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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elron Ventures Ltd (CE) | USOTC:ELRNF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.28 | 0.00 | 01:00:00 |
ELRON ELECTRONIC INDUSTRIES LTD.
(Registrant) |
|||
By:
|
/s/ Yaron Elad | ||
Yaron Elad | |||
VP & CFO | |||
"Board of Directors Report"
|
English Translation of Elron's Board of Directors Report for the Second Quarter of 2017, included in Part II of this report.
|
"Financial Statements"
|
English Translation of Elron's Interim Consolidated Financial Statements as of June 30, 2017, included in Part III of this report.
|
Elron's Annual Report for the year ended December 31, 2016, filed with the SEC on Form 20-F.
|
1. |
Item 3D – Risk Factors: Risks Affecting Us and the Companies in Our Group
|
1.1. |
We voluntarily delisted from the Nasdaq Global Select Market and may in the future seek to terminate our Exchange Act registration
|
1.2. |
See Section 1.2 of the Board of Directors Report for details regarding developments in Elron and group companies during the period of this report and subsequent thereto.
|
1.3. |
Investments
|
1.4. |
Cloudyn
|
Ari Bronshtein
CEO
|
Yaron Elad
CFO
|
Elron Electronic Industries Ltd.
Part II
English Translation of Board of Directors Report
for the Second Quarter of 2017
|
· |
Identifying and exploiting investment opportunities in companies with innovative technology and significant exit potential.
|
· |
Investing over the long term in order to maximize the possibility of enhancing the Group Companies' value.
|
· |
Focusing on investments which afford Elron influence and active involvement in their management.
|
· |
Actively enhancing the Group Companies' value by providing hands-on assistance to their management.
|
· |
Exploiting opportunities to exit Group Companies.
|
· |
RDC (50.1%)
- See description in section 1.1.4 above.
|
· |
Pocared Diagnostics Ltd. (51% by Elron, 18% by RDC) ("Pocared")
- Pocared is developing a real-time and automated system for infectious diseases diagnosis using optical technology, intended for use by major microbiological laboratories and hospitals, as an alternative to current microbiological practice of bacteria culturing. The system is designed to reduce the average diagnostic time and significantly increase output in comparison with current diagnostic practice.
The system's first application is diagnosis of Urinary Tract Infection
.
|
· |
BrainsGate Ltd. (30%) ("BrainsGate")
- BrainsGate is developing a system for treating ischemic stroke. The system operates by electrically stimulating a nerve center located behind the nasal cavity using a miniature implantable electrode, in order to increase blood flow to the brain. The system is intended to significantly lengthen the approved stroke treatment window to 24 hours post-symptom onset.
|
· |
CartiHeal (2009) Ltd. (34%) ("CartiHeal")
- CartiHeal is developing an implant for repair of articular cartilage and osteochondral defects in loadbearing joints, such as the knee. The implant has a unique structure, composed of calcium carbonate with hyaluronic acid. The implant biodegrades in the implantation site, and promotes the regeneration of cartilage and subchondral bone.
|
· |
Coramaze Technologies GmbH (31%) ("Coramaze")
- Coramaze is a German company developing a minimally invasive device to treat functional mitral valve regurgitation– backflow in the left side of the heart, caused by an enlarged left ventricle that prevents the valve from closing properly.
|
· |
Notal Vision Inc. (19%) ("Notal Vision")
- Notal Vision develops, manufactures and provides a system and services for remote monitoring of age-related macular degeneration, or AMD, patients at risk of vision loss, in order to enable early detection of visual changes before the disease progresses to the point of significant vision loss or blindness.
|
· |
Nitinotes Ltd. (24%) ("Nitinotes)
-
Nitinotes
is developing an endoscopic procedure that mimics gastric sleeve surgery for treatment of obesity.
|
· |
SixGill Ltd. (22%) ("SixGill")
- SixGill
develops and provides an automated system that crawls the Dark Web and extracts information to provide its customers with relevant intelligence and alerts regarding possible or ongoing cyber-attacks against the enterprise
.
|
· |
Alcide IO Ltd. (26%) ("Alcide")
- Alcide is developing a security solution for emerging data center environments to enable visibility and security policy enforcement for hybrid data centers.
|
· |
SecuredTouch Inc. (29% by RDC) ("SecuredTouch")
-
SecuredTouch develops
and provides
a real time identity verification platform for mobile apps and mobile websites, that profiles users based on their physical behavior with touchscreen devices, allowing for seamless and persistent identity verification.
|
· |
Cyber Secdo Ltd. (22% by RDC) ("Secdo")
- Secdo
operates in the field of automatic detection and investigation of cyber events in organizations through a platform that protects endpoints.
|
· |
IronScales Ltd. (27% by RDC) ("IronScales")
- IronScales provides a cloud-based (SaaS) solution, which aims to train the employees of an organization to take an active part in identifying and preventing targeted email attacks (spear-phishing)
.
|
· |
Open Legacy Technologies Ltd. (39% by RDC) ("Open Legacy")
- Open Legacy develops and markets a platform allowing integration of information systems in organizations, based on API (Application Programming Interface).
|
· |
PlyMedia Israel (2006) Ltd. (23%) ("PlyMedia")
- PlyMedia has developed and markets a digital advertising platform for ad networks.
|
· |
its share in the net losses of Group Companies;
|
· |
gains or losses from exit transactions or changes in holdings, and revaluation of investments recorded based on fair value;
|
· |
its corporate activities.
|
· |
the extent of its investments;
|
· |
proceeds from exit transactions;
|
· |
available credit lines or loans;
|
· |
dividends distributed to shareholders or received from Group Companies.
|
· |
Cloudyn Software Ltd. ("Cloudyn")
- In July 2017, subsequent to the reporting date, the sale of the entire outstanding share capital of Cloudyn to Microsoft Israel Research And Development (2002) Ltd. was completed (the “Transaction”). RDC's share in the consideration from the sale amounted to approximately $17.3 million, of which an amount of approximately $1.8 million was deposited in escrow for a period of 18 months. Pursuant to the Transaction, Elron expects to record a net gain attributable to its shareholders estimated at approximately $6.6 million (a consolidated net gain of approximately $13.2 million) in the third quarter of 2017. For further details see Note 3.B to the Financial Statements.
|
· |
In the first six months of 2017, Elron (directly and indirectly) invested approximately $14.1 million in the Group Companies. For further details see section 1.4 below and Note 3 to the Financial Statements.
|
· |
Investment in Pocared
- In June 2017, Elron, RDC and other shareholders invested in Pocared an amount of $10 million (Elron's and RDC's share was $2 million and approximately $6.8 million, respectively). Following this investment, Elron's consolidated holding in Pocared's outstanding share capital increased from approximately 67% to 69% and from approximately 66% to 68% on a fully diluted basis (an effective holding of approximately 60% of Pocared's outstanding share capital and 57% on a fully diluted basis). For further details see Note 3.A to the Financial Statements.
|
· |
Investment in
CartiHeal
,
led by a new investor
- In April 2017, CartiHeal entered into an investment agreement in the amount of approximately $18.4 million in two installments, led by a new investor and with the participation of CartiHeal's principal shareholders, including Elron (Elron's share is $5.2 million). The first installment in the amount of approximately $6.1 million was invested immediately (Elron’s share in the first installment was approximately $1.7 million). Upon the completion of the entire investment Elron is expected to hold approximately 33% of CartiHeal's outstanding shares. For further details see Note 3.C to the Financial Statements.
|
· |
Financing round in Alcide, led by a new investor
-
In February 2017, Alcide completed a financing round in the amount of approximately $4 million, led by a new investor and with the participation of Elron (Elron's share was $0.75 million). Following this investment, Elron holds approximately 26% of Alcide's outstanding shares. For further details see Note 3.F to the Financial Statements.
|
· |
BrainsGate's FDA Trial
- Further to Item 4
.
