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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Star Energy Group Plc | LSE:STAR | London | Ordinary Share | GB00BZ042C28 | ORD 0.002P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.25 | -2.19% | 11.175 | 10.55 | 11.80 | 47,583 | 16:35:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computers & Software-whsl | 4.04M | -1.01M | -0.0079 | -3.80 | 3.84M |
From Apr 2019 to Apr 2024
TIDMSTAR
RNS Number : 1689S
Starcom PLC
29 September 2017
29 September 2017
Starcom Plc
("Starcom" or the "Company")
Interim Results
for the 6 months ended 30 June 2017
Starcom (AIM: STAR) which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, announces its unaudited interim results for the 6 months ended 30 June 2017.
HIGHLIGHTS
-- Revenue for the period of $1.9m (H1 2016: $2.5m)
-- Loss for the period after tax $925,000 (H1 2016: $613,000). Adjusted for exchange rate differences, the loss was $693,000 (H1 2016: $561,000).
-- Gross margin increased to 47% (H1 2016: 38%) reflecting improvement in purchasing efficiency and sales mix
-- Excellent progress in developing new sources of revenue, with new strategic agreements already signed as well as in course of negotiation
Avi Hartmann, CEO of Starcom, commented "Although the first half was somewhat slower than expected, we have seen a significant rise in opportunities during the second half and have already signed some significant agreements which we expect to make a material contribution to revenues in 2018. We are also engaged in a number of discussions with other major potential strategic partners who have tested our products successfully."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information, please contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 544 735 663
+972 3619 9901
Northland Capital Partners Limited (Nominated Adviser and Broker) 020 3861 6625
Edward Hutton / David Hignell (Corporate Finance)
John Howes (Sales and Broking)
Peterhouse Corporate Finance (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 020 7520 9267
Christian Taylor-Wilkinson 07795 168 157
Chairman's Statement
I am pleased to report the unaudited interim results of Starcom for the 6 months ended 30 June 2017.
Revenues for the period were $1.9m (H1 2016: $2.5m). Although revenues were lower than the equivalent period last year, the gross margin percentage improved strongly from 38% to 47% (2016 full year 28%). Loss after tax was $913,000 (H1 2016: $613,000). However, after adjusting for exchange rate differences, loss after tax was $693,000 (H1 2016: $561,000).
The reorganisation of our sales team has begun to show results in terms of the volume of activity and the quality of the new leads being generated for our range of products. We continue to focus on securing long term premium quality customers where our technological advantages and flexibility can be appreciated and rewarded. This strategy is now beginning to bear fruit as demonstrated by our recent collaboration/supply and support agreements. We expect that these agreements will begin contributing revenue during the second half of the year and should add materially to revenues in 2018 and beyond.
The agreement with CropX is an example of our technological adaptability, manifested in this case by linking our Kylos Air units to CropX's own innovative agricultural sensors. CropX conducted tests with several companies but finally chose Starcom as their preferred partner. We have received an initial order for 5,000 customised Kylos Air units at a total value of $650,000. Most of this revenue will arise in early 2018 and, provided they are satisfied with the results, we would expect to secure follow on orders.
Another example which demonstrates the increasing acceptance of our products by companies who are world leaders in their field is the new three-year collaboration agreement with a major European industrial group, as announced in September 2017. As with CropX, this agreement was secured after the client had completed a lengthy and detailed technical examination of our R&D capabilities, logistics, manufacturing and service responsiveness. Having met their demanding standards, initial orders have now been placed for 1,200 Kylos Air units as part of the joint development of an Internet of Things (IoT) platform. We would envisage that further orders will follow during this collaboration agreement.
A third example of the long-term client relationships we are building is with the major producer of specialised electric motor bikes which we referred to in the AGM statement in May this year. We continue to work with this company to open up new revenue streams which we expect will commence at the end of 2018. Once again, the client's reliance on our technology and its ability to integrate with their technology indicates confidence in Starcom's products.
Further strategic agreements are in negotiation. We are well advanced in discussions with a major South African security company that is providing services to the cattle and sheep farmers in the greater Johannesburg area. They have selected Kylos Forever, our long-life track and trace unit, as a potential tracking solution and the tests carried out so far have been successful. If this proceeds to contract, it will again contribute to revenues during 2018.
The TETIS product for containers has been accepted by a major shipping company after initial trials in Ghana and in Nigeria. Further tests are under way. If successful, there is the potential for our units being installed into their entire fleet of containers which is of a considerable size and should achieve a reduction in their insurance premiums.
Our client Pinnacle in Kenya, has, at long last begun to connect the Helios units it purchased in 2016 and 2017 to our central control system. So far, 3,500 units have been connected and monthly SAS revenues have now started to be received as a result.
The United Nations organisation that placed orders with us last year following a successful tender have now placed further orders of the Helios Hybrid units. We are participating in another major tender under the United Nations where we are now short-listed. The tender decision is expected in early 2018.
During the period, we relocated our offices outside of Tel Aviv, resulting in annualised savings of approximately $140,000. Further cuts in manpower and related costs should show additional savings of approximately $100,000 on an annualised basis.
PRODUCTS
ZEPPOS
Our mobile phone tracking service was launched earlier in 2017 and is gradually making market penetration. Approximately 300 registered users have signed up so far and we do expect further growth in the near future. Zeppos allows the user to use his mobile device as a tracking unit and we believe it will be popular with dispatchers and fleet managers who do not want to invest in a dedicated tracking system. It can be connected to Starcom online or our Olympia Tracking system to monitor the fleet's vehicles.
WATCHLOCK
We have taken control of the manufacturing and marketing process for this range of products and to date we are showing a 23% increase in sales compared with last year, and our cost to manufacture these products has also been reduced. Our new versions, Watchlock Cube and Watchlock 3, should be launched imminently and initial market response has been very encouraging.
The Watchlock Cube offers the same capabilities as the Watchlock Advanced, providing GPS based location finding in real-time and a notification system to show when the lock is opened or moved from its designated location.
Watchlock 3 will be a completely redesigned product with a revolutionary approach. The cylinder and key of the new Watchlock 3 will be replaced by NFC (Near Field Communications) and Bluetooth authorisation allowing the Watchlock 3 to serve as a security system and access control solution. A keyless solution will be much easier to manage for the end client and will decrease our lead time as the entire production process will be handled by Starcom. Compared to the Watchlock Pro, the Watchlock 3 will have a significant decrease in the product cost, especially when compared with master key systems solutions, and increased profit margin.
TETIS
We are showing a 60% growth in sales since 2016, albeit from a low base. As referred to earlier in this statement, there are significant growth opportunities for this product.
KYLOS
This range has shown the most promise during 2017 as can be seen from the agreements already signed. To meet the market demand, we added Bluetooth facilities to the basic Kylos electronics board. We also added "LoRa" (Low Power Long Range) connectivity to have the advantage of being 'market ready' as this new IoT protocol gains acceptance and becomes standard around the world.
SAS
SAS revenues declined compared with the corresponding period last year. However, we have successfully grown the number of users subscribing to our monitoring service and therefore contributing to our SAS recurring revenue base by approximately 27% over 2016. 68,201 units are now connected to our central SAS system compared with 53,846 units connected in 2016. The full financial impact of these additional users will become evident in the final results for 2017 and beyond. This is the result of some very targeted work in adding competitors' end units to our own platform.
FINANCIAL REPORT
Group revenues for the period were $1.9m, compared with $2.5m for the six months ended 30 June 2016, a decrease of 23%.
The gross margin for the period was 47% showing a significant improvement compared with 38% for same period in 2016 and 27% for the full year 2016. This is due to purchasing efficiency measures as well as a better sales mix that includes a higher share of higher-profit products, such as Watchlock.
Despite savings in a number of General & Administrative expenditure items such as rent and office expenses, there is still a slight increase in general and administrative expenses of 5%. The Company also saw a significant increase in legal expenses.
Operating loss increased to $0.57m (30% of revenues) compared with an operating loss of $0.44m for the six months ended 30 June 2016, an increase of 22%, as a result of an increase in research and development expenses of $0.08 million and an increase in general and administrative expenses.
The Group balance sheet showed a decrease in trade receivables to $1.0m. Group inventories for the period were $2.0m, compared to $1.96m as at 30 June 2016.
Trade payables for the period were $2.1m, compared with $1.4m as at 31 December 2016, showing an increase of $0.7m.
Net cash used in operating activities for the period was $0.17m, compared with $0.23m for the six months ended 30 June 2016.
The net loss for the period was $925,000 (2016: $613,000). However, net assets as at 30 June 2017 have shown a minor improvement, to $2.75m (31 December 2016: $2.74m) reflecting the placing of new shares in March and June 2017.
During the period under review the dollar /shekel exchange rate moved dramatically by approximately 10%. Since most of the Company's costs are shekel based and most of the revenues are in dollars this had an inevitable impact which caused an exchange loss of $220,000. The rates appear now to have stabilised and, in the absence of further major changes, no impact is expected to occur during the second half.
OUTLOOK
As I mentioned in my AGM statement, results for the full year to 31 December 2017 are still expected to show an improvement over 2016 due to the encouraging sales pipeline. The new focus on more strategic, demanding and therefore rewarding clients has already produced results, as can be seen from the higher quality agreements mentioned above. Activity is at a very high level with a view to meeting the stringent requirements of these new customers. Negotiations with other major companies are well advanced which we believe underpins our optimism for improved performance.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. Dollars in thousands
Hot Features
Premium
June 30 December
31
Note 2017 2016 2016
--------- --------- --------
Unaudited Unaudited Audited
--------- --------- --------
ASSETS
NON-CURRENT ASSETS:
Property, plant and equipment, net 343 332 303
Intangible assets, net 42,508 2,624 2,601
Income Tax Authorities 43 28 34
Total Non-Current Assets 2,894 2,984 2,938
----- ----- -----
CURRENT ASSETS:
Inventories 1,993 1,955 1,256
Trade receivables (net of allowance
for doubtful accounts of $137, $527
and $197 thousand as of June 30,
2017 and 2016 and December 31,2016) 1,011 1,514 1,391
Other receivables 36 60 65
Short-term deposit 53 66 57
Cash and cash equivalents 281 46 35
Total Current Assets 3,374 3,641 2,804
----- ----- -----
TOTAL ASSETS 6,268 6,625 5,742
===== ===== =====
LIABILITIES AND EQUITY
EQUITY
2,752 3,575 2,744
----- ---------------- -----
NON-CURRENT LIABILITIES:
Long-term loans from banks 302 517 372
CURRENT LIABILITIES:
Short-term bank credit 108 264 265
Short-term loans and current maturities
of long-term loans 381 332 314
Convertible debentures 102 - -
Trade payables 2,101 1,422 1,495
Shareholders and related parties 6 288 377 374
Other payables 234 138 178
----- ---------------- -----
Total Current Liabilities 3,214 2,533 2,626
----- ---------------- -----
TOTAL LIABILITIES AND EQUITY 6,268 6,625 5,742
===== ================ =====
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. Dollars in thousands
Year Ended
Six Months Ended June December
30 31
Note 2017 2016 2016
--------- --------------- ----------
Unaudited Unaudited Audited
--------- --------------- ----------
Revenues 1,922 2,507 5,132
Cost of sales (1,019) (1,555) (3,712)
---------
Gross profit 903 952 1,420
Operating expenses:
Research and development, net (134) (54) (189)
Selling and marketing (264) (295) (606)
General and administrative (1,095) (1,045) (2,386)
Other income 22 - 24
--------- --------------- ----------
(1,471) (1,394) (3,157)
--------- --------------- ----------
Operating loss (568) (442) (1,737)
Net finance expenses 7 (357) (120) (208)
--------- --------------- ----------
Loss before taxes on income (925) (562) (1,945)
Taxes on income from previous
years - (51) (67)
--------- --------------- ----------
Total comprehensive loss for
the period (925) (613) (2,012)
========= =============== ==========
Loss per share:
Basic and diluted loss per
share (in dollars) 5 (0.006) (0.005) (0.015)
========= =============== ==========
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
U.S. Dollars in thousands
Capital
Share Reserve
Capital Premium Capital for Share-based Accumulated
* on Shares Reserve payment Loss Total
------------ ----------- -------- ----------------- ------------------ --------
(Unaudited)
Balance- January
1, 2017 - 8,332 89 428 (6,105) 2,744
Issue of share
capital,
net of expenses
-
see Notes 1(a)3
-
1(a)5 - 912 - - - 912
Issue of
convertible
debentures - see
Note 1(a)2 - - 2 - - 2
Share based
payment - - - 19 - 19
Comprehensive
loss
for the period - - - - (925) (925)
-----------------
Balance- June 30,
2017 - 9,244 91 447 (7,030) 2,752
============= =========== ======== ================= ================== ========
(Unaudited)
Balance- January
1, 2016 - 7,094 89 407 (4,093) 3,497
Proceeds from
issued
share capital,
net
of expenses - 588 - - - 588
Conversion of
convertible
debentures - 101 - - - 101
Share based
payment - - - 2 - 2
Comprehensive
loss
for the period - - - - (613) (613)
-----------------
Balance- June 30,
2016 - 7,783 89 409 (4,706) 3,575
============= =========== ======== ================= ================== ========
(Audited)
Balance- January
1, 2016 - 7,094 89 407 (4,093) 3,497
Proceeds from
issued
share capital,
net
of expenses - 1,137 - - - 1,137
Conversion of
convertible
debentures and
unsecured
loans - 101 - - - 101
Share based
payment - - - 21 - 21
Comprehensive
loss
for the year - - - - (2,012) (2,012)
-----------------
Balance- December
31, 2016 - 8,332 89 428 (6,105) 2,744
============= =========== ======== ================= ================== ========
* An amount less than one thousand.
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. Dollars in thousands
Six Months Ended Year Ended
June 30 December
31
2017 2016 2016
--------- --------- -----------------
CASH FLOWS FROM OPERATING ACTIVITIES: Unaudited Unaudited Audited
--------- --------- -----------------
Comprehensive loss (925) (613) (2,012)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 267 218 435
Interest expense and exchange rate differences 89 10 10
Equity settled option-based payment expense 19 2 21
Capital gain (19) - -
Changes in assets and liabilities:
Decrease (Increase) in inventories (737) 247 946
Decrease (Increase) in trade receivables 380 (171) (48)
Decrease (Increase) in other receivables 29 (16) (21)
Decrease (Increase) in Income Tax Authorities (9) 39 33
Increase in trade payables 676 92 165
Increase (Decrease) in other payables 56 (41) (1)
Net cash used in operating activities (174) (233) (472)
--------- --------- -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (150) (11) (19)
Proceeds from sales of property, plant
and equipment 62 - -
Increase (Decrease) in short-term deposits 4 (3) 6
Purchase of intangible assets (107) (193) (350)
Net cash used in investing activities (191) (207) (363)
--------- --------- -----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of short-term bank credit,
net (40) (6) (5)
Proceeds from a convertible debenture,
net 92 - -
Repayment of Short-term loans from banks (31) - -
Receipt of long-term loans 46 104 104
Decrease in notes payable - (26) (26)
Proceeds from shareholders and related
parties, net 14 81 78
Repayment of long-term loans (216) (141) (304)
Consideration from issue of shares 746 384 933
--------- --------- -----------------
Net cash provided by financing activities 611 396 780
--------- --------- -----------------
Increase (Decrease) in cash and cash
equivalents 246 (44) (55)
Cash and cash equivalents at the beginning
of the period 35 90 90
--------- --------- -----------------
Cash and cash equivalents at the end
of the period 281 46 35
========= ========= =================
Appendix A - Additional Information
Interest paid during the period (46) (20) (48)
========= ========= =================
Appendix B - Non-cash financing activities
Issuance of shares to related parties
in payment of salaries from current periods 100 204 204
===== ===== =====
Issuance of shares to supplier in payment
of partial debt 70 - -
===== ===== =====
Conversion to shares of convertible debentures
and unsecured loans - 101 101
===== ===== =====
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. Dollars in thousands
NOTE 1 GENERAL INFORMATION
-
a. The Reporting Entity
1. Starcom plc ("the Company") was incorporated in
Jersey on November 28, 2012. The Group specializes
in easy-to-use practical wireless solutions that
combine advanced technology, telecommunications and
digital data for the protection and management of
people, fleets of vehicles, containers and assets
and engages in production, marketing, distribution,
research and development of G.P.S. systems.
