We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Star Energy Group Plc | LSE:STAR | London | Ordinary Share | GB00BZ042C28 | ORD 0.002P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.05 | -10.00% | 9.45 | 9.02 | 9.88 | 10.00 | 9.50 | 10.00 | 796,738 | 16:35:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computers & Software-whsl | 4.04M | -1.01M | -0.0079 | -4.11 | 4.16M |
From May 2019 to May 2024
TIDMSTAR
RNS Number : 7934I
Starcom PLC
13 August 2019
13 August 2019
Starcom Plc
("Starcom" or the "Company")
Interim Results
Starcom (AIM: STAR) which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, announces its unaudited interim results for the six months ended 30 June 2019 (the "Period").
Highlights
Hot Features
Premium
-- Revenues for the Period remained stable at $3.1m (H1 2018: $3.1m)
-- Gross profits were $1.26m (H1 2018: $1.23m)
-- Gross margin increased to 41% (H1 2018 40%)
-- EBITDA increased to $75,000 (H1 2018: $40,000 EBITDA loss)
-- Recurring Software as a Service ("SaaS") revenues were $900,000 (H1 2018: $890,000)
-- Lokies, Starcom's new intelligent padlock, has been launched
Avi Hartmann, CEO of Starcom, commented:
"Although the first half revenues were in line with the equivalent period last year, we are confident that, based on the Company's current sales pipeline, the second half of the year will show an improvement over the second half of 2018. It is pleasing to note that we achieved a positive EBITDA result for the Period and we expect that this will also be the case for the full year. Initial orders for the new Lokies smart padlock are encouraging and we have high expectations for this new product."
For further information please contact
Starcom Plc Michael Rosenberg, Chairman 07785 727595 Avi Hartmann, CEO +972 5477 35663 Allenby Capital Limited (Nominated Adviser and Joint Broker) James Reeve/Jeremy Porter/Asha Chotai 020 3328 5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams/Charles Goodfellow/Eran Zucker 020 7469 0930 Leander PR (Financial PR) Christian Taylor-Wilkinson 07795 168 157
CHAIRMANS STATEMENT
The unaudited results for the period ended 30 June 2019 were in line with management's internal expectations, with revenues level at $3.1m (H1 2018: $3.1m). The gross margin increased to 41% (H1 2018: 40%) and EBITDA increased to approximately $75,000 from a loss of $40,000 in H1 2018.
The main focus of the Company over the last few months has been the launch of the "Lokies", our new revolutionary padlock and the preparations for its mass production. Lokies is a smart keyless padlock with innovative IoT capabilities, enabling remote, over the air connectivity which removes the requirement for a key to unlock it. In addition, Lokies has a specially designed extendable shackle equipped with proprietary technology which can detect any attempts to breach the lock. The board has high expectations for Lokies and is very encouraged by feedback from clients and prospective clients so far.
The second product that is a central to the Company's growth strategy is the Tetis. The Company is collaborating with major companies in the containers monitoring segment, such as Cargo Signal and Swiss based Arviem AG. The Company is building a long-term strategy based around the Tetis devices and, along with the strong relationship it has built with WIMC, the management believes it will be one the catalysts for the Company's future growth.
In parallel, activity across all other products has been at a high level. The percentage of total sales attributed to our traditional Helios product, which is our lower margin product, continues to decrease although from time to time opportunistic contracts, such as the North African distributor contract, which was announced in November 2018, may distort this trend as it expected to make a major contribution to revenue in the current year. This contract is progressing as planned.
We are pleased to report that a new contract for Helios Hybrid products with a value of approximately $400,000 has recently been signed with a West African distributor for delivery in the second half of this year. This contract will lead to recurring SaaS revenue stream in future years.
The strategic relationship with Zero Motorcycles Inc. in the USA is progressing well. Initial orders for the integrated Helios units are, as expected, low at this stage but the response to the new motorbikes has been positive and orders are expected to increase later this year and into next year. The Directors consider that this relationship presents a significant growth opportunity as the market for electric motorbikes increases.
The relationship with CubeMonk in the USA is also very positive, with the Company receiving new orders since the initial contract was signed in February 2019. Cubemonk has developed the world's first smart shipping container and storage unit powered by IoT using Starcom's Kylos Air product.
