TIDMSIM
RNS Number : 6379R
SimiGon Limited
25 September 2017
SimiGon Ltd
("SimiGon" or "the Company")
Interim Results for the six months ended 30 June 2017
SimiGon Ltd (LSE: SIM), a global leader in providing simulation
and training solutions, announces its interim results for the six
months ended 30 June 2017 (the "Period").
Financial Highlights
-- Net loss of $0.45 million (H1 2016: Net profit of $0.83 million)
-- Revenues of $2.19 million (H1 2016: $3.29 million)
-- Gross margin 78% (H1 2016: 78%)
-- Basic and diluted loss per share $0.01 (H1 2016: Basic and diluted earnings per share $0.02)
-- Paid 2016 annual dividend of 0.136 cents per share
Operational Highlights
-- Continued success in securing new business in core defence-related market:
o Successful leveraging of the potential scope of work for
upgrading the USAF T-6A Flight Training Devices (FTD)
o Successful development efforts in support of Lockheed Martin's
UK Military Flight Training System (UKMFTS) including extended
onsite support and additional license contracts
-- Delivery milestones achieved for large scaled contracts as
prime contractor, including the successful completion of all
systems delivery milestones for $6.7 million contract announced in
June 2013
-- Continued to support major military flight training
programmes including the support for large European aircraft
training program and the U.S. Air Force Air Education Training
Command on its T-6 Modular training devices
-- Continue to identify additional opportunities and expand into
the commercial vertical and civilian training markets
-- Ongoing R&D efforts to enable simulation based training
across all hardware devices and positioning the Company for new
high growth market opportunities
Post Period Event
-- Awarded $100,000 prime contract with the US Federal Aviation
Administration, representing SimiGon's expansion into the civilian
Unmanned Aircraft Systems vertical markets
-- Shareholder approval secured for share buyback programme
which the Company intends to launch in the near future
Mr. Ami Vizer, Chief Executive Officer of SimiGon, stated: "As
disclosed on our trading update (announced on 28 July 2017), the
financial results for the Period have been affected mainly by the
procedural delays in concluding the signatory processes over the
contract with the Israeli Air Force for F16 maintenance trainers
(announced on 20 June 2016) and by costs incurred as a result of
additional Research & Development (R&D) investment to
ensure capitalization of new market opportunities. Nonetheless, we
continued to execute our strategy for the underlying business,
deliver project milestones for long term contracts and build our
strategic position as a technology partner to our customers".
"Having contracted revenue visibility of more than $21 million
over the next ten years of which approximately 80% relates to
recurring revenue streams over various timeframes, demonstrates the
underlying progress we are making in the business for having long
term viability of the business and the success of the transition to
the recurring revenue model. While this transition has contributed
to the short term revenue decrease, our belief is that this revenue
model presents a much stronger business proposition to our
partners, clients, employees and shareholders".
"Based on the existing recurring revenue streams of the Company
together with new streams initiated, SimiGon has already secured
contracted revenue which is expected to be recognised in FY2018 of
an amount over $5 million. Having a bedrock foundation of expected
profitability for future growth with a team working tirelessly to
execute management's business plan and deliver investor results,
the Board looks to the future with optimism and is confident in the
Company's ability to deliver growth over the long term".
Enquiries:
SimiGon Ltd
+1 (407) 951
Ami Vizer, Chief Executive Officer 5548
Efi Manea, Chief Financial Officer
+44 (0) 20 7220
finnCap (NOMAD & Broker) 0500
Henrik Persson/Scott Mathieson
(corporate finance)
Stephen Norcross (corporate broking)
Alma PR (Public Relations)
Hilary Buchanan/Josh Royston/Helena +44(0) 208 004
Bogle 4217
About SimiGon
SimiGon (AIM: SIM) is a leading developer and supplier of
distributed simulation solutions for defence and civilian
applications. SimiGon is the creator of SIMbox, a leading PC-based
platform for creating, managing and deploying simulation-based
content across multiple domains. Through its off the-shelf training
solutions for demanding high-skill occupations, SimiGon provides
diverse organisations with faster and more cost-effective training.
SimiGon's growing client base includes blue-chip training and
simulation systems providers as well as air forces and commercial
airlines worldwide. Founded in 1998, SimiGon maintains offices in
Israel and the United States.
Overview
During the first half of the year, the Company continued to
achieve further progress with the underlying business, including
the successful delivery milestones of its long term contracts. This
includes, for example, final deliveries and acceptance for a $6.7m
aviation training contract initially awarded in June 2013,
delivering project milestones with Check-6 for training in the
energy and mining industries and successfully continuing deliveries
in relation to the 5.5 year contract worth $7.9 million for
civilian aviation training solutions in the Far East. In addition,
as a result of successful deliveries and proven technology, SimiGon
was awarded with additional work scope in relation to UKMFTS
program and was able to leverage the potential scope of work on the
contract signed with the USAF in relation to the T-6A FTD
program.
Secondly, our R&D team is making major advances in
simulation streaming, graphic engine capabilities, and Training
Management System infrastructure to further improve SIMbox
technology and increase market penetration across military and
civilian training markets. Significant progress has been made in
adapting the platform for expansion into new domains in order to
leverage the Company's technology beyond the core defence market
into commercial verticals and civilian / consumer applications and
to be in line with a fundamental shift in training through
immersive experiences, including Virtual Reality (VR) and Augmented
Reality (AR), rather than reading manuals.
Thirdly, SimiGon's Software as a Service (SaaS-based) business
model is already addressing the market with SaaS-based contracts in
addition to its traditional licenses business. The proportion of
the overall business derived from SaaS-based contracts now
represents over half of the business in terms of total revenue,
which the Company expects to stay at approximately a consistent
level of overall business over the near-term. It is SimiGon's
flexibility in being able to offer both business models that is a
key differentiator in the market. The Company's base of annuity
SaaS-based contracts enhance SimiGon's base of recurring revenues,
providing greater visibility of revenue that is under contract but
not yet recognized and thereby supporting future growth. This is
demonstrated in the Group's 10 year visible revenue of over $21
million of contracted revenue, of which approximately 80% relates
to recurring revenue streams over various timeframes. Of this, $5
million of contracted revenue is already secured and expected to be
recognized in FY2018.
As announced in the trading update in July, the ongoing
procedural delays with the Israeli Air Force prevented the Company
from recording expected estimated revenue of approximately $0.8
million in the Period. Combined with the ongoing investment in the
business, both have impacted the reported results for the Period.
For the six months ended 30 June 2017, revenue was $2.19 million
(H1 2016: $3.29 million) and net loss before tax of $0.47 million
(H1 2016: net profit before tax of $0.81 million).
The Company maintains a strong balance sheet with liquid cash
balances of $8.3 million as at 30 June 2017 as compared to $8.14
million as at 31 December, 2016.
As a Company that develops advanced training and simulation
technologies and solutions, having the military and defense
industry as its core business targets, SimiGon continued its push
to expand into other sectors during the first half of the year.
During the Period the Company continued to identify new market
opportunities to support training for the civilian sector,
including civilian drivers and civil aviation. In addition, the
company continued to commerciallise opportunities in vertical
civilian markets such as the oil and gas industry, professional
truck drivers, medical, maintenance training and soft skills
training. This provides the Company with a huge expanded market
opportunity to pursue as a result of the fundamental shift in
training through experience rather than through manuals.
SimiGon's position in the simulation and training market is
strengthening for multiple reasons. Foremost, the Company is
delivering on its contracts and meeting and exceeding its
obligations to the satisfaction of customers and partners. This
leads to high probability of additional work scope for existing
programs and new projects with our clients.
Operational Review
SimiGon's core technology platform, SIMbox, and associated
services was developed to provide large simulation training
programmes to governments and private sector organisations. The
Company has been at the forefront of designing and providing highly
technical simulation and training solutions in markets to increase
learning efficiencies, reduce risk and save costs for its clients.
By leveraging the highly agile, core SIMbox technology platform,
simulation content of any type can be applied across multiple
devices to create a learning environment for a range of
domains.
SimiGon's strategic, simulation-based training programs are
available as a license model or on a Software as a Service (SaaS)
basis, and have the flexibility and capabilities to address a broad
range of training domains across many sectors.
Markets
The Company characterizes its target markets as follows:
Military and defence related industry
The Company's history and foundations are rooted in supplying
large training and simulation environments to the military sector
and defence-related industries. Within these core operations, the
Company continues to cement its position as a preferred technology
supplier for the world's largest military training programmes, such
as the UKMFTS and the USAF T-6A FTD. The Company's track record of
on-time and in budget project deliveries has led to winning new
military-related contracts in different geographic territories, as
well as expanding relationships with existing customers into other
areas of the organisation's operations. The Company has a solid mix
of military opportunities ahead.
Civilian and Commercial vertical markets
The civilian, Smart Education and Learning market, representing
new expansion opportunities for SimiGon, is expected to grow from
$193.24 billion in 2016 to $584.04 billion by 2021.
The Company is very excited by these market opportunities
available in the shifting training paradigms taking place within
the civilian and mass consumer segments. The emerging trend towards
'learning by doing' simulation is gaining momentum, with consumers
demanding visual and interactive problem solving to routine
learning and training regimes, such as civilian aviation and
driving.
Through its extensive IP and experience, SimiGon is ideally
positioned to take advantage of this cultural and demographic shift
and provide the wider consumer market with the comprehensive
training environment solution needed. For example, while the
Israeli Air Force contract announced on 20 June 2016 to provide new
F-16 maintenance trainer is a military program, the system
capabilities can be leveraged to pursue civilian aviation
maintenance training.
Among the Company's advances in the civilian segment include a
$100,000 contract with the US Federal Aviation Administration
("FAA") to deliver its SIMbox simulation development tools and
training in support of the FAA's advanced Unmanned Aircraft Systems
("UAS") Research Simulator. This contract is a significant
milestone in SimiGon's expansion into civilian vertical markets and
demonstrates the market's recognition of SIMbox as an effective
R&D toolset for design and development as well as an advanced
training system platform.
The Company is successfully leveraging its disruptive, baseline,
commercial off-the-shelf (COTS) product into additional top layer
application content and capabilities to deliver training
environments in tangential vertical commercial markets, including
commercial aviation, drivers, medical practitioners, energy and
mining. These targeted verticals share similar characteristics to
the Company's experience in the defence-related industries in that
they are highly regulated, require complex and specialised skill
training and have a zero margin for error. SimiGon continues to
analyze opportunities to grow market share and broaden the
applications for its base line software platform in these new
domains.
Business Model
SimiGon's strategy, in line with market requirements, is to
focus on long-term, high value, stable SaaS license contracts that
provide better revenue and profit visibility as a result of
distributing over the Period in which they are provided rather than
on single lump sum license sales. With SaaS-based contracts, the
recurring maintenance and support stream is already included in the
contract terms. In addition, the Company maintains flexibility with
its traditional perpetual license fee model where the Company is
paid for software license and support, as well as providing turnkey
solutions for customers and partners as a Prime contractor or
Sub-contractor.
Growth Strategy
Across the Company's addressable market domains, the Group is
focused on growing the business organically by increasing its
footprint within the existing customer base through continuous
product innovation; leveraging its experience and IP developed from
existing contracts to win new customers and capture market share in
established segments; and expanding the core technology platform's
applicability to move into new market domains.
The highly scalable, COTS technology platform renders it ideally
positioned to address new domains without major customizations. New
projects and markets utilize the existing product infrastructure
and developer tools to create the new application content; once
developed, it is leveraged to target the full market.