The Company fully owns Starcom G.P.S. Systems Ltd.,
an Israeli company that engages in the same field,
and Starcom Systems Limited, a company in Jersey.
The Company's shares are admitted for trading on
London's Stock Exchange Alternative Investment Market
("AIM").
Address of the official Company office in Israel
of Starcom G.P.S. Systems Ltd. is:
16 Hata'as St., Kfar-Saba, Israel.
Address of the Company's registered office in Jersey
of Starcom Systems Limited is:
13-14 Esplanade, St Helier, Jersey JE1 1BD.
2. During March 2017, the Company drawn down $330
thousand from the unsecured convertible loan facility
(the "Loan Facility") with YA Global Master SPV Ltd.,
of which $220 thousand were paid back during June
2017 following the placement that took place at that
time.
3. During April 2017, the Company issued 5,007,037
Ordinary Shares to related parties in order to partially
set off their credit balances at the sum of $100,000
(GBP78,055).
4. During May 2017, the Company issued 2,700,000
Ordinary Shares to one of the Company's long term
component suppliers in part settlement of its account
with the Company at the sum of $69,538 (GBP54,000)).
5. During June 2017 the Company raised GBP 650 ($827)
thousand before expenses, through a placing of 43,333,336
new Ordinary Shares of no par value at a price of
1.5p per Placing Share, together with the issue of
warrants over new Ordinary Shares on the basis of
one warrant for every 5 Placing Shares exercisable
at a price of 2.5p per Ordinary Share and will expire
twelve months following admission of the Placing
Shares to trading on AIM.
6. On June 21, 2017 the Company granted its advisors
Options to subscribe for 395,267 new Ordinary Shares
at 1.5p per share. The Options are fully vested upon
grant. Any unexercised options expire at the end
of 5 years from grant.
7. On June 29, 2017 the Company granted its top management
and directors Options to subscribe for 16,093,680 new Ordinary
Shares at 2.5p per share. The Options vest 2 years after
grant. Any unexercised options expire at the end of 10
years from grant.
b. Definitions in these financial statements:
1. International Financial Reporting Standards (hereinafter:
"IFRS") - Standards and interpretations adopted by
the International Accounting Standards Board (hereafter:
"IASB") that include international financial reporting
standards (IFRS) and international accounting standards
(IAS), with the addition of interpretations to these
Standards as determined by the International Financial
Reporting Interpretations Committee (IFRIC) or
interpretations
determined by the Standards Interpretation Committee
(SIC), respectively.
2. The Company - Starcom Plc.
3. The subsidiaries - Starcom G.P.S. Systems Ltd. And
Starcom Systems Limited.
4. Starcom Jersey - Starcom Systems Limited.
5. Starcom Israel - Starcom G.P.S. Systems Ltd.
6. The Group - Starcom Plc. and
the Subsidiaries.
7. Related party - As
determined by International
Accounting
Standard No. 24 in regard to
related parties.
NOTE 2 - BASIS OF PREPARATION AND CHANGE IN THE GROUP'S ACCOUNTING
POLICIES
a. Basis of preparation
b. The interim consolidated financial statements have been
prepared in accordance with generally accepted accounting
principles for the preparation of financial statements
for interim periods, as prescribed in International Accounting
Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information should
be read in conjunction with the annual financial statements
as of December 31, 2016 and for the year ended on that
date and with the notes thereto.
The significant accounting policies applied in the annual
financial statements of the Company as of December 31,
2016 are applied consistently in these interim consolidated
financial statements.
Use of estimates and judgments
The preparation of financial statements in conformity
with IFRS requires management of the Company to make
judgments, estimates and assumptions that affect the
application of accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
The judgment of management, when implementing the Group
accounting policies and the basic assumptions utilized
in the estimates that are bound up in uncertainties
are consistent with those that were utilized to prepare
the annual financial statements.
NOTE 3 - SIGNIFICANT EVENTS AFTER THE REPORTED PERIOD
No significant events have occurred after the reported
period.