Initial orders of Kylos Forever units have been received pursuant to the Company's contract with Israel Chemicals Limited. These orders have been delivered and it is expected these will increase in the near future. The Starcom units enable this global business to monitor the dangerous ICL chemicals as they are shipped across the globe. Another version of Kylos is used by Bosch, which has now launched its Kylos Air product and we await feedback on the results of this launch.
Appointments during the Period
During the period the Board were pleased to welcome Mr Martin Blair to the board as a non-Executive Director. In addition, Mr David Avner was appointed as a consultant to the Company in May 2019 and is working closely with management to develop the strategy in upgrading the marketing and sales capabilities. This is being achieved through engaging with quality partners and capitalising on Starcom's leading technology in the tracking systems.
Update on Auditor
Following the withdrawal of Brightman Almagor Zohar & Co. Certified Public Accountants, a firm in the Deloitte Global Network, to act as auditors to the Company, the Board decided to appoint its previous audit firm, Barzily & Co.
Financial report
Group revenues for the Period were $3.1m, compared with $3.1m for the six months ended 30 June 2018, demonstrating stability of sales within the first half of 2019.
Recurring SaaS revenues improved slightly to $900,000 (H1 2018: $890,000).
The gross margin for the Period was 41%, compared with 40% for the equivalent period in 2018.
Total operating expenditure decreased 4.5% to $1.6m (H1 2018: $1.7m and, as a result, the operating loss in the Period decreased to $0.37m compared with an operating loss of $0.51m for the six months ended 30 June 2018, representing a reduction of 27%.
The Group suffered from the weakness of US dollar exchange rate against the Israeli New Shekel, which resulted in a $69,000 exchange rate loss, despite the mitigating hedging measures undertaken by management.
The Group balance sheet showed a decrease in trade receivables to $1.57m, compared with $1.9m as at 31 December 2018, despite a slight increase in total sales. Group inventories at the Period end were $2.3m, (30 June 2018: $2.3m). Trade payables at the Period end were $1.75m (30 June 2018: GBP1.8m).
Net cash from operating activities in the Period was $13,000, compared with $0.3m for the six months ended 30 June 2018. However, following the equity fundraise completed in April 2019, net cash at 30 June 2019 was $461,000 (31 December 2018: $89,000).
OUTLOOK
The Company continues to progress the development in particular of Lokies and Tetis, which the Board considers to be Starcom's growth engines for the future. A number of new projects are under active negotiation. The Board considers the current pipeline to be stronger than the current sale pipeline at the same time a year ago. Therefore, the Board is confident that the full year results will be in line with current market expectations in terms of revenue growth and that the Company will achieve a positive EBITDA result for the year.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. Dollars in thousands
June 30 December
31
Note 2019 2018 2018
--------- --------- --------
Unaudited Unaudited Audited
--------- --------- --------
ASSETS
NON-CURRENT ASSETS :
Property, plant and equipment, net 758 502 521
Intangible assets, net 32,169 2,376 2,279
Income Tax Authorities 49 46 46
Total Non-Current Assets 2,976 2,924 2,846
----- ----- -----
CURRENT ASSETS :
Inventories 2,287 2,329 2,025
Trade receivables (net of allowance
for doubtful accounts of $14, $39
