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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mti Wireless Edge Ltd. | LSE:MWE | London | Ordinary Share | IL0010958762 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.00 | 41.00 | 43.00 | 42.00 | 42.00 | 42.00 | 26,097 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 45.63M | 4.05M | 0.0458 | 9.17 | 37.13M |
From Apr 2019 to Apr 2024
TIDMMWE
RNS Number : 3432F
MTI Wireless Edge Limited
16 November 2020
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
1 6 November 2020
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Financial Results for the nine months ended 30 September 20 20
MTI Wireless Edge Ltd (AIM: MWE), the technology group specialising in comprehensive radio frequency communication solutions across multiple sectors, is pleased to announce its financial results for the nine-month period ended 30 September 2020.
Financial highlights
-- Despite the disruption caused by the Covid-19 pandemic, the Group still recorded 2% revenue growth to $29.6m (2019: $29.0m)
-- 20% increase in operating profit to $3.0m (2019: $2.5m), reflecting the benefits of increasing scale and reduced expenditure
-- Earnings per share increased by 12% to 2.65 US cents (2019: 2.36 US cents) -- Net cash increased 33% to $8.2m at 30 September 2020 (30 September 2019: $6.2m)
Operational highlights
-- Overall, our diversified business and global footprint helped us weather the negative impact from Covid-19 and continue to grow revenues. Lower expenditure (e.g. no international travel costs or exhibitions etc.) also contributed to the Company delivering a solid trading performance for the first nine months of the year
-- Water scarcity is a growing issue reflected in the increased demand for Mottech's water management solutions, which has successfully increased its presence in Australia, China and the French vineyard sector with new innovative products expected in Q4 2020
-- The global switch to 5G is gathering pace, translating into the first stages of deployment of our 5G backhaul solution, with initial sales starting to come through to the antenna division
-- MTI Summit continues to perform strongly, underpinned by its partnership with leading brands and increased spending in the global defence market, together with growing demand from its satellite office in Russia
-- Ongoing commitment to the Company's share repurchase programme, which was extended in July 2020
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said: "MTI has demonstrated its ability to trade through the current global pandemic. Our customers continue to seek to work with us as they have done previously and, where there are challenges due to the crisis, we are finding innovative ways to meet these. Our trading performance for the first nine months of the year reflects this and we are on track to meet our trading and financial goals (set before the start of the Covid-19 pandemic) for the full year.
Looking ahead, we continue to be excited by the prospects for growth available to each of our three divisions. All are utilising our core skills of devising radio frequency communication solutions and applying them to a wide range of businesses. Examples of this include: supporting mobile networks upgrade to 5G connectivity; automating the irrigation of large scale farms; and enhancing the way that a submarine can communicate from sea. These are all expanding markets, which is positioning MTI well for the future.
With these factors in mind, below is a short review of each division:
The antenna division operates under the MTI Wireless brand and sells antennas and custom developed antenna solutions. The division has a range of exciting opportunities, including the future sales of its 5G backhaul antenna solutions to support mobile phone operators roll-out their 5G networks. We have entered the early stage of a global upgrade of cellular network infrastructure, to enable 5G which will allow mobile operators to provide higher bandwidth and more services to their customers. This bodes well for the medium-term prospects for this division. In addition, we won several new contracts for military applications and see some other interesting opportunities here for further development.
Our wireless water control and management division continued to see good demand in the first nine months of the year, especially in Israel, China and Australia, which are key markets for this division. The fact that one fifth of the world's population suffers from some level of water scarcity, shows the magnitude of the issue and why addressing this challenge is critical for many governments worldwide. Operating in 20 countries offering Motorola's proven IRRInet water management system, Mottech is well placed to continue to expand using its software licensing and recurring revenue model.
The distribution and professional consulting services division, operating under the MTI Summit brand had another good period, focusing on developing design solutions for technology companies which if adopted generate product sales. There is a healthy backlog of design solutions and, as importantly, good demand for new solutions, giving the management team confidence in the prospects for this division.
Overall, the Company is well positioned, with a strong balance sheet and diverse business both vertically and geographically, so that even with the market uncertainty caused by the current pandemic, the Board is confident of the outlook for the business."
