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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 98.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMVSC
Visonic Limited
Preliminary Results for the year ended 31 December 2008
Visonic (LSE: VSC.L; TASE: VSC.TA), ("Visonic" or the "Group"), the
international developer and manufacturer of electronic security systems
(alarms) and home management systems, announces its Preliminary results for the
year ended 31 December 2008.
Highlights
* Group sales up 14% to $84.9 million (2007: $74.4 million)
* Significant increase in the Group's operational profit to $4.8
million (2007: $1.9million)
* Group profit before tax of $4.6 million (2007: $0.2
million) *
* Net profit after tax of $3.7 million (2007: $0.4 million) *
* Basic earnings per share 8.9 cents (2007: 1 cent)
* Strong balance sheet - with cash and cash deposits of US$15.5
million
* Visonic's 'core business' sales up 13% to $76.7 million (2007:
$68.1 million)
* 15 new products launched - the latest PowerMaxPro has been well
received by the market
* Visonic Technologies' sales up 31% to $8.2 million (2007: $6.3
million) producing operational profit of $0.2 million (2007: operational loss
of $0.2 million)
* Maintained dividend of GBP0.01 per ordinary share
* After $1.2 million reversal of provision previously made in 2007 for
impairment of financial assets.
Visonic's Chairman, Yaacov Kotlicki, commented:
"We are delighted to report further improvement in the performance of each
element of Visonic's core business and a turnaround at Visonic Technologies."
"Our excellent financial status is based upon a very strong balance sheet as
well as high cash and cash equivalent reserves. This enables us to continue
investing in R&D, further enhance our sales and marketing activities and
provide support for our existing customers".
For further information please contact:
Visonic Limited
Dr. Avigdor Shachrai (President & CEO) Tel: + 972 3 645 6797
Yair Naaman (CFO)
Web: www.visonic.com
Adi Enav (Investor Relations)
Address: P.O.B. 13132, Tel-Aviv 69710,
Israel
HudsonSandler
Alistair Mackinnon-Musson / Nathan Field Tel: + 44 (0)20 7796 4133
Email: visonic@hspr.com
Arbuthnot Securities
Neil Kirton / Edward Gay Tel: + 44 (0)20 7012 2000
Chairman's Statement
This year saw further improvement in the performance in each element of
Visonic's core business and a turnaround at Visonic Technologies Ltd ("VT").
Overall Group sales grew by 14% in 2008 to $84.9 million (2007: $74.4 million).
Our core residential business, Security and Home Management, which encompasses
Telemedicine and Home Healthcare solutions ("HHC"), performed strongly during
2008, with sales growing 13% to $76.7 million (2007: $68.1 million).
VT, which provides Location Tracking Systems to the non-residential technology
market, reported improved performance throughout 2008 and reached a profit,
achieving even higher sales growth during the second half of 2008 than in the
first. VT's sales for the full year were $8.2 million, up 31% (2007: $6.3
million) and operational profit was $0.2million in 2008 (2007: operational loss
of $0.2 million).
Group profit before tax was $4.6 million (2007: $0.2 million) and net profit
after tax was $3.7 million (2007: $0.4 million) resulting in earnings per share
of 8.9 cents (2007: 1 cent).
We continued to invest in Visonic's product development pipeline, as we believe
our ongoing commitment to R&D will maintain our lead in producing future
competitive products, at lower cost. This approach supports the Group's aim of
increasing profitability, whilst maintaining our competitive advantage in
wireless technologies, sales and marketing support going forward.
To demonstrate our strong financial position and continued confidence, the
Board is recommending the payment of a maintained dividend of GBP0.01 per share,
payable on 30 June 2009 to shareholders on the register at 5 June 2009. The
ex-dividend date will be 3 June 2009.