and $48 thousand as of June 30, 2019
and 2018 and December 31,2018) 1,568 1,443 1,897
Other receivables 195 129 87
Short-term deposit 55 54 60
Cash and cash equivalents 461 178 89
Total Current Assets 4,566 4,133 4,158
----- ----- -----
TOTAL ASSETS 7,542 7,057 7,004
===== ===== =====
LIABILITIES AND EQUITY
EQUITY
4,245 3,738 3,861
----- --------------- -----
NON-CURRENT LIABILITIES:
Long-term loans from banks 34 101 50
Leasehold liabilities 173 84 70
----- --------------- -----
Total Non-Current Liabilities 207 185 120
CURRENT LIABILITIES:
Short-term bank credit 68 44 28
Short-term loans and current maturities
of long-term loans 333 232 506
Trade payables 1,751 1,819 1,412
Shareholders and related parties 5 664 714 581
Other payables 136 219 372
Leasehold liabilities 138 106 124
Total Current Liabilities 3,090 3,134 3,023
----- --------------- -----
TOTAL LIABILITIES AND EQUITY 7,542 7,057 7,004
===== =============== =====
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. Dollars in thousands
Year Ended
Six Months Ended June December
30 31
Note 2019 2018 2018
----------- ---------- ----------
Unaudited Unaudited Audited
----------- ---------- ----------
Revenues 3,110 3,092 5,994
Cost of sales (1,844) (1,864) (3,576)
-----------
Gross profit 1,266 1,228 2,418
Operating expenses:
Research and development, net (81) (124) (224)
Selling and marketing (380) (292) (621)
General and administrative (1,168) (1,288) (2,424)
Other income (expenses) (11) (34) (31)
----------- ---------- ----------
(1,640) (1,738) (3,300)
----------- ---------- ----------
Operating loss (374) (510) (882)
Net finance income (expenses) 6 (131) 33 51
----------- ---------- ----------
Total comprehensive loss prior
to taxes (505) (477) (831)
Taxes on income due to previous
years - . - - . - (89)
----------- ---------- ----------
Total comprehensive loss for
the year (505) (477) (920)
=========== ========== ==========
Loss per share:
Basic and diluted loss per
share (in dollars) 4 (0.002) (0.002) (0.003)
=========== ========== ==========
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
U.S. Dollars in thousands
Capital
Share Reserve
Capital Premium Capital for Share-based Accumulated
* on Shares Reserve payment Loss Total
------------ ----------- -------- ----------------- ---------------- --------
(Unaudited)
Balance- January
1, 2019 - 11,460 89 687 (8,375) 3,861
Issue of share
capital, net of
expenses - see
Notes 1(a)2 -
1(a)3 - 794 - - - 794
Share based payment
- Note 4 - - - 95 - 95
Comprehensive
loss for the
period - - - - (505) (505)
-----------------
Balance- June
30, 2019 - 12,254 89 782 (8,880) 4,245
============= =========== ======== ================= ================ ========
(Unaudited)
Balance- January
1, 2018 - 9,796 89 602 (7,455) 3,032
Issue of share
capital, net of
expenses - 1,049 - - - 1,049
Share based payment - - - 134 - 134
Fortified options
and warrants - 135 - (135) - -
Comprehensive
loss for the
period - - - - (477) (477)
-----------------
Balance- June
30, 2018 - 10,980 89 601 (7,932) 3,738
============= =========== ======== ================= ================ ========
(Audited)
Balance- January
1, 2018 - 9,796 89 602 (7,455) 3,032
Proceeds from
issued share
capital,
net of expenses - 1,379 - - - 1,379
Exercise of
warrants - 150 - - - 150
Share based payment - - - 220 - 220
Share based payment
expiration - 135 - (135) - -
Comprehensive
loss for the year - - - - (920) (920)
-----------------
Balance- December
31, 2018 - 11,460 89 687 (8,375) 3,861
============= =========== ======== ================= ================ ========
* An amount less than one thousand.
