TIDMORPK
RNS Number : 8454H
Orpak Systems Ltd
01 March 2010
1 March 2010
Orpak Systems Ltd
("Orpak" or "the Company")
Financial results for the fourth quarter and twelve months ended 31 December
2009
Orpak Systems Ltd, the leading provider of card-free secure fuel payment systems
based on vehicle identification and end-to-end solutions for the automation of
fuel stations, announces its financial results for the fourth quarter and twelve
months ended 31 December 2009.
Twelve months ended 31 December 2009 Highlights
· Revenue was $57.1m (2008: $71.2m)
· Net profit increased 14% to $8.0m (2008: $7.1m); non GAAP net profit was
$8.5m (2008: $7.9m)
· Fully diluted earnings per share were $0.25 (2008: $0.21)
· Executed cost cutting plan to restore bottom-line performance and mitigate
impact of currency factors on operational efficiency
· Finalised the equipment of 570 BP stations in Turkey with automation and
fuel payment systems based on vehicle identification, and delivered the first
batch of 45,000 vehicle identification units out of an anticipated total of
approximately 65,000 vehicles
· Received $1.3m from delivering on the Company's contract with Gilbarco Inc.
(signed January 2009) to equip new fleet management systems of Gasboy
International, part of the Gilbarco family of companies, with Orpak technology
· Progress made with opportunities in Europe, Africa and Asia
· Net cash and cash equivalents totaled $25.8m at 31 December 2009 (30 June
2009: $26.3m), despite making dividend distributions totaling $3.3m during the
year 2009
· The Company declares a final dividend of about $0.03 per share to be paid
on 18 March 2010
Fourth Quarter 2009 Highlights
· Revenue was $13.4m, an increase of 3% over the previous quarter (Q3 2009:
$12.9m; Q4 2008: $18.8m)
· Net profit was $1.9m (Q3 2009: $1.7m; Q4 2008: $2.8m)
· Orpak's products were delivered to a further 250 fuel stations and 100,000
vehicles during the quarter - including an additional 5,000 vehicle
identification units under a contract with BP in Turkey
Outlook
· In January 2010, Orpak signed an agreement with Ingenico, the leading
provider of payment solutions, to distribute an affordable and secure unattended
outdoor payment terminal for petro merchants and retail operations across North
America
· Detrimental impact on sales of global macro-economic conditions persists,
but the Company continues to benefit from a high level of repeat business
· For the full year 2010, Orpak expects to continue to gain market share in
emerging markets
Hayim Kohen, Chief Executive of Orpak, said: "We are pleased that this period
has seen sustained momentum in net profit growth - as well as an increase in
revenue and net profit for the quarter - as we continue to deliver on our
contracts and roll-out our products. Whilst the challenges of the economic
conditions persist, demand for Orpak's products remains encouraging and we are
focused on mitigating the negative impact of the market weakness, and so
continuing the successes we have achieved to date.
Looking ahead, the Company expects to continue to gain market share in emerging
markets and as a result, the Board looks to the future with confidence."
Enquiries:
Orpak Systems Ltd
Hayim Kohen, CEO +972 3 577
6868
Hemi Shtral, CFO
Libertas Capital
Sandy Jamieson +44 20
7569 9650
Corfin Communications
Harry Chathli, Claire Norbury +44 20 7977
0020
Note to Editors:
Orpak develops, manufactures and markets end-to-end solutions for the automation
of fuel stations and fleet management. Orpak is a market leader in automated
refueling systems that incorporate fuel payment based on vehicle identification.
Using advanced technologies to meet customer requirements, Orpak's solutions
integrate forecourt automation and management, convenience-store management
systems, commercial and retail sales solutions, and fuel delivery systems. The
Company's solutions are designed to benefit customers through enabling fuel
savings, preventing fuel fraud, maximizing loyalty programs and providing other
advanced services that increase profitability.
The Company's products have been delivered to more than 11,500 fuel stations and
2.6 million vehicles in 30 countries across the globe and are distributed
through an international network of subsidiaries and partners.
Orpak has been ISO-9001 certified since 1995, and the Company's products meet
appropriate local safety standