RNS Number:7455S
Technoplast Industries Ld
2 December 2003
KIDRON PLASTICS LTD.
FINANCIAL STATEMENTS
30 JUNE 2003
(unaudited)
TABLE OF CONTENTS
Page
Review Report 2
Financial Statements
Balance Sheets 3
Statements of Income 4
Statements of Changes in Shareholders' Equity 5
Statements of Cash Flows 6 - 7
Notes to Financial Statements 8 - 10
=========================
===============
The Board of Directors
Kidron Plastics Ltd.
Dear Sirs,
Re: Review of the unaudited interim financial statements
for the period ended June 30, 2003
At your request, we reviewed the interim balance sheet of Kidron Plastics Ltd.,
(hereinafter - the "Company") as of June 30, 2003 and the statements of income,
changes in shareholders' equity and cash flows for the six and three month
periods then ended.
Our review was conducted in accordance with procedures prescribed by the
Institute of Certified Public Accountants in Israel and included, inter alia,
reading the said financial statements, reading the minutes of the shareholders'
meetings and of the Board of Directors and its committees, as well as making
inquiries of persons responsible for financial and accounting matters.
Since the review performed is limited in scope and does not constitute an audit
in accordance with generally accepted auditing standards, we do not express an
opinion on the said interim financial statements.
Based on our review, we are not aware of any material modifications that would
have to be made to the financial statements referred to above in order for them
to be in conformity with generally accepted accounting principles, and in
accordance with the Securities Regulations (periodic and immediate reports)
1970.
We hereby agree to have the review report included in the immediate filing of
Technoplast Industries Ltd. which is scheduled to be filed in September 2003.
Oren Horowitz & Co.
Certified Public Accountants (Isr.)
Tel-Aviv, Israel, 14, September 2003
- 2 -
The accompanying notes are an integral part of the financial statements.
Balance Sheets
Adjusted to NIS of June 2003
30 June 31 December
2003 2002 2002
NIS'000 NIS'000 NIS'000
(unaudited) (audited)
Current assets
Cash and cash equivalents 12 46 14
Trade accounts receivable 4,026 3,998 4,143
Accounts receivable and other debit balances 496 485 661
Inventory 1,106 1,009 1,257
______ ______ ______
5,640 5,538 6,075
--------- --------- ---------
Long-term debit balances
Excess of funded amounts over the liability for 21 32 23
employee severance pay, net
--------- --------- ---------
Fixed assets 483 489 522
--------- --------- ---------
______ ______ ______
6,144 6,059 6,620
______ ______ ______
______ ______ ______
Current liabilities
Credit from banking institutions 4,020 3,902 4,449
Suppliers and service providers 1,354 1,534 1,849
Accounts payable and other credit balances 564 763 412
______ ______ ______
5,938 6,199 6,710
--------- --------- ---------
Long-term liabilities
Deferred taxes 7 12 8
--------- --------- ---------
Shareholders' equity (deficit) 199 (152) (98)
--------- --------- ---------
______ ______ ______
6,144 6,059 6,620
______ ______ ______
______ ______ ______
Michael Susz Max Kissos Natalie Eilat
Chairman of the Board C.E.O. C.F.O.
Date: 14 September 2003
The accompanying notes are an integral part of the financial statements.
Statements of Income
Adjusted to NIS of June 2003
Six months ended Three months ended 30 Year ended
30 June June 31 December
2003 2002 2003 2002 2002
NIS'000 NIS'000 NIS'000 NIS'000 NIS'000
(unaudited) (unaudited) (audited)
Revenues 4,948 5,043 2,539 2,610 10,133
Cost of revenues 2,847 2,738 1,420 1,409 5,679
_____ _____ _____ _____ _____
Gross profit 2,101 2,305 1,119 1,201 4,454
-------- -------- -------- -------- --------
Selling and marketing expenses 279 259 145 116 516
General and administrative 1,424 1,714 678 808 3,221
_____ _____ _____ _____ _____
1,703 1,973 823 924 3,737
-------- -------- -------- -------- --------
_____ _____ _____ _____ _____
Operating income 398 332 296 277 717
Finance income (expenses), net 80 (288) 158 (155) (576)
Other expenses - 1 - 1 1
_____ _____ _____ _____ _____
Income before taxes on income 478 43 454 121 140
Taxes on income 181 41 168 51 84
_____ _____ _____ _____ _____
Net income 297 2 286 70 56
_____ _____ _____ _____ _____
_____ _____ _____ _____ _____
Base earnings per share (NIS) 2.97 0.02 2.86 0.70 0.56
_____ _____ _____ _____ _____
_____ _____ _____ _____ _____
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Shareholders' Equity
Adjusted to NIS of June 2003
Share Retained Total
capital earnings
(accumulated
deficit)
NIS'000 NIS'000 NIS'000
Balance at 1 January 2002 (*) (154) (154)
Changes in 2002
Net income - 56 56
____ _______ _______
Balance at 31 December 2002 (*) (98) (98)
Changes during the period 1-6/2003 (unaudited)
Net income - 297 297
____ _______ _______
Balance at 30 June 2003 (*) 199 199
____ _______ _______
____ _______ _______
Balance at 1 January 2002 (*) (154) (154)
Changes during the period 1-6/2002 (unaudited)
Net income - 2 2
____ _______ _______
Balance at 30 June 2002 (*) (152) (152)
____ _______ _______
____ _______ _______
Balance at 1 April 2003 (*) (87) (87)
Changes during the period 4-6/2003 (unaudited)
Net income - 286 286
____ _______ _______
Balance at 30 June 2003 (*) 199 199
____ _______ _______
____ _______ _______
Balance at 1 April 2002 (*) (222) (222)
Changes during the period 4-6/2002 (unaudited)
Net income - 70 70
____ _______ _______
Balance at 30 June 2002 (*) (152) (152)
____ _______ _______
____ _______ _______
(*) Less than NIS 1,000.