Moni Borovitz, Chief Executive Officer, will provide a live investor presentation relating to the financial results for the nine month period ended 30 September 2020 via the Investor Meet Company ("IMC") platform today at 10.30am UK time.
Investors can sign up for free via: https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor .
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900 Moni Borovitz, CEO http://www.mtiwirelessedge.com Allenby Capital Limited (Nomad and Joint Broker) Nick Naylor, Alex Brearley (Corporate Finance) +44 20 3328 5656 Guy McDougall (Equity Sales) Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930 Lucy Williams Eran Zucker Novella (Financial PR) +44 20 3151 7008 Tim Robertson Fergus Young
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on comprehensive communication and radio frequency solutions across multiple sectors through three core divisions:
Antenna Division
MTI is a world leader in the design, development and production of high quality, state-of-the-art, and cost-effective antenna solutions including Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless applications. MTI supplies antennas for both military and commercial markets from 100 KHz to 90 GHz.
Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI addresses both commercial and military applications.
MTI supplies directional and omnidirectional antennas for outdoor and indoor deployments, including smart antennas for WiMAX, Broadband access, public safety, RFID, base stations and terminals for the utility market.
Military applications include a wide range of broadband, tactical and specialized communication antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.
Water Control & Management Division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides high-end remote control solutions for water and irrigation applications based on Motorola's IRRInet state-of-the-art control, monitoring and communication technologies.
As Motorola's global prime-distributor Mottech serves its customers worldwide through its international subsidiaries and a global network of local distributors and representatives. With over 25 years of experience in providing customers with irrigation remote control and management, Mottech's solutions ensure constant, reliable and accurate water usage, while reducing operational and maintenance costs. Mottech's activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape as well as wastewater and storm-water reuse.
Distribution & Professional Consulting Services Division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting, representation and marketing services to foreign companies in the field of RF and Microwave solutions and applications including engineering services (including design and integration) in the field of aerostat systems and the ongoing operation of Platform subsystems, SIGINT, RADAR, communication and observation systems which is performed by the Company.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Hot Features
Premium
Year ended
Nine month period ended December
September 30, 31,
-------------------------- ----------
2020 2019 2019
------------ ------------ ----------
U.S. $ in thousands
--------------------------------------
Unaudited
--------------------------
Revenues 29,661 29,004 40,043
Cost of sales 20,115 19,537 27,247
------------ ------------ ----------
Gross profit 9,546 9,467 12,796
Research and development expenses 666 890 1,185
Distribution expenses 2,698 3,118 4,229
General and administrative expenses 3,185 2,976 3,931
Loss (profit) from sale of property,
plant and equipment (13) 8 (8)
------------ ------------ ----------
Profit from operations 2,984 2,491 3,459
Finance expenses 193 156 211
Finance income (112) (101) (161)
------------ ------------ ----------
Profit before income tax 2,903 2,436 3,409
Tax expenses 451 358 454
------------ ------------ ----------
Profit 2,452 2,078 2,955
------------ ------------ ----------
Other comprehensive income (loss)
net of tax:
Items that will not be reclassified
to profit or loss:
Re-measurement of defined benefit
plans - - (6)
------------ ------------ ----------
Items that may be reclassified to
profit or loss:
Adjustment arising from translation
of financial statements of foreign
operations (65) (25) 62
------------ ------------ ----------
Total other comprehensive income
(loss) (65) (25) 56
------------ ------------ ----------
Total comprehensive income 2,387 2,053 3,011
============ ============ ==========
Profit attributable to:
Owners of the parent 2,327 2,052 2,849
Non-controlling interests 125 26 106
------------ ------------ ----------
2,452 2,078 2,955
============ ============ ==========
Total comprehensive income attributable
to:
Owners of the parent 2,262 2,027 2,905
Non-controlling interests 125 26 106
------------ ------------ ----------
2,387 2,053 3,011
============ ============ ==========
Earnings per share (dollars)
Basic 0.0265 0.0236 0.0327
============ ============ ==========
Diluted 0.0265 0.0236 0.0327
============ ============ ==========
Weighted average number of shares
outstanding
87,94 2 ,8
Basic 26 87,125,159 87,229,851
============ ============ ==========
87,94 2 ,8
Diluted 2 6 87,125,159 87,229,851
============ ============ ==========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the nine month period ended September 30 , 2020 (Unaudited) :
Attributed to owners of the parent
-------------------------------------------------------------------------
Capital
reserve Total
for attributable
Additional share-based to owners
Share paid-in payment Translation Accumulated of the Non-controlling Total
capital capital transactions differences losses parent interest equity
------- ---------- ------------ ----------- ----------- ------------ --------------- ----------
U.S. $ in thousands
Balance at January
1, 2020 207 22,868 52 (62) (658) 22,407 883 23,290
Changes during the
nine month period
ended September 30,
2020:
Comprehensive
income
Profit for the
period - - - - 2,327 2,327 125 2,452
Other
comprehensive
loss
Translation
differences - - - (65) - (65) - (65)
------- ---------- ------------ ----------- ----------- ------------ --------------- ----------
Total
comprehensive
income (loss)
for the period - - - (65) 2,327 2,262 125 2,387
Dividend - - - - (1,758) (1,758) - (1,758)
Exercise of
options to
share capital 2 306 (54) - - 254 - 254
Profit from
acquisition and
disposal
of treasury
shares (note
5B) - 8 - - - 8 - 8
Acquisition of
the
non-controlling
interest in
subsidiary
(note 5D) - (15) - - - (15) (15) (30)
Share based
payment - - 2 - - 2 - 2
------- ---------- ------------ ----------- ----------- ------------ --------------- ----------
Balance at
September 30,
2020 209 23,167 - (127) (89) 23,160 993 24,153
======= ========== ============ =========== =========== ============ =============== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the nine month period ended September 30 , 201 9 (Unaudited) :
Attributed to owners of the parent
------------------------------------------------------------------------
Capital
reserve Total
for attributable
Additional share-based to owners
Share paid-in payment Translation Retained of the Non-controlling Total
capital capital transactions differences earnings parent interest equity
------- ---------- ------------ ----------- ---------- ------------ --------------- ----------
U.S. $ in thousands
Balance at January
1, 2019 205 22,388 366 (124) (2,195) 20,640 375 21,015
Changes during the
nine month period
ended September 30,
2019:
Comprehensive
income
Profit for the
period - - - - 2,052 2,052 26 2,078
Other
comprehensive
loss
Translation
differences - - - (25) - (25) - (25)
------- ---------- ------------ ----------- ---------- ------------ --------------- ----------
Total
comprehensive
income (loss)
for the period - - - (25) 2,052 2,027 26 2,053
Dividend - - - - (1,306) (1,306) - (1,306)
Non-controlling
Interest of
newly
purchased
subsidiary - - - - - - 402 402
Exercise of
options to
share capital 2 111 (24) - - 89 - 89
Issuance of
treasury shares
(note
5C) - 18 - - - 18 - 18
Share based
payment - - 6 - - 6 - 6
------- ---------- ------------ ----------- ---------- ------------ --------------- ----------
Balance at
September
30, 2019 207 22,517 348 (149) (1,449) 21,474 803 22,277
======= ========== ============ =========== ========== ============ =============== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2019 :
Attributable to owners of the parent
--------------------------------------------------------------------------------
Total
Capital Reserve attributable
Additional from share-based to owners
Share paid-in payment Translation Accumulated of the Non-controlling Total
capital capital transactions differences losses parent interests equity
------- ------------ ----------------- ----------- ----------- ------------ --------------- ----------
U.S. $ in thousands
