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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Amiad Water Systems Ltd | LSE:AFS | London | Ordinary Share | IL0010943905 | ORD ILS0.5 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 364.00 | 340.00 | 380.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFS
RNS Number : 6108Y
Amiad Water Systems Ltd
10 September 2015
10 September 2015
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Interim Results
Amiad (AIM: AFS), a leading global producer of water treatment and filtration solutions, announces its interim results for the six months ended 30 June 2015.
Financial Summary
-- Revenue was $59.2m (H1 2014: $60.2m) -- Gross margin was 40.1% (H1 2014: 39.4%) -- Operating profit increased 88% to $3.9m (H1 2014: $2.1m) -- Profit before tax more than doubled to $3.5m (H1 2014: $1.7m) -- Fully diluted earnings per share increased 33% to $0.065 (H1 2014: $0.049) -- Net debt reduced to $18.2m (31 December 2014: $21.3m; 30 June 2014: $19.7m)
-- Cash and cash equivalents at 30 June 2015 were $14.5m (31 December 2014: $14.1m; 30 June 2014: $14.7m)
Operational Summary
-- Growth in the Irrigation and Oil & Gas segments mitigated weakness in the Industrial and Municipal segments - resulting in sales being broadly flat
o Irrigation segment sales increased to $30.5m (H1 2014: $27.7m), and continued to be the largest contributor to total revenues accounting for 52% of total revenue
o Sales in the Oil & Gas segment increased 74% to $4.7m (H1 2014: $2.7m)
o Industrial segment sales declined due to weakness in industry in most geographies, in particular China
o Municipal segment continued to suffer from lack of investment in major infrastructure projects by local authorities
o Ballast Water segment still depressed due to lack of regulatory impetus
-- Growth in sales of new products maintained, accounting for 9.8% of revenues (H1 2014: 5.5%)
-- Completed implementation of restructuring and cost cutting exercise, resulting in reduction in expenses
-- Post period end, established a subsidiary in the UK to support increasing demand for clean water solutions in UK and Europe
Arik Dayan, Chief Executive Officer of Amiad, said: "We are pleased with the significant growth in the Irrigation and Oil & Gas segments - based on our latest products - which largely served to mitigate the weakness in the Industrial and Municipal segments. In addition, thanks to the implementation of the restructuring and cost cutting exercise, we were able to improve gross margins, reduce operational expenses and strengthen the foundations of the business. As a result, we achieved our goal of getting back to being profitable.
"Amiad entered the second half of 2015 with a higher backlog than at the same time in the prior year, which is primarily based on the continued growth in Irrigation and Oil & Gas. Global macro-economic conditions continue to impact certain parts of our business, particularly Industrial and Municipal segments, however, our broad portfolio and presence in over 80 countries buffer us from major fluctuations. As we have said previously, our focus in 2015 is on generating profits through expanding our business and maintaining tight cost control. As a result, the Board is confident of achieving year-end results in line with market expectations."
Enquiries
Amiad Water Systems Ltd. -------------------------------- ----------------- Arik Dayan, Chief Executive Officer Irit Ben-Dov, Chief Financial Officer +972 4 690 9500 -------------------------------- ----------------- Stifel Nicolaus Europe Ltd. -------------------------------- ----------------- Giles Balleny +44 20 7710 7600 -------------------------------- ----------------- Luther Pendragon Ltd. -------------------------------- ----------------- Harry Chathli, Claire Norbury, Oliver Hibberd +44 20 7618 9100 -------------------------------- -----------------
About Amiad
Amiad Water Systems (AIM: AFS) is a leading global producer of automatic, self-cleaning water treatment and filtration products and systems. Through its engineering skills and ability to innovate, Amiad provides cost-effective "green" solutions for the industrial, municipal, irrigation, oil & gas and ballast water markets. In these segments its patented products are being integrated into the core of systems for filtration and water treatment, micro irrigation and membrane protection, wastewater and potable water treatment, cooling systems and sea water filtration.