The accompanying notes are an integral part of the financial statements.
Statements of Cash Flows
Adjusted to NIS of June 2003
Six months ended Three months ended Year ended
30 June 30 June 31 December
2003 2002 2003 2002 2002
NIS'000 NIS'000 NIS'000 NIS'000 NIS'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities:
Net income (loss) 297 2 286 70 56
Adjustments required to reflect cash from 159 (8) 79 (37) (548)
operating activities (Appendix A)
_____ _____ _____ _____ ______
Net cash provided by (used in) 456 (6) 365 33 (492)
operating activities
-------- -------- -------- -------- ---------
Cash flows from investment activities:
Purchase of fixed assets (29) (7) (3) - (101)
Proceeds from sale of fixed assets - 45 - 45 46
_____ _____ _____ _____ ______
Net cash provided by (used in) (29) 38 (3) 45 (55)
investment activities
-------- -------- -------- -------- ---------
Cash flows from financing activities:
Increase (decrease) in credit from banking (429) (1) (364) (14) 546
institutions, net
Repayment of long-term loans - (98) - (28) (98)
_____ _____ _____ _____ ______
Net cash provided by (used in) financing (429) (99) (364) (42) 448
activities
-------- -------- -------- -------- ---------
_____ _____ _____ _____ ______
Increase (decrease) in cash and cash (2) (67) (2) 36 (99)
equivalents
Cash and cash equivalents at beginning of 14 113 14 10 113
period
_____ _____ _____ _____ ______
Cash and cash equivalents at end of period 12 46 12 46 14
_____ _____ _____ _____ ______
_____ _____ _____ _____ ______
The accompanying notes are an integral part of the financial statements.
Appendices to the Statements of Cash Flows
Adjusted to NIS of June 2003
Appendix A - Adjustments required to reflect cash from operating activities
Six months ended Three months ended Year ended
30 June 30 June 31 December
2003 2002 2003 2002 2002
NIS'000 NIS'000 NIS'000 NIS'000 NIS'000
(unaudited) (unaudited) (audited)
Income and expenses not constituting cash
flows:
Depreciation and amortization 68 65 34 32 125
Deferred taxes, net 2 13 3 23 (30)
Decrease in liability for employee 2 (4) - 4 5
severance pay
Capital loss - 1 - 1 1
_____ _____ _____ _____ ______
72 75 37 60 101
-------- -------- -------- -------- ---------
Changes in assets and liabilities:
Decrease (increase) in trade accounts 117 (267) (179) (138) (216)
receivable
Decrease (increase) in accounts receivable and 162 189 285 7 (144)
other debit balances
Decrease (increase) in inventory 151 (97) 65 190 (344)
Increase (decrease) in suppliers (495) (213) (300) (162) 101
Increase (decrease) in accounts payable and 152 305 171 6 (46)
other credit balances
______ ____ ______ ____ _____
87 (83) 42 (97) (649)
-------- -------- -------- -------- ---------
______ ____ ______ ____ _____
159 (8) 79 (37) (548)
______ ____ ______ ____ _____
______ ____ ______ ____ _____
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 - GENERAL
A. They financial statements are presented as at 30 June 2003 and for the six
and three-month periods then ended. The financial statements should be read in
conjunction with the annual financial statements as at 31 December 31, 2002 and
for the year then ended, together with the accompanying notes.
B. The major accounting policies applied in the presentation of the financial
statements are identical with those applied in the presentation of the latest
annual financial statements.
NOTE 2 - FINANCIAL STATEMENTS IN ADJUSTED VALUES
Adjusted financial statements
The financial statements are presented on the basis of the historical cost
convention, adjusted for changes in the general purchasing power of the Israeli
currency, on the basis of the changes in the Israeli Consumer Price Index
(hereinafter - "I.C.P.I.").
We present below information regarding the I.C.P.I. and the exchange rates of
the U.S. dollar:
ICPI U.S.$ 1 = NIS
30 June 2003 181.1 4.312
31 March 2003 183.4 4.687
31 December 2002 182.0 4.737
30 June 2002 181.7 4.769
31 March 2002 175.0 4.668
Increase (decrease) during:
3-6/03 (1.3%) (8.0%)
1-3/03 0.8% (1.1%)
1-12/02 6.5% 7.3%
3-6/02 3.9% 2.3%
1-3/02 2.4% 5.7%
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 3 - ISRAELI ACCOUNTING STANDARD NO. 12 - DISCONTINUANCE OF ADJUSTING
FINANCIAL STATEMENTS
According to this standard and according to the decision of the Israel
Accounting Standards Board to postpone implementation of the standard as part of
Standard No. 17, inflationary adjustment of financial statements will be
discontinued as at 1 January 2004. Until 31 December 2003, the Company will
continue to present adjusted financial statements in accordance with Opinion No.
36 of the Institute of Certified Public Accountants in Israel. The adjusted
values to be included in the financial statements as at 31 December 2003 will
serve as the basis for the nominal financial reporting commencing 1 January
2004.
NOTE 4 - MERGER AGREEMENT
A. On 31 August 2003, an agreement was signed between the shareholders of the
Company (hereinafter - the "Shareholders") and Technoplast Industries Ltd.
(hereinafter - "Technoplast") whereby the Shareholders will transfer to
Technoplast, by way of a merger, all of the shares of the Company against an
allotment of Technoplast shares which will grant the Shareholders a 75% share of
the issued and paid in share capital of Technoplast (fully diluted). The
percentage of the allotment was determined on the basis of a company valuation
performed by an outside party. Consummation of the transaction is contingent on
the fulfillment of certain conditions and on receipt of the approval of various
parties.
B. In view of the aforementioned agreement, the following will apply to
agreements with interested parties:
1. The management agreement with the parent company, Kidron Management and
Holdings (1961) Ltd., will remain in force. This agreement includes management
and consulting fees at an annual rate of 5% of the Company's annual sales
turnover, and a payment in respect of office services on the basis of the
relative office space designated for the provision of services to the Company
out of the parent company's office space.