B of Elron's 2016 Annual Report, regarding the FDA study conducted by BrainsGate, as of the reporting date, BrainsGate has recruited 846 patients.
|
· |
As of the date of filing this report, Elron's and RDC's non-consolidated liquid resources amounted to approximately $25.4 million and $60.8 million, respectively. These amounts include Elron's and RDC's bank deposits in the amounts of approximately $2.0 million and $37.0 million, respectively and other short term investments in securities by Elron in the amount of approximately $20.2 million. As of the date of filing this report
,
Elron and RDC have no debt.
|
· |
Termination of the Services Agreement with DIC
– From May 2009 until March 2017, Elron was engaged in a Services Agreement with DIC, according to which, the Company received managerial and administrative services from a staff of employees hired by DIC. In February 2017, following approval of the Company's audit committee and board of directors, the Company's shareholders approved the termination of the Services Agreement with effect from March 31, 2017. Accordingly, commencing April 1, 2017, the Services Agreement with DIC was terminated and 13 employees, including the Company's CEO, ended their employment with DIC and were hired as employees of Elron (for further details see Note 3.J to the Financial Statements).
|
For the six months
ended June 30,
|
For the three months
ended June 30,
|
For the year ended December 31,
2016
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||||||
Unaudited
|
Audited | |||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Loss attributable to Elron's shareholders
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(26,814
|
)
|
||||||||||
Loss per share attributable to Elron's shareholders (in $)
|
(0.52
|
)
|
(0.31
|
)
|
(0.31
|
)
|
(0.14
|
)
|
(0.90
|
)
|
For the six months
ended June 30,
|
For the three months
ended June 30,
|
For the year ended December 31,
2016
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016 | |||||||||||||||||
$ thousands
|
||||||||||||||||||||
Losses in respect of Group Companies:
|
||||||||||||||||||||
Elron's share in losses of Group Companies, net
|
(11,948
|
)
|
(8,326
|
)
|
(6,513
|
)
|
(3,730
|
)
|
(17,598
|
)
|
||||||||||
Excess cost amortization
|
(60
|
)
|
(53
|
)
|
(28
|
)
|
(10
|
)
|
(120
|
)
|
||||||||||
Total
|
(12,008
|
)
|
(8,379
|
)
|
(6,541
|
)
|
(3,740
|
)
|
(17,718
|
)
|
||||||||||
Gain (loss) from disposal and revaluation of investee companies and changes in holdings, net
|
(1,868
|
)
|
656
|
(1,889
|
)
|
355
|
(2,285
|
)
|
||||||||||||
Corporate operating expenses
|
(2,001
|
)
|
(1,682
|
)
|
(940
|
)
|
(826
|
)
|
(4,245
|
)
|
||||||||||
Tax benefit (taxes on income)
|
22
|
(143
|
)
|
35
|
(82
|
)
|
(1,109
|
)
|
||||||||||||
Other
|
480
|
347
|
23
|
3
|
(1,457
|
)
|
||||||||||||||
Loss attributable to shareholders
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(26,814
|
)
|
I)
|
Losses in respect of Group Companies
|
II)
|
Gain (loss) from disposal and revaluation of group companies, and changes in holdings, net:
|
III)
|
Corporate operating expenses
|
Elron Electronic Industries Ltd.
Part II
English Translation of Board of Directors Report
for the Second Quarter of 2017
|
For the six months ended June 30,
|
For the three months ended June 30,
|
||||||||||||
2017
|
2016
|
2017
|
2016
|
||||||||||
Unaudited
|
|||||||||||||
$ thousands
|
Explanation
|
Gain (loss) from disposal and revaluation of group companies, and changes in holdings, net
|
(1,854
|
)
|
1,205
|
(1,887
|
)
|
648
|
In the first half and second quarter of 2017, this item mainly included a $1,894 thousand loss recorded as a result of a decrease in the fair value of the investment in Notal Vision.
In the first half and the second quarter of 2016, this item mainly included a $1,078 thousand and $562 thousand gain, respectively, recorded due to an increase in the value of the contingent consideration asset
in respect of the sale of
Kyma Medical Technologies Ltd. ("Kyma") that took place in 2015.
|
||||||||||
Financial income
|
2,259
|
1,348
|
662
|
547
|
Financial income in the first half and second quarter of 2017 resulted mainly from USD-NIS exchange rate fluctuations in NIS bank deposits held by RDC, interest income on deposits, and an increase in the value of marketable investments measured at fair value.
Financial income in the first half of 2016 resulted mainly from interest income on deposits and USD-NIS exchange rate fluctuations, primarily in NIS bank deposits held by RDC.
Financial income in the second quarter of 2016 resulted mainly from interest income on deposits and an increase in the value of marketable investments measured at fair value.
|
||||||||||||
Total income
|
405
|
2,553
|
(1,225
|
)
|
1,195
|
||||||||||||
Research and development expenses
|
4,615
|
3,612
|
2,685
|
1,367
|
|
See analysis of Elron's and consolidated companies' operating expenses below.
|
|||||||||||
Selling and marketing expenses
|
333
|
224
|
298
|
147
|
For the six months ended June 30,
|
For the three months ended June 30,
|
||||||||||||
2017
|
2016
|
2017
|
2016
|
||||||||||
Unaudited
|
|||||||||||||
$ thousands
|
Explanation
|
General and administrative expenses
|
3,980
|
2,915
|
2,004
|
1,542
|
See analysis of Elron's and consolidated companies' operating expenses below.
|
||||||||||||
Equity in losses of associates, net
|
9,971
|
5,103
|
5,394
|
2,097
|
Elron's share in the net losses of its associates results from its holdings in certain investments that are accounted for under the equity method.
As most of the Group Companies are companies whose operations have not yet generated significant revenues, if at all, and invest considerable resources in research and development and in marketing activities, Elron expects to continue to record losses in respect of these companies' ongoing operations in accordance with the accounting method applied to them in Elron's financial statements. In addition, see the analysis of the results of operations of main associates below.
The increase in the first half and second quarter of 2017 as compared with the first half and second quarter of 2016 resulted mainly from the losses recorded in 2017 in respect of new companies in which Elron and RDC initially invested during 2016.
|
||||||||||||
Financial expenses
|
130
|
266
|
74
|
564
|
Financial expenses in the second quarter of 2016 resulted mainly from USD-NIS exchange rate fluctuations, primarily in NIS bank deposits held by RDC.
|
||||||||||||
Other expenses, net
|
71
|
20
|
10
|
3
|
|||||||||||||
Total expenses
|
19,100
|
12,140
|
10,465
|
5,720
|
|||||||||||||
Loss before taxes on income
|
(18,695
|
)
|
(9,587
|
)
|
(11,690
|
)
|
(4,525
|
)
|
|||||||||
Tax benefit (taxes on income)
|
4
|
(340
|
)
|
47
|
(198
|
)
|
Taxes on income in the first half and second quarter of 2016 resulted mainly from tax expenses recorded by RDC due to the sale of Kyma
.
|
||||||||||
Loss
|
(18,691
|
)
|
(9,927
|
)
|
(11,643
|
)
|
(4,723
|
)
|
For the six months ended June 30,
|
For the three months ended June 30,
|
||||||||||||
2017
|
2016
|
2017
|
2016
|
||||||||||
Unaudited
|
|||||||||||||
$ thousands
|
Explanation
|
Loss attributable to the Company's shareholders
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
|||||||||
Loss attributable to non-controlling interests
|
(3,316
|
)
|
(726
|
)
|
(2,331
|
)
|
(433
|
)
|
The loss attributable to non-controlling interests results mainly from the share of the non-controlling interest in the loss recorded by RDC.
In the first half and second quarter of 2017, the loss attributable to non-controlling interests resulted mainly from the share of non-controlling interests in the gain or loss recorded by RDC from investments in its affiliated companies.
The increase in the first half and second quarter of 2017 as compared with the first quarter of 2016 resulted mainly from the losses recorded in 2017 in respect of new companies in which Elron and RDC initially invested during 2016.
In the first half and second quarter of 2016, most of the loss was offset by a gain from a change in the value of the contingent consideration asset recorded by RDC in respect of the sale of Kyma.
|
||||||||
Basic and diluted loss per share attributable to the Company's shareholders (in $)
|
(0.52
|
)
|
(0.31
|
)
|
(0.31
|
)
|
(0.14
|
)
|
For the six months ended June 30,
|
For the three months ended June 30,
|
||||||||||||||||
2017
|
2016
|
2017
|
2016
|
||||||||||||||
$ thousands
|
Explanation
|
||||||||||||||||
Corporate
|
2,001
|
1,682
|
940
|
825
|
The increase in the first half and second quarter of 2017 compared with the first half and second quarter of 2016 mainly resulted from an increase in salary expenses due to the termination of the Services Agreement with DIC, according to which Elron bears the employment costs of its employees from the beginning of 2017 (see section 1.2.5 above)
,
and from USD-NIS exchange rate fluctuations.
|
||||||||||||
RDC
|
976
|
593
|
461
|
274
|
The increase in the first half and second quarter of 2017 compared with the first half and second quarter of 2016 mainly resulted from directors' fees which RDC commenced paying its shareholders (including Elron) in respect of their representatives serving in RDC's board of directors.
|
||||||||||||
Pocared
|
5,951
|
4,476
|
3,586
|
1,957
|
The increase in the first half and second quarter of 2017 compared with the first half and second quarter of 2016 was mainly due to the investment in production capabilities and inventories towards the upcoming FDA trial. Pocared is preparing to conduct the new trial during 2017 (see item 4.B of Elron's 2016 Annual Report).
|
||||||||||||
Total
|
8,928
|
6,751
|
4,987
|
3,056
|
For the six months ended June 30,
|
For the three months ended June 30,
|
||||||||||||||||
2017
|
2016
|
2017
|
2016
|
||||||||||||||
Unaudited
|
|||||||||||||||||
$ thousands
|
Explanation
|
||||||||||||||||
Loss
|
3,268
|
2,560
|
1,605
|
1,168
|
BrainsGate is in the development stage and has not yet commenced sales. BrainsGate's losses mainly results from research and development expenses. The increase in loss in the first half and second quarter of 2017 compared with the first half and second quarter of 2016 resulted mainly from the increase in the number of patients recruited for its FDA trial.
|
Elron Electronic Industries Ltd.
Part II
English Translation of Board of Directors Report
for the Second Quarter of 2017
|
June 30,
2017
|
December 31,
2016
|
|||||||
Unaudited
|
Audited
|
|||||||
$ thousands
|
||||||||
Total assets in the consolidated statement of financial position
|
153,826
|
170,684
|
||||||
Current assets (not including assets classified as held for sale)
|
84,297
|
102,370
|
||||||
Investments in associates and other companies (including assets classified as held for sale)
|
36,875
|
43,204
|
||||||
Long-term receivables
|
6,336
|
6,531
|
||||||
Intangible assets
|
17,438
|
17,438
|
||||||
Current liabilities
|
8,922
|
8,399
|
||||||
Long-term liabilities
|
863
|
694
|
||||||
Total liabilities
|
9,785
|
9,093
|
||||||
Equity including non-controlling interests
|
144,041
|
161,591
|
For the six months ended June 30,
|
For the three months ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Unaudited
|
||||||||||||||||
$ thousands
|
||||||||||||||||
Investments in Elron's and RDC's group companies (1)
|
(14,125
|
)
|
(17,051
|
)
|
(11,425
|
)
|
(10,654
|
)
|
||||||||
Proceeds from disposal of Elron's and RDC's non-current investments, net of tax
|
2,483
|
35
|
2,434
|
35
|
Elron
|
RDC
|
|||||||||||||||
For the six months ended June 30,
|
||||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Unaudited
|
||||||||||||||||
$ thousands
|
||||||||||||||||
Consolidated Companies
|
||||||||||||||||
Pocared
|
2,000
|
6,453
|
6,766
|
-
|
||||||||||||
2,000
|
6,453
|
6,766
|
-
|
|||||||||||||
Associates and Other Investments
|
||||||||||||||||
CartiHeal
|
1,733
|
-
|
-
|
-
|
||||||||||||
Coramaze*
|
921
|
1,963
|
-
|
-
|
||||||||||||
Notal Vision
|
894
|
1,535
|
-
|
-
|
||||||||||||
Open Legacy
|
-
|
-
|
-
|
700
|
||||||||||||
SixGill
|
-
|
2,500
|
-
|
-
|
||||||||||||
SecuredTouch
|
-
|
-
|
300
|
2,200
|
||||||||||||
Alcide
|
750
|
1,500
|
-
|
-
|
||||||||||||
Nitinotes
|
761
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
200
|
-
|
-
|
||||||||||||
5,059
|
7,698
|
300
|
2,900
|
|||||||||||||
Total investments
|
7,059
|
14,151
|
7,066
|
2,900
|
Cash flows used in operating activities
|
Liquid resources balance
|
|||||||||||||||||||||||
For the six months
ended June 30,
|
For the three months
ended June 30,
|
As of
June 30,
|
As of
December 31,
|
|||||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
|||||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||
BrainsGate
|
(3,447
|
)
|
(2,712
|
)
|
(1,953
|
)
|
(1,285
|
)
|
14,999
|
18,152
|
||||||||||||||
Pocared
|
(5,428
|
)
|
(4,936
|
)
|
(2,576
|
)
|
(2,496
|
)
|
13,829
|
9,727
|
Eduardo Elsztain
Chairman of the Board of Directors |
|
Ari Bronshtein
CEO
|
Elron Electronic Industries Ltd.
Part III
English Translation of
Interim
Consolidated Financial Statements
As of
June 30, 2017
Unaudited
|
2
|
|
3-4
|
|
5
|
|
6
|
|
7-10
|
|
11-12
|
|
13-22
|
|
23
|
|
|
Kost Forer Gabbay & Kasierer
3 Amindav St.
Tel-Aviv 6706703, Israel
|
Tel: +972-3-6232525
Fax: +972-3-5622555
ey.com
|
PwC Israel
Trade Tower, 25 Hamered St.
Tel-Aviv 6812508, Israel
|
Tel: +972-3-7954555
Fax: +972-3-7954556
www.pwc.com/il
|
KOST FORER GABBAY & KASIERER
A Member of Ernst & Young Global
|
Kesselman & Kesselman
Certified Public Accountants (Isr.)
A member firm of PriceWaterhouseCoopers International Limited
|
June 30
|
December 31
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
$ thousands
|
||||||||||||
Current assets
|
||||||||||||
24,156
|
29,749
|
27,176
|
||||||||||
Bank deposits
|
34,683
|
77,341
|
43,920
|
|||||||||
Other investments in securities
|
21,729
|
25,026
|
25,284
|
|||||||||
Other accounts receivable
|
3,729
|
3,302
|
5,990
|
|||||||||
Investment in associate classified as held for sale (see Note 3.B)
|
2,807
|
-
|
-
|
|||||||||
87,104
|
135,418
|
102,370
|
||||||||||
Non‑current assets
|
||||||||||||
Investments in associates
|
15,372
|
19,536
|
23,508
|
|||||||||
Investments in other companies measured at fair value
|
18,696
|
20,930
|
19,696
|
|||||||||
Long-term receivables
|
6,336
|
9,253
|
6,531
|
|||||||||
Property, plant and equipment, net
|
1,365
|
1,018
|
1,141
|
|||||||||
Long-term bank deposits
|
7,515
|
-
|
-
|
|||||||||
Intangible assets
|
17,438
|
17,438
|
17,438
|
|||||||||
66,722
|
68,175
|
68,314
|
||||||||||
Total assets
|
153,826
|
203,593
|
170,684
|
June 30
|
December 31
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
$ thousands
|
||||||||||||
Current liabilities
|
||||||||||||
Trade payables
|
526
|
398
|
440
|
|||||||||
Other accounts payable
|
8,396
|
3,859
|
7,959
|
|||||||||
8,922
|
4,257
|
8,399
|
||||||||||
Long-term liabilities
|
||||||||||||
Financial liabilities measured at fair value
|
863
|
447
|
694
|
|||||||||
Long term taxes
|
-
|
2,135
|
-
|
|||||||||
863
|
2,582
|
694
|
||||||||||
Equity attributable to the Company's shareholders
|
||||||||||||
Issued capital
|
9,573
|
9,573
|
9,573
|
|||||||||
Share premium
|
190,753
|
190,753
|
190,753
|
|||||||||
Capital reserves
|
4,674
|
3,110
|
4,128
|
|||||||||
Accumulated deficit
|
(102,393
|
)
|
(54,405
|
)
|
(87,018
|
)
|
||||||
102,607
|
149,031
|
117,436
|
||||||||||
Non-controlling interests
|
41,434
|
47,723
|
44,155
|
|||||||||
Total equity
|
144,041
|
196,754
|
161,591
|
|||||||||
Total liabilities and equity
|
153,826
|
203,593
|
170,684
|
Eduardo Elsztain
|
Ari Bronshtein
|
Yaron Elad
|
||
Chairman of the Board of Directors
|
Chief Executive Officer
|
Vice President &
Chief Financial Officer
|
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
(except for loss per share data)
|
||||||||||||||||||||
Income
|
||||||||||||||||||||
Gain (loss) from disposal and revaluation of investee companies and changes in holdings, net
|
(1,854
|
)
|
1,205
|
(1,887
|
)
|
648
|
(2,062
|
)
|
||||||||||||
Financial income
|
2,259
|
1,348
|
662
|
547
|
2,437
|
|||||||||||||||
405
|
2,553
|
(1,225
|
)
|
1,195
|
375
|
|||||||||||||||
Expenses
|
||||||||||||||||||||
Research and development expenses
|
4,615
|
3,612
|
2,685
|
1,367
|
6,468
|
|||||||||||||||
333
|
224
|
298
|
147
|
337
|
||||||||||||||||
General and administrative expenses
|
3,980
|
2,915
|
2,004
|
1,542
|
7,035
|
|||||||||||||||
Equity in losses of associates, net
|
9,971
|
5,103
|
5,394
|
2,097
|
13,443
|
|||||||||||||||
Financial expenses
|
130
|
266
|
74
|
564
|
383
|
|||||||||||||||
Other expenses, net
|
71
|
20
|
10
|
3
|
2,244
|
|||||||||||||||
19,100
|
12,140
|
10,465
|
5,720
|
29,910
|
||||||||||||||||
Loss before taxes on income
|
(18,695
|
)
|
(9,587
|
)
|
(11,690
|
)
|
(4,525
|
)
|
(29,535
|
)
|
||||||||||
Tax benefit (taxes on income)
|
4
|
(340
|
)
|
47
|
(198
|
)
|
(1,236
|
)
|
||||||||||||
Loss
|
(18,691
|
)
|
(9,927
|
)
|
(11,643
|
)
|
(4,723
|
)
|
(30,771
|
)
|
||||||||||
Attributable to:
|
||||||||||||||||||||
The Company's shareholders
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(26,814
|
)
|
||||||||||
Non-controlling interests
|
(3,316
|
)
|
(726
|
)
|
(2,331
|
)
|
(433
|
)
|
(3,957
|
)
|
||||||||||
(18,691
|
)
|
(9,927
|
)
|
(11,643
|
)
|
(4,723
|
)
|
(30,771
|
)
|
|||||||||||
Loss per share attributable to the Company's shareholders (in $):
|
||||||||||||||||||||
Basic and diluted loss per share
|
(0.52
|
)
|
(0.31
|