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. Dollars in thousands
Six Months Ended Year Ended
June 30 December
31
2019 2018 2018
--------- -------------------- ----------------
CASH FLOWS FROM OPERATING ACTIVITIES: Unaudited Unaudited Audited
--------- -------------------- ----------------
Comprehensive loss (505) (477) (920)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 329 303 623
Interest expense and exchange rate differences 5 (50) 23
Equity settled option-based payment expense 95 134 220
Capital loss (gain) 15 33 -
Changes in assets and liabilities:
Increase in inventories (262) (844) (540)
Decrease (Increase) in trade receivables 329 329 (125)
Decrease (Increase) in other receivables (108) (28) 14
Increase in Income Tax Authorities (3) (3) (2)
Increase (Decrease) in trade payables 340 297 (110)
Increase (Decrease) in other payables (222) (32) 122
Net cash provided by (used in) operating
activities 13 (338) (695)
--------- -------------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (202) (46) (109)
Proceeds from sales of property, plant
and equipment 28 - -
Decrease (Increase) in short-term deposits 5 1 (5)
Purchase of intangible assets (112) (136) (256)
Net cash used in investing activities (281) (181) (370)
--------- -------------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (Repayment of) short-term
bank credit, net 40 (183) (199)
Proceeds from (Repayment of) a convertible
debenture, net - (131) 462
Repayment of Short-term loans from banks (189) - (131)
Receipt of long-term loans - 96 93
Proceeds from (Repayment to) shareholders
and related parties, net 83 1 (132)
Repayment of Leasehold liability (58) (49) (109)
Repayment of long-term loans (16) (180) (452)
Proceeds from exercise of warrants - - 150
Consideration from issue of shares 780 1,050 1,379
--------- -------------------- ----------------
Net cash provided by financing activities 640 604 1,061
--------- -------------------- ----------------
Increase (Decrease) in cash and cash
equivalents 372 85 (4)
Cash and cash equivalents at the beginning
of the period 89 93 93
--------- -------------------- ----------------
Cash and cash equivalents at the end
of the period 461 178 89
========= ==================== ================
Appendix A - Additional Information
Interest paid during the period (21) (25) (30)
========= ==================== ================
Appendix B - Non-cash financing activities
Issuance of shares to a related party
in payment of debt 14 --
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. Dollars in thousands
NOTE 1 GENERAL INFORMATION
-
a. The Reporting Entity
1. Starcom Plc ("the Company") was incorporated in Jersey
on November 28, 2012.
The Group specializes in easy-to-use practical wireless
solutions that combine advanced technology, telecommunications
and digital data for the protection and management of
people, fleets of vehicles, containers and assets and
engages in production, marketing, distribution, research
and development of G.P.S. systems.
The Company fully owns Starcom G.P.S. Systems Ltd., an
Israeli company that engages in the same field, and Starcom
Systems Limited, a company in Jersey.
The Company's shares are admitted to trading on the London
Stock Exchange's market.
Address of the official Company office in Israel of Starcom
G.P.S. Systems Ltd. is:
16 Hata'as St., Kfar-Saba, Israel.
Address of the Company's registered office in Jersey of
Starcom Systems Limited is:
Forum 4, Grenville Street, St Helier, Jersey, Channel
Islands, JE4 8TQ
2. During April 2019 the Company raised GBP637.5 ($829)
thousand before expenses, through placing 51,000,000 new
Ordinary Shares of no par value at a price of 1.25p per
Placing Share.
3. During June 2019, the Company granted its Chairman
880,000 new Ordinary Shares of no par value at a price
of 1.25p per share in order to partially set off his credit
balance.
b. Definitions in these financial statements:
1. International Financial Reporting Standards
(hereinafter:
"IFRS") - Standards and interpretations
adopted by
the International Accounting Standards Board
(hereafter:
"IASB") that include international financial
reporting
standards (IFRS) and international accounting
standards
(IAS), with the addition of interpretations
to these
Standards as determined by the International
Financial
Reporting Interpretations Committee (IFRIC)
or interpretations
determined by the Standards Interpretation
Committee
(SIC), respectively.
2. The Company - Starcom Plc.
3. The subsidiaries - Starcom G.P.S. Systems
Ltd. And
Starcom Systems Limited.
4. Starcom Jersey - Starcom Systems Limited.
5. Starcom Israel - Starcom G.P.S. Systems Ltd.
6. The Group - Starcom Plc. and the
Subsidiaries.
7. Related party - As determined by
International Accounting
Standard No. 24 in regard to related parties.
NOTE 2 - BASIS OF PREPARATION AND CHANGE IN THE GROUP'S ACCOUNTING
POLICIES
a. Basis of preparation
The interim consolidated financial statements have
been prepared in accordance with generally accepted
accounting principles for the preparation of financial
statements for interim periods, as prescribed in International
Accounting Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information should
be read in conjunction with the annual financial statements
as of December 31, 2018 and for the year ended on that
date and with the notes thereto.
The significant accounting policies applied in the
annual financial statements of the Company as of December
b. 31, 2018 are applied consistently in these interim
consolidated financial statements.
Use of estimates and judgments
The preparation of financial statements in conformity
with IFRS requires management of the Company to make
judgments, estimates and assumptions that affect
the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
The judgment of management, when implementing the
Group accounting policies and the basic assumptions
utilized in the estimates that are bound up in uncertainties
are consistent with those that were utilized to prepare
the annual financial statements.
c. Exchange rates:
Year Ended
Six Months Ended December
June 30 31
2019 2018 2018
------------ ------- --------------
Exchange rate of U.S.
$ in NIS 3.566 3.65 3.748
Exchange rate of U.S.
$ in GBP 0.79 0.76 0.78
Change of U.S. $ in NIS (4.86%) 5.28% 8.1%
Change of U.S. $ in GBP 0.86% 2.52% 5.59%
NOTE 3 - INTANGIBLE ASSETS, NET
Total
----------
Unaudited
----------
Cost:
Balance as of January
1, 2019 4,458
Additions during
the period 112
Balance as of June
30, 2019 4,570
----------
Accumulated Depreciation:
Balance as of January
1, 2019 (1,977)
Amortization during
the period (222)
Balance as of June
30, 2019 (2,199)
----------
Impairment of assets (202)
Net book value as of
June 30, 2019 2,169
==========
Total
----------
Unaudited
----------
Cost:
Balance as of January
1, 2018 4,202
Additions during the
period 136
Balance as of June 30,
2018 4,338
----------
Accumulated Depreciation:
Balance as of January
1, 2018 (1,543)
Depreciation during
the period (217)
Balance as of June 30,
2018 (1,760)
----------
Impairment of assets (202)
----------
Net book value as of
June 30, 2018 2,376
==========
Total
--------
Audited
--------
Cost:
Balance as of January
1, 2018 4,202
Additions during the
year 256
Balance as of December
31, 2018 4,458
--------
Accumulated Depreciation:
Balance as of January
1, 2018 (1,543)
Depreciation during
the year (434)
Balance as of December
31, 2018 (1,977)
--------
Impairment of assets (202)
--------
Net book value as of
December 31, 2018 2,279
========
NOTE 4 SHARE CAPITAL
-
a. Composition - ordinary shares of no-par value, issued
and outstanding - 345,329,513 shares and 293,449,513
shares as of June 30, 2019 and December 31, 2018, respectively.
b. A Company share grants to its holder voting rights,
rights to receive dividends and rights to net assets
upon dissolution.
c. See Note 1(a).
d. Weighted average number of shares used for calculation
of basic and diluted loss per share:
June 30 June 30 December 31
2019 2018 2018
------------------ ------------------ ------------------
Unaudited Unaudited Audited
------------------ ------------------ ------------------
Number 314,650,176 265,960,494 272,694,684
================== ================== ==================
The following table lists the number of share options and the exercise prices of share options during the reported period:
June 30, 2019 December 31, 2018
-------------------------- -------------------------
Unaudited Audited
-------------------------- -------------------------
Weighted Weighted
average average
Number of exercise Number of exercise
options price options price
------------- ----------- -------------- ----------
GBP GBP
-------------------------- --------------------------
Share options outstanding at
beginning of period 33,496,480 0.037 32,729,647 0.041
Share options exercised during
the period - - (4,440,000) 0.025
Share options expired during
the period 492,533 0.04 (5,293,167) 0.06
Share options granted during
the period 16,290,000 0.007 10,500,000 0.0325
Share options outstanding at
end of period 49,293,947 0.027 33,496,480 0.037
============= =========== ============== ==========
Share options exercisable at
end of period 27,587,280 0.038 14,949,640 0.046
============= =========== ============== ==========
e. Share-based payment
During June 2019 the Company granted its senior management
and directors' options for purchase of 6,250,000 new Ordinary
Shares at exercise price of 1.875p per share.
The Options vest as to third each year, one year after grant.
Any unexercised options expire at the end of 10 years from
grant.
On same date the company granted its senior management and
directors' options for purchase of 10,040,000 new Ordinary
Shares at exercise price of zero p per share in place of
their fees. The options vest after 9 months.
The following table lists the inputs to the Black and Scholes
model used for the grants.
Directors
and Senior
Management Directors
------------ ------------
Fair value at the measurement GBP0.0087 GBP0.0087
date
Quantity 3,000,000 3,250,000
Dividend Yield (%) - -
Expected Volatility (%) 71.7 71.7
Risk-free interest rate 0.75 0.75
(%)
Share price GBP0.0125 GBP0.0.125
Vesting period (years) 3 3
Expiration period (years) 10 10
Total expenses recorded regarding these Options in the
statement of comprehensive income for the reported period
amounted $3 thousand.
Directors
and Senior
Management Directors
------------- -----------
Fair value at the measurement GBP0.0125 GBP0.0125
date
Quantity 2,960,000 7,080,000
Dividend Yield (%) - -
Expected Volatility (%) 71.7 71.7
Risk-free interest rate 0.75 0.75
(%)
Share price GBP0.0125 GBP0.0125
Vesting period (years) 0.75 0.75
Expiration period (years) 10 10
Total expenses recorded regarding these Options in the
statement of comprehensive income for the reported period
amounted $17 thousand.
NOTE 5 - SHAREHOLDERS AND RELATED PARTIES
a. Related parties that own the controlling shares
in the Group are:
Mr. Avraham Hartmann (6.43%), Mr. Uri Hartmann
(6.83%), Mr. Doron Kedem (6.83%).
b. Short-term June 30 December
balances: 31
2019 2018 2018
---------- ---------- ---------
Unaudited Unaudited Audited
---------- ---------- ---------
Credit balance
Avi Hartmann (196) (283) (205
Uri Hartmann (298) (260) (251)
Doron Kedem (166) (164) (173)
Total Credit balance (660) (707) (629)
Loans
Avi Hartmann (14) 204 45
Uri Hartmann (223) (407) (210)
Doron Kedem 213 196 213
Total Loans (4) (7) 48
---------- ---------- ---------
(664) (714) (581)
========== ========== =========
c. Transactions: Six Months Ended Year Ended
June 30 December
31
2019 2018 2018
---------- ---------- -------------
Unaudited Unaudited Audited
---------- ---------- -------------
Total salaries,
services rendered
and related expenses
for shareholders 193 194 353
========== ========== =============
Total share-based
payment expenses 57 134 127
========== ========== =============
Interest to related
parties 5 16 15
========== ========== =============
NOTE 6 - NET FINANCE INCOME (EXPENSES)
Six Months Ended Year Ended
June 30 December
31
2019 2018 2018
---------- ---------- -----------
Unaudited Unaudited Audited
---------- ---------- -----------
Exchange rate differences (69) 108 222
Bank charges (40) (34) (80)
Interest to banks and
others (9) (25) (74)
Interest to suppliers (8) - (2)
Interest to related
parties (5) (16) (15)
Net finance income
(expenses) (131) 33 51
========== ========== ===========
NOTE 7 - SEGMENTATION REPORTING
Differentiation policy for the segments:
The Company's management has defined its segmentation
policy based on the financial essence of the different
segments. This refers to services versus goods, delivery
method and allocated resources per sector.
On this basis, the following segments were defined:
Segment information regarding the reported segments:
Hardware SAS Total
--------- ------ --------
Period Ended 30.06.2019:
(Unaudited)
Segment revenues 2,210 900 3,110
Cost of sales (1,735) (109) (1,844)
--------- ------ --------
Gross profit 475 791 1,266
Period Ended 30.06.2018:
(Unaudited)
Segment revenues 2,202 890 3,092
Cost of sales (1,730) (134) (1,864)
--------- ------ --------
Gross profit 472 756 1,228
Year Ended 31.12.2018:
(Audited)
Segment revenues 3,959 2,035 5,994
Cost of sales (3,322) (254) (3,576)
--------- ------ --------
Gross profit 637 1,781 2,418
NOTE 8 SIGNIFICANT EVENTS DURING THE REPORTED PERIOD
-
1. Based on mutual understandings with an Israeli bank,
the Company has converted its short-term facility to
a long-term loan, amounted NIS 1 million, for a period
of 3 years.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR DMGMRGZNGLZZ
(END) Dow Jones Newswires
August 13, 2019 02:00 ET (06:00 GMT)
1 Year Star Energy Chart |
1 Month Star Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