The Company estimates that the annual amount it will have to pay in
respect of the office services in accordance with the relative share of office
space described above would be NIS 150 thousand.
2. During the periods under report, the Company paid various payments to
interested parties in respect of services. Under the new agreement, these
services will be included as part of the management fees to be paid by the
Company as reported in paragraph 1 above.
3. The management agreement with an interested party company, under which
the Company paid management and consulting fees of U.S.$ 8,333 a month, will be
endorsed such that the management fees will be paid to Technoplast and will
remain within the framework of the group's revenues, following the merger.
Moreover, the aforementioned management agreement will be amended so as to add a
clause that stipulates that Technoplast will charge the Company in respect of
expenses involving product development, consultation, and engineering services.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 4 - MERGER AGREEMENT (cont.)
B. (cont.)
We present below data from the pro forma income statement for the period
ended 30 June 2003. The data reflect the major results of company operations in
accordance with the new consideration outlined above (in NIS thousands):
As reported in the financial statements
Six months ended Three months ended 30 Year ended
30 June June 31 December
2003 2002 2003 2002 2002
NIS'000 NIS'000 NIS'000 NIS'000 NIS'000
(unaudited) (unaudited) (audited)
General and administrative 1,424 1,714 678 808 3,221
Operating income 398 332 296 277 717
Taxes on income 181 41 168 51 84
Net income 297 2 286 70 56
Base earnings per share (NIS) 2.97 0.02 2.86 0.70 0.56
Pro forma data
Six months ended Three months ended 30 Year ended
30 June June 31 December
2003 2002 2003 2002 2002
NIS'000 NIS'000 NIS'000 NIS'000 NIS'000
(unaudited) (unaudited) (audited)
General and administrative 1,241 1,398 582 693 2,956
Operating income 581 648 392 392 982
Taxes on income 247 155 203 93 179
Net income 414 204 347 143 226
Base earnings per share (NIS) 4.14 2.04 3.47 1.43 2.26
=======================
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KIDRON PLASTICS LTD.
FINANCIAL STATEMENTS
31 DECEMBER 2002
KIDRON PLASTICS LTD.
FINANCIAL STATEMENTS
31 DECEMBER 2002
TABLE OF CONTENTS
Page
Auditors' Report 2
Financial Statements
Balance Sheets 3
Statements of Income 4
Statements of Changes in Shareholders' Equity 5
Statements of Cash Flows 6 - 7
Notes to Financial Statements 8 - 24
=========================
===============
AUDITORS' REPORT TO THE SHAREHOLDERS
OF
KIDRON PLASTICS LTD.
We have audited the accompanying balance sheets of Kidron Plastics Ltd.
(hereinafter the "Company") as at 31 December 2002 and 2001, and the related
statements of income, changes in shareholders' equity, and cash flows for each
of the three years in the period ended 31 December 2002. These financial
statements are the responsibility of the board of directors and management of
the Company. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards,
including those prescribed by the Israeli Auditors' Regulations (Mode of
Performance), 1973. Those standards require that we plan and perform the audit
to obtain reasonable assurance whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by the board of directors and by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements present fairly, in conformity with
generally accepted accounting principles, in all material respects, the
financial position of the Company as at 31 December 2002 and 2001, and the
results of its operations, changes in its shareholders' equity and its cash
flows for each of the three years in the period ended 31 December 2002. In
addition, in our opinion, the aforementioned financial statements are presented
in accordance with the Securities Regulations (Preparation of Annual Financial
Statements), 1993.
As explained in Note 2, the abovementioned financial statements are presented in
adjusted values, based on changes in the general purchasing power of the Israeli
currency, in accordance with opinions of the Institute of Certified Public
Accountants in Israel.
This opinion is based on a previous opinion, the last of which, regarding the
year ended 31 December 2002, was rendered on 7 July 2003.
We hereby agree to have this opinion included in the immediate filing of
Technoplast Industries Ltd. which is scheduled to be filed in September 2003.
Oren Horowitz & Co.
Certified Public Accountants (Isr.)
Tel-Aviv, Israel, 14, September 2003
- 2 -
The accompanying notes are an integral part of the financial statements.
Balance Sheets
Adjusted to NIS of June 2003
31 December
2002 2001
Note NIS'000 NIS'000
Current assets
Cash and cash equivalents 14 113
Trade accounts receivable 3 4,143(1) 3,927(1)
Accounts receivable and other debit balances 4 661(1) 479(1)
Inventory 5 1,257 912
_____ _____
6,075 5,431
-------- --------
Long-term investments and debit balances
Excess of funded amounts over the liability for 6 23 28
employee severance pay, net
-------- --------
Fixed assets 7 522 593
-------- --------
_____ _____
6,620 6,052
_____ _____
_____ _____
Current liabilities
Credit from banking institutions 8 4,449 3,947
Suppliers and service providers 9 1,849 1,748
Accounts payable and other credit balances 10 412 457
_____ _____
6,710 6,152
-------- --------
Long-term liabilities
Deferred taxes 15 8 -
Liabilities to banking institutions 11 - 54
_____ _____
8 54
-------- --------
Contingent liabilities, commitments, and liens 13
Shareholders' deficit 12 (98) (154)
-------- --------
_____ _____
6,620 6,052
_____ _____
_____ _____
(1) Reclassified
Michael Susz Max Kissos Natalie Eilat
Chairman of the Board C.E.O. C.F.O.
Date: 14 September 2003
The accompanying notes are an integral part of the financial statements.
