (98) |
| lease | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Net cash (used in) | | | | | |
| provided | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| by financing | (3,325) | (406) | (1,130) | 65 | (1,003) |
| activities | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Net increase | | | | | |
| (decrease) in cash | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| and cash equivalents | (5,186) | 4,663 | (4,149) | 6,887 | 8,791 |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Cash and cash | | | | | |
| equivalents | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| at beginning of | 17,060 | 8,673 | 14,484 | 7,120 | 8,673 |
| period | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Translation | | | | | |
| differences in | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| respect of cash | (704) | 1,514 | 835 | 843 | (404) |
| balances | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Cash and cash | | | | | |
| equivalents | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| at end of period | 11,170 | 14,850 | 11,170 | 14,850 | 17,060 |
+------------------------+------------+-----------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGDIUBGGGCU
1 Year Orpak Systems Chart |
1 Month Orpak Systems Chart |
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