SARINE TECHNOLOGIES LTD. Sarine Technologies Ltd. and its Subsidia ries
(Incorporated in Israel)
PART I INFORMATION REQUIRED FOR ANNOU NCEMENT OF QUARTERLY (Ql, Q2 & Q3), FlJ LL YEAR RESULTS
I (a) A n income statement and statement of com prehensive income, or a statement of comprehensive income, for the grou p, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Consolidated Statements of Comprehensive Income for the (US$'000):
Grou p Quarter ended
March 31,
Reven ue | 15,487 | 12,156 | 27.4 |
Cost of sales | 5,023 | 4,148 | 21. l |
Gross profit | 10,464 | 8,008 | 30.7 |
Research and development expenses | 2,552 | 2,676 | (4.6) |
Sales and marketing expenses | 3, 1 10 | 3,213 | (3.2) |
General and administrative expenses | I,118 | 1,313 | (14.9) |
Profit from operations | 3,684 | 806 | 357.1 |
Net fi na nce income/(expense) | 146 | (27) | NM |
Profit before income tax | 3,830 | 779 | 391.7 |
Income tax (expense)/income | 868 | (92) | NM |
Profit for the period | 2,962 | 871 | 240.1 |
2016 2015 Change"/o
Foreign currency translation differences 6 76 (92.l ) from foreign operations
Total com prehensive income for the period 2,968 947 213.4
Notes to consolidated statements of comprehensive income (US$'000) Profit before income tax is stated after charging the following:
Grou p Quarter ended March 31,
2016 2015 Change
o .,
Allowance (write back) for doubtful trade receivables Depreciation and amortization
Interest income, net Exchange rate differences Warranty provision
NM- Not meaningful
20
937
104
42
9
(11)
1,269
23
(50)
(62)
NM (26.2)
352.2
NM NM
l(b)(i) A statement of financial position (for the issuer and grou p), together with a comparative statement as at the end of the immediately preceding financial year.
Statement of Financial Position as at (US$'000): Grou p | Company | ||||
March 31, | Decem ber 31, | March 31, | Decem ber 31, | ||
2016 | 2015 | 2016 | 2015 | ||
Assets | |||||
Property, plant and equipment 12,389 | 12,413 | 1,636 | 1,689 | ||
Intangible assets 7,436 | 7,812 | ||||
Investment in equity accounted investee | |||||
and subsidiaries | 51,610 | 47,141** | |||
Deferred tax assets 3,185 | 3,157 | 1,427 | 1,423 | ||
Total non-current assets 23,010 | 23,382 | 54,673 | 50,253 | ||
Inventories 8,951 | 10,146 | 6, 117 | 6,673 | ||
Trade receivables 13,698 | 11,337 | 3,751 | 3,164 | ||
Other receivables 2,906 | 3,707 | 1,890 | 1,727 | ||
Short-term investments (bank deposits) 7,326 | 13,298 | 3,010 | 7,532 | ||
Cash and cash equivalents 29,205 | 19,298 | 12,893 | 9,268 | ||
Total current assets 62,086 | 57,786 | 27,661 | 28,364 | ||
Total assets 85,096 | 81,168 | 82,334 | 78,617 | ||
Eq uity | |||||
Share capital* | |||||
Dormant shares, at cost (2,366) | (2,366) | (2,366) | (2,366) | ||
Share premium, reserves and | |||||
retained earnings 77,686 | 73,897 | 77,686 | 73,897•• | ||
Total equity 75,320 | 71,531 | 75,320 | 71,531 | ||
Lia bilities | |||||
Employee benefits 143 | 138 | 134 | 129 | ||
Total non-current liabilities 143 | 138 | 134 | 129 | ||
Trade payables 2,732 | 2,359 | 1,805 | 1,375 | ||
Other payables 6,510 | 6,623 | 4,853 | 5,363 | ||
Current tax payable 76 | 21 1 | ||||
Warranty provision 315 | 306 | 222 | 219 | ||
Total cu rrent liabilities 9,633 | 9,499 | 6,880 | 6,957 | ||
Total l ia bilities 9,776 | 9,637 | 7,014 | 7,086 | ||
Total equity and liabilities 85,096 | 81, 168 | 82,334 | 78,617 | ||
* No par value
** Retrospective application regarding initial application of Amendment to IAS 27: Equity Method in Separate Financial Statements.
1(b)(ii) Aggregate amou nt of Group's borrowings and debt securities.
Zero borrowings from banks as at March 31, 2016 and December 31, 2015.
l (c) A statement of cash flows (for the grou p), together with a comparative statement for the corresponding period of the im mediately preceding financial year.
Statement of Cash Flows (US$'000):
Grou p Quarter ended March 31,
2016 2015
Cash flows from operating activities Profit for the period | 2,962 | 871 |
Adjustments for: | ||
Share-based payment expenses | 397 | 720 |
Income tax expense/(income) | 868 | (92) |
Depreciation of property, plant and equipment | 561 | 505 |
A mortisation of intangible assets | 376 | 764 |
Net finance (income)/expense | (146) | 27 |
Changes in working capital | ||
Inventories | 1,311 | (842) |
Trade receivables | (2,361) | 3,810 |
Other receivables | (540) | 29 |
Trade payables | 373 | (664) |
Other liabilities | (96) | (1,216) |
Employee benefits | 5 | (3) |
Income tax received (paid), net | 310 | (2,412) |
Net cash from operating activities | 4,020 | 1,497 |
Cash flows from (used in) investing activities | ||
Acq uisition of property, plant and equipment | (655) | (310) |
Short-term investments, net | 5,972 | (102) |
Interest received | 104 | 60 |
Net cash from (used in) investing activities | 5,421 | (352) |
Cash flows from financing activities | ||
Proceeds from exercise of share options | 424 | 620 |
Interest paid | (37) | |
Net cash from financing activities | 424 | 583 |
Net increase in cash and cash equivalents | 9,865 | 1,728 |
Cash and cash equivalents at beginning of the period | 19,298 | 20,352 |
Exchange rate differences | 42 | (50) |
Cash and cash equivalents at end of the period | 29,205 | 22,030 |
l(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalization issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Statement of Changes in Shareholders' Eq uity Grou p (US$'000)
Share premium
Share and Translation Retained Dormant
capital* reserves reserve earnings shares Total
Bala nce at January 1, 2015
Profit for the period ended March 31, 2015
Other comprehensive income for the period ended March 31, 2015
Share-based payment expenses Exercise of options
Bala nce at March 31, 2015
Bala nce at Jan uary 1, 2016
Profit for the period ended March 31, 2016
Other comprehensive income for
25,201 (1,391) 56,854 (1,033) 79,631
871 871
76 76
720 720
620 620
26,541 (1,315) 57,725 (1,033) 81,918
27,402 (1,730) 48,225 (2,366) 71 ,531
2,962 2,962
the period ended March 31, 2016 | 6 | 6 | |||
Share-based payment expenses | 397 | 397 | |||
Exercise of options | 424 | 424 | |||
Bala nce at March 31, 2016 | 28,223 | (1,724) | 51,187 | (2,366) | 75,320 |
* No par val ue |
Sarine Technologies Ltd. published this content on 05 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 August 2016 23:30:00 UTC.
Original documenthttp://sarine.listedcompany.com/newsroom/20160508_204951_U77_ZUFTGC2NF7GZTN2L.1.pdf
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