Statements of Income
Adjusted to NIS of June 2003
Year ended
31 December
2002 2001 2000
Note NIS'000 NIS'000 NIS'000
Revenues 14-A 10,133 10,484 11,505
Cost of revenues 14-B 5,679(1) 5,904(1) 6,180(1)
______ ______ ______
Gross profit 4,454 4,580 5,325
--------- --------- ---------
Selling and marketing expenses 14-C 516(1) 531(1) 548(1)
General and administrative expenses 14-D 3,221(1) 3,399(1) 3,283(1)
______ ______ ______
3,737 3,930 3,831
--------- --------- ---------
______ ______ ______
Operating income 717 650 1,494
Financing income (expenses), net 14-E (576) (586) 3
______ ______ ______
Income after financing 141 64 1,497
Other income (expenses), net 14-F (1) 37 (11)
______ ______ ______
Income before taxes on income 140 101 1,486
Taxes on income 15 (84) (323) (561)
______ ______ ______
Net income (loss) 56 (222) 925
______ ______ ______
______ ______ ______
Base earnings (loss) per share (NIS) 0.56 (2.22) 9.25
______ ______ ______
______ ______ ______
(1) Reclassified.
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Shareholders' Equity
Adjusted to NIS of June 2003
Share Retained Total
capital earnings
(accumulated
deficit)
NIS'000 NIS'000 NIS'000
Balance at 1 January 2000 (*) 2,709 2,709
Changes in 2000
Net income - 925 925
Dividend - (430) (430)
____ _______ _______
Balance at 31 December 2000 (*) 3,204 3,204
Changes in 2001
Loss - (222) (222)
Dividend - (3,136) (3,136)
____ _______ _______
Balance at 31 December 2001 (*) (154) (154)
Changes in 2002
Net income - 56 56
____ _______ _______
Balance at 31 December 2002 (*) (98) (98)
____ _______ _______
____ _______ _______
(*) Less than NIS 1,000.
The accompanying notes are an integral part of the financial statements.
Statements of Cash Flows
Adjusted to NIS of June 2003
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
Cash flow from operating activities
Net income (loss) for the year 56 (222) 925
Adjustments required to reconcile net income (loss) to net cash from (548) (1,141) 1,043
operating activities (Appendix A)
____ ____ ____
Net cash provided by (used in) operations activities (492) (1,363) 1,968
------ ------ ------
Cash flows from investing activities
Purchase of fixed assets (101) (215) (220)
Proceeds from sale of fixed assets 46 50 82
Redemption (granting) of long-term loans - 869 (869)
____ ____ ____
Net cash provided by (used in) investing activities (55) 704 (1,007)
------ ------ ------
Cash flows from financing activities
Increase (decrease) in credit from banking institutions, net 546 3,388 (431)
Receipt (redemption) of long-term loan (98) 98 -
Dividend distributed - (3,136) (430)
____ ____ ____
Net cash provided by (used in) financing activities 448 350 (861)
------ ------ ------
____ ____ ____
Increase (decrease) in cash and cash equivalents (99) (309) 100
Cash and cash equivalents, beginning of the year 113 422 322
____ ____ ____
Cash and cash equivalents, end of the year 14 113 422
____ ____ ____
____ ____ ____
The accompanying notes are an integral part of the financial statements.
Appendices to the Statements of Cash Flows
Adjusted to NIS of June 2003
Appendix A - Adjustments required to reconcile net income /loss to net cash from
operating activities
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
Income and expenses not constituting a current flow of funds
Depreciation and amortization 125 130 133
Deferred taxes, net (30) 18 11
Increase in liability for employee severance pay, net 5 86 (128)
Capital loss (gain) 1 (37) 11
____ ____ ____
101 197 27
------ ------ ------
Changes in assets and liabilities
Increase in trade accounts receivable (216) (178) (161)
Decrease (increase) in accounts receivable and other debits (144) (355) 248
Decrease (increase) in inventory (345) 126 (84)
Increase in supplier balances 101 28 347
Increase (decrease) in accounts payable and other credit balances (45) (959) 666
____ ____ ____
(649) (1,338) 1,016
------ ------ ------
____ ____ ____
(548) (1,141) 1,043
____ ____ ____
____ ____ ____
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 - GENERAL
A. The Company was incorporated on 10 August 1993 and commenced operations at
the beginning of 1994. The Company is engaged in importing, marketing and
selling raw materials in the field of plastics.
B. Definitions
The Company - Kidron Plastics Ltd.
Interested parties - As defined in the Securities Regulations (Preparation of Annual Financial
Statements) 1993
Related party - As defined in Opinion No. 29 of the Institute of Certified Public
Accountants in Israel
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The major accounting policies applied in the presentation of the financial
statements are as follows:
A. Adjusted financial statements
1. The Company records its current transactions in nominal Shekels. In
accordance with the principles set forth in Opinions issued by the Institute of
Certified Public Accountants in Israel, the financial statements are presented
in terms of the shekel at the end of the reporting period, having identical
purchasing power (adjusted NIS). The purchasing power of adjusted NIS reflects
the price level of June 2003 - in accordance with the Israeli Consumer Price
Index of June 2003 which was published on 15 July 2003 (see Note 2I).
2. The adjusted amounts presented in the financial statements do not
necessarily represent their realizable or current economic value. The figures
merely represent historical cost, adjusted for changes in the general purchasing
power of the Israeli currency.
3. The term "cost", as used in these financial statements, refers to cost in
adjusted shekels.
4. The condensed nominal data are presented in Note 19.
B. Principles of adjustment
1. Balance sheet
Non-monetary items (amounts in the balance sheet which reflect historical value
at the time of acquisition or generation - see below) were adjusted for changes
in the Israeli Consumer Price Index (hereinafter - "I.C.P.I.") from the date of
purchase or generation.
The following items were treated as non-monetary: fixed assets, inventory, and
share capital.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (cont.)