Headquartered in Israel, Amiad provides these solutions through 11 subsidiaries and a comprehensive network of over 170 distributors to customers in more than 80 countries.
For additional information or product details, please visit www.amiad.com.
Operational Review
During the period, Amiad made significant progress in the Irrigation and Oil & Gas segments - based largely on its new Omega and Sigma products - but this was mitigated by a slowdown in the Industrial, Municipal and Ballast Water segments. As a result, total revenues were broadly flat at $59.2m (H1 2014: $60.2m). However, due to the restructuring and cost cutting exercise that the Company commenced in November 2014 and completed during the period, the Company reduced expenses thereby achieving growth in operating profit - and enabling a return to profitability on pre-tax and net basis.
Segment Performance
The Irrigation and Industrial segments generated $30.5m and $19.0m respectively during the period (H1 2014: $27.7m and $22.9m), accounting for 52% and 32% of the Company's revenues (H1 2014: 46% and 38%). The decline in the Industrial segment was mainly due to weakness in China compared with the prior year. The Municipal segment sales decreased to $4.8m (8%) from $6.1m in H1 2014 due to a lack of investment by municipal entities in large infrastructure projects. Revenue in the Oil & Gas segment grew to $4.7m, or 8% of total sales, from $2.7m (5%) in the first half of 2014. The Ballast Water segment remained weak with revenues of $0.1m (H1 2014: $0.8m) due to the continued lack of regulatory impetus for ship owners to invest in new systems.
Global Activity
US
In the US in H1 2014, Amiad had been delivering an exceptional Navy project, which finished in H2 2014. As a consequence, in H1 2015 the Company experienced a decline in revenues in the Industrial segment and this resulted in overall sales in the US being lower at $12.3m compared with $15.2m in the first half of 2014. Sales in the Irrigation segment in the US were slightly higher than in H1 2014, which was based on increasing demand for water filtration as a result of the widespread drought in California. Whilst sales in the Oil & Gas segment were lower than in the prior period, the Company delivered some strategic projects such as for injection water.
EMEA
Revenues in EMEA grew 10% in aggregate over H1 2014. Sales in the Irrigation segment in Europe increased significantly as a result of the Irrigation sales office that was established last year in the region. Amiad also performed well in the Oil & Gas segment in EMEA.
Post period, as announced on 7 September 2015, Amiad established a wholly-owned subsidiary in the UK to support the increasing demand for clean water solutions in the UK and Europe. It will operate from Swansea, Wales and, when the office opens later this month, will be the Company's first permanent base in the UK. Previously, Amiad's products and solutions were sold through its distributor based in Swansea. The new subsidiary, Amiad Water Systems UK Ltd, will report to Amiad Europe, and provide marketing and technical support functions.
Asia
In Asia, revenues were slightly softer compared with the prior year period, with a general decline in the Industrial segment being largely offset by an exceptional Industrial project in India, an improvement in Irrigation in China for food production and growth in Oil & Gas in South East Asia.
In China, sales were significantly lower in the Industrial segment due to a lack of activity in the steel industry. In the Company's other segments in China, the Company achieved an increase in revenues, but the contribution (other than Irrigation) remains unsubstantial. Amiad also strengthened the management team in China. Amiad continues to believe that the longer-term growth opportunities offered by China remain substantial.
Australia
The Industrial segment continued to suffer in Australia due to the reduced demand for raw materials from China, Australia's largest export customer, which has resulted in resource companies cancelling or postponing projects. However, sales increased in the Irrigation and Municipal segments, resulting in overall revenues for the period being slightly lower than the first half of 2014. The growth in the Irrigation segment was based on the new Omega and Sigma filters, with the demand being due to investment in upgrading irrigation systems used in food production to advanced, automatic solutions, which is being supported by public authorities.
