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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Visonic | LSE:VSC | London | Ordinary Share | IL0010898463 | ORD ILS0.002 |
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% | 98.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMVSC Embargoed until 7:00 AM, Tuesday, August 25, 2009 Visonic Interim Results Visonic Limited (LSE: VSC.L; TASE: VSC.TA) ("Visonic" or "the Group"), the international developer and manufacturer of electronic security systems (alarms) and home management systems, is pleased to announce its Interim Results for the six month period ended 30 June 2009. Key Points Sales of $42.7m (H1 2008: $44.6m) 44% increase in operating profit to $4.7m* (H1 2008: $3.3m) 33% increase in profit before tax to $5.7m* (H1 2008: $4.3m) 26% increase in net profit to $5.2m* (H1 2008 $4.2m) Strong cash flow from operation $7.5m (H1 2008 $1.6m) 80% Increase in net financial assets to $12.6m (31 December 2008 $7m) * This includes a non-recurring tax rebate of $1.2m. Visonic's Chairman, Yaacov Kotlicki, commented: "Given the world-wide economic crisis and recession, we are pleased to report resilient results for the first half of this year. Though we experienced a minor decrease in sales in comparison with the corresponding period last year, the Group's operating profit in the first half of 2009 has increased by 44% to $4.7m. In particular, we are proud of our strong improved balance sheet while net financial assets increased from $7m in December 2008 to $12.6m at 30 June 2009. This improved performance was achieved mainly as a result of a variety of efficiency improvement measures taken by management while continuing to focus on R&D and Sales and Marketing programs." Chairman's & CEO's Statement Results Overview Although the Group's sales in the first six months of the year amounted to $42.7m, a 4.3% decrease from the corresponding period in 2008 ($44.6m), the Group's operating profit, profit before taxes and net profit increased, as stated above. The decrease in sales is due, amongst other reasons, to the economic global slow down and the weakness of the Euro and British Pound which reduced the value of sales in US Dollar terms. It is estimated that future sales will benefit from the recent launch of new products, amongst others, the Outdoor Detector and the PowerMax Express. The latter is a mass market product aimed at customers that want basic alarm features, high quality and advanced communication technologies. The major geographical territories in which Visonic products are sold, show the following changes: UK up 1%; Mainland Europe down 4% (sales increased in Scandinavia and France, but decreased in most other countries); Israel down 9%; North America down 16%. Measures to increase efficiency, strict budgetary control processes implemented by management and the depreciation of the NIS against the US Dollar have increased gross profit margin to 44.5% (H1 2008: 43.5%). This and the non-recurring tax rebate of $1 million (see below) has reduced operational costs to $14.3m (H1 2008 $16.1m). Consequently, operational profit increased by 43.7% to $4.7m (H1 2008 $3.3m) even though the weakness of the Euro and Sterling has had a detrimental effect on profit margins. In order to secure the Group's future and consolidate its market leading position, the aforementioned measures have not included redundancies of R&D, sales or marketing personnel, and the Group has maintained all related activities at similar levels to previous years. This was achieved due to the company's strong balance sheet and financial status. Since January 2009, engineering costs have been presented as part of R&D instead of being part of COGS as in previous reports. In this report, the results for H1-2008 and annual figures have been reclassified, accordingly. During June 2009, the Company recorded in "Other accounts receivable" a sum of $ 1.2m in respect of a tax rebate receivable from the Israeli Tax Authority. The rebate receivable refers to overpaid indirect taxes in previous years, $1.0m were recorded as "other income" and a sum $ 0.2m was recorded as "financial income". Net financial income amounted to $0.9m - the same level as in the corresponding period last year. Profit before tax increased by 33% to $5.7m in comparison with the corresponding period in 2008 ($4.3m). Tax liability in Israel is calculated on the NIS denominated accounts with reference to Israeli tax law and accounting principles, rather than on the US Dollar accounts prepared under IFRS. The Company benefited from a favorable tax regime in Israel and the total tax expense was $0.5m on global earnings. Net profit increased from $4.2m to $5.2m and earnings per share increased from 10 cents to 12.5 cents. The balance sheet remains strong with $21.1m of financial assets ($17.1m cash and cash equivalents and $4m other short and long term financial assets). Credit from banks and bank loans remained unchanged at $8.5m, therefore, net financial assets increased from $7m at the beginning of the year to $12.6m. Equity represented 67% of the balance sheet total, compared to 60% in H1-2008. Inventories decreased from $15.7m at the beginning of the year to $14.3m. This reduction of $1.4m is the result of tighter controls implemented by management. Cash flow from operating