-------------------------------------------------------------------------------------------------------------
Balance as at January 1, 2019 205 22,388 366 (124) (2,195) 20,640 375 21,015
Changes during 2019:
Comprehensive income
Profit for the year - - - - 2,849 2,849 106 2,955
Other comprehensive
income (loss)
Remeasurements on defined
benefit
plans - - - - (6) (6) - ( 6 )
Translation differences - - - 62 - 62 - 62
----------- ------------- ------------ ----------- ----------- ------------ --------------- ----------
Total comprehensive income
for
the year - - - 62 2,843 2,905 106 3,011
Dividend - - - - (1,306) (1,306) - (1,306)
Non-controlling Interest of
newly
purchased subsidiary - - - - - - 402 402
Classification of ESOP that
expired - 291 (291) - - - - -
Exercise of options to share
capital 2 146 (31) - - 117 - 117
Profit from acquisition and
disposal
of treasury shares - 43 - - - 43 - 43
Share based payment - - 8 - - 8 - 8
----------- ------------- ------------ ----------- ----------- ------------ --------------- ----------
Balance as at December
31, 2019 207 22,868 52 (62) (658) 22,407 883 23,290
=========== ============= ============ =========== =========== ============ =============== ==========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
F INANCIAL P OSITION
30.09.2020 30.09.2019 31.12.2019
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
----------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 8,393 6,732 8,140
Trade and other receivables 9,651 9,882 9,799
Unbilled revenue 3,059 2,111 2,866
Current tax receivables 547 644 672
Inventories 5,611 5,510 5,748
---------- ---------- ----------
27,261 24,879 27,225
---------- ---------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 44 34 31
Property, plant and equipment 4,921 5,293 5,212
Deferred tax assets 649 638 664
Intangible assets 1,077 1,129 1,116
---------- ---------- ----------
6,691 7,094 7,023
---------- ---------- ----------
Total assets 33,952 31,973 34,248
========== ========== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
F INANCIAL P OSITION
30.09.2020 30.09.2019 31.12.2019
---------- ---------- ----------
U.S. $ In thousands
----------------------------------
Unaudited
----------------------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank
credit 162 299 312
Trade payables 4,283 4,941 6,448
Other accounts payable 3,987 3,015 2,691
Current tax payables 238 119 230
---------- ---------- ----------
8,670 8,374 9,681
---------- ---------- ----------
NON- CURRENT LIABILITIES:
Contingent consideration 47 69 69
Lease liabilities 195 222 224
Loans from banks , net of current maturities 48 226 141
Employee benefits, net 839 805 843
---------- ---------- ----------
1,129 1,322 1,277
---------- ---------- ----------
Total liabilities 9,799 9,696 10,958
---------- ---------- ----------
EQUITY
Equity attributable to owners of the parent
Share capital 209 207 207
Additional paid-in capital 23,167 22,517 22,868
Capital reserve from share-based payment
transactions - 348 52
Translation differences (127) (149) (62)
Accumulated losses (89) (1,449) (658)
---------- ---------- ----------
23,160 21,474 22,407
Non-controlling interest 993 803 883
---------- ---------- ----------
Total equity 24,153 22,277 23,290
---------- ---------- ----------
Total equity and liabilities 33,952 31,973 34,248
========== ========== ==========
November 15 , 2020
------------------------- ----------------- -------------- ------------------------
Date of approval Moshe Borovitz Elhanan Zeira Zvi Borovitz
of financial statements Chief Executive Controller Non-executive Chairman
Officer of the Board
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Nine month period Year ended
ended December
September 30, 31,
------------------- ----------
2020 2019 2019
-------- --------- ----------
U.S. $ in thousands
-------------------------------
Unaudited
-------------------
Cash Flows from Operating Activities:
Profit for the period 2,452 2,07 8 2,955
Adjustments for:
Depreciation and amortization 781 735 973
Loss (gain) from sale of property, plant
and equipment 13 (8) (8)
Equity settled share-based payment expense 2 6 8
Finance (income) expenses, net 56 (2) 32
Tax expenses 451 358 454
Changes in operating assets and liabilities:
Decrease in inventories 60 707 523
Decrease (increase) in trade receivables 57 (44) 233
Decrease (increase) in other accounts
receivables 79 (80) (137)
Decrease (increase) in unbilled revenues (193) 160 (595)
