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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Technoplast | LSE:TNP | London | Ordinary Share | IL0005410118 | ORD ILS1.0 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:4242L Technoplast Industries Ld 22 May 2003 TECHNOPLAST INDUSTRIES LIMITED FINANCIAL STATEMENTS 31st MARCH 2003 UNAUDITED TECHNOPLAST INDUSTRIES LIMITED FINANCIAL STATEMENTS AS AT 31st MARCH 2003 TABLE OF CONTENTS Page Management Discussion and Analysis A-J Auditor's Review Report 2 Condensed Consolidated Profit and Loss Account 3 Condensed Consolidated Statement of Recognised Gains and Losses 3 Condensed Consolidated Balance Sheet 4 Condensed Consolidated Cash Flow Statement 5-7 Notes to the Financial Statements 8-14 The Board of Directors of 20 May 2003 Technoplast Industries Ltd. Dear Sirs: Re: Review of the Unaudited Condensed Interim Consolidated Financial Statements for the three month period ended 31 March 2003 At your request, we have reviewed the condensed interim consolidated balance sheet of TECHNOPLAST INDUSTRIES LIMITED and its subsidiaries as at 31 March 2003, the condensed consolidated profit and loss accounts, condensed statements of recognised gains and losses, condensed statements of changes in shareholders' equity and the condensed consolidated statements of cash flows for the three month period then ended. Our review was conducted in accordance with procedures prescribed by the Institute of Certified Public Accountants in Israel and included, inter alia, reading the said financial statements, reading the minutes of the shareholders' meetings and of the meetings of the Board of Directors and its committees, as well as making inquiries of persons responsible for financial and accounting matters. We did not review the financial statements of certain subsidiaries, whose assets as at 31 March 2003 constitute approximately 38% of total consolidated assets and whose revenues for the three month period approximately 35% of total consolidated revenues. In addition, the data presented in the consolidated financial statements, which relate to the equity value of the investments and to the equity of the Company in the results of affiliated companies are based on financial statements that were audited by other auditors. Since the review performed is limited in scope and does not constitute an audit in accordance with generally accepted auditing standards, we do not express an opinion on the condensed financial statements. During the performance of our review, including reading review reports of other subsidiaries as stated above, nothing came to our attention that would necessitate any material modifications to the condensed financial statements referred to above in order for them to be in conformity with generally accepted accounting principles and in accordance with Section D of the Securities Regulations (Periodic and Immediate Reports), 1970. Fahn Kanne & Co. Schmidt & Co. Certified Public Accountants (Isr.) Certified Public Accountants (Isr.) The accompanying notes are an integral part of these condensed statements. CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT (Adjusted to NIS of March 2003) Convenience translation Year ended Three months Three months Three months 31st December ended ended ended 31st March 31st March 31 March 2002 2002 2003 2003 NIS' 000 NIS' 000 NIS' 000 #' 000 (Audited) (Unaudited) (Unaudited) (Unaudited) Turnover 153,492 46,038 39,471 5,329 Cost of sales 134,413 38,432(*) 32,034 4,325 _______ ______ ______ _____ Gross profit 19,079 7,606 7,437 1,004 Selling, general and administrative expenses (32,510) (7,730)(*) (9,633) (1,301) _______ ______ ______ _____ Operating loss before other expenses (13,431) (124) (2,196) (297) Other income (expenses) (778) 41 839 113 _______ ______ ______ _____ Loss on ordinary activities before financial (14,209) (83) (1,357) (184) expenses Net financial expenses (3,927) (1,457) (1,229) (166) _______ ______ ______ _____ Loss on ordinary activities before taxation (18,136) (1,540) (2,586) (350) Tax benefit 1 - 198 27 _______ ______ ______ _____ Loss on ordinary activities after taxation (18,135) (1,540) (2,388) (323) Net minority share in losses (profits) of 847 (1,268) 643 87 consolidated subsidiaries Net equity in profits of associated - - 146 20 undertakings _______ ______ ______ _____ Loss for the period (17,288) (2,808) (1,599) (216) _______ ______ ______ _____ _______ ______ ______ _____ Basic loss per share (NIS/#) (0.51) (0.08) (0.05) (0.007) ____ _____ ______ _____ ____ _____ ______ _____ CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES (Adjusted to NIS of March 2003) Convenience translation Three months Three months Three months Year ended ended ended ended 31st December 31st March 31st March 31 March 2002 