R&D
The Company's organic growth strategy is driven by its
commitment to investing in R&D to expand the Group's offering
and ensure it remains at the forefront of new technology trends and
industry developments. This ensures the Company is identifying
suitable new opportunities while maintaining a programme of
solutions upgrades and enhancements to deepen its relationship with
existing clients and capture new customers.
During the Period SimiGon achieved a number of milestones across
its investment programme. The Group's technology platform is now
compatible and fully supports VR capabilities. In recognizing this
as an emerging trend in the training landscape, the Company has
ensured it remains equipped to meet customer demand. In addition,
the Company has invested in its graphic engine to provide
best-in-class user experience. It is this attention to user
experience and interface that continues to differentiate SimiGon
from the wider market. On the marketing side, the Company has
invested in its marketing efforts and collateral, including the
launch of a new corporate website along with improvements to its
online marketing capabilities. These have been designed to support
the Group as it ramps up its campaigns to capture new markets and
customers beyond its traditional core defence-related
industries.
Significant contracts
New contracts
The $2 million contract with the Israeli Air Force announced in
June 2016, to provide new F16 maintenance trainers to its
technician school in Haifa, is still progressing and the Company
believes sign off is imminent and that the delayed revenue in
relation to this contract is expected to be recognized in the
second half of the year.
Long term contracts
The Company has an increasing portfolio of long term
partnerships developing further business and providing revenue
visibility. Many of these partnerships are expected to continue
with additional contracts through 2017 and beyond.
SimiGon continues in its successful support for UKMFTS as a
technology and services provider to Lockheed Martin. The Company
continues to deliver under this long term contract, now in its
eighth year of support, exceeding partner and end user expectations
of SimiGon's technologies and performance.
The USAF maintenance and support contract awarded to SimiGon for
the SIMbox based T-6A Modular Training Devices SimiGon delivered as
part of a June 2011 contract demonstrates the long term nature of
the relationship with this strategic customer. SimiGon continues in
its efforts to support this customer and expand this
relationship.
Check-6 Inc., one of the leading providers of training solutions
to the energy and mining industries, is a textbook example of
SimiGon's ability to help companies achieve new growth. Throughout
this contract, SimiGon has successfully executed against its agreed
deliverables. This relationship continues to yield long term
business. The Company is optimistic that additional agreements will
be executed to extend this relationship.
The Company continues to support a major existing European
customer the Company has been supplying with software and services
since 2009. The customer is operating SimiGon training solutions in
four different training centers daily and is receiving very
positive customer reviews. SimiGon is certain that this
relationship will continue and lead to additional future
orders.
On 5 July 2017, SimiGon announced that it had successful
completed all systems delivery milestones and received the
requisite client confirmations in relation to the $6.7 million
contract announced in June 2013.
The successful collaboration with the customer has led to a more
advanced training system being developed. The final solution
provided to the customer offers the trainees with personalized,
dynamic training lessons while utilizing SimiGon's Virtual
Instructor technology. The experience gained from this turnkey
programme will be useful in marketing SIMbox training solution to
other potential customers worldwide, extending SimiGon's market
reach.
SimiGon's support for successful Unmanned Aerial Vehicle ("UAV")
training solutions for a leading provider in the small tactical
unmanned aircraft systems remains solid. Through SimiGon's
ecosystem, the SIMbox technology supports initial operator training
and advanced operational training at the schoolhouse. SimiGon
continues to leverage this success in the UAV market.
Share buy-back programme
Given the Company's significant liquid cash balance of $8.14
million as at 31 December 2016, and following approval by
shareholders at the Annual General Meeting on 8 September 2017, the
Board intends to put in place an irrevocable, non-discretionary
programme for the repurchase of its ordinary shares. The Company
intends to commence the buyback programme in the near future and
will make a further announcement at this time.
Financial Performance
Revenue for the six months ended 30 June 2017 was $2.19 million,
compared to $3.29 million for the six months ending 30 June 2016.
Gross profit for the six months ended 30 June 2017 was $1.72
million, compared to $2.58 million for the six months ended 30 June
2016. Accordingly, gross margins maintained the same level of 78%
for the Period and for the six months ended 30 June 2016. Net loss
before tax for the Period amounted to $0.45 million compared to
$0.81 million for the six months ended 30 June 2016.
Total operating expenses for the Period increased by 21% to
$2.17 million as compared to $1.79 million for the six months ended
30 June 2016. This increased cost base is part of a strategic
decision by the Company to ensure that it continues to be on the
front foot with respect to capitalizing on the many market
opportunities available to the Company. Development of our existing
software ensures that we maintain our position as one of the
leading providers in the market. Personnel recruitment and
investment we have made into our marketing and R&D strengthens
our capabilities and enables us to move into new sectors.
The increased cost base is broken down as follows: Research and
development expenses for the six months ended 30 June 2017
increased by 24% to $1.0 million as compared to $0.8 million for
the six months ended 30 June 2016, mainly due to increase in salary
and related benefits expenses; marketing expenses for the six
months ended 30 June 2017 increased by 29% to $0.64 as compared to
$0.5 million for the six months ended 30 June 2016, mainly due to
sales commissions and salary expenses; general and administration
expenses for the six months ended 30 June 2017 increased by 9.1% to
$0.53 million as compared to $0.48 million for the six months ended
30 June 2016, mainly due to professional fees and public company
expenses.
The Company has recorded a net income tax credit of $0.14
million for the six months ended 30 June 2017 mainly as a result of
creating a deferred tax asset in relation to the expected
utilization of carry forward losses against expected income in
future years.
As a consequence of the factors above, the operating loss for
the six months ended 30 June 2017 amounted to $0.45 million (H1
2016: operating profit $0.79 million). Net basic and diluted loss
per share amounted to $0.01 for the six months ended 30 June 2017
as compared to earnings per share of $0.02 for the six months ended
30 June 2017.
As at 30 June 2017 the Company had liquid cash of $8.3 million
as compared to $8.14 million as at 31 December 2016 and trade
receivables of $1.63 million compared to $2.92 million for the year
ended 31 December 2016. $0.9 million of the trade receivables
balance has been collected since 30 June 2017.
In light of the strong cash position and further to the
Company's declared intention to pay an annual dividend, a dividend
of 0.136 cents per share, equating to approximately 19% of the
Company's earnings per share and to approximately 19% of the
Company's net profit for the year ended December 31 2016 was paid
to shareholders on 26 May 2017.
Outlook
The Company continues to deliver against its stated strategy and
it expects to gain momentum from its consistent emphasis on
research and development. Over the past two years, the Company has
grown its proportion of SaaS-based contracts, and this base of
recurring revenues continues to support future growth by providing
visibility of revenue under contract.
SimiGon's exposure to new markets is already proving successful,
with the pipeline of potential new business growing stronger,
whilst underpinned by the work performed in its core military
market. The recent announcement of the Company's contract with the
FAA in the US is an excellent example of how relevant its
technology is to a wider market. The nature of what SimiGon's does
enables it to scale rapidly and with the platform that it has in
place and as it continues to execute against its strategy.
The Company is bullish for its future prospects, underpinned by
more than $21 million of contracted revenue over the next ten
years. In addition, the combination of SimiGon's technology
investments together with new revenue streams that have been
created in 2017, SimiGon has created a very strong foundation for
increased profitability for many years to come. Coupled with the
business pipeline, the Board believes in the Group's long term
growth prospects.