activities amounted to $7.5m (H -2008 $1.6m). This improvement in cash flow reflects the higher levels of profitability in the period and also the receipt a $1.8m in overpaid income tax advances. The above mentioned tax rebate of $1.2m was received in August and will be reflected in the year end statement. On June 2009 the company distributed a maintained dividend of GBP0.01 per share. The total dividend amounted to $691,000, which was paid in cash. Performance of the Location Tracking System Segment (Visonic Technologies Ltd.), continued to improve with an increase in sales of 12.8%, from $3.8m in H1-2008 to $4.3m, and an operating profit of $0.3m in the first half of 2009, compared to $0.15m in the corresponding period in 2008. As announced in the Preliminary Results for the year ended 31st December 2008, the Company is still in technical breach of LR 6.1.19 as the number of shares in public hands (as defined within the Listing Rules) has fallen below 25 per cent. The Company is working towards a resolution to this situation. Outlook The Board estimates that sales during the second half of 2009 will continue at approximately the same levels as the first six months of the year. In comparison with 2008, we expect to see some decrease in the third quarter and an improvement in the fourth quarter. This report contains certain forward-looking statements within the meaning of Israeli applicable law relating to future events or our future performance, such as statements regarding trends, demand for our products and expected revenues, operating results and earnings. Such forward-looking statements usually contain language such as "believe", "estimate" and the like. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: changes affecting currency exchange rate, including the NIS/US Dollar and the NIS/EURO exchange rate; payment default by any of our major clients; the loss of one of more of our key personnel; changes in laws and regulations, including those relating to the electronic security (alarms) industry and the home management industry and inability to meet and maintain regulatory qualifications and approvals for our products; termination of arrangements with our suppliers; loss of one or more of our principal clients; increasing levels of competition in markets in which we do business; changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets; our inability to predict accurately consumption of our products; and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. We do not assume any obligation to update the forward-looking information contained in this report. Yaacov Kotlicki Dr.Avigdor Shachrai Chairman President & CEO 25 August 2009 Visonic Limited Dr. Avigdor Shachrai (President & Tel: + 972 3 645 6797 Fax: +972 3 CEO) 6456788 Yair Naaman (CFO) www.visonic.com Adi Enav (Investor Relations) Address: P.O.B. 13132, Tel-Aviv 69710, Israel adie@visonic.com HudsonSandler Alistair Mackinnon-Musson/ Nathan Tel: + 44 (0)20 7796 4133 Field visonic@hspr.com Arbuthnot Securities Edward Gay/ Richard Johnson + 44 (0)20 7012 2000 Auditors' review report to the shareholders of Visonic Ltd. Introduction We have reviewed the accompanying financial information of Visonic Ltd. and its subsidiaries ("the Group"), which comprises the condensed consolidated balance sheet as of 30 June 2009 and the related condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six months then ended. The Company's board of directors and management are responsible for the preparation and presentation of interim financial information for this period in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim financial information based on our review. We did not review the condensed interim financial information of certain subsidiaries, whose assets constitute approximately 19.5 % of total consolidated assets as of 30 June 2009, and whose revenues constitute approximately 40.4 % of total consolidated revenues for the six months then ended. The condensed interim financial information of those companies was reviewed by other auditors, whose review reports have been furnished to us, and our conclusion, insofar as it relates to the financial information in respect of those companies, is based on the review reports of the other auditors. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review and the review reports of the other auditors, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34. Tel-Aviv, Israel KOST FORER GABBAY & KASIERER August 25, 2009 A Member of Ernst & Young Global INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS As of As of 30 June 31 December 2009 2008 2008 US$ '000 US$ '000 US$ '000 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents 17,087 13,027 14,469 Short-term deposits 2,000 - 1,000 Trading securities 1,053 - - Available-for-sale financial assets - 183 - Trade receivables 21,348 26,452 18,159 Income tax receivable 672 2,958 2,462 Other accounts receivable 3,161 2,807 1,962 Inventories 14,287 14,897 15,735 Total current assets 59,608 60,324 53,787 NON-CURRENT ASSETS: Held-to-maturity investment 1,010 - - Long-term deposits - 1,700 - Property and equipment, net 7,713 5,863 7,468 Prepaid expenses 439 644 510 Deferred tax assets 839 1,475 990 Intangible assets, net 3,928 4,243 4,206 Total non-current assets 13,929 13,925 13,174 Total assets 73,537 74,249 66,961 LIABILITIES AND EQUITY CURRENT LIABILITIES: Loans from banks and current maturities of long-term loans 8,500 4,700 8,500 Trade payables 9,221 13,207 7,594 Other current liabilities 6,208 *)7,069 *)5,801 Total current liabilities 23,929 24,976 21,895 LONG-TERM LIABILITIES: Bank loans - 4,000 - Government grants 510 *)410 *)532 Employees benefits liability 33 160 45 Total long-term liabilities 543 4,570 577 EQUITY: Share capital 21 21 21 Share premium 24,004 23,710 23,954 Net unrealized gains reserve - 13 - Retained earnings 25,040 20,959 20,514 Total equity 49,065 44,703 44,489 Total liabilities and equity 73,537 74,249 66,961 *) Reclassified. The accompanying notes are an integral part of the interim condensed consolidated financial statements. August 25, 2009 Date of approval of Yaacov Kotlicki Dr. Avigdor Yair Naaman the Shachrai financial Chairman of the Chief Executive Chief Financial statements Board Officer Officer INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Six months ended Year ended 30 June 31 December 2009 2008 2008 US$ '000 US$ '000 US$ '000 Unaudited Audited Sale of goods 42,747 44,645 84,932 Cost of sales (23,738) *) (25,218) *) (48,660) Gross profit 19,009 19,427 36,272 Research and development costs (4,384) *) (4,429) *)(8,803) Selling and marketing expenses (8,327) (8,760) (17,336) General and administrative expenses (2,546) (2,837) (5,225) Share-based payments expense (50) (114) (154) Other income 1,021 - - Total operating expenses (14,286) (16,140) 31,518 Operating profit 4,723 3,287 4,754 Financial income 1,051 1,451 1,901 Financial expenses (114) (513) (2,052) Other income 17 43 6 Income before taxes on income 5,677 4,268 4,609 Taxes on income 460 112 898 Net income 5,217 4,156 3,711 Other comprehensive loss: Loss from available-for-sale financial assets, net - - (13) Total comprehensive income 5,217 4,156 3,698 Basic and diluted earnings per share (in cents) 12.5 10 8.9 *) Reclassified see Note 3. The accompanying notes are an integral part of the interim condensed consolidated financial statements. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Net unrealized gains Share Share (loss) Retained Total capital premium reserve earnings equity US$'000 US$'000 US$ '000 US$ '000 US$'000 Six months ended 30 June 2009 (Unaudited) As of 1 January 2009 (Audited) 21 23,954 - 20,514 44,489 Share-based payments expense - 50 - - 50 Dividend - - - (691) (691) Total comprehensive income - - - 5,217 5,217 As of 30 June 2009 21 24,004 - 25,040 49,065 Six months ended 30 June 2008 (Unaudited) As of 1 January 2008 (Audited) 21 23,596 13 17,610 41,240 Share-based payments expense - 114 - - 114 Dividend - - - (807) (807) Total comprehensive income - - - 4,156 4,156 As of 30 June 2008 21 23,710 13 20,959 44,703 Year ended 31 December 2008 (Audited) As of 1 January 2008 21 23,596 13 17,610 41,240 Refund of issuance expenses - 204 - - 204 Share-based payments - 154 - - 154 Dividend - - - (807) (807) Total comprehensive income (loss) - - (13) 3,711 3,698 As of 31 December 2008 21 23,954 - 20,514 44,489 The accompanying notes are an integral part of the interim condensed consolidated financial statements. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six months ended Year ended 30 June 31 December 2009 2008 2008 US$'000 US$'000 US$ '000 Unaudited Audited Cash flows from operating activities: Net income 5,217 4,156 3,711 Adjustments to reconcile net income to net cash provided by operating activities Adjustments to profit or loss items: Depreciation and amortization 1,215 1,201 2,401 Taxes on income 309 22 323 Deferred taxes 151 90 575 Increase (decrease) in long-term employee benefit liabilities (12) 145 30 Gain from sale of property and equipment, net - (14) (31) Financial expenses (income), net (312) 195 527 Loss (gain) from revaluation of short and long-term deposits - 260 (1,240) Share-based payments expense 50 114 154 Realized gain from sale of available-for-sale financial assets - - (13) 1,401 2,013 2,726 Changes in assets and liabilities: Decrease (increase) in trade receivables (3,189) (6,066) 2,227 Decrease (increase) in income tax receivable 101 (411) (126) Increase in other accounts receivable (1,199) (1,006) (161) Decrease (increase) in inventories 1,448 (3,646) (4,484) Decrease (increase) in long-term prepaid expenses 71 (26) 108 Increase (decrease) in trade payables 1,627 4,896 (717) Increase in other current liabilities 407 1,654 386 Increase (decrease) in Government grants (22) 155 277 (756) (4,450) (2,490) Cash paid and received during the period for: Interest paid (95) (248) (423) Interest received 353 131 437 Taxes received 1,780 - - Taxes paid (400) (41) (131) 1,638 (158) (117) Net cash provided by operating activities 7,500 1,561 3,830 Cash flows from investing activities: Short-term deposits, net (1,000) - (1,000) Purchase of trading securities (1,053) - - Held-to-maturity investment (1,010) - - Long-term deposits - - 3,200 Proceeds from redemption of available-for-sale financial asset - - 183 Acquisition of intangible assets (201) (296) (706) Proceeds from sale of property and equipment - 35 78 Purchase of property and equipment (981) (935) (3,319) Net cash used in investing activities (4,245) (1,196) (1,564) Cash flows from financing activities: Dividend paid (691) (807) (807) Refund of issuance expenses - - 204 