Product Development
Amiad's portfolio of products launched in November 2011 continued to be well-received and increasingly penetrate the market. In particular, the growth in the Irrigation and Oil & Gas segments was based on sales of the Omega and Sigma products.
Investment in R&D was $1.5m compared with $1.8m for the first half of 2014. The reduction was due to the restructuring and cost cutting exercise. Following the appointment of a new Vice President of R&D during the period, the Company intends to increase spending on R&D to continue to develop market-leading technology and products.
Financial Review
Revenues for the six months ended 30 June 2015 were $59.2m compared with $60.2m for the first half of 2014. The Company's revenue recognition continued to be impacted by adverse changes in exchange rates, mainly the US Dollar against the New Israeli Shekel, but also between the Australian and US Dollars as well as the Euro and US Dollar. However, despite revenues being broadly flat, fully diluted earnings per share increased 33% to $0.065 (H1 2014: $0.049).
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Operating profit increased 88% to $3.9m compared with $2.1m for the first half of 2014, and profit before tax more than doubled to $3.5m (H1 2014: $1.7m). In addition, this represents a return to profit compared with the previous six months period: for the second half of 2014, the Company made a loss before tax of $2.1m.
Gross margins were 40.1% (H1 2014: 39.4%). The increase was mainly due to the benefits of the cost cutting and restructuring programme as well as the impact of currency exchange rate.
As of 30 June 2015, cash and cash equivalents were $14.5m (31 December 2014: $14.1m; 30 June 2014: $14.7m). Net debt decreased to $18.2m (31 December 2014: $21.3m; 30 June 2014: $19.7m) as a result of the increase in the net cash generated from operating activities.
Dividend
The Company has a progressive dividend policy and has historically paid dividends twice annually. However, the Board has resolved, from the current year, to consider and pay dividends once a year after the approval of the Company's audited annual financial statements. The Board expects to declare a dividend in March 2016 for the year ending 31 December 2015.
Outlook
Amiad entered the second half of 2015 with a higher backlog than at the same time in the prior year, which is primarily based on the continued growth in the Irrigation segment. Global macro-economic conditions continue to impact certain parts of the business, particularly Industrial and Municipal segments, however, the Company's broad portfolio and presence in over 80 countries buffer it from major fluctuations. As stated previously, the management team's focus in 2015 is on generating profits through expanding the business and maintaining tight cost control. As a result, the Board is confident of achieving year-end results that are in line with market expectations.
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2015
June 30 December 31, ----------------- 2015 2014 2014 -------- ------- ----------- (Unaudited) (Audited) ----------------- ----------- U.S. dollars in thousands ------------------------------ Assets CURRENT ASSETS: Cash and cash equivalents 14,452 14,743 14,090 Financial assets at fair value through profit or loss 477 44 452 Trade and other receivables: Trade 47,824 46,916 44,091 Other 5,716 5,105 3,230 ======== ======== ======== Current income tax assets 322 775 869 Inventories 24,702 26,097 23,729 -------- -------- -------- T o t a l Current Assets 93,493 93,680 86,461 -------- -------- -------- NON-CURRENT ASSETS: Investment in joint venture 10 10 10 Severance pay fund, net 49 254 105 Long-term receivables 55 46 48 Property, plant and equipment 10,913 11,094 11,184 Intangible assets 16,329 16,508 16,849 Deferred income tax assets 1,884 2,064 2,738 -------- -------- ======== T o t a l Non Current Assets 29,240 29,976 30,934 -------- -------- -------- T o t a l Assets 122,733 123,656 117,395 ======== ======== ========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2015