Yaacov Kotlicki,
Chairman
27 March 2009
CEO's Statement
Overview
Visonic's Group sales grew by 14% in 2008 to $84.9 million (2007: $74.4
million). This growth comes from Visonic's well established customer base
andreflects rising demand for our products across virtually all major
geographic markets - especially Scandinavia, Iberia, UK and Latin America - and
across all our consumer product lines - Alarms, Home Management and Home
Healthcare.
The Group also saw impressive growth in its operational and pre tax profits
compared to FY2007. This was achieved despite the adverse impact on FY2008,
particularly from the devaluation of the Euro and Sterling against the US
Dollar (the Group's reporting currency) during the second half of the year. As
a result of these currency movements, the exchange rate gain of US$1.3million
reported at the Interim stage became a charge for the full year.
As indicated in our Trading Update on 26 January 2009, we experienced an
adverse impact on sales and profits towards the year end due to the
international economic climate. Additionally, reduced levels of construction in
Spain and the UK had a negative effect at this time. Nonetheless, despite all
these negative factors, Visonic performed very well.
The Group benefited from a US$1.2 million write back to pre-tax profit as a
result of the settlement between Credit Suisse Securities (USA) LLC and various
state securities regulators, including the Attorney general of the State of New
York, as announced in October 2008. Following the settlement, Visonic received
the sum of $3.2 million in cash. This represented the complete return of the
Group's money that was invested by the bank, increasing the Group's cash
balances by $3.2 million.
Visonic's operational profit in 2008 was up 157% to $4.8 million (2007: $1.9
million), pre-tax profit was up to $4.6 million, ($3.4 million excluding the
Credit Suisse settlement) (2007: $0.2 million) and net profit after tax was up
to $3.7 million (2007: $0.4 million).
Net financial expenses amounted to $151K, which consist of financial expenses
of $2.05M including: exchange rate difference of $1.7M derived from an erosion
of US$ value of assets where the face value is calculated in other currencies;
and financial expenses that amounted to $0.35M; on one hand; financial income
of $1.9M that consists of reversal of the provision of the impairment of $1.24M
relating to the above mentioned Credit Suisse settlement and interest income of
$0.66M on the other hand.
Security, Home Management and Home Healthcare
Visonic's core business, Security and Home Management, showed significant
growth in 2008 with revenues increasing by 13%. This growth was achieved by
providing new products and services to existing customers, winning new key
customers and focusing our efforts on big global monitoring companies.
The foundation of this success came from a range of new product launches which
enhanced Visonic's portfolio of products in the market. The PowerMax Pro,
Visonic's flagship product and one of the most advanced residential security
systems on the market, has created a great deal of interest in the sector. As a
result, sales of the PowerMax Pro Security and Home Control Wireless System
increased by 180% worldwide.
Sales increased substantially in Latin America (150%), the Nordic countries
(44%) and Iberia (32%). A significant increase in sales was also recorded in
the UK and Asia. On the other hand, sales in Russia have declined after two
large customers in the region experienced difficulties arising from the
economic downturn.
New Products
This was an exciting year for introducing new products and enhancing our
existing range of products by incorporating the latest state of the art
technologies. A new, more sophisticated version of PowerMax PRO, enabling up to
four independent areas within a single premises to be secured, was released in
October and we introduced a unique temperature detector that alerts for both
extreme cold and heat. In addition, a new fully wireless internal siren and two
detectors incorporating revolutionary mirror technology with supreme
performance were released.
This year was also a breakthrough year for Visonic's IP communications product
range which now includes a complete solution for transmitting data over a
cellular network with GPRS protocol supported by Visonic's VDNS server. These
new products position Visonic as a leader in delivering cost effective, highly
efficient IP solutions for the security industry.
Residential monitoring companies, a significant part of Visonic customer
portfolio, are experiencing slower growth in recurring monthly revenues and
static steady case flow. They are balancing higher customer attrition rates and
continued levels of marketing expenditure to attract new clients as the fear of
crime and personal safety increases during difficult economic times. These
companies are focusing on providing upgrades to existing services and
products, including wireless monitoring, notification to handheld devices and
an increased adoption of personal emergency response systems (PERS) monitoring.
Telemedicine and Home Healthcare ("HHC")
The demand for cost effective homecare and personal emergency response systems
(PERS) for the elderly has accelerated as the world's population gets older.
Visonic is already a well known provider of a wide range of social care and
telemedicine solutions to support health and wellbeing in the home. Our
marketing efforts in the telemedicine and home healthcare sector have increased
sales by 68% in comparison with FY2007.
We have focused our efforts on selling telemedicine and home healthcare
solutions to the security industry where the Visonic brand is highly recognised
and well regarded. These security companies are expanding their operations into
the HHC sector and can take advantage of the synergy between Visonic's products
and their core security businesses.
The Group's telemedicine and home healthcare business is based upon Visonic's
Amber System. This unique system is a combination of a PERS, telemedicine and
intrusion alert, integrated into one package. The Amber System helps the
elderly or frail to remain independent and living at home - the aim of
governments around the world.
Investment in IT and Operations
The Group's Enterprise Resource Planning software platform (SAP) has been
designed to manage Visonic's entire worldwide information systems on one IT
platform for the first time - including R&D, engineering, operations,
production, sales, finance and managerial reporting. During 2008, Visonic
successfully completed the deployment of its SAP in all of its subsidiaries -
adding Poland and the USA to the already implemented subsidiaries in Germany,
Spain & the UK.
The Company invested $3.3 million in property & equipment and approximately
$0.7 million in intangible assets during the year. In the third quarter of
2008, approximately US$1.5 million was invested acquiring new surface mounting
and plastics injection machines.
Stock inventories were up from $11.3 million to $15.8 million at the year end,
mostly due to a sharp decline in demand in the last quarter of 2008 compared
with the previous quarters.
Visonic Technologies ("VT")
VT provides location tracking systems, access control systems and concentrates
solely on the non-residential technology market.
Overall, there was a substantial improvement in VT's performance in FY2008.
Sales increased significantly by 31% and amounted to $8.2 million (2007: $6.3
million) delivering an operational profit of $228K against an operational loss
of $205K in the previous year. The Board is pleased with this turnaround.
The improved FY2008 operating performance was attributable to strong demand for
VT's newly introduced active Radio Frequency Identification (RFID) tags and
badges in its key markets. In addition, the successful completion of a
technology development agreement with a major European customer helped push up
VT's sales in Europe.
Outlook
In terms of sales and operating results, Visonic has had an excellent year,
demonstrating continuing strong demand for our market leading products in our
core business. Pre tax profit for the full year, however, was adversely
impacted by dramatic currency movements and from the economic downturn,
particularly in the final quarter, over which we had little control.
Although the Board is pleased by the Group's sales and operating results in
FY2008 and also the positive early signs indicated by trading since the
beginning of 2009, it is generally more cautious about FY2009, given the
international economic environment.
The Company is watching very closely the developments in the market and will
take corrective actions if trading is influenced further by the global crisis,
on top of the measures which we have already taken.
Our excellent financial status is based upon a very strong balance sheet as
well as high cash and cash equivalent reserves. This enables us to continue
investing in R&D, further enhance our sales & marketing activities and to
provide support for our existing customers to help the company through this
environment.
Financial Review
The table below sets out selected key financial information for the Group on a
consolidated basis for the periods indicated.
Selected financial information US Dollars (M)
Year ended 31 December
2008 2007
Turnover 84.9 74.4
Gross Margin 40.7% 41.2%
Operating Profit 4.8 1.9
Operating Margin 5.6% 2.5%
Pre-tax Profit 4.6 0.2
Net Profit 3.7 0.4
Net Profit % 4.4% 0.5%
Basic earnings per share (in cents) 8.9 1
Net cash inflows from operating activities 3.3 2.9
Shareholders Equity - as at 31 December 44.5 41.2
Revenues and Profits
Group sales for the year ended 31 December 2008 increased by 14% to $84.9
million, from $74.4 million in 2007.
Sales to the UK rose significantly from $8.0 million to $9.9 million, a 23%
increase. Sales in Israel increased in 2008 from $4.5 million to $4.9 million,
representing a growth of 7%. Sales in mainland Europe grew by 19% from $41.3
million to $49.2million. North Americas recorded increase in sales of 7% from
$13.1 million to $13.9 million. The Far East & Pacific sales grew by 10% to
$2.7 million from $2.5 million.
Sales by Region US Dollars (US $M)
Year ended 31 December
2008 2007
Israel 4.9 4.5
North Americas 13.9 13.1
UK 9.9 8.0
Mainland Europe 49.2 41.3
Far East & Pacific 2.7 2.5
Other 4.3 5.0
Total 84.9 74.4
2008 saw a 12% increase in sales in Visonic's core product line of Security and
Home Management systems to $76.5 million (2007: $68.1 million).Location
Tracking products, manufactured by Visonic Technologies, saw a 33% sales
increase from the previous year ($6.3million in 2007 to $8.4 million in 2008).
Sales by PRODUCT LINE (US $M)
Year ended 31 December
2008 2007
Security and Home Management 76.5 68.1
Location Tracking Systems 8.4 6.3
Total 84.9 74.4
Gross profit margins decreased to 40.7% in 2008 from 41.2% in 2007, mainly
because of the currency movements and devaluation of the Euro and Sterling
against the US Dollar.
Profit before tax showed an increase to $4.6 million from $0.2 million in the
previous year.
Hedging and Currency Rates
According to the Company's policy, several measures were taken for protection
(in part) against cash flow exposure. The Company does not protect its balance
sheet exposure.
As mentioned above, the Group's operating results and margins were adversely
impacted, particularly during the fourth quarter, by the devaluation of the
Euro and Sterling against the US Dollar (the Group's reporting currency).
Hedging activities taken by the Company during FY2008 significantly decreased
the financial impact of currency movement.
Taxation
The Company has received approval from the Israeli Investment Center, which had
the effect of increasing the tax benefit deriving from the "Approved
Enterprise" status of the Company.
The 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 favourable
tax regime in Israel and the total tax expense was $0.9m on global earnings.
The Group's taxes on income consist of the following: $323K - current taxes;
$323K - a subsidiary tax assets write-off; and $252K - other deferred tax.
Dividend
The Board has resolved to declare a maintained dividend of GBP0.01 per ordinary
share, subject to the shareholders' approval at the Annual General Meeting to
be held on 26 May 2009. The dividend, if approved, will be paid on 30 June 2009
to shareholders on the register on 5 June 2009. Visonic ordinary shares will
be quoted ex-dividend from 3 June 2009.
The dividend is subject to Israeli withholding tax in accordance with
applicable law. Subject to exceptions, the tax rate with respect to a dividend
paid from non-approved enterprise earnings will be as follows:
An individual Israeli shareholder who holds less than 10% of the issued and
outstanding share capital of the Company will pay a tax rate of 20%, whereas an
individual Israeli shareholder, who holds more than 10% of the issued and
outstanding share capital of the Company, will pay a tax rate of 25%. Israeli
companies are exempt from tax payment.
Non-Israelis will pay 25% tax. According to the UK-Israel Double Taxation
Treaty and subject to its terms and conditions, UK individuals and companies
will pay a tax rate of 15%.
The total dividend is estimated to be GBP416K, which represents approximately
1.4% of the Company's issued and paid-up share capital (applying an exchange
rate of $1.46: GBP1) and following the dividend distribution the retained
earnings of the Company, as defined in section 302 of Israeli companies law
1999, are estimated to be $20 million (subject to exchange rate movements).
Cash Flow and Shareholder Equity
Cash inflows from operational activity reached $3.3 million, compared to $2.9
million in 2007.
Visonic ended the year with a very strong balance sheet with cash and cash
deposits of $15.5 million. Net cash remained unchanged at $7.0 million.
Shareholders equity increase to $44.5 million (from $41.2 million in the
correspondent year). Equity represented 66.5% of the total balance sheet
(compared to 64.7% in 2007).
Accounting Standards
This set of financial statements was prepared in accordance with International
Financial Reporting Standards ("IFRS").
Internal Auditor
The Company's Internal Auditor has reviewed the Group's safety and environment
quality and no material inadequacies have been found. All of his
recommendations were accepted.
Community
We consider our contribution to the community as one of the Group's most
important values. We encourage and take great pride in the community projects
undertaken by our employees worldwide.
The policy and thought behind our "Community Relations" programmes is to get
closer to the community and keep a continuous and ongoing relationship with the
people and organisations that live and operate in these communities. We have
strengthened ties with the "Seniors Club" in Southern Tel Aviv, while in Kiryat
Gat we work with children in need. Activities carried out in 2008 included:
joint holiday celebrations; arranging trips to Jerusalem; organising a school
fair to finance scholarships for deprived pupils.
Forward looking Statements
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/U.S 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.
Dr. Avigdor Shachrai, President & CEO
27 March 2009
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
December 31,
2008 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 14,469 13,367
Short-term deposit 1,000 -
Available-for-sale financial assets - 183
Trade receivables 18,159 20,386
Income tax receivable 2,462 2,528
Other accounts receivable 1,962 1,801
Inventories 15,735 11,251
Total current assets 53,787 49,516
NON-CURRENT ASSETS:
Long-term deposits - 1,960
Property, plant and equipment 7,468 5,613
Intangible assets 4,206 4,484
Prepaid expenses 510 618
Deferred tax assets 990 1,565
Total non-current assets 13,174 14,240
Total assets 66,961 63,756
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Credit from banks and current maturities of bank loans 8,500 4,520
Trade payables 7,594 8,311
Other current liabilities 6,333 5,670
Total current liabilities 22,427 18,501
NON-CURRENT LIABILITIES:
Bank loans - 4,000
Employee benefit liability 45 15
Total non-current liabilities 45 4,015
EQUITY:
Issued capital 21 21
Share premium 23,954 23,596
Net unrealised gains reserve - 13
Retained earnings 20,514 17,610
Total equity 44,489 41,240
Total liabilities and equity 66,961 63,756
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands, except share and per share data
Year ended
December 31,
2008 2007
Sale of goods 84,932 74,388
Cost of sales 50,336 43,722
Gross profit 34,596 30,666
Research and development costs 7,127 6,795
Selling and marketing expenses 17,336 17,420
General and administrative expenses 5,225 4,371
Share-based payments 154 227
Total operating expenses 29,842 28,813
Operating profit 4,754 1,853
Financial expenses (2,052) (1,745)
Financial income 1,901 1,299
Other income (expenses) 6 (1,182)
Profit before taxes on income 4,609 225
Taxes on income (tax benefit) 898 (134)
Net profit 3,711 359
Basic earnings per share (in cents) 8.9 1.0
Diluted earnings per share (in cents) 8.9 1.0
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
U.S. dollars in thousands, except share and per share data
Net
unrealised
gains
Issued Share (loss) Total Total
Retained recognised
capital premium reserve earnings equity income
Balance as of
January 1, 2007 21 23,354 (2) 18,075 41,448
Net gain on
available-for-sale
financial assets - - 15 - 15 15
Exercise of
options *) - 15 - - 15 -
Share-based
payments - 227 - - 227 -
Dividend - - - (824) (824) -
Net profit - - - 359 359 359
374
Balance as of
December 31, 2007 21 23,596 13 17,610 41,240
Realised gain on
available-for-sale
financial assets
charged to profit
and loss - - (13) - (13) (13)
Refund of issuance
expenses - 204 - - 204 -
Share-based
payments - 154 - - 154
Dividend - - - (807) (807)
Net profit - - - 3,711 3,711 3,711
3,698
Balance as of
December 31, 2008 21 23,954 - 20,514 44,489
*) Represents an amount lower than $ 1.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands, except share and per share data
Year ended
December 31,
2008 2007
Cash flows from operating activities:
Net profit 3,711 359
Adjustments to reconcile net profit to net cash provided by
operating activities (a) (422) 2,514
Net cash provided by operating activities 3,289 2,873
Cash flows from investing activities:
Short-term deposit (1,000) 8,000
Long-term deposits 3,200 (3,200)
Proceeds from redemption of held-to-maturity investments - 1,000
Proceeds from redemption of available-for-sale financial
asset 183 -
Acquisition of intangible assets (706) (1,322)
Proceeds from sale of property and equipment 78 24
Purchase of property and equipment (3,319) (1,114)
Net cash provided by (used in) investing activities (1,564) 3,388
Cash flows from financing activities:
Exercise of options - 15
Increase (decrease) in balance with related company - (53)
Refund of issuance expenses 204 -
Repayment of long-term bank loans (4,520) (229)
Dividend paid (807) (824)
Short-term bank credit 4,500 573
Net cash used in financing activities (623) (518)
Increase in cash and cash equivalents 1,102 5,743
Cash and cash equivalents at the beginning of the year 13,367 7,624
Cash and cash equivalents at the end of the year 14,469 13,367
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands, except share and per share data
Year ended
December 31,
2008 2007
(a) Adjustments to reconcile net profit to net cash
provided by operating activities:
Income and expenses not involving cash flows:
Depreciation and amortization 2,401 2,175
Deferred taxes 575 (156)
Increase (decrease) in employee benefit liabilities 30 (92)
Loss (gain) from sale of property and equipment, net (31) 2
Loss from revaluation of other investment - 1,190
Loss (gain) from revaluation of short and long-term
deposits (1,240) 1,240
Share-based payments 154 227
Realised gain from sale of available-for-sale financial
assets (13) -
Changes in working capital items:
Decrease (increase) in trade receivables 2,227 (3,765)
Increase in other accounts receivable (95) (204)
Decrease (increase) in inventories (4,484) 3,174
Decrease in long-term prepaid expenses 108 49
Decrease in trade payables (717) (2,284)
Increase in other current liabilities 663 958
(422) 2,514
(b) Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest 423 543
Income taxes 131 909
Cash received during the year for:
Interest 437 471
Income taxes - 2,112
NOTE 1:- EQUITY
a. On April 15, 2004, the Company completed an IPO on the London Stock
Exchange. The Company issued 10,864,885 Ordinary shares representing
approximately 27% of the issued and outstanding Ordinary shares. In addition,
in April 2006, the Company's shares were registered for trade on the Tel-Aviv
Stock Exchange.
b. Share capital composition:
Year ended Year ended
December 31, 2008 December 31, 2007
Issued and Issued and
Authorised outstanding Authorised outstanding
Number of shares
Ordinary shares of NIS
0.002 par value each
500,000,000 41,584,906 500,000,000 41,584,906
c. Rights of shares:
Voting rights at the general meeting, right to dividends, rights upon
liquidation of the Company and right to nominate the directors in the Company.
d. Changes in issued and fully paid Ordinary shares:
Number of shares Issued
Capital
$
As of January 1, 2007 41,541,939 21
Changes during 2007 42,967 *) -
As of January 1, 2008 41,584,906 21
Changes during 2008 - -
As of December 31, 2008 41,584,906 21
*) Represents an amount lower than $ 1.
e. Net unrealised gains reserve:
This reserve records fair value changes on available-for-sale investments. The
net gain recognised in equity as of December 31, 2007 was $ 13. During 2008,
the available-for-sale investment was sold, therefore the net gain of $ 13 was
classified to profit and loss.
NOTE 2:- EARNINGS PER SHARE
The following reflects the income and share data used in the basic and diluted
earnings per share computations:
Year ended
December 31,
2008 2007
Net profit attributable to Ordinary equity
holders of the Company for basic and diluted
earnings per share 3,711 359
Weighted average number of Ordinary shares for
basic earnings per share 41,584,906 41,552,262
Effect of dilution:
Share options *) - *) -
Adjusted weighted average number of Ordinary
shares for diluted earnings per share 41,584,906 41,552,262
*) In the diluted earnings per share calculation, there was no adjustment for
2,820,500 (2007 - 2,499,438) options since their effect is anti-dilutive.
NOTE 3:- SEGMENTS REPORTING
a. General:
1. The Group companies operates in two principal business segments:
security and home management and location tracking systems.
2. The segment's assets include all the operating assets which are used
by the segment and are composed mainly of cash and cash equivalents, checks
receivable, trade receivables, equipment and other assets. Most of the assets
are attributed to a specific segment. The amounts for certain assets that are
used together by the two segments are attributed to the segments on a
reasonable basis.
3. The segment's liabilities include all the operating liabilities that
derive from the operating activities of the segment and are composed mainly of
trade payables and other accounts payable. The segment's assets and liabilities
do not include taxes on income.
b. The following data is presented in accordance with IAS 14:
Year ended December 31, 2008
Security and Location
home tracking Total
management systems Adjustments consolidated
Total revenues 76,517 8,415 - 84,932
Segment operating
profit 4,383 371 - 4,754
Unallocated
financial
expenses, net (151)
Other expenses,
net (6)
Taxes on income 898
Net profit 3,711
Additional
information:
Assets of the
segment 64,494 3,751 (2,274) 65,971
Unallocated joint
assets 990
Total assets in
consolidation 66,961
Liabilities of the
segment 13,281 3,096 (2,405) 13,972
Joint unallocated
liabilities 8,500
Total liabilities
in consolidation 22,472
Capital
investments 3,870 155 - 4,025
Depreciation and
amortization 2,119 282 - 2,401
NOTE 3:- SEGMENTS REPORTING (Cont.)
Year ended December 31, 2007
Security and Location
home tracking Total
management systems Adjustments consolidated
Total revenues 68,051 6,337 - 74,388
Segment operating
profit 2,014 (161) - 1,853
Unallocated
financial
expenses, net (446)
Other expenses,
net (1,182)
Tax benefit (134)
Net profit 359
Additional
information:
Assets of the
segment 60,618 3,809 (2,236) 62,191
Unallocated joint
assets 1,565
Total assets in
consolidation 63,756
Liabilities of the
segment 13,694 2,698 (2,396) 13,996
Joint unallocated
liabilities 8,520
Total liabilities
in consolidation 22,516
Capital
investments 2,355 81 - 2,436
Depreciation and
amortization 1,897 278 - 2,175
c. Geographical diversification of sales:
Below are the consolidated sales of the Group according to geographic markets
without taking into account the location where the product was manufactured:
Year ended
December 31,
2008 2007
Mainland Europe 49,133 41,264
North America 13,927 13,074
U.K. 9,888 8,021
Israel 4,865 4,543
Far East and Pacific 2,725 2,477
Other 4,394 5,009
84,932 74,388
NOTE 4:- SUBSEQUENT EVENTS
In February 2009, the Company became aware that it was in breach of LR 6.1.19
as the number of shares in public hands (as defined within the Listing Rules)
had fallen below 25 per cent. The Company is working towards a resolution to
this situation.
On March 17, 2009, VT UK was dissolved.
The financial information set out in this Preliminary announcement, which was
approved by the Board of Directors on 27 March 2009, does not constitute the
Company's statutory accounts for the year ended 2008, but is derived from those
accounts. Statutory accounts for 2008 will be posted to shareholders on or
around May 1, 2009, together with the notice of AGM to be held at 12.00pm on 26
May 2009 and will be available from May 1 2009 at the Company's registered
office, 24, Habarzel street, Tel-Aviv 69710, Israel and on the website
www.visonic.com.
- END -
END
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