)
|
(0.31
|
)
|
(0.14
|
)
|
(0.90
|
)
|
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Loss
|
(18,691
|
)
|
(9,927
|
)
|
(11,643
|
)
|
(4,723
|
)
|
(30,771
|
)
|
||||||||||
Other comprehensive income (loss) (net of tax):
|
||||||||||||||||||||
Amounts that are classified or may be reclassified to profit or loss under certain conditions:
|
||||||||||||||||||||
Foreign currency translation differences for foreign operation
|
149
|
25
|
133
|
(35
|
)
|
(81
|
)
|
|||||||||||||
Total gain (loss) that would be reclassified to profit or loss under certain conditions
|
149
|
25
|
133
|
(35
|
)
|
(81
|
)
|
|||||||||||||
Total other comprehensive income (loss)
|
149
|
25
|
133
|
(35
|
)
|
(81
|
)
|
|||||||||||||
Total comprehensive loss
|
(18,542
|
)
|
(9,902
|
)
|
(11,510
|
)
|
(4,758
|
)
|
(30,852
|
)
|
||||||||||
Attributable to:
|
||||||||||||||||||||
Company's shareholders
|
(15,226
|
)
|
(9,176
|
)
|
(9,179
|
)
|
(4,325
|
)
|
(26,895
|
)
|
||||||||||
Non-controlling interests
|
(3,316
|
)
|
(726
|
)
|
(2,331
|
)
|
(433
|
)
|
(3,957
|
)
|
||||||||||
(18,542
|
)
|
(9,902
|
)
|
(11,510
|
)
|
(4,758
|
)
|
(30,852
|
)
|
Attributable to the Company's shareholders
|
||||||||||||||||||||||||||||||||||||||||
Issued capital
|
Share Premium
|
Capital reserve for transaction with controlling shareholders
|
Capital reserve
for financial
assets measured at fair value through other comprehensive income
|
Capital reserve from translation
differences
|
Capital reserve from transactions
with non-controlling interests
|
Accumulated deficit
|
Total
|
Non- controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017 (audited)
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(174
|
)
|
5,143
|
(87,018
|
)
|
117,436
|
44,155
|
161,591
|
|||||||||||||||||||||||||||
Total comprehensive income (loss)
|
-
|
-
|
-
|
-
|
149
|
-
|
(15,375
|
)
|
(15,226
|
)
|
(3,316
|
)
|
(18,542
|
)
|
||||||||||||||||||||||||||
Share-based payments in respect of awards issued by subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5
|
5
|
||||||||||||||||||||||||||||||
Investment in Pocared by RDC (see Note 3.A)
|
-
|
-
|
-
|
-
|
-
|
397
|
-
|
397
|
(474
|
)
|
(77
|
)
|
||||||||||||||||||||||||||||
Investment of non-controlling
interests in Pocared
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,064
|
1,064
|
||||||||||||||||||||||||||||||
Balance at
June 30
, 2017
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(25
|
)
|
5,540
|
(102,393
|
)
|
102,607
|
41,434
|
144,041
|
Attributable to the Company's shareholders
|
||||||||||||||||||||||||||||||||||||||||
Issued capital
|
Share Premium
|
Capital reserve for transaction with controlling shareholders
|
Capital reserve
for financial
assets measured at fair value through other comprehensive income
|
Capital reserve from translation
differences
|
Capital reserve from transactions
with non-controlling interests
|
Accumulated deficit
|
Total
|
Non- controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2016 (audited)
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(93
|
)
|
4,019
|
(45,204
|
)
|
158,207
|
48,195
|
206,402
|
|||||||||||||||||||||||||||
Total comprehensive income (loss)
|
-
|
-
|
-
|
-
|
25
|
-
|
(9,201
|
)
|
(9,176
|
)
|
(726
|
)
|
(9,902
|
)
|
||||||||||||||||||||||||||
Share-based payments in respect of awards issued by subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
62
|
62
|
||||||||||||||||||||||||||||||
Investment of non-controlling
interests in Pocared
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
192
|
192
|
||||||||||||||||||||||||||||||
Balance at
June 30
, 2016
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(68
|
)
|
4,019
|
(54,405
|
)
|
149,031
|
47,723
|
196,754
|
Attributable to the Company's shareholders
|
||||||||||||||||||||||||||||||||||||||||
Issued capital
|
Share Premium
|
Capital reserve for transaction with controlling shareholders
|
Capital reserve
for financial
assets measured at fair value through other comprehensive income
|
Capital reserve from translation
differences
|
Capital reserve from transactions
with non-controlling interests
|
Accumulated deficit
|
Total
|
Non- controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2017
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(158
|
)
|
5,143
|
(93,081
|
)
|
111,389
|
43,257
|
154,646
|
|||||||||||||||||||||||||||
Total comprehensive income (loss)
|
-
|
-
|
-
|
-
|
133
|
-
|
(9,312
|
)
|
(9,179
|
)
|
(2,331
|
)
|
(11,510
|
)
|
||||||||||||||||||||||||||
Share-based payments in respect of awards issued by subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
3
|
||||||||||||||||||||||||||||||
Investment in Pocared by RDC (see Note 3.A)
|
-
|
-
|
-
|
-
|
-
|
397
|
-
|
397
|
(474
|
)
|
(77
|
)
|
||||||||||||||||||||||||||||
Investment of non-controlling
interests in Pocared
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
979
|
979
|
||||||||||||||||||||||||||||||
Balance at June 30, 2017
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(25
|
)
|
5,540
|
(102,393
|
)
|
102,607
|
41,434
|
144,041
|
Attributable to the Company's shareholders
|
||||||||||||||||||||||||||||||||||||||||
Issued capital
|
Share Premium
|
Capital reserve for transaction with controlling shareholders
|
Capital reserve
for financial
assets measured at fair value through other comprehensive income
|
Capital reserve from translation
differences
|
Capital reserve from transactions
with non-controlling interests
|
Accumulated deficit
|
Total
|
Non- controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2016
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(33
|
)
|
4,019
|
(50,115
|
)
|
153,356
|
48,023
|
201,379
|
|||||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
-
|
(35
|
)
|
-
|
(4,290
|
)
|
(4,325
|
)
|
(433
|
)
|
(4,758
|
)
|
|||||||||||||||||||||||||
Share-based payments in respect of awards issued by subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
122
|
122
|
||||||||||||||||||||||||||||||
Investment of non-controlling
interests in Pocared
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
11
|
11
|
||||||||||||||||||||||||||||||
Balance at June 30, 2016
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(68
|
)
|
4,019
|
(54,405
|
)
|
149,031
|
47,723
|
196,754
|
Attributable to the Company's shareholders
|
||||||||||||||||||||||||||||||||||||||||
Issued capital
|
Share premium
|
Capital reserve for transaction with controlling shareholders
|
Capital reserve
for financial
assets measured at fair value through other comprehensive income
|
Capital reserve from translation
differences
|
Capital reserve from transactions
with non-controlling interests
|
Accumulated deficit
|
Total
|
Non- controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
Audited
|
||||||||||||||||||||||||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2016
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(93
|
)
|
4,019
|
(45,204
|
)
|
158,207
|
48,195
|
206,402
|
|||||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
-
|
(81
|
)
|
-
|
(26,814
|
)
|
(26,895
|
)
|
(3,957
|
)
|
(30,852
|
)
|
|||||||||||||||||||||||||
Dividend to equity holders of the Company
|
-
|
-
|
-
|
-
|
-
|
-
|
(15,000
|
)
|
(15,000
|
)
|
-
|
(15,000
|
)
|
|||||||||||||||||||||||||||
Share-based payments in respect of awards issued by subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
73
|
73
|
||||||||||||||||||||||||||||||
Investment in Pocared by RDC
|
-
|
-
|
-
|
-
|
-
|
1,124
|
-
|
1,124
|
(1,124
|
)
|
-
|
|||||||||||||||||||||||||||||
Investment of non-controlling interests in Pocared
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
968
|
968
|
||||||||||||||||||||||||||||||
Balance at December 31, 2016
|
9,573
|
190,753
|
351
|
(1,192
|
)
|
(174
|
)
|
5,143
|
(87,018
|
)
|
117,436
|
44,155
|
161,591
|
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Loss
|
(18,691
|
)
|
(9,927
|
)
|
(11,643
|
)
|
(4,723
|
)
|
(30,771
|
)
|
||||||||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustment to the profit or loss items:
|
||||||||||||||||||||
Depreciation and amortization
|
195
|
155
|
96
|
79
|
518
|
|||||||||||||||
Financial expenses (income), net
|
(2,642
|
)
|
(986
|
)
|
(789
|
)
|
180
|
(2,047
|
)
|
|||||||||||
Stock based compensation
|
5
|
62
|
3
|
122
|
73
|
|||||||||||||||
Change in fair value of financial liabilities measured at fair value
|
(164
|
)
|
(246
|
)
|
(91
|
)
|
(117
|
)
|
(490
|
)
|
||||||||||
Loss (gain) from disposal and revaluation of investee companies and changes in holdings, net
|
1,854
|
(1,205
|
)
|
1,887
|
(648
|
)
|
2,062
|
|||||||||||||
Equity in losses of associates, net
|
9,971
|
5,103
|
5,394
|
2,097
|
13,443
|
Tax benefit (taxes on income)
|
(4
|
)
|
340
|
(47
|
)
|
198
|
1,236
|
|||||||||||||
Other
|
(6
|
)
|
36
|
-
|
(37
|
)
|
82
|
|||||||||||||
9,209
|
3,259
|
6,453
|
1,874
|
14,877
|
||||||||||||||||
Changes in Assets and Liabilities:
|
||||||||||||||||||||
Decrease (increase) in other accounts receivable
|
92
|
(97
|
)
|
814
|
148
|
(143
|
)
|
|||||||||||||
Increase (decrease) in trade payables
|
86
|
(47
|
)
|
(186
|
)
|
159
|
(5
|
)
|
||||||||||||
Increase (decrease) in other accounts payable
|
374
|
(2,062
|
)
|
(304
|
)
|
(1,148
|
)
|
649
|
||||||||||||
552
|
(2,206
|
)
|
324
|
(841
|
)
|
501
|
||||||||||||||
Cash paid and received during the period for:
|
||||||||||||||||||||
Taxes paid
|
-
|
-
|
-
|
-
|
(1,692
|
)
|
||||||||||||||
Interest received
|
462
|
456
|
269
|
162
|
1,275
|
|||||||||||||||
462
|
456
|
269
|
162
|
(417
|
)
|
|||||||||||||||
Net cash used in operating activities
|
(8,468
|
)
|
(8,418
|
)
|
(4,597
|
)
|
(3,528
|
)
|
(15,810
|
)
|
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Cash flows from investment activities
|
||||||||||||||||||||
Purchase of property and equipment
|
(419
|
)
|
(145
|
)
|
(279
|
)
|
(51
|
)
|
(631
|
)
|
||||||||||
Investment in associates and other companies
|
(5,387
|
)
|
(10,618
|
)
|
(2,679
|
)
|
(8,698
|
)
|
(25,021
|
)
|
||||||||||
Proceeds from sale of associates and other companies
|
2,483
|
35
|
2,434
|
31
|
71
|
|||||||||||||||
Sale of other investments in securities, net
|
3,715
|
2,822
|
2,716
|
-
|
2,822
|
|||||||||||||||
Withdrawal (investment) of deposits, net
|
2,755
|
(6,688
|
)
|
4,272
|
786
|
26,879
|
||||||||||||||
Net cash provided by (used in) investment activities
|
3,147
|
(14,594
|
)
|
6,464
|
(7,932
|
)
|
4,120
|
|||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Dividend paid to the Company's shareholders
|
-
|
-
|
-
|
-
|
(15,000
|
)
|
||||||||||||||
Investment of non-controlling interests in subsidiaries
|
1,319
|
548
|
1,234
|
25
|
1,815
|
|||||||||||||||
Net cash provided by (used in) financing activities
|
1,319
|
548
|
1,234
|
25
|
(13,185
|
)
|
||||||||||||||
Exchange rate differences in respect of cash and cash equivalents
|
982
|
262
|
141
|
(203
|
)
|
100
|
||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(3,020
|
)
|
(22,202
|
)
|
3,242
|
(11,638
|
)
|
(24,775
|
)
|
|||||||||||
Cash and cash equivalents as of beginning of the period
|
27,176
|
51,951
|
20,914
|
41,387
|
51,951
|
|||||||||||||||
Cash and cash equivalents as of end of the period
|
24,156
|
29,749
|
24,156
|
29,749
|
27,176
|
A. |
Basis of presentation of the financial statements
|
B. |
Disclosure of new IFRS standards in the period prior to their adoption
|
A. |
Pocared
|
B. |
Cloudyn
|
B. |
Cloudyn
(Cont.)
|
C. |
CartiHeal
CartiHeal (2009) Ltd. ("CartiHeal") is developing an implant for repair of articular cartilage and osteochondral defects. Elron holds approximately 34% of CartiHeal's outstanding shares and the investment in CartiHeal is accounted for under the equity method of accounting.
|
D. |
Coramaze
|
E. |
Open Legacy
|
F. |
Alcide
|
G. |
Secdo
|
H. |
Nitinotes
|
I. |
Notal
|
1. |
The value of Notal
-
|
I. |
Notal (Cont.)
|
2. |
The valuation model
-
|
b. |
The Option Pricing Model (OPM), using the formulas of Black and Scholes model, was used to allocate Notal's value to different classes of shares and to determine the value of Elron's interest accordingly.
|
b. |
Discounted cash flows were computed until the end of the patent's life. The valuation did not use a "representative year".
|
c. |
The standard deviation: The volatility used in the Black and Scholes model was 52.2%.
|
J. |
Services Agreement with DIC and its termination
|
Current assets
|
Non-current assets
|
Total
assets
|
Current liabilities
|
Non-current liabilities
|
Total liabilities
|
Equity attributable to shareholders of the company
|
Equity attributable to non-controlling interests
|
|||||||||||||||||||||||||
As of June 30, 2017
(unaudited) |
||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
15,229
|
64
|
15,293
|
2,309
|
3,738
|
6,047
|
9,246
|
-
|
||||||||||||||||||||||||
As of June 30, 2016
(unaudited) |
||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
5,714
|
69
|
5,783
|
2,032
|
1,688
|
3,720
|
2,063
|
-
|
||||||||||||||||||||||||
As of December 31, 2016
(audited) |
||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
18,320
|
62
|
18,382
|
2,285
|
3,739
|
6,024
|
12,358
|
-
|
Revenues
|
Gross profit
|
Operating loss
|
Loss from continuing operations
|
Loss for the period
|
Loss attributable to shareholders of the company
|
Loss attributable to non-controlling interests
|
Other comprehensive income (loss)
|
Total comprehensive loss
|
||||||||||||||||||||||||||||
For the six months period ended June 30, 2017 (unaudited)
|
||||||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
-
|
-
|
(3,622
|
)
|
(3,286
|
)
|
(3,286
|
)
|
(3,286
|
)
|
-
|
-
|
(3,286
|
)
|
||||||||||||||||||||||
For the six months period ended June 30, 2016 (unaudited)
|
||||||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
-
|
-
|
(2,686
|
)
|
(2,560
|
)
|
(2,560
|
)
|
(2,560
|
)
|
-
|
-
|
(2,560
|
)
|
||||||||||||||||||||||
For the three months period ended June 30, 2017 (unaudited)
|
||||||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
-
|
-
|
(1,686
|
)
|
(1,605
|
)
|
(1,605
|
)
|
(1,605
|
)
|
-
|
-
|
(1,605
|
)
|
||||||||||||||||||||||
For the three months period ended June 30, 2016 (unaudited
|
-
|
-
|
(1,296
|
)
|
(1,168
|
)
|
(1,168
|
)
|
(1,168
|
)
|
-
|
-
|
(1,168
|
)
|
||||||||||||||||||||||
For the year ended December 31, 2016 (audited)
|
||||||||||||||||||||||||||||||||||||
BrainsGate Ltd.