June 30 December 31, ----------------- 2015 2014 2014 -------- ------- ----------- (Unaudited) (Audited) ----------------- ----------- U.S. dollars in thousands ------------------------------ Liabilities and equity CURRENT LIABILITIES: Bank credit and current maturities of borrowings from banks 21,252 20,987 23,212 Financial liabilities at fair value through profit or loss - derivatives 95 86 1,066 Trade and other payable: Trade 18,262 18,956 15,064 Other 13,202 9,891 8,431 Put option liability 2,927 2,204 2,927 Current income tax liability 371 735 463 Dividend payable -,- 499 -,- --------- --------- --------- T o t a l Current Liabilities 56,109 53,358 51,163 --------- --------- --------- NON-CURRENT LIABILITIES: Borrowings from banks (net of current maturities) 11,404 13,444 12,205 Deferred income tax liabilities 227 -,- 823 Accrued severance pay, net 377 340 450 --------- --------- --------- T o t a l Non Current Liabilities 12,008 13,784 13,478 --------- --------- --------- T o t a l Liabilities 68,117 67,142 64,641 ========= ========= ========= EQUITY: Capital and reserves attributable to equity holders of the Company: Share capital 2,798 2,798 2,798 Capital reserves 28,372 28,332 28,371 Currency translation reserve (2,881) (1,218) (2,188) Transaction with non-controlling interest (180) (180) (180) Retained earnings 26,373 26,830 23,944 --------- --------- --------- 54,482 56,562 52,745 Non-controlling interests 134 (48) 9 --------- --------- --------- Total Equity 54,616 56,514 52,754 --------- --------- --------- Total Liabilities and Equity 122,733 123,656 117,395 ========= ========= =========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015
Six months ended Year ended December June 30 31, ----------------------------------- 2015 2014 2014 ------------------------- -------- ----------- (Unaudited) (Audited) ----------------------------------- ----------- U.S dollars in thousands except per share data ------------------------------------------------ Revenue 59,167 60,217 118,471 Cost of sales 35,461 36,477 72,418 ------------------------- -------- -------------- Gross Profit 23,706 23,740 46,053 Research and development, net 1,497 1,759 3,158 Selling and marketing costs 12,613 14,349 28,204 Administrative and general expenses 5,746 5,586 11,359 Other gains (losses) 85 52 (468) ------------------------- -------- -------------- Operating Profit 3,935 2,098 2,864 ------------------------- -------- -------------- Finance income 887 275 137 Finance costs (1,283) (713) (3,430) ------------------------- -------- -------------- Finance costs, net (396) (438) (3,293) ------------------------- -------- -------------- Profit (loss) before income taxes 3,539 1,660 (429)
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Income (expenses) tax (984) (452) 559 ------------------------- -------- -------------- Profit (loss) for the period 2,555 1,208 (988) ========================= ======== ============== Other comprehensive income (loss)- Items that will not be reclassified to profit or loss: Re-measurements of post-employment benefit obligations -,- -,- (135) Items that may be subsequently reclassified to profit or loss: Currency translation differences (694) (197) (773) ------------------------- -------- -------------- Other comprehensive income (loss) for the period (694) (197) (908) ------------------------- -------- ============== Total comprehensive income (loss) for the period 1,861 1,405 (1,896) ========================= ======== ============== Profit (loss) attributable to: Equity holders of the Company 2,429 1,247 (1,006) Non controlling interests 126 (39) 18 ------------------------- -------- -------------- 2,555 1,208 (988) ========================= ======== ============== Total comprehensive income (loss) attributable to: Equity holders of the Company 1,736 1,445 (1,913) Non-controlling interest 125 (40) 17 ------------------------- -------- -------------- 1,861 1,405 (1,896) ========================= ======== ============== U.S dollars ------------------------------------------------ Earnings (loss) per share attributable to the equity holders of the company during the period: Basic 0.107 0.053 (0.044) ========================= ======== =========== Diluted 0.065 0.049 (0.065) ========================= ======== ===========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015