2002 2003 2003 NIS' 000 NIS' 000 NIS' 000 #' 000 (Audited) (Unaudited) (Unaudited) (Unaudited) Total recognised losses for the year (17,288) (2,808) (1,599) (216) _______ ______ ______ _____ _______ ______ ______ _____ The accompanying notes are an integral part of these condensed statements. CONDENSED CONSOLIDATED BALANCE SHEETS (Adjusted to NIS of March 2003) Convenience translation 31st December 31st March 31st March 31st March 2002 2002 2003 2003 NIS' 000 NIS' 000 NIS' 000 #' 000 (Audited) (Unaudited) (Unaudited) (Unaudited) Minority receivable 319 - 962 130 Intangible assets 10,710 11,628 10,405 1,405 Fixed assets Tangible assets 105,496 112,646 102,965 13,903 Investments in affiliated company - - 1,143 154 Deposits 72 51 72 10 _______ _______ _______ ______ 105,568 112,697 104,180 14,067 Funded amounts in respect of redundancy - - 70 10 provision Deferred tax - - 240 32 Current assets Stocks 18,607 18,227 21,924 2,960 Debtors 37,827 55,930 41,099 5,550 Cash at bank and in hand 952 1,522 2,248 304 _______ _______ _______ ______ 57,386 75,679 65,271 8,814 Creditors: amounts falling due within one year Bank loans and overdrafts 63,486 63,824 70,844 9,566 Creditors 47,123 52,906 51,591 6,966 _______ _______ _______ ______ 110,609 116,730 122,435 16,532 Net current assets (53,223) (41,051) (57,164) (7,718) Total assets less current liabilities Creditors: amounts falling due after more than one year Minority rights - 1,796 - - Capital notes 5,643 5,626 5,615 758 Non-convertible bank loans 34,761 37,647 31,857 4,302 Deferred income 220 267 204 27 _______ _______ _______ ______ 40,624 45,336 37,676 5,087 Provisions for liabilities and charges Redundancy provision 331 1,039 197 27 _______ _______ _______ ______ Net assets 22,419 36,899 20,820 2,812 _______ _______ _______ ______ _______ _______ _______ ______ Capital and reserves (Note 5) Share capital 43,887 43,887 43,887 5,926 Share premium account 44,795 44,795 44,795 6,049 Capital fund 336 336 336 45 Capital fund from transaction with (5,469) (5,469) (5,469) (738) controlling interest Loss account (61,130) (46,650) (62,729) (8,470) _______ _______ _______ ______ Shareholders' funds 22,419 36,899 20,820 2,812 _______ _______ _______ ______ _______ _______ _______ ______ Date of approval: 20 May 2003. Itamar Patishi Daniel Stern Moshe Katz Chairman of the Board General Manager Deputy General Manager - Finance The accompanying notes are an integral part of these condensed statements. CONSOLIDATED CASH FLOW STATEMENTS (Adjusted to NIS of March 2003) Convenience translation Three months Three months Three months Year ended ended ended ended 31st December 31st March 31st March 31 March 2002 2002 2003 2003 NIS' 000 NIS' 000 NIS' 000 #' 000 (Audited) (Unaudited) (Unaudited) (Unaudited) Net cash inflow (outflow) from operating 2,344 (2,808) (2,867) (388) activities (Appendix A) ______ _____ _____ ____ Investing activities Decrease (increase) in deposits (39) (20) - - Payments to acquire tangible fixed assets (5,196) (1,675) (1,698) (229) Receipts from sales of tangible fixed assets 368 52 738 100 ______ _____ _____ ____ Net cash outflow to investing activities (4,867) (1,643) (960) (129) ______ _____ _____ ____ Financing activities Receipt of long-term bank loans 4,750 - - - Repayment of long-term bank loans (11,386) (2,182) (3,321) (448) Short-term bank loans and credit, net 9,364 7,408 8,444 1,140 ______ _____ _____ ____ Net cash inflow from financing activities 2,728 5,226 5,123 692 ______ _____ _____ ____ Decrease in cash and cash equivalents 205 775 1,296 175 Opening balance 747 747 952 129 ______ _____ _____ ____ Cash and cash equivalents - closing balance 952 1,522 2,248 304 ______ _____ _____ ____ ______ _____ _____ ____ The accompanying notes are an integral part of these condensed statements. APPENDIX A RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES (Adjusted to NIS of March 2003) Convenience translation Year ended Three months Three months Three months 31st December ended ended ended 31st March 31st March 31 March 2002 2002 2003 2003 NIS' 000 NIS' 000 NIS' 000 #' 000 (Audited) (Unaudited) (Unaudited) (Unaudited) Loss for the period (17,288) (2,808) (1,599) (216) Depreciation of tangible fixed assets and 14,626 3,542 3,682 497 intangible assets Amortisation of deferred income (64) (16) (16) (2) Decrease in write-down of investment in other - - (997) (135) company Loss on sale of tangible fixed assets, net 592 6 114 15 Erosion in the value of capital note (55) - (28) (4) Erosion in the value of deposits (1) - - - Change in deferred tax, net (38) - (240) (32) Increase (erosion) in the value of long-term 900 1,638 (669) (90) liabilities Decrease (increase) in stocks 3,600 3,978 (3,317) (448) Decrease (increase) in trade debtors 8,054 (9,415) (4,967) (671) Decrease (increase) in other debtors (1,943) (2,619) 1,695 229 Increase (decrease) in trade creditors (3,161) (519) 2,926 395 Increase (decrease) in other creditors (1,246) 2,215 1,542 208 Decrease in redundancy provision (785) (78) (134) (18) Increase in funded amounts in respect of - - (70) (9) redundancy provision Net minority in losses (profits) of (847) 1,268 (643) (87) consolidated subsidiaries Company's equity in profits of associates - - (146) (20) undertakings _____ _____ _____ _____ Net cash (outflow) inflow from operating 2,344 (2,808) (2,867) (388) activities _____ _____ _____ _____ _____ _____ _____ _____ The accompanying notes are an integral part of these condensed statements. APPENDIX B MAJOR NON-CASH TRANSACTIONS (Adjusted to NIS of March 2002) Convenience translation Three months Three months Three months Year ended ended ended ended 31st December 31st March 31st March 31 March 2002 2002 2003 2003 NIS' 000 NIS' 000 NIS' 000 #' 000 (Audited) (Unaudited) (Unaudited) (Unaudited) Acquisition of tangible fixed assets on credit 385 - - - Transfer from long-term loans to short-term 2,672 - - - credit NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 1 - GENERAL 1. Company activities Technoplast Industries Limited (hereafter - the Company) is a public company engaged in the manufacture and marketing of plastic products. It has two plants, located in Barkan and Migdal Ha'emek. On 15 October, 2002, the Board of Directors of the Company decided to merge the Company's production operation in order to cut costs. To further this end, it was decided to shut down production at the Barkan plant and transfer its machinery to the plant in Migdal HaEmek. As at 31 March 2003, the Company had a working capital deficit that amounted to NIS 32 million and the group's consolidated operating capital amounted to NIS 57 million. As at 31 March 2003, the group had an accumulated loss of NIS 63 million. The group concluded the period under report with a negative cash flow from current operations in the amount of NIS 2.9 million. During the period under report, the Company continued the implementation of its rehabilitation plan which was begun toward the end of 2001. The plan is based on three components: expanding its marketing efforts into new markets and broadening its basket of products; streamlining its operations by reducing direct costs, and by cutting back on overhead. During the past few months, the marketing network has been expanded in Europe, the U.S. and Israel, and more products have been added to the Company's product line (mainly the new products, the rights to which were transferred from Z.A.G.). In addition, reductions were carried out in manpower and in management salaries, and an operating efficiency plan was drafted and put into effect. As part of this plan, the Company's operations at the Barkan plant will be shut down, as above. In the year 2002, the Company signed an agreement whereby it put a floating charge in favor of one of the banks, and a fixed charge on its building and property in Migdal Haemek and a first pledge on its building and property in Barkan. These charges guarantee the expansion of the Company's credit framework at one of the banks. Concurrently, the Company is continuing its negotiations with the banks to expand its credit framework and to reschedule the repayment dates of its long-term loans. Further to a letter the Company received from one of its banks, that demanded the immediate repayment of its entire indebtedness to the bank (in an amount of NIS 4.7 million), this bank informed the Company during May 2003, that it agrees to the Company's request to postpone the immediate repayments of the long-term loans. The bank withdrew its demand, and agreed that the loans will be repaid commencing at the end of 2003. In addition, this bank agreed in principal, to join the inter-bank agreement between the Company and the other banks. Company management believes that the measures it has taken, including obtaining arrangements with the banks pertaining to the rescheduling of repayment dates of the loans and the bank loans mentioned in the preceding paragraph, will enable it to continue its business operations in an orderly fashion with a normal cash flow. NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 1 - GENERAL (cont.) 2. The consolidated interim financial statements (hereinafter - "the interim statements") have been prepared as at 31st March 2003 and for the three month period then ended. These financial statements are to be read in conjunction with the audited annual financial statements of the Company at 31st December 2002 and their accompanying notes. The financial statements for the period are prepared in accordance with the accounting principles applicable to interim periods. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies applied in the interim statements are consistent with those applied in the annual financial statements of the Company at 31st December 2002. NOTE 3 - FINANCIAL STATEMENTS IN ADJUSTED VALUES The accompanying financial statements are prepared on the basis of historical cost adjusted for the changes in the general purchasing power of the new Israeli Shekel ("NIS"). Comparative figures in these financial statements were adjusted to the NIS of March 2003. The percentage change in the Israeli Consumer Price Index ("CPI") and in the representative foreign currency exchange rates are as follows: CPI # $ 2003 2002 2003 2002 2003 2002 % % % % % % For the three months ended 31 March 0.78 2.36 (2.98) 3.92 (1.06) 5.71 For the year ended 31 December - 6.5 - 19.27 - 7.27 NOTE 4 - CONVENIENCE TRANSLATION The adjusted financial statements at 31 March 2003 (including the profit and loss account and the balance sheet) have been translated into Sterling using the representative exchange rate at the balance sheet date (#1 = NIS 7.4057). The translation has been made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Sterling or convertible into Sterling, unless otherwise indicated in these statements. NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 5 - IMPLEMENTATION OF NEW ACCOUNTING STANDARDS In 2001, the Israeli Accounting Standards Board issued Standard No. 12, " Discontinuance of Adjusting Financial Statements for Inflation". In December 2002, the Board approved Standard No. 17, "Postponement of the Cessation of the Adjustment of Financial Statements". According to Standard No. 12 and Standard No. 17, financial statements will no longer be adjusted for changes in the general purchasing power of the Israeli currency, commencing on January 1, 2004. Until December 31, 2003, the Company will continue to prepare its financial statements in accordance with Opinion No. 36 of the Institute of Certified Public Accountants in Israel. The adjusted values to be presented in the financial statements as of December 31, 2003 will serve as the basis for the nominal financial reporting commencing on January 1, 2004. The Company implemented for the first time during the reported period Standard No. 14 of the Israeli Accounting Standards Board, Financial Reporting for Interim Periods. This standard replaced Opinion No. 43 of the Institute of Certified Public Accountants in Israel. Disclosure of information pertaining to segmental data appears in Note 7, below. NOTE 6 - STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY A. Adjusted to NIS of March 2003 (Unaudited) Share Premium Capital Capital fund from Loss Total capital on shares funds transaction with account controlling interest NIS' 000 NIS' 000 NIS' 000 NIS' 000 NIS' 000 NIS' 000 Three month period ended 31 March 2003 Balances at 1 January 2003 43,887 44,795 336 (5,469) (61,130) 22,419 Net loss for three months - - - - (1,599) (1,599) ______ ______ ____ _____ ______ ______ Balances at 31 March 2003 43,887 44,795 336 (5,469) (62,729) 20,820 ______ ______ ____ _____ ______ ______ ______ ______ ____ _____ ______ ______ B. Convenience Translation (Unaudited) Share Premium Capital Capital fund from Loss Total capital on shares funds transaction with account controlling interest # '000 # '000 NIS' 000 # '000 # '000 # '000 Three month period ended 31 March 2003 Balances at 1 January 2003 5,926 6,049 45 (738) (8,254) 3,028 Net loss for three months - - - - (216) (216) _____ _____ ___ ____ _____ ______ Balances at 31 March 2003 5,926 6,049 45 (738) (8,470) 2,812 _____ _____ ___ ____ _____ ______ _____ _____ ___ ____ _____ ______ NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 6 - STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (cont.) C. Adjusted to NIS of March 2003 (Unaudited) Share Premium Capital Capital fund from Profit Total capital on shares funds transaction with and loss controlling account interest NIS' 000 NIS' 000 NIS' 000 NIS' 000 NIS' 000 NIS' 000 Three month period ended 31 March 2002 Balances at 1 January 2002 43,887 44,795 336 (5,469) (43,842) 39,707 Net loss for three months - - - - (2,808) (2,808) ______ ______ ____ _____ ______ ______ Balances at 31 March 2002 43,887 44,795 336 (5,469) (46,650) 36,899 ______ ______ ____ _____ ______ ______ ______ ______ ____ _____ ______ ______ D. Adjusted to NIS of March 2003 Year ended 31 December 2002 (Audited) Share Premium Capital Capital fund from Profit Total capital on shares funds transac-tion with and loss a controlling account shareholder NIS' 000 NIS' 000 NIS' 000 NIS' 000 NIS' 000 NIS' 000 Balances at 1 January 2002 43,887 44,795 336 (5,469) (43,842) 39,707 Changes during 2002 Loss for the year - - - - (17,288) (17,288) ______ ______ ___ _____ _____ ______ Balances at 31 December 