|
-
|
-
|
(5,690
|
)
|
(7,090
|
)
|
(7,090
|
)
|
(7,090
|
)
|
-
|
-
|
(7,090
|
)
|
||||||||||||||||||||||
A. |
Fair value
|
B. |
Classification of financial instruments by fair value hierarchy
|
Level 1
|
-
|
quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
Level 2
|
-
|
inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.
|
Level 3
|
-
|
inputs that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data).
|
As of June 30, 2017
|
||||||||||||
Unaudited
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments in other companies measured at fair value
|
-
|
-
|
18,696
|
|||||||||
Other investments in securities
|
-
|
21,729
|
-
|
|||||||||
Other accounts receivable
|
-
|
-
|
6,222
|
|||||||||
-
|
21,729
|
24,918
|
||||||||||
Financial liabilities measured at fair value through profit or loss
|
-
|
-
|
863
|
As of June 30, 2016
|
||||||||||||
Unaudited
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments in other companies measured at fair value
|
-
|
-
|
20,930
|
|||||||||
Other investments in securities
|
-
|
25,026
|
-
|
|||||||||
Other accounts receivable
|
-
|
-
|
7,916
|
|||||||||
-
|
25,026
|
28,846
|
||||||||||
Financial liabilities measured at fair value through profit or loss
|
-
|
-
|
447
|
As of December 31, 2016
|
||||||||||||
Audited
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments in other companies measured at fair value
|
-
|
-
|
19,696
|
|||||||||
Other investments in securities
|
-
|
25,284
|
-
|
|||||||||
Other accounts receivable
|
-
|
-
|
7,837
|
|||||||||
-
|
25,284
|
27,533
|
||||||||||
Financial liabilities measured at fair value through profit or loss
|
-
|
-
|
694
|
Financial assets measured at fair value
|
Financial liabilities measured at fair value
|
|||||||
Balance as of January 1, 2017 (audited)
|
27,533
|
(694
|
)
|
|||||
Total recognized income (loss) in profit or loss (*)
|
(1,894
|
)
|
164
|
|||||
Investment of non-controlling interests in consolidated company
|
-
|
(333
|
)
|
|||||
Investment
|
894
|
-
|
||||||
Proceeds from contingent consideration (**)
|
(1,615
|
)
|
-
|
|||||
Balance as of June 30, 2017 (unaudited)
|
24,918
|
(863
|
)
|
|||||
Balance as of April 1, 2017 (unaudited)
|
27,801
|
(621
|
)
|
|||||
Total recognized income (loss) in profit or loss (*)
|
(1,894
|
)
|
91
|
|||||
Investment of non-controlling interests in consolidated company
|
-
|
(333
|
)
|
|||||
Investment
|
626
|
-
|
||||||
Proceeds from contingent consideration (**)
|
(1,615
|
)
|
-
|
|||||
Balance as of June 30, 2017 (unaudited)
|
24,918
|
(863
|
)
|
Financial assets measured at fair value
|
Financial liabilities measured at fair value
|
|||||||
Balance as of January 1, 2016 (audited)
|
26,135
|
(351
|
)
|
|||||
Total recognized income in profit or loss (*)
|
1,176
|
246
|
||||||
Investment of non-controlling interests in consolidated company
|
-
|
(342
|
)
|
|||||
Investment
|
1,535
|
-
|
||||||
Balance as of June 30, 2016 (unaudited)
|
28,846
|
(447
|
)
|
|||||
Balance as of April 1, 2016 (unaudited)
|
27,719
|
(564
|
)
|
|||||
Total recognized income in profit or loss (*)
|
612
|
117
|
||||||
Investment
|
515
|
-
|
||||||
Balance as of June 30, 2016 (unaudited)
|
28,846
|
(447
|
)
|
Financial assets measured at fair value
|
Financial liabilities measured at fair value
|
|||||||
Audited
|
||||||||
Balance as of January 1, 2016
|
26,135
|
(351
|
)
|
|||||
Total recognized income (loss) in profit or loss
|
(2,126
|
)
|
490
|
|||||
Investment of non-controlling interests in consolidated company
|
-
|
(833
|
)
|
|||||
Investment
|
3,524
|
-
|
||||||
Balance as of December 31, 2016
|
27,533
|
(649
|
)
|
C. |
Valuation techniques
|
Rate of holdings in equity
|
Consolidated rate of
holdings in
|
Elron's effective
rate of
holdings
|
Fully diluted consolidated
rate of
|
Elron's fully diluted effective
rate of
|
Consolidated carrying value of investment
June 30,
|
|||||||||||||||||||||||
Elron (1)
|
RDC (2)
|
equity
|
in equity (3)
|
holdings
|
holdings (3)
|
2017
|
||||||||||||||||||||||
%
|
$ thousands
|
|||||||||||||||||||||||||||
Investments in investee companies
|
||||||||||||||||||||||||||||
Subsidiaries:
|
||||||||||||||||||||||||||||
Pocared Diagnostics Ltd.
|
51.03
|
18.07
|
69.09
|
60.08
|
68.11
|
56.75
|
22,607
|
|||||||||||||||||||||
Associates:
|
||||||||||||||||||||||||||||
BrainsGate Ltd.
|
29.82
|
-
|
29.82
|
29.82
|
26.61
|
26.61
|
2,347
|
|||||||||||||||||||||
Cartiheal (2009) Ltd.
|
34.19
|
-
|
34.19
|
34.19
|
28.22
|
28.22
|
4,235
|
|||||||||||||||||||||
Coramaze technologies GmbH
|
31.12
|
-
|
31.12
|
31.12
|
31.12
|
31.12
|
1,803
|
|||||||||||||||||||||
Cloudyn Software Ltd. (4)
|
-
|
37.56
|
37.56
|
18.82
|
32.12
|
16.09
|
2,807
|
|||||||||||||||||||||
SixGill Ltd.
|
21.99
|
-
|
21.99
|
21.99
|
24.65
|
24.65
|
836
|
|||||||||||||||||||||
SecuredTouch Inc.
|
-
|
29.07
|
29.07
|
14.57
|
24.64
|
12.35
|
1,343
|
|||||||||||||||||||||
Alcide IO Ltd.
|
26.39
|
-
|
26.39
|
26.39
|
23.53
|
23.53
|
840
|
|||||||||||||||||||||
M.G. Therapeutics Ltd.
|
17.00
|
-
|
17.00
|
17.00
|
22.63
|
22.63
|
-
|
|||||||||||||||||||||
Plymedia Israel (2006) Ltd.
|
23.11
|
-
|
23.11
|
23.11
|
17.38
|
17.38
|
-
|
|||||||||||||||||||||
Audioburst Ltd.
|
10.83
|
-
|
10.83
|
10.83
|
9.39
|
9.39
|
-
|
|||||||||||||||||||||
Open Legacy Technologies Ltd.
|
-
|
39.32
|
39.32
|
19.70
|
33.65
|
16.86
|
1,481
|
|||||||||||||||||||||
IronScales Ltd.
|
-
|
27.03
|
27.03
|
13.54
|
30.00
|
15.03
|
-
|
|||||||||||||||||||||
SinuSafe Ltd.
|
21.90
|
-
|
21.90
|
21.90
|
19.74
|
19.74
|
93
|
|||||||||||||||||||||
Nitiniotes Ltd.
|
23.75
|
-
|
23.75
|
23.75
|
21.29
|
21.29
|
913
|
|||||||||||||||||||||
Cyber Secdo Ltd.
|
-
|
21.66
|
21.66
|
10.85
|
19.05
|
9.54
|
1,457
|
|||||||||||||||||||||
Other investments:
|
||||||||||||||||||||||||||||
Notal Vision Inc.
|
20.76
|
-
|
20.76
|
20.76
|
17.40
|
17.40
|
14,000
|
|||||||||||||||||||||
Atlantium Technologies Ltd.
|
6.16
|
-
|
6.16
|
6.16
|
5.49
|
5.49
|
130
|
|||||||||||||||||||||
Aqwise – Wise Water Technologies Ltd.
|
19.81
|
-
|
19.81
|
19.81
|
17.94
|
17.94
|
4,500
|
(1) |
Including holdings through Elron's fully-owned subsidiaries.
|
(2) |
Including holdings through RDSeed Ltd. (fully-owned subsidiary of RDC).
|
(3) |
Elron's effective holdings include holdings by RDC multiplied by 50.10%. (Elron's holding rate in RDC).
|
(4) |
In regards with the sale of
Cloudyn Software Ltd.
in July 2017, subsequent to the reporting date, and its classification as held for sale, see Note 3.B above.
|
Elron Electronic Industries Ltd.
English Translation of
Financial Data from the
Interim Consolidated Financial Statements
Attributable to the Company
As of
June 30, 2017
Unaudited
|
Page | |
2
|
|
3
|
|
4-5
|
|
6
|
|
7
|
|
8-9
|
|
10
|
Re: |
Special report to the review of the separate interim financial information in accordance with Regulation 38d to the Israeli Securities Regulations (Periodic and Immediate Reports), 1970
|
¡ |
Financial position data
attributable to the Company include balances in respect of the Company's subsidiaries which were eliminated in the Interim Consolidated Financial Statements.
|
¡ |
Income and loss data attributable to the Company include income and expenses of the Company resulting from transactions with its subsidiaries, which were eliminated in the Interim Consolidated Financial Statements.
|
¡ |
Cash flow data attributable to the Company include cash flows between the Company and its subsidiaries which were eliminated in the Interim Consolidated Financial Statements.
|
June 30
|
December 31
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
$ thousands
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
3,197
|
4,972
|
8,701
|
|||||||||
Bank deposits
|
2,004
|
29,298
|
-
|
|||||||||
Other investments in securities
|
21,729
|
25,026
|
25,284
|
|||||||||
Other accounts receivable
|
1,116
|
2,890
|
3,032
|
|||||||||
28,046
|
62,186
|
37,017
|
||||||||||
Non‑current assets
|
||||||||||||
Investments in subsidiaries and associates, net
|
108,727
|
142,616
|
139,288
|
|||||||||
Investments in other companies measured at fair value
|
18,408
|
20,642
|
19,408
|
|||||||||
Long-term receivables
|
-
|
90
|
269
|
|||||||||
Property, plant and equipment, net
|
20
|
6
|
25
|
|||||||||
127,155
|
163,354
|
158,990
|
||||||||||
Total assets
|
155,201
|
225,540
|
196,007
|
June 30
|
December 31
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
$ thousands
|
||||||||||||
Current liabilities
|
||||||||||||
Trade payables
|
181
|
228
|
192
|
|||||||||
Other accounts payable
|
3,578
|
1,651
|
3,730
|
|||||||||
3,759
|
1,879
|
3,922
|
||||||||||
Long-term liabilities
|
||||||||||||
Other long term liabilities (Note 2)
|
48,835
|
74,630
|
74,649
|
|||||||||
48,835
|
74,630
|
74,649
|
||||||||||
Equity attributable to the Company's shareholders
|
||||||||||||
Issued capital
|
9,573
|
9,573
|
9,573
|
|||||||||
Share premium
|
190,753
|
190,753
|
190,753
|
|||||||||
Capital reserves
|
4,674
|
3,110
|
4,128
|
|||||||||
Accumulated deficit
|
(102,393
|
)
|
(54,405
|
)
|
(87,018
|
)
|
||||||
Total equity
|
102,607
|
149,031
|
117,436
|
|||||||||
155,201
|
225,540
|
196,007
|
Eduardo Elsztain
|
Ari Bronshtein
|
Yaron Elad
|
||
Chairman of the Board of Directors
|
Chief Executive Officer
|
Vice President &
Chief Financial Officer
|
For the
|
||||||||||||||||||||
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Income
|
||||||||||||||||||||
Financial income (Note 2)
|
432
|
436
|
161
|
1,838
|
1,029
|
|||||||||||||||
Expenses
|
||||||||||||||||||||
General and administrative expenses
|
2,001
|
1,682
|
940
|
826
|
4,245
|
|||||||||||||||
Financial expenses (Note 2)
|
4,438
|
1,038
|
1,696
|
8
|
1,049
|
|||||||||||||||
Other expenses, net
|
71
|
20
|
10
|
3
|
2,238
|
|||||||||||||||
6,510
|
2,740
|
2,646
|
837
|
7,532
|
||||||||||||||||
(6,078
|
)
|
(2,304
|
)
|
(2,485
|
)
|
1,001
|
(6,503
|
)
|
||||||||||||
Gain (loss) from disposal and revaluation of investee companies and changes in holdings, net
|
(1,883
|
)
|
101
|
(1,892
|
)
|
60
|
(2,523
|
)
|
||||||||||||
Company’s share of loss of subsidiaries and associates
|
(7,414
|
)
|
(6,998
|
)
|
(4,935
|
)
|
(5,351
|
)
|
(16,726
|
)
|
||||||||||
Loss before taxes on income
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(25,752
|
)
|
||||||||||
Taxes on income
|
-
|
-
|
-
|
-
|
(1,062
|
)
|
||||||||||||||
Loss attributable to the Company's shareholders
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(26,814
|
)
|
For the
|
||||||||||||||||||||
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Loss attributable to the Company's shareholders
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(26,814
|
)
|
||||||||||
Other comprehensive income (loss) (net of tax):
|
||||||||||||||||||||
Amounts that are classified or may be reclassified to profit or loss under certain conditions:
|
||||||||||||||||||||
Foreign currency translation differences for foreign operation
|
149
|
25
|
133
|
(35
|
)
|
(81
|
)
|
|||||||||||||
Total income (loss) that would be reclassified to profit or loss under certain conditions
|
149
|
25
|
133
|
(35
|
)
|
(81
|
)
|
|||||||||||||
Total other comprehensive income (loss) attributable to the Company
|
149
|
25
|
133
|
(35
|
)
|
(81
|
)
|
|||||||||||||
Total comprehensive loss attributable to the Company's shareholders
|
(15,226
|
)
|
(9,176
|
)
|
(9,179
|
)
|
(4,325
|
)
|
(26,895
|
)
|
For the
|
||||||||||||||||||||
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Loss attributable to the Company
|
(15,375
|
)
|
(9,201
|
)
|
(9,312
|
)
|
(4,290
|
)
|
(26,814
|
)
|
||||||||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustment to the profit or loss items:
|
||||||||||||||||||||
Company’s share of loss of subsidiaries and associates
|
7,414
|
6,998
|
4,935
|
5,351
|
16,726
|
|||||||||||||||
Depreciation
|
5
|
4
|
3
|
2
|
-
|
|||||||||||||||
Financial income, net
|
(428
|
)
|
(428
|
)
|
(165
|
)
|
(361
|
)
|
(1,371
|
)
|
||||||||||
Taxes on income
|
-
|
-
|
-
|
-
|
1,062
|
|||||||||||||||
Loss (gain) from disposal and revaluation of investee companies and changes in holdings, net
|
1,883
|
(101
|
)
|
1,892
|
(60
|
)
|
2,523
|
|||||||||||||
Other
|
(631
|
)
|
(170
|
)
|
(260
|
)
|
89
|
(189
|
)
|
|||||||||||
8,243
|
6,303
|
6,405
|
5,021
|
18,751
|
||||||||||||||||
Changes in assets and liabilities of the Company:
|
||||||||||||||||||||
Decrease (increase) in other accounts receivable
|
(259
|
)
|
(198
|
)
|
(3
|
)
|
31
|
81
|
||||||||||||
Increase (decrease) in trade payables
|
(11
|
)
|
141
|
(289
|
)
|
149
|
105
|
|||||||||||||
Increase (decrease) in other accounts payable
|
(152
|
)
|
(1,259
|
)
|
(435
|
)
|
(253
|
)
|
1,400
|
|||||||||||
Increase (decrease) in other long term liabilities
|
(25,814
|
)
|
1,070
|
1,829
|
(1,586
|
)
|
1,089
|
|||||||||||||
(26,236
|
)
|
(246
|
)
|
1,102
|
(1,659
|
)
|
2,675
|
|||||||||||||
Cash paid and received during the period for:
|
||||||||||||||||||||
Taxes paid
|
-
|
-
|
-
|
-
|
(1,642
|
)
|
||||||||||||||
Interest received
|
264
|
267
|
133
|
149
|
876
|
|||||||||||||||
264
|
267
|
133
|
149
|
(766
|
)
|
|||||||||||||||
Net cash used in operating activities
|
(33,104
|
)
|
(2,877
|
)
|
(1,672
|
)
|
(779
|
)
|
(6,154
|
)
|
For the
|
||||||||||||||||||||
Six months ended
June 30
|
Three months ended
June 30
|
Year ended December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||
Cash flows from investment activities | ||||||||||||||||||||
Purchase of property and equipment
|
-
|
-
|
-
|
-
|
(15
|
)
|
||||||||||||||
Investment in associates and subsidiaries
|
(7,087
|
)
|
(14,171
|
)
|
(4,379
|
)
|
(8,474
|
)
|
(21,525
|
)
|
||||||||||
Proceeds from sale of investments in associates and subsidiaries
|
2,455
|
28
|
2,408
|
24
|
28
|
|||||||||||||||
Sale of (investment in) other investments in securities, net
|
3,715
|
(1,970
|
)
|
2,716
|
-
|
(1,970
|
)
|
|||||||||||||
Withdrawal (investment) of deposits, net
|
(2,000
|
)
|
10,067
|
(2,000
|
)
|
5,040
|
39,442
|
|||||||||||||
Dividend received (Note 2)
|
30,517
|
-
|
-
|
-
|
-
|
|||||||||||||||
Net cash provided by (used in) investment activities
|
27,600
|
(6,046
|
)
|
(1,255
|
)
|
(3,410
|
)
|
15,960
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Dividend paid to the Company's shareholders
|
-
|
-
|
-
|
-
|
(15,000
|
)
|
||||||||||||||
Net cash used in financing activities
|
-
|
-
|
-
|
-
|
(15,000
|
)
|
||||||||||||||
Decrease in cash and cash equivalents
|
(5,504
|
)
|
(8,923
|
)
|
(2,927
|
)
|
(4,189
|
)
|
(5,194
|
)
|
||||||||||
Cash and cash equivalents as of beginning of the period
|
8,701
|
13,895
|
6,124
|
9,161
|
13,895
|
|||||||||||||||
Cash and cash equivalents as of end of the period
|
3,197
|
4,972
|
3,197
|
4,972
|
8,701
|
2. |
Other long term liabilities
|
1. |
Mr. Ari Bronshtein, CEO;
|
2. |
Mr. Yaron Elad, CFO.