NOTE 4 - INTANGIBLE ASSETS, NET
Total
--------
Cost:
Balance as of January
1 2017 3,938
Additions during the
year 107
Balance as of June
30 2017 4,045
--------
Accumulated Depreciation:
Balance as of January
1 2017 (1,135)
Amortization during
the year (200)
Balance as of June
30 2017 (1,335)
--------
Impairment of assets (202)
Net book value as of
June 30 2017 2,508
========
Total
--------
Cost:
Balance as of January
1 2016 3,588
Additions during the
year 193
Balance as of June 30
2016 3,781
--------
Accumulated Depreciation:
Balance as of January
1 2016 (775)
Depreciation during the
year (180)
Balance as of June 30
2016 (955)
--------
Impairment of assets (202)
--------
Net book value as of
June 30 2016 2,624
========
Total
--------
Cost:
Balance as of January
1 2016 3,588
Additions during the
year 350
Balance as of December
31 2016 3,938
--------
Accumulated Depreciation:
Balance as of January
1 2016 (775)
Depreciation during the
year (360)
Balance as of December
31 2016 (1,135)
--------
Impairment of assets (202)
--------
Net book value as of
December 31 2016 2,601
========
NOTE SHARE CAPITAL
5
a. Composition - as of 30 June 2017 common stock of no par
value, authorized 212537,720 shares; issued and outstanding
- 203,871,053 shares.
b. A Company share grants to its holder voting rights, rights
to receive dividends and rights to net assets upon dissolution.
c. See Note 1(a).
d. Weighted average number of shares used for calculation
of basic and diluted loss per share:
June 30 December 31
2017 2016 2016
------------------ ------------------ ------------------
Number 157,156,219 120,917,468 131,248,154
================== ================== ==================
NOTE 6 - SHAREHOLDERS AND RELATED PARTIES
a. Related parties that own the controlling shares
in the Group are:
Mr. Avraham Hartman (11.0%), Mr. Uri Hartman (11.7%),
Mr. Doron Kedem (11.7%).
b. Short-term June 30 December
balances: 31
2017 2016 2016
------ ------ ---------
Credit balance (108) (119) (82)
Loans (180) (258) (292)
------ ------ ---------
(288) (377) (374)
====== ====== =========
c. Transactions: Six Months Ended Year Ended
June 30 December
31
2017 2016 2016
--------- --------- ------------
Total salaries,
services rendered
and related expenses
for shareholders 261 187 496
========= ========= ============
NOTE 7 - NET FINANCE EXPENSES
Six Months Ended Year Ended
June 30 December
31
2017 2016 2016
--------- -------- -----------
Interest to banks
and others (81) (22) (45)
Exchange rate differences (220) (52) (59)
Bank charges (34) (38) (70)
Interest to related
parties - - (13)
Interest to suppliers (22) (8) (21)
Net finance expenses (357) (120) (208)
========= ======== ===========
NOTE 8 - SEGMENTATION REPORTING
Segments' differentiation policy:
The Company's management has defined its segmentation
policy based on the financial essence of the different
segments. This refers to services versus goods, delivery
method and allocated resources per sector.
On this basis, the following segments were defined:
Segment information regarding the reported segments:
Sets Web Accessory Other Total
-------- ------ ---------- ------ ----------
Period Ended
30.06.2017:
Segment revenues 1,067 775 10 70 1,922
Cost of sales (858) (96) (8) (57) (1,019)
-------- ------ ---------- ------ ----------
Gross profit 209 679 2 13 903
Operating expenses (1,471)
----------
Operating loss (568)
Period Ended
30.06.2016:
Segment revenues 1,547 845 25 90 2,507
Cost of sales (1,364) (89) (22) (80) (1,555)
-------- ------ ---------- ------ ----------
Gross profit 183 756 3 10 952
Operating expenses (1,394)
----------
Operating loss (442)
Year Ended
31.12.2016:
Segment revenues 3,128 1,749 44 211 5,132
Cost of sales 3,084 382 40 206 3,712
-------- ------ ---------- ------ ----------
Gross profit 44 1,367 4 5 1,420
Operating expenses (3,157)
----------
Operating loss (1,737)
==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BIGDCBDDBGRI
(END) Dow Jones Newswires
September 29, 2017 02:01 ET (06:01 GMT)
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