2002 43,887 44,795 336 (5,469) (61,130) 22,419 ______ ______ ___ _____ _____ ______ ______ ______ ___ _____ _____ ______ NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 7 - BUSINESS SEGMENTS A. General Group companies are engaged in three main business segments: Manufacture of Smart warehouses and products for the construction industry, manufacture and marketing for subcontractors (including Z.A.G.), and manufacture of self manufactured products. B. Business segments Adjusted to NIS of March 2003 Production Production & Smart Cancellations Total of self marketing - warehouses & consolidated manufactured subcontracting construction products (including industry Z.A.G.) products NIS'000 NIS'000 NIS'000 NIS'000 NIS'000 Three month period ended 31 March 2003 (unaudited) Segmental turnover 14,684 11,344 13,785 (342) 39,471 _____ ______ ______ ____ ______ _____ ______ ______ ____ ______ Segmental results (267) (605) (1,324) - (2,196) _____ ______ ______ ____ ______ _____ ______ ______ ____ ______ Convenience translation (unaudited) Production Production & Smart Cancellations Total of self marketing - warehouses & consolidated manufactured subcontracting construction products (including industry Z.A.G.) products # '000 # '000 # '000 # '000 # '000 Three month period ended 31 March 2003 (unaudited) Segmental turnover 1,983 1,532 1,860 (46) 5,329 _____ _____ _____ ___ _____ _____ _____ _____ ___ _____ Segmental results (36) (82) (179) - (297) _____ _____ _____ ___ _____ _____ _____ _____ ___ _____ NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 7 - BUSINESS SEGMENTS (cont.) B. Business segments (cont.) Adjusted to NIS of March 2003 Production Production & Smart Cancellations Total of self marketing - warehouses & consolidated manufactured subcontracting construction products (including industry Z.A.G.) products NIS'000 NIS'000 NIS'000 NIS'000 NIS'000 Three month period ended 31 March 2002 (unaudited) Segmental turnover 10,297 12,557 23,458 (274) 46,038 _____ ______ ______ ____ ______ _____ ______ ______ ____ ______ Segmental results (2,433) (698) 3,007 - (124) _____ ______ ______ ____ ______ _____ ______ ______ ____ ______ Adjusted to NIS of March 2003 Production Production & Smart Cancellations Total of self marketing - warehouses & consolidated manufactured subcontracting construction products (including industry Z.A.G.) products NIS'000 NIS'000 NIS'000 NIS'000 NIS'000 Year ended 31 December 2002 (audited) Segmental turnover 44,506 51,752 58,270 (1,036) 153,492 ______ ______ ______ _____ _______ ______ ______ ______ _____ _______ Segmental results (10,961) (3,006) 586 - (13,431) ______ ______ ______ _____ _______ ______ ______ ______ _____ _______ NOTES TO THE CONDENSED FINANCIAL STATEMENTS NOTE 8 - EVENTS DURING THE REPORTING PERIOD A. In February 2003, the Company signed a long-term agreement pertaining to real estate it owns in the Barkan industrial zone. In respect of this agreement, the Company will receive annual rents (linked to changes in the exchange rate of the U.S. dollar) in an amount of NIS 630 thousand. B. The Company owns 25.1% of the shares of AFIC. At the end of 2001, the Company wrote off the entire investment in AFIC which amounted to NIS 1.1 million. The year 2002 and the first quarter of 2003 were characterised by a significant increase in AFIC's activities and a transition from loss to profit. On 27 March 2003, Itamar Patishi and Moshe Latz were appointed to the board of AFIC. In view of the above, Company management decided to include the investment in AFIC in the financial statements, on the equity basis. C. During the period, a fixed pledge, first degree mortgage, and assignment of rights (in favor of banks) were recorded on all of the monies and monetary rights of any kind due to the subsidiary, Smart Modular Storage Ltd. (hereinafter - SMS), from SMS Smart Storage Enterprises Inc., USA, a wholly owned subsidiary of SMS. In addition, a fixed pledge was placed on all of the shares of SMS USA held by the subsidiary, as well as on related rights. In addition, floating charges were recorded on all of the assets of the subsidiary, its rights and other assets, as well as a fixed pledge on the unpaid-in capital, the goodwill, monies, notes, securities and other pledges that currently exist or will exist in the future, and on the rights deriving from pledged property insurance. NOTE 9 - SUBSEQUENT EVENTS On 27 April, 2003, the general shareholders meeting of the Company authorized an increase in the share capital of the Company by an amount of NIS 100,000,000 by creating an additional 100,000,000 ordinary shares, par value NIS 1 each. This information is provided by RNS The company news service from the London Stock Exchange END QRFEANSAAAXDEEE
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