Increase (decrease) in trade and other
accounts payables (665) 689 1,821
Increase (decrease) in employee benefits,
net (4) 104 136
-------- --------- ----------
Cash from operations 3,089 4,703 6,395
Interest received 23 28 44
Interest paid (33) (45) (77)
Income tax paid (306) (726) (764)
-------- --------- ----------
Net cash provided by operating activities 2,773 3,960 5,598
-------- --------- ----------
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Nine month period Year ended
ended December
September 30, 31,
---------------------- ----------------
2020 2019 2019
---------- ---------- ----------------
U.S. $ in thousands
----------------------------------------
Unaudited
----------------------
Cash Flows From Investing Activities:
Proceeds from sale of property, plant
and equipment 28 8 31
Payment of contingent consideration
regarding business acquisition (22) - -
Acquisition of initially consolidated
subsidiaries - (23) (23)
Purchase of property, plant and equipment (363) (554) (707)
---------- ---------- ----------------
Net cash used in investing activities (357) (569) (699)
---------- ---------- ----------------
Cash Flows From Financing Activities:
Dividend (1,758) (1,306) (1,306)
Payments of lease liabilities (376) (385) (511)
Treasury shares acquired (155) (305) (428)
Treasury shares sold 163 323 471
Exercise of share options 254 89 117
Acquisition of the non-controlling
interest in subsidiary (30) - -
Repayment of long-term loan from banks (234) (483) (554)
---------- ---------- ----------------
Net cash used in financing activities (2,136) (2,067) (2,211)
---------- ---------- ----------------
Increase in cash and cash equivalents
during the period 280 1,324 2,688
Cash and cash equivalents at the beginning
of the period 8,140 5,401 5,401
Exchange differences on balances of
cash and cash equivalents (27) 7 51
---------- ---------- ----------------
Cash and cash equivalents at the end
of the period 8,393 6,732 8,140
========== ========== ================
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General :
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company" , or collectively with its subsidiaries, the "Group" ) is an Israeli corporation. The Company was incorporated under the Companies Act in Israel on December 30, 1998, and commenced operations on July 1, 2000. Since March 2006, the Company's shares have been traded on the AIM market of the London Stock Exchange.
The formal address of the Company is 11 Hamelacha Street, Afek industrial Park, Rosh-Ha'Ayin, Israel.
The Company and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the military and civilian sectors.
- A leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies.
- Providing consulting, representation and marketing services to foreign companies in the field of RF and Microwave, including engineering services in the field of aerostat systems and system engineering services.
Note 2 - Significant Accounting Policies :
The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information set out above does not constitute full year-end accounts within the meaning of Israeli Companies Law. It has been prepared on the going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS). Statutory financial information for the financial year ended December 31, 2019 was approved by the board on March 1, 2019. The report of the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of September 30, 2020 have not been audited.
The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2019 and for the year then ended and with the notes thereto. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2019 are applied consistently in these interim consolidated financial statements.
Note 3 - REVENUES:
Year ended
Nine month period ended December
September 30, 31,
------------------------- -----------------
2020 2019 2019
----------- ------------ ------------
U.S. $ in thousands
----------------------------------------------
Unaudited
-------------------------
Revenues arise from:
Sale of goods * 24,888 23,803 32,236
Rendering of services** 3,077 3,161 4,299
Projects** 1,696 2,040 3,508
----------- ------------ ------------
29,661 29,004 40,043
=========== ============ ============
(*) at a point in time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the Group's operating segments for the nine month period ended September 30, 2020 and 2019 respectively and for the year ended December 31, 201 9.