|
(1) |
I have examined the quarterly report of Elron Electronic Industries Ltd. (the "
Corporation
") for the second quarter of 2017 (the "
Reports
");
|
(2) |
Based on my knowledge, the Reports do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Reports;
|
(3) |
Based on my knowledge, the financial statements and other financial information included in the Reports, fairly present, in all material respects, the financial condition, results of operations and cash flows of the Corporation, as of, and for the periods presented in the Reports;
|
(4) |
I have disclosed to the Corporation's independent auditors, board of directors and audit committee of the Corporation's board of directors, based on my most recent assessment of internal control over financial reporting and disclosure:
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting and disclosure, which are reasonably likely to adversely affect the Corporation's ability to record, process, summarize or report financial information in a manner which may cast doubt on the reliability of the financial reporting and preparation of the financial statements in accordance with the provisions of the law; and –
|
(b) |
Any fraud, whether or not material, which involves the principal executive officer, a direct subordinate of the principal executive officer, or other employees who have a significant role in the internal control over financial reporting and disclosure
.
|
(5) |
I, alone or together with others in the Corporation, have:
|
(a) |
Designed such controls and procedures, or caused such controls and procedures to be designed and maintained under my supervision, to ensure that material information relating to the Corporation, including its consolidated subsidiaries as defined in the Israel Securities Law (Annual Financial Statements), 5770-2010, is made known to me by others within the Corporation and the consolidated subsidiaries, particularly during the period in which the Reports are being prepared; and –
|
(b) |
Designed such controls and procedures, or caused such controls and procedures to be designed and maintained under my supervision, to reasonably ensure the reliability of the financial reporting and preparation of the financial statements in accordance with the provisions of the law, including in accordance with GAAP;
|
(c) |
No event or matter was brought to my attention during the period between the date of the last report (quarterly or periodic, as relevant) and the date of this report, which would change the conclusion of the board of directors and management regarding the effectiveness of the internal control over financial reporting and disclosure of the Corporation.
|
(1) |
I have examined the interim financial statements and other financial information which is included in the interim reports of Elron Electronic Industries Ltd. (the "
Corporation
") for the second quarter of 2017 (the "
Reports
" or the "
Interim Reports
");
|
(2) |
Based on my knowledge, the interim financial statements and other financial information which is included in the Interim Reports do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Reports;
|
(3) |
Based on my knowledge, the interim financial statements and other financial information included in the Interim Reports fairly present, in all material respects, the financial condition, results of operations and cash flows of the Corporation, as of, and for the periods presented in the Reports;
|
(4) |
I have disclosed to the Corporation's independent auditor, board of directors and the audit committee of the Corporation's board of directors, based on my most recent assessment of internal control over financial reporting and disclosure:
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting and disclosure, insofar as the same refers to the interim financial statements and other financial information which is included in the Interim Reports, which are reasonably likely to adversely affect the Corporation's ability to record, process, summarize or report financial information in a manner which may cast doubt on the reliability of the financial reporting and preparation of the financial statements in accordance with the provisions of the law; and –
|
(b) |
Any fraud, whether or not material, which involves the principal executive officer, a direct subordinate of the principal executive officer, or other employees who have a significant role in the internal control over the financial reporting and disclosure
.
|
(5) |
I, alone or together with others in the Corporation, have:
|
(a) |
Designed controls and procedures, or caused such controls and procedures to be designed and maintained under our supervision, to ensure that material information relating to the Corporation, including its consolidated subsidiaries as defined in the Israel Securities Law (Annual Financial Statements), 5770-2010, is made known to me by others in the Corporation and the consolidated subsidiaries, particularly during the period in which the Reports are being prepared; and –
|
(b) |
Designed such controls and procedures, or caused such controls and procedures to be designed and maintained under my supervision, to reasonably ensure the reliability of the financial reporting and preparation of the financial statements in accordance with the provisions of the law, including in accordance with GAAP;
|
(c) |
No event or matter was brought to my attention during the period between the date of the last report (quarterly or periodic, as relevant) and the date of this report, relating to the interim financial statements and other financial information included in the Interim Reports
,
which would change, in my assessment, the conclusion of the board of directors and management regarding the effectiveness of the internal control over financial reporting and disclosure of the Corporation
.
|
Liabilities report of the Company by repayment date
|
|||||||
Section 36a to the Israel Securities Law (1968)
|
|||||||
Report as of June 30, 2017
|
|||||||
Following are the liabilities of the Company by repayment date:
|
|||||||
The following data are presented in NIS and were translated from USD to NIS using the exchange rate as of June 30, 2017 (1 USD = 3.496 NIS)
|
|||||||
A. Debentures issued to the public by the reporting Entity and held by the public, excluding debentures held by the Company's parent ,controlling shareholder, companies controlled by one of the parties mentioned above or by companies controlled by the company - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
B. Private debentures and non-bank credit, excluding debentures or credit granted by the Comapny's parent, controlling shareholder, companies controlled by one of the parties mentioned above or by companies controlled by the company - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
C. Bank credit from Israeli banks - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
D. Bank credit from non-Israeli banks - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
E. Summary of tables A-D, totals of: bank credit, non-bank credit and debentures - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
F. Off-balance credit exposure - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
G. Off-balance credit exposure of all consolidated companies, excluding companies that are considered as reporting companies, and excluding the reporting Company's data described above in Table F (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
H. Totals of: bank credit, non-bank credit, and debentures of all consolidated companies, excluding companies that are considered as reporting companies and excluding the data of the reporting Entity described above in Tables A-D (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
I. Total credit granted to the reporting Entity by the parent company or controlling shareholder, and total amounts of debentures issued by the reporting Entity that are held by the parent company or controlling shareholder (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
J. Credit granted to the reporting Entity by companies controlled by the parent company or by the controlling shareholder, and are not controlled by the reporting Entity, and debentures issued by the reporting Entity held by companies controlled by the parent company or by controlling shareholder and are not controlled by the reporting Entity (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
K. Credit granted to the reporting Entity by consolidated companies and debentures issued by the reporting Entity held by consolidated companies (NIS in thousands)
|
Principle repayment
|
Gross interest
payments (excluding
deduction of tax)
|
Toatal by
years
|
|||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
|||
First year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Second year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Third year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fourth Year
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fifth year and thereafter
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
L. (1) Cash and cash equivalents, marketable securities and short-term deposits based on the Company's separate financial data (NIS in thousands)
|
94,148
|
||||||||
(2) Cash and cash equivalents, marketable securities and short-term deposits based on the Company's consolidated Statements (NIS in thousands)
|
281,666
|
1 Year Elron Ventures (CE) Chart |
1 Month Elron Ventures (CE) Chart |
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