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
December
June 30, 31,
2017 2016
--------- --------
Unaudited Audited
--------- --------
U.S. dollars in
thousands
-------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,375 5,221
Short-term bank deposit 1,007 1,005
Short-term investments 1,918 1,913
Trade receivables 1,628 2,919
Other accounts receivable and prepaid expenses 222 61
--------- --------
Total current assets 10,150 11,119
--------- --------
NON-CURRENT ASSETS:
Restricted cash 674 374
Long-term prepaid expenses and deposits 37 39
Deferred tax 245 223
Property, plant and equipment 100 111
Intangible assets 1,068 1,072
--------- --------
Total non-current assets 2,124 1,819
--------- --------
Total assets 12,274 12,938
========= ========
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
December
June 30, 31,
2017 2016
--------- --------
Unaudited Audited
--------- --------
U.S. dollars in
thousands
-------------------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Trade payables 113 98
Deferred revenues 409 558
Other accounts payable and accrued expenses 689 684
--------- --------
Total current liabilities 1,211 1,340
--------- --------
NON-CURRENT LIABILITIES:
Long term deferred revenues 8 38
Employee benefit liabilities, net 263 222
Other non-current liabilities 704 732
--------- --------
Total non-current liabilities 975 992
--------- --------
Total liabilities 2,186 2,332
--------- --------
EQUITY:
Share capital 125 125
Additional paid-in capital 16,635 16,629
Accumulated deficit (6,664) (6,144)
--------- --------
Total equity attributable to equity holders of
the Company 10,096 10,610
--------- --------
Non-controlling interests (8) (4)
Total equity 10,088 10,606
--------- --------
Total liabilities and equity 12,274 12,938
========= ========
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
Year ended
Six months ended December
June 30, 31,
------------------
2017 2016 2016
-------- -------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
(except per share data)
------------------------------
Revenues 2,194 3,285 6,018
Cost of revenues 473 707 1,882
-------- -------- ----------
Gross profit 1,721 2,578 4,136
-------- -------- ----------
Operating expenses:
Research and development 996 803 1,714
Selling and marketing 643 500 1,092
General and administrative 527 483 1,107
-------- -------- ----------
Total operating expenses 2,166 1,786 3,913
-------- -------- ----------
Operating (loss) profit (445) 792 223
Financial income 61 92 172
Financial expenses (82) (74) 103
-------- -------- ----------
Income (loss) before income
taxes (466) 810 292
Income tax benefit 14 21 69
-------- -------- ----------
Net income (loss) (452) 831 361
======== ======== ==========
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
Year ended
Six months ended December
June 30, 31,
------------------
2017 2016 2016
-------- -------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
(except per share data)
------------------------------
Net income (loss) (452) 831 361
-------- -------- ----------
Other comprehensive income
not to be reclassified to
profit or loss in subsequent
periods:
Remeasurement loss from defined
benefit plan (2) (6) (2)
-------- -------- ----------
Total comprehensive income
(loss) (454) 825 359
======== ======== ==========
Net income (loss) attributable
to:
Equity holders of the Company (448) 831 365
Non-controlling interests (4) - (4)
-------- -------- ----------
(452) 831 361
======== ======== ==========
Total comprehensive income
(loss) attributable to:
Equity holders of the Company (450) 825 363
Non-controlling interests (4) - (4)
-------- -------- ----------
(454) 825 359
======== ======== ==========
Basic and diluted earnings
(loss) per share (in U.S.
dollars) (0.01) 0.02 0.01
======== ======== ==========
Weighted average number of
shares used in computing
basic earnings per share
(in thousands) 51,394 50,993 51,097
======== ======== ==========
Weighted average number of
shares used in computing
diluted earnings per share
(in thousands) 51,613 51,421 51,319
======== ======== ==========
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
Attributable to equity holders
of the Company
----------------------------------------------------- --------------- -------
Additional Non-controlling
Number Share paid-in Accumulated interests Total
of shares capital capital deficit Total equity
---------- -------- ---------- ----------- ------ --------------- -------
U .S. dollars in thousands (except
share amounts)
-------------------------------------------------------------------------------
-
Balance as of
January 1, 2016
(audited) 50,993,154 124 16,526 (6,201) 10,449 - 10,449
Total comprehensive
income - - - 363 363 (4) 359
Dividend distribution - - - (306) (306) - (306)
Share-based
compensation - - 65 - 65 - 65
*)
Share issuance 100,000 - 38 - 38 - 38
Exercise of
stock options 301,035 1 - - 1 - 1
---------- -------- ---------- ----------- ------ --------------- -------
Balance as of
December 31,
2016 (audited) 51,394,189 125 16,629 (6,144) 10,610 (4) 10,606
Total comprehensive
income (loss) - - - (450) (450) (4) (454)
Dividend distribution - - - (70) (70) - (70)
Share-based
compensation - - 6 - 6 - 6
Balance as of
June 30, 2017
(unaudited) 51,394,189 125 16,635 (6,664) 10,096 (8) 10,088
========== ======== ========== =========== ====== =============== =======
*) Represents an amount lower than $ 1 thousand.