Nine month period ended September 30, 2020 (Unaudited)
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
U.S. $ in thousands
Revenues
External 8,534 12,172 8,955 - 29,661
Internal - - 105 (105) -
--------- ----------- ---------------- --------------- -------
Total 8,534 12,172 9,060 (105) 29,661
Segment profit 61 1,516 1,230 177 2,984
========= =========== ================ =============== =======
Finance expense, net 81
Tax expenses 451
-------
Profit 2,452
=======
As of September 30, 2020
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
Segment assets 13,791 10,148 6,881 - 30,820
======== =============== =============== ============== ========
Unallocated assets 3,132
========
Segment liabilities 3,035 2,740 3,407 - 9,182
======== =============== =============== ============== ========
Unallocated liabilities 617
========
Note 4- operating SEGMENTS (CONT.):
Nine month period ended September 30, 2019 (Unaudited)
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
U.S. $ in thousands
Revenues
External 8,903 11,979 8,122 - 29,004
Internal - - 118 (118) -
--------- ----------- ---------------- --------------- -------
Total 8,903 11,979 8,240 (118) 29,004
Segment profit (loss) 317 1,170 867 137 2,491
========= =========== ================ =============== =======
Finance expense, net 55
Tax expenses 358
-------
Profit 2,078
=======
As of September 30, 2019
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
--------------------------------------------------------------------
Segment assets 13,700 9,481 5,076 - 28,257
======== =============== =============== ============== ========
Unallocated assets 3,716
========
Segment liabilities 3,030 1,913 2,717 - 7,660
======== =============== =============== ============== ========
Unallocated liabilities 2,036
========
Year ended December 31, 2019
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
U.S. $ in thousands
Revenues
External 12,015 16,518 11,510 - 40,043
Inter-segment - - 171 (171) -
--------- ----------- ---------------- --------------- -------
Total 12,015 16,518 11,681 (171) 40,043
========= =========== ================ =============== =======
Segment profit 444 1,562 1,228 225 3,459
========= =========== ================ =============== =======
Finance expense, net 50
Tax expenses 454
-------
Profit 2,955
=======
Note 4- operating SEGMENTS (CONT.):
As of December 31, 2019
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
--------------------------------------------------------------------
Segment assets 14,576 9,793 5,729 - 30,098
======== =============== =============== ============== ========
Unallocated assets 4,150
========
Segment liabilities 3,514 1,836 3,837 - 9,187
======== =============== =============== ============== ========
Unallocated liabilities 1,771
========
Note 5 - SIGNIFICANT EVENTS:
A. On 1 March 2020, the Board of directors declared a cash dividend of 2 US cents per share, representing approximately $1,758,000 in total. This dividend was paid on 10 April 2020 to shareholders on the register at the close of trading on 20 March 2020.
B. On 24 January 2019, the Company announced a share repurchase program to conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels each ("Ordinary Shares") in the Company up to a maximum value of GBP150,000 (the "Programme"). On 23 January 2020, the Company announced that the board of directors of the Company and the board of directors of MTI Engineering had decided to continue with the Programme for another nine months until 26 July 2020 and on 27 July 2020 it was announced that the Programme would be extended until 26 January 2021. As at 30 September 2020, no Ordinary Shares were held in treasury under the Programme.
In 2020, MTI Engineering generated a profit of $8,000 in relation to the Programme, which was recorded in additional paid-in-capital.
C. During January to September 2020, employees of the Company exercised options over 710,000 Ordinary Shares in exchange for a total consideration of approximately $254,000. There are currently no share options granted under the current employee share option plan of the Company.
D. Mottech Water Solutions Ltd ("Mottech"), a subsidiary of the company, signed an agreement in May 2020 to acquire its joint venture partner's 40% holding in a joint venture it established in China in 2017 ("Mottech China"). Following this acquisition, Mottech China is now a fully owned subsidiary of the Company.
E. Outbreak of COVID-19 and Business Continuity - In December 2019, the COVID-19 pandemic broke out in China, and the virus has spread to many countries around the world. In January 2020, the World Health Organization announced the outbreak of the Coronavirus as a global health emergency, and in March 2020, the World Health Organization declared the pandemic to be a global pandemic. The spread of the virus is an unusual event on its scale and is dynamic and emergent. Policymakers around the world were forced to take unprecedented steps to curb the pandemic, including the isolation of civilians and establishing strict regulations and rules to create social distancing, to reduce the chances of infection.
Note 5 - SIGNIFICANT EVENTS (CONT.):
This included restricting inbound and outbound flights. Along with the dangerous impacts on human lives as a result of the outbreak, significant global and local business impacts have been recorded.
While the Group's offices were partially and/or temporarily closed (depending on country of operations) during the second part of March and most of April 2020, the Group was able to maintain good levels of operation using remote work procedures and a sufficient level of production in its production facilities while assuring the health of employees.
As of the date of this report the Group has resumed operations in all of its facilities (still under health requirements and regulations), although working from home is still allowed in Israel. The Company sees recovery in most of the territories where it operates, although there are still significant challenges. All aspects of the Group's supply chain are working slower, and the Company's industry has been affected on the operational level, along with the rest of the world economy as it faces the risk of a global recession where the ability to predict the timing of a recovery is uncertain.
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November 16, 2020 02:00 ET (07:00 GMT)
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