Short-term loans from banks - 180 (20) Net cash used in financing activities (691) (627) (623) Exchange differences on balances of cash and cash equivalents 54 (78) (541) Increase (decrease) in cash and cash equivalents 2,618 (340) 1,102 Cash and cash equivalents at the beginning of the period 14,469 13,367 13,367 Cash and cash equivalents at the end of the period 17,087 13,027 14,469 The accompanying notes are an integral part of the interim condensed consolidated financial statements. NOTE 1:- GENERAL These financial statements have been prepared in a condensed format as of 30 June 2009 and for the six months then ended ("interim consolidated financial statements"). These financial statements should be read in conjunction with the Company's annual financial statements as of 31 December 2008 and for the year then ended and accompanying notes ("annual financial statements"). NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES a. Basis of preparation of the interim consolidated financial statements: 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 IAS 34, "Interim Financial Reporting". The significant accounting policies and methods of computation adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the annual financial statements, except for the noted below: IAS 1 (Revised) - Presentation of Financial Statements: IAS 1 (Revised) introduces an additional statement, "statement of comprehensive income". The statement may be presented as a separate statement which includes net income and all items carried in the reported period directly to equity that do not result from transactions with the shareholders in their capacity as shareholders (other comprehensive income) such as adjustments arising from translating the financial statements of foreign operations, fair value adjustments of available-for-sale financial assets, changes in revaluation reserve of fixed assets and etc. and the tax effect of these items carried directly to equity, with allocation between the Company and the minority interests. Alternatively, the items of other comprehensive income may be displayed along with the items of the statement of income in a single statement entitled "statement of comprehensive income" which replaces the statement of income, while properly allocated between the Company and the minority interests. Items carried to equity resulting from transactions with the shareholders in their capacity as shareholders (such as capital issues, dividend distribution etc.) will be disclosed in the statement of changes in equity as will the summary line carried forward from the statement of comprehensive income, with allocation between the Company and the minority interests. IAS 1 (Revised) also requires entities to present a balance sheet as of the beginning of the comparative period when the entity has applied an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in the annual financial statements. The revision was adopted on 1 January 2009 with a retrospective restatement of comparative figures. IFRS 8 - Operating Segments: IFRS 8 ("the Standard") deals with operating segments and replaces IAS 14. According to the Standard, the Company adopted a management approach in reporting on the financial performance of the operating segments. The segment information is the information that is internally used by management in order to assess its performance and allocate resources to the operating segments. The Company concluded that the operating segments determined in accordance with IFRS 8 are the same as the business segments previously identified under IAS 14. NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES (Cont.) IFRS 2 - Share-based Payment: Pursuant to an amendment to IFRS 2, the definition of vesting terms will only include service conditions and performance conditions and the cancellation of a grant that includes non-vesting conditions by the Company or the counterparty, will be accounted for by way of acceleration of vesting and not by forfeiture. Vesting conditions include only service conditions and performance conditions. Conditions that are other than service and performance conditions will be viewed as non-vesting conditions and must therefore be taken into account when estimating the fair value of the instrument granted. This amendment was adopted on 1 January 2009. The initial adoption of the Standard did not have any effect on the interim consolidated financial statements. IAS 20 - Government Grants: Pursuant to an amendment to IAS 20, interest-free loans or loans with a below-market rate of interest received by a company from the State will be accounted for upon initial recognition and in subsequent periods pursuant to the provisions of IAS 39, "Financial Instruments: Recognition and Measurement". Accordingly, the loan will be initially measured at fair value and discounted at market interest. The difference between the loan amount received and the fair value will be accounted for thereafter as a Government grant according to the provisions of the Standard. The amendment was adopted as a prospective change on 1 January 2009 with respect of Scientist's grants received after that date. b. Held-to-maturity investments: The Group has held-to-maturity investments that are financial assets (non-derivative) with fixed or determinable payments and fixed maturity that the Group has the positive intention and ability to hold to maturity. After initial recognition, held-to-maturity investments are measured at amortized cost using the effective interest method taking into account transaction costs. Gains and losses are recognized in the statement of income when the investments are derecognized or impaired, as well as through the systematic amortization process. c. Financial assets at fair value through profit or loss: The Group has financial assets at fair value through profit or loss comprising derivative not designated as hedging instrument and financial assets designated upon initial recognition as at fair value through profit or loss. NOTE 3:- RECLASSIFICATION Starting with these financial statements, engineering costs are presented as part of the research and development costs instead of being part of cost of sales as in previous financial statements. Consequently, the Company reclassified engineering costs from cost of sales to research and development costs in the sum of $ 1,678 and $ 938 for the periods ending 31 December 2008, and 30 June 2008, respectively. NOTE 4:- DIVIDEND PAID On 30 June 2009, the Company distributed dividend in the amount of GBP 0.01 per share. The total dividend amounted to $ 691 thousand, which was paid in cash. NOTE 5:- SHARE-BASED PAYMENT During the six months ended 30 June 2009, 653,000 options were granted to senior executives and other employees under the Company's Option plan, the options shall be vested in four equal portions over a period of four years. The exercise price of the options of GBP 0.425 is equal to the market price of the shares on the date of grant. The fair value of the options granted amounting to $ 44 thousand was estimated at the date of grant using the binomial model, taking into account the terms and conditions upon which the options were granted. The contractual life of each option granted is until 24 November 2013. There are no cash settlement options. The weighted average fair value of options granted during the six months ended 30 June 2009, was estimated on the date of grant using the following assumptions: Expected volatility (%) 29.1 Risk free interest rate (%) 3.5 Expected average life (years) 3 Share price and exercise price (GBP) 0.425 NOTE 6:- OPERATING SEGMENTS a. General: For management purposes, the Group is organized into business units based on their products and services, and has two operating segments as follows: - Security and home management - Location tracking systems Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on sale of goods and operating income or loss. Group financing (including financial expenses and financial income) and taxes on income are managed on a Group basis and are not allocated to the operating segments. NOTE 6:- OPERATING SEGMENTS (Cont.) b. Reporting on operating segments: Six months ended 30 June 2009 (Unaudited) Location Security and tracking Total home management systems consolidated US$ '000 US$ '000 US$ '000 Sale of goods 38,479 4,268 42,747 Segment operating profit 4,432 291 4,723 Unallocated income (expenses): Financial income, net 937 Other income, net 17 Taxes on income (460) Net profit 5,217 Six months ended 30 June 2008 (Unaudited) Location Security and tracking Total home management systems consolidated US$ '000 US$ '000 US$ '000 Sale of goods 40,860 3,785 44,645 Segment operating profit 3,137 150 3,287 Unallocated income (expenses): Financial income, net 938 Other income, net 43 Taxes on income (112) Net profit 4,156 Year ended 31 December 2008 (Audited) Location Security and tracking Total home management systems consolidated US$ '000 US$ '000 US$ '000 Sale of goods 76,517 8,415 84,932 Segment operating profit 4,383 371 4,754 Unallocated income (expenses): Financial expenses, net (151) Other income, net 6 Taxes on income (898) Net profit 3,711 NOTE 7:- ADDITIONAL INFORMATION a. Dissolved Companies On March 17, 2009, VT UK was dissolved. On May 6, 2009, Visonic Pty was dissolved. The effect of the dissolutions on the Company's financial statements, operating results and cash flows is not material. b. Indirect tax refund The financial statements as of June 30, 2009, include an income receivable in the amount of $ 1,225 in respect of a tax refund of indirect taxes in respect of previous years, which was received in August 2009. Such refund was recorded in the statements of comprehensive income as other operating income in the amount of $ 1,021 and financial income in the amount of $ 204. NOTE 8:- SUBSEQUENT EVENTS Changes in the tax rates applicable to the Israeli Companies in the Group: Further to the matter discussed in Note 17 to the annual financial statements, in July 2009, the Israeli Parliament (the Knesset) passed the Economic Efficiency Law (Amended Legislation for Implementing the Economic Plan for 2009 and 2010), 2009, which prescribes, among other things, an additional gradual reduction in Israeli corporate tax rate, and real capital gains tax rate, starting from 2011 to the following tax rates: 2011 - 24%, 2012 - 23%, 2013 - 22%, 2014 - 21%, 2015 - 20%, 2016 and thereafter - 18%. The Company believes that the effect of the amendment on its financial position, operating results and cash flows is not expected be material. - - - - - - - - - END
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