Attributable to owners of the parent ----------------------------------------------------------------------------------------- Transaction Currency with Non- Number Non-controlling of Share Capital translation Retained controlling Interest Total shares capital Reserve reserve earning Total interest equity ----------------------- ----------- -------- ------------ ---------------- --------- ----------------------- ------------ ------- U.S dollars in thousands ---------------------------------------------------------------------------------------------------------------- BALANCE AT JANUARY 1, 2015 (audited) 22,663,651 2,798 28,371 (2,188) (180) 23,944 52,745 9 52,754 CHANGES DURING THE SIX MONTH ENDED JUNE 30, 2015 (unaudited): Comprehensive income - Profit for the period 2,429 2,429 126 2,555 Currency translation differences (693) (693) (1) (694) ---------------- ------- -------------- ------------ ------- Total comprehensive income (2,881) 26,373 54,481 134 54,615 Transaction with owners: Recognition of compensation related employee stock and option grants 1 1 1 Total transactions with owners ----------- -------- ------------ ---------------- --------- ------- -------------- ------------ ------- BALANCE AT JUNE 30, 2015 (unaudited) 22,663,651 2,798 28,372 (2,881) (180) 26,373 54,482 134 54,616 =========== ======== ============ ================ ========= ======= ============== ============ ======= BALANCE AT JANUARY 1, 2014 (audited) 22,663,651 2,798 28,271 (1,416) (180) 26,082 55,555 (8) 55,547 CHANGES DURING THE SIX MONTH ENDED JUNE 30, 2014 (unaudited): Comprehensive income - Profit for the period 1,247 1,247 (39) 1,208 Currency translation differences 198 198 (1) 197 ---------------- ------- -------------- ------------ ------- Total comprehensive income 198 1,247 1,445 (40) 1,405 Transaction with owners: Recognition of compensation related employee stock and option grants 61 61 61 Dividend ($0.022 per share) (499) (499) (499) ------------ ------- -------------- ------- Total transactions with owners 61 (499) (438) (438) ----------- -------- ------------ ---------------- --------- ------- -------------- ------------ ------- BALANCE AT JUNE 30, 2014 (unaudited) 22,663,651 2,798 28,332 (1,218) (180) 26,830 56,562 (48) 56,514 =========== ======== ============ ================ ========= ======= ============== ============ =======
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015 (contd.)
Attributable to owners of the parent --------------------------------------------------------------------------------- Transaction Currency with non- Non- Number Controlling of Share Capital translation Retained controlling Interest Total shares capital reserve reserve earning Total interest equity ----------- -------- -------- ------------ ------------ --------- --------- ------------ -------- U.S dollars in thousands ----------- -------------------------------------------------------------------------------------------- Balance at 1 January 2014 22,663,651 2,798 28,271 (1,416) (180) 26,082 55,555 (8) 55,547 Comprehensive income - Loss for the
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period (1,006) (1,006) 18 (988) Currency translation differences (772) (772) (1) (773) Remeasurement of net defined benefit liability (135) (135) (135) ------------ --------- --------- ------------ -------- Total comprehensive income (772) (1,141) (1,913) 17 (1,896) Transaction with owners: Recognition of compensation related to employee stock and options grants 100 100 100 Dividend ($0.106 per share) (997) (997) (997) -------- --------- --------- -------- Total transaction with owners 100 (997) (897) (897) ----------- -------- -------- ------------ ------------ --------- --------- ------------ -------- Balance at 31 December 2014 22,663,651 2,798 28,371 (2,188) (180) 23,944 52,745 9 52,754 =========== ======== ======== ============ ============ ========= ========= ============ ========
AMIAD WATER SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2015
Six months Year ended ended June 30 December 31, ---------------------------- 2015 2014 2014 ------------------ -------- --------------- (Unaudited) (Audited) ---------------------------- --------------- U.S dollars in thousands --------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Cash generated from (used in) operations (see note 5) 4,770 (3,700) (302) Interest paid (570) (433) (816) Interest received 58 41 162 Income tax paid (7) (842) (2,576) ------------------ -------- --------------- Net cash generated from (used in) operating activities 4,251 (4,934) (3,532) ------------------ -------- --------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (898) (838) (2,581) Purchase of intangible assets (253) (357) (653) Investments grants received -,- -,- 332 Restricted deposit 245 (48) (266) Proceeds from sale of property, plant and equipment 75 29 57 Collection of long-term loan to a related party -,- 40 40 ------------------ -------- --------------- Net cash used in investing activities (831) (1,174) (3,071) ------------------ -------- --------------- CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid to equity holders of the Company -,- -,- (997) Receipt of long-term borrowings 3,000 51 3,072 Payments of long term borrowings (4,451) (4,488) (9,016) Increase (decrease) in bank credit and short term borrowing, net (1,252) 10,368 12,988 ------------------ -------- --------------- Net cash generated from (used in) financing activities (2,703) 5,931 6,047 ------------------ -------- --------------- EXCHANGE RATE GAIN (LOSS) ON CASH AND CASH EQUIVALENTS (355) 49 (255) ------------------ -------- --------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 362 (128) (781) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,090 14,871 14,871 ------------------ -------- --------------- CASH AND CASH EQUIVALENTS AT END OF PERIOD 14,452 14,743 14,090 ================== ======== ===============
AMIAD WATER SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION
a. Amiad Water Systems Ltd. (hereafter -"the Company") and its subsidiaries (together- the Group) is a producer and global supplier of water filters and filtration systems used in the industrial, municipal market and the irrigation market.
b. The Company was incorporated in Israel in June 1997. The address of its registered office is Kibbutz Amiad, Israel.
The Company has traded on the Alternative Investment Market in London (AIM), a part of the London Stock Exchange, since December 2005.
The principal shareholders of the Company, as of the report release date, are Kibbutz Amiad (hereafter -The "Kibbutz"), directly and through a Company controlled by the Kibbutz, A.M.S.I. Investments Ltd. ("AMSI") which owns 45.49% of the Company's outstanding shares.
The Kibbutz and AMSI are engaged in a shareholders agreement with Kibbutz Beit Zera Cooperative Agricultural Society Ltd. and two cooperatives held by Beit Zera (hereinafter - "Beit Zera") which owns 4.5% of the Company's outstanding shares and with Bermad Industries Cooperative Agricultural Society Ltd. (hereinafter - "Bermad") which owns 8.99% of the Company's outstanding shares. The agreement was signed upon Beit Zera and Bermad becoming shareholders in the Company pursuant to the acquisition of Arkal Filtration systems Cooperative Agricultural Society Ltd. Pursuant to the shareholders agreement the parties thereto shall vote their shares together at all meeting of the shareholder of the Company, as shall be agreed among them or in the absence of an agreement as shall be decided by the Kibbutz. In addition, the shareholder agreement imposes on Beit Zera and Bermad certain limitations on the transferability of shares of the Company they received pursuant to the acquisition of Arkal Filtration systems Cooperative Agricultural Society Ltd.
These group consolidated financial statements were authorized for issue by board of directors on September 9, 2015.
AMIAD WATER SYSTEMS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 2 - BASIS OF PREPARATION
a. These condensed consolidated interim financial statements for the six months ended 30 June 2015 have been prepared in accordance with IAS 34, 'Interim financial reporting'. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2014, which have been prepared in accordance with IFRSs.
This condensed consolidated interim financial information is reviewed and not audited.
b. Estimates -
The preparation of interim financial statements requires management to exercise its judgment; it also requires the use of accounting estimates and assumptions that affect the application of the group's accounting policy and the amounts of reported assets, liabilities, income and expenses. Actual results may differ from those estimates.
In preparation of these condensed consolidated interim financial statements, the significant judgments that were exercised by the management in applying the group's accounting policy and the key sources of estimation uncertainty were similar to those applied in the consolidated annual financial statements for the year ended December 31, 2014.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies and computation methods used in preparing the interim financial information are consistent with those used in preparing the 2014 annual financial statements, except for the following:
NOTE 4 - REVENUES FROM SALES:
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