B. Principles of adjustment (cont.)
2. Statement of Income
a. Income statement items (excluding financing items), which reflect
transactions conducted during the year, were adjusted on the basis of the dates
on which the transactions were carried out, in accordance with monthly base
indices. Erosion of monetary balances related to these transactions were
including in the financing component.
b. Income statement components related to non-monetary items in the balance
sheet were adjusted in accordance with the same basis that was used in adjusting
the relevant balance sheet item: asset write-downs, etc.
c. Income statement components related to allowances contained in the
balance sheet were computed on the basis of the changes in the related balance
sheet items, taking into consideration the relevant cash flows deriving
therefrom.
d. The net financing component is derived from the other income statement
components, and reflects financing income and expenses in real terms, including
the erosion of monetary items during the course of the year.
C. Use of estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities, including contingent
liabilities, and the reported amounts of revenues and expenses. These estimates
are computed on the basis of Management evaluations, based on past experience
and data. Actual results could differ from these estimates.
D. Cash and cash equivalents
Cash and cash equivalents includes cash held in banks in shekels and in foreign
currency, as well as deposits held in banks for immediate withdrawal or with
original maturity dates of three months or less.
E. Allowance for doubtful debts
The allowance for doubtful debts is computed mainly for specific debts, the
collection of which is deemed doubtful.
F. Inventory
Inventory is valued at the lower of cost or market value. Cost is determined on
the "first in first out" method.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (cont.)
G. Fixed assets
Fixed assets are stated at cost, net of accumulated depreciation.
Depreciation is computed on the straight-line method, at annual rates considered
adequate to fully depreciate the assets over their estimated useful lives.
Annual rates of depreciation are as follows:
Equipment and furniture - 6-15%; computers and peripheral equipment - 33%;
leasehold improvements - for the duration of the lease.
H. Deferred taxes
Deferred taxes are computed in respect of temporary differences, which include
timing differences in reporting income and expenses for accounting purposes and
reporting them for tax purposes, and differences in respect of the value of
assets and liabilities for tax purposes and their book value. The deferred
taxes are computed at the rates expected to be in effect when the deferred taxes
are utilized.
I. Israel Consumer Price Index and the Exchange Rate of the U.S.
Dollar
1. Balances denominated in foreign currency or linked thereto are presented
according to the exchange rate of the balance sheet date.
2. Balances linked to the ICPI are presented on the basis of the index to
which they balance is linked.
3. We present below information regarding the increase (decrease) in the
I.C.P.I. and the exchange rates of the U.S. dollar:
ICPI U.S.$ 1 = NIS
30 June 2003 181.1 4.312
31 December 2002 182.0 4.737
31 December 2001 170.9 4.416
31 December 2000 168.5 4.041
Increase (decrease) during:
2002 6.5% 7.3%
2001 1.4% 9.3%
2000 0.0% (2.7%)
J. Revenue recognition
Revenues from sales are recognized upon the supply of the products to the
customers. Revenues from commissions are recognized on the accrual basis.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (cont.)
K. Earnings per share
Earnings per share is computed according to the provisions of Opinion No. 55 of
the Institute of Certified Public Accountants in Israel. For information
regarding the number of shares that was used as the basis for the computation,
see Note 16.
L. Financial instruments
The Company's financial instruments include mainly non-derivative assets and
liabilities - cash and cash equivalents, trade and other accounts receivable,
credit from banking institutions, trade and other accounts payable. Due to
their nature, the fair value of the aforementioned financial instruments is not
materially different than their value as presented in the financial statements.
M. New accounting standards
Standard No. 12 - Discontinuance of Adjusting Financial Statements
According to this standard and according to the decision of the Israel
Accounting Standards Board to postpone implementation of the standard as part of
Standard No. 17, inflationary adjustment of financial statements will be
discontinued as at 1 January 2004. Until 31 December 2003, the Company will
continue to present adjusted financial statements in accordance with Opinion No.
36 of the Institute of Certified Public Accountants in Israel. The adjusted
values to be included in the financial statements as at 31 December 2003 will
serve as the basis for the nominal financial reporting commencing 1 January
2004.
Standard No. 15 - Decline in Asset Value
The Standard stipulates the accounting treatment in the event of a decline in
value of the company's assets, including investments in investee companies which
are not subsidiaries, goodwill deriving from the acquisition of companies, and
adjustments to fair value. This standard applies to the financial statements of
periods commencing on 1 January 2003. In the opinion of the Company, this
standard will have no material effect, if any, on the financial statements of
the Company.
NOTE 3 - TRADE ACCOUNTS RECEIVABLE
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Composition:
Open accounts 3,059 2,777
Post-dated checks 1,036 1,009
Income receivable 205 196
_______ _______
4,300 3,982
Allowance for doubtful debts (157) (55)
_______ _______
4,143 3,927
_______ _______
_______ _______
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 4 - ACCOUNTS RECEIVABLE AND OTHER DEBIT BALANCES
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Composition:
Interested party company (1) 185 -
Deferred taxes (Note 15) 64 26
Institutions 363 407
Miscellaneous and prepaid expenses 49 46
_______ _______
661 479
_______ _______
_______ _______
(1) Linked to the I.C.P.I., non-interest bearing.
NOTE 5 - INVENTORY
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Raw materials 1,257 912
_______ _______
_______ _______
NOTE 6 - EXCESS OF FUNDED AMOUNTS OVER THE LIABILITY FOR EMPLOYEE
SEVERANCE PAY, NET
A. Composition:
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Funded amounts 52 69
Less - liability for severance pay 29 41
______ ______
23 28
______ ______
______ ______
B. The obligation of the Company for employee severance pay is covered by
payments of premiums for managers insurance policies and by the liability
presented in the balance sheet.
The amounts accumulated in the managers insurance policies are not
reflected in the financial statements since they are neither controlled nor
managed by the Company.
C. The funded amounts are on deposit with recognized severance funds, in the
name of the Company, and include income accrued until the balance sheet date.
The amounts on deposit can be withdrawn only after fulfillment of the terms of
the Severance Pay Law.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 7 - FIXED ASSETS
Equipment & Motor Computers Leasehold Total
furniture vehicles and improve-ments
peripheral
equipment
NIS'000 NIS'000 NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted) (adjusted) (adjusted)
Cost
Balance at 1 January 2002 242 653 58 62 1,015
Acquisitions during the year 8 - 14 79 101
Disposals during the year - (56) - - (56)
______ ______ _____ ______ _______
Balance at 31 December 2002 250 597 72 141 1,060
---------- --------- -------- --------- ----------
Accumulated depreciation
Balance at 1 January 2002 171 182 45 24 422
Depreciation for the year 15 93 9 8 125
Cancellations for disposals during the - (9) - - (9)
year
______ ______ _____ ______ _______
Balance at 31 December 2002 186 266 54 32 538
--------- --------- -------- --------- ----------
______ ______ _____ ______ _______
Depreciated cost
31 December 2002 64 331 18 109 522
______ ______ _____ ______ _______
______ ______ _____ ______ _______
31 December 2001 71 471 13 38 593
______ ______ _____ ______ _______
______ ______ _____ ______ _______
NOTE 8 - CREDIT FROM BANKING INSTITUTIONS
Interest 31 December
Rates 2002 2001
% NIS'000 NIS'000
(adjusted) (adjusted)
Overdraft 8.4 - 11.9 423 423
Short-term bank loans (1) 4,026 3,480
Current maturities (see Note 11) - 44
_______ _______
4,449 3,947
_______ _______
_______ _______
1. Shekel loans amounting to NIS 1,998 thousand (last year NIS 3,480
thousand) bear interest at a rate of Prime + 0.5%.
Loans linked to the U.S. dollar, in an amount of NIS 2,028 thousand,
bear interest at a rate of LIBOR + 2.5%.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 9 - SUPPLIERS AND SERVICE PROVIDERS
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Composition
Open debts 1,751 1,464
Post-dated checks 98 284
_______ _______
1,849 1,748
_______ _______
_______ _______
NOTE 10 - ACCOUNTS PAYABLE AND OTHER CREDIT BALANCES
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Composition
Interested party companies (1) 322 249
Employees 41 46
Institutions 10 106
Reserve for vacation pay 20 17
Miscellaneous and expenses payable 19 39
_______ _______
412 457
_______ _______
_______ _______
(1) The balances are linked to the I.C.P.I.
NOTE 11 - LIABILITIES TO BANKING INSTITUTIONS
Interest 31 December
Rates 2002 2001
% NIS'000 NIS'000
(adjusted) (adjusted)
Loans linked to the ICPI 5.5 - 98
Less current maturities - 44
_______ _______
- 54
_______ _______
_______ _______
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 12 - SHARE CAPITAL
Composition:
Number of shares
31 December 2002 31 December 2001
Registered Issued and Registered Issued and
outstanding outstanding
Ordinary shares, NIS 1 par value 22,900 100 22,900 100
_________ _________ _________ _________
_________ _________ _________ _________
NOTE 13 - CONTINGENT LIABILITIES, COMMITMENTS AND LIENS
A. Liens
The Company pledged all of its assets in favour of the First
International Bank of Israel Ltd., including all types of rights that it
currently has or will have in the future. The amount secured by these liens as
at 31 December 2002 totalled NIS 4,450 thousand.
B. Guarantees
The parent company is a guarantor for the liabilities of the Company to the
First International Bank of Israel Ltd.
C. Commitments
1. The Company has an agreement with the C.E.O. of the Company to receive
C.E.O. services through a company under his control, in consideration for an
amount of U.S.$ 14,552 per month, plus an annual bonus based on the results of
the Company's operations. Subsequent to the balance sheet date, the amount of
the remuneration was changed to U.S.$ 12,469 per month, commencing on 1 January
2003. The agreement is in force until 31 December 2004.
2. The Company has an agreement to receive management services from the
parent company in consideration for an amount equal to 5% of the Company's sales
turnover. Under this agreement, the Company also received office services from
the parent company, and, as part of the agreement, the Company paid in 2002,
2001, and 2000, amounts of NIS 258 thousand, NIS 449 thousand, and NIS 207
thousand respectively. For information regarding the Company's estimate of
office services provided subsequent to the balance sheet date, see Note 18.
3. The Company has an agreement for provision of import, storage, and
distribution services to an interest party, under which the Company received an
amount of NIS 190 thousand in 2002.
4. The Company has an agreement to receive management and consultancy
services from an interest party company, in consideration for an amount of U.S.$
8,333 per month.
5. The Company has an agreement to rent 2 buildings covering an area of 800
sq.m. in Haifa. The buildings are used to maintain and operate a workshop,
manufacturing, marketing and importing of raw materials for industry. This
agreement is in force until 31 December 2005.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 13 - CONTINGENT LIABILITIES, COMMITMENTS AND LIENS (cont.)
D. Litigation
In June 2003, a former employee of the Company filed a suit in respect of bodily
damages allegedly caused to him during his work at the Company. Based on the
opinion of its legal counsel, and on its insurance policy, the Company estimates
that there will be no material exposure in respect of this suit, and therefore,
no provision was set up in the financial statements in respect thereof.
NOTE 14 - NOTES TO THE INCOME STATEMENTS
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
A. Revenues
Sales 9,480 9,784 10,767
Commissions 653 700 738
_______ _______ _______
10,133 10,484 11,505
_______ _______ _______
_______ _______ _______
B. Cost of revenues
Purchases 6,024 5,777 6,264
Changes in inventory (345) 127 (84)
_______ _______ _______
5,679 5,904 6,180
_______ _______ _______
_______ _______ _______
C. Selling and marketing expenses
Payroll and related expenses 203 215 197
Vehicle maintenance (including depreciation) 204 251 247
Advertising 10 24 29
Others 99 41 75
_______ _______ _______
516 531 548
_______ _______ _______
_______ _______ _______
D. General and administrative expenses
Payroll and related expenses and management fees 1,399 1,559 1,712
Management fees and reimbursement of expenses of parent 1,280 1,401 1,076
company
Bad and doubtful debts 107 (5) 51
Depreciation and amortisation 21 19 15
Others 414 425 429
_______ _______ _______
3,221 3,399 3,283
_______ _______ _______
_______ _______ _______
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 14 - NOTES TO THE INCOME STATEMENTS (cont.)