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
Attributable to equity holders
of the Company
----------------------------------------------------- --------------- -------
Additional Non-controlling
Number Share paid-in Accumulated interests Total
of shares capital capital deficit Total equity
---------- -------- ---------- ----------- ------ --------------- -------
U .S. dollars in thousands (except
share amounts)
-------------------------------------------------------------------------------
Balance as of
January 1, 2016
(audited) 50,993,154 124 16,526 (6,201) 10,449 - 10,449
Total comprehensive
income - - - 825 825 - 825
Dividend distribution - - - (306) (306) - (306)
Share-based
compensation - - 12 - 12 - 12
Balance as of
June 30, 2016
(unaudited) 51,394,189 124 16,538 (5,682) 10,980 - 10,980
========== ======== ========== =========== ====== =============== =======
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
Six months ended December
June 30, 31,
------------------
2017 2016 2016
-------- -------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Cash flows from operating
activities:
Net income (loss) (452) 831 361
-------- -------- ----------
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operating
activities:
Income and expenses not involving
operating cash flows:
Depreciation and amortization 26 30 87
Increase in deferred tax benefit (22) (21) (64)
Financial income , net (29) (51) (70)
Share-based compensation 6 12 65
Change in employee benefit
liabilities, net 39 16 28
Changes in operating assets
and liabilities:
Decrease in trade receivables 1,291 594 796
Decrease (increase) in other
accounts receivable and prepaid
expenses (161) (6) 18
Increase (decrease) in trade
payables 15 9 (25)
Increase (decrease) in deferred
revenues (179) 59 22
Increase (decrease) in other
accounts payable and accrued
expenses - (166) (167)
-------- -------- ----------
986 476 689
-------- -------- ----------
Net cash provided by operating
activities 534 1,307 1,050
-------- -------- ----------
SIMIGON LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
Six months ended December
June 30, 31,
------------------
2017 2016 2016
-------- -------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Cash flows from investing
activities:
Increase in short-term deposits - - (1,001)
Increase in restricted cash (300) - -
Increase in long-term deposits *) - (26) (26)
Purchase of fixed assets (10) (45) (66)
-------- -------- ----------
Net cash used in investing
activities (310) (71) (1,093)
-------- -------- ----------
Cash flows from financing
activities:
Proceeds from share issuance - - *) -
Dividend distribution (70) (306) (306)
Receipt of refundable grants - 22 25
Net cash used in financing
activities (70) (284) (281)
-------- -------- ----------
Increase (decrease) in cash
and cash equivalents 154 952 (324)
Cash and cash equivalents
at beginning of period 5,221 5,545 5,545
-------- -------- ----------
Cash and cash equivalents
at end of period 5,375 6,497 5,221
======== ======== ==========
(a) Supplemental disclosure
of significant non-cash
transactions:
Receivable in respect of
issuance of shares -- 1
Issuance of shares in respect
of 2014 annual bonus to
employees --38
*) Represents an amount lower than $ 1 thousand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIMPTMBJTBAR
(END) Dow Jones Newswires
September 25, 2017 02:01 ET (06:01 GMT)
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