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
E. Financing income (expenses), net
Short-term loans (370) (282) (70)
Erosion and other financing expenses, net (206) (304) 73
_______ _______ _______
(576) (586) 3
_______ _______ _______
_______ _______ _______
F. Other income (expenses), net
Capital gain (loss) (1) 37 (11)
_______ _______ _______
_______ _______ _______
NOTE 15 - TAXES ON INCOME
A. Composition:
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
Current taxes (104) (40) (542)
Prior years' taxes (10) (265) (8)
Deferred taxes 30 (18) (11)
_______ _______ _______
Taxes on income (84) (323) (561)
_______ _______ _______
_______ _______ _______
B. Deferred taxes
1. Changes in deferred taxes
Short-term Long-term Total
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
Balance as at 1 January 2001 25 19 44
Changes in 2001
Savings (expense) 1 (19) (18)
_______ _______ _______
Balance as at 31 December 2001 26 - 26
Changes in 2002
Savings (expense) 38 (8) 30
_______ _______ _______
Balance as at 31 December 2002 64 (8) 56
_______ _______ _______
_______ _______ _______
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 15 - TAXES ON INCOME (cont.)
B. Deferred taxes (cont.)
2. Balances presented in the balance sheet:
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Current assets 64 26
Long-term liabilities (8) -
_______ _______
56 26
_______ _______
_______ _______
C. Legislation pertaining to taxation under
inflationary conditions
The Income Tax Law (Inflationary Adjustments) 1985 set down measurement of
results of operations for tax purposes on a "real" basis. The Company is taxed
under this law.
D. Final tax assessments
The Company has final tax assessments in respect of the tax years up to and
including 1999.
E. Theoretical tax
We present below the major components of the reconciliation between the
theoretical income tax expense computed on the pre-tax income (loss) and the
amount presented in the financial statements:
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
Pre-tax income 140 101 1,486
_______ _______ _______
_______ _______ _______
Theoretical tax computed at regular rates (50) (36) (535)
Increase in tax liability due to:
Non-deductible expenses (15) (15) (13)
Prior years' taxes (10) (265) (8)
Other differences, net (9) (7) (5)
_______ _______ _______
Amount presented in financial statements (84) (323) (561)
_______ _______ _______
_______ _______ _______
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 16 - EARNINGS (LOSS) PER SHARE
We present below details of the earnings (loss) per share and the number of
shares used in computing the earnings (loss) per share):
2002 2001 2000
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
Earnings (loss) per share 56 (222) 925
_______ _______ _______
_______ _______ _______
Number of shares used to compute EPS 100 100 100
_______ _______ _______
_______ _______ _______
NOTE 17 - INTERESTED AND RELATED PARTIES
A. Transactions with interested parties
Year ended
31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
(adjusted) (adjusted) (adjusted)
Management fees, office services, and 1,280 1,401 1,076
reimbursement of parent company expenses
Management fees, grants, consultancy, and 913 888 1,471
salary of the Company's C.E.O. (1) (2)
Grants to former interested parties 89 183 -
(1) For information regarding the agreement with the C.E.O., see Note 13C(1).
(2) In 2000, the C.E.O. of the Company received a salary, and in 2001 and
2002, management fees were paid to a company under his control.
B. Balances with related parties
Asset and liability items include the following balances with interested
parties:
31 December
2002 2001
NIS'000 NIS'000
(adjusted) (adjusted)
Credit balances as at the end of the year (322) (249)
_______ _______
_______ _______
Debit balances as of the end of the year 185 -
_______ _______
_______ _______
The highest debit balances during the year were: 185 -
_______ _______
The balances are linked to the I.C.P.I. and bear no interest.
C. For information regarding guarantees with interested parties, see Note
13-B.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 18 - MERGER AGREEMENT
A. On 31 August 2003, an agreement was signed between the shareholders of the
Company (hereinafter - the "Shareholders") and Technoplast Industries Ltd.
(hereinafter - "Technoplast") whereby the Shareholders will transfer to
Technoplast, by way of a merger, all of the shares of the Company against an
allotment of Technoplast shares which will grant the Shareholders a 75% share of
the issued and paid in share capital of Technoplast (fully diluted). The
percentage of the allotment was determined on the basis of a valuation performed
by an outside party. Consummation of the transaction is contingent on the
fulfillment of certain conditions and on receipt of the approval of various
parties.
B. In view of the aforementioned agreement, the following will apply to
agreements with interested parties:
1. The management agreement with the parent company, Kidron Management and
Holdings (1961) Ltd., will remain in force. This agreement includes management
and consulting fees at an annual rate of 5% of the Company's annual sales
turnover, and a payment in respect of office services on the basis of the
relative office space designated for the provision of services to the Company
out of the parent company's office space. For information regarding the amounts
paid by the Company in respect of this agreement, see Note 13-C-2.
The Company estimates that the annual amount it will have to pay in
respect of the office services in accordance with the relative share of office
space described above would be NIS 150 thousand.
During the years under report, the Company paid various payments to
interested parties in respect of services. Under the new agreement, these
services will be included as part of the management fees to be paid by the
Company as reported in Note 13-C-2.
2. The management agreement with an interested party company, under which
the Company paid management and consulting fees of U.S.$ 8,333 a month, will be
endorsed such that the management fees will be paid to Technoplast and will
remain within the framework of the group's revenues, following the merger as per
Note 13-C-4.
Moreover, the aforementioned management agreement will be amended so as to add a
clause that stipulates that Technoplast will charge the Company in respect of
expenses involving product development, consultation, and engineering services.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 18 - MERGER AGREEMENT (cont.)
B. (cont.)
We present below data from the pro forma income statement for the three
years period ended 31 December 2002. The data reflect the major results of
company operations in accordance with the new consideration outlined above (in
NIS thousands):
As reported in the financial Pro forma data
statements
2002 2001 2000 2002 2001 2000
General and administrative 3,221 3,399 3,283 2,956 2,862 2,345
expenses
Operating income 717 650 1,494 982 1,187 2,432
Taxes on income 84 323 561 179 517 899
Net income (loss) 56 (222) 925 226 121 1,525
Base earnings (loss) per 0.56 (2.22) 9.25 2.26 1.21 15.25
share - in NIS
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 19 - LINKAGE TERMS
Adjusted NIS thousands
31 December 2002
Monetary balances
Foreign Index-linked Unlinked Non-monetary Total
currency-linked balances
(1)
Assets
Cash and cash equivalents - - 14 - 14
Trade accounts receivable - - 3,938 - 3,938
Accounts receivable and other debit 205 549 - 112 866
balances
Inventories - - - 1,257 1,257
Excess of funded amounts over the - - 23 - 23
liability for severance pay, net
Fixed assets - - - 522 522
________ ________ ________ ________ ________
Total assets 205 549 3,975 1,891 6,620
------------ ------------ ------------ ------------ ------------
Liabilities
Credit from banking institutions 2,135 - 2,314 - 4,449
Suppliers and service providers 1,419 - 430 - 1,849
Accounts payable and other credit - 322 90 - 412
balances
Deferred taxes - - - 8 8
________ ________ ________ ________ ________
3,554 322 2,834 8 6,718
------------ ------------ ------------ ------------ ------------
________ ________ ________ ________ ________
Excess assets (liabilities) (3,349) 227 1,141 1,883 (98)
________ ________ ________ ________ ________
________ ________ ________ ________ ________
Adjusted NIS thousands
31 December 2001
Monetary balances
Foreign Index-linked Unlinked Non-monetary Total
currency-linked balances
(1)
Assets
Cash and cash equivalents 99 - 14 - 113
Trade accounts receivable - - 3,731 - 3,731
Accounts receivable and other debit 196 407 - 72 675
balances
Inventories - - - 912 912
Excess of funded amounts over the - - 28 - 28
liability for severance pay, net
Fixed assets - - - 593 593
________ ________ ________ ________ ________
Total assets 295 407 3,773 1,577 6,052
------------ ------------ ------------ ------------ ------------
Liabilities
Credit from banking institutions - - 3,947 - 3,947
Suppliers and service providers 1,144 - 604 - 1,748
Accounts payable and other credit - 249 208 - 457
balances
Liabilities to banking institutions - 54 - - 54
________ ________ ________ ________ ________
1,144 303 4,759 - 6,206
------------ ------------ ------------ ------------ ------------
________ ________ ________ ________ ________
Excess assets (liabilities) (849) 104 (986) 1,577 (154)
________ ________ ________ ________ ________
________ ________ ________ ________ ________
(1) Mainly to the Euro.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 20 - COMPANY FINANCIAL STATEMENT DATA IN NOMINAL VALUES
A. Balance sheets
31 December
2002 2001
NIS'000 NIS'000
Current assets
Cash and cash equivalents 14 106
Trade accounts receivable 4,164(1) 3,707(1)
Accounts receivable and other debit balances 664(1) 452(1)
Inventory 1,263 861
_______ _______
6,105 5,126
----------- -----------
Long-term debit balances
Excess of funded portion over liability for severance pay, net 23 26
------------ -----------
Fixed assets 486 541
----------- -----------
_______ _______
6,614 5,693
________ _______
________ _______
Current liabilities
Credit from banking institutions 4,472 3,725
Suppliers and service providers 1,858 1,649
Accounts payable and other credit balances 414 433
_______ _______
6,744 5,807
----------- -----------
Long-term liabilities
Loan from banking institution - 50
Deferred taxes 8 -
________ _______
8 50
------------ -----------
Shareholders' deficit (138) (164)
------------ -----------
________ _______
6,614 5,693
________ _______
________ _______
(1) Reclassified.
NOTES TO THE FINANCIAL STATEMENTS (cont.)
NOTE 20 - COMPANY FINANCIAL STATEMENT DATA IN NOMINAL VALUES (cont.)
B. Income statements
Year ended 31 December
2002 2001 2000
NIS'000 NIS'000 NIS'000
Revenues 10,057 9,894 10,708
Cost of revenues 5,577 5,558 5,752
________ ________ ________
Gross profit 4,480 4,336 4,956
----------- ------------ ------------
Selling and marketing expenses 511 496 504
General and administrative expenses 3,187 3,205 3,042
_______ _______ _______
3,698 3,701 3,546
----------- ------------ ------------
Operating income 782 635 1,410
Financing (income) expenses, net (674) (532) 1
_______ _______ _______
Income (loss) after financing 108 103 1,411
Other income (expenses), net 1 37 (3)
_______ _______ _______
Income before taxes on income 109 140 1,408
Taxes on income (83) (304) (522)
_______ _______ _______
Net income (loss) 26 (164) 886
_______ _______ _______
_______ _______ _______
C. Statement of changes in shareholders' equity
Share capital Retained earnings Total
(accumulated
deficit)
NIS'000 NIS'000 NIS'000
Balance at January 1, 2000 (*) 2,473 2,473
Changes in 2000
Net income - 886 886
Dividend distribution - (400) (400)
__ _______ _______
Balance at 31 December 2000 (*) 2,959 2,959
Changes in 2001
Loss - (164) (164)
Dividend distribution - (2,959) (2,959)
__ _______ _______
Balance at 31 December 2001 (*) (164) (164)
Changes in 2002
Net income - 26 26
__ _______ _______
Balance at 31 December 2002 (*) (138) (138)
__ _______ _______
__ _______ _______
(*) Less than NIS 1,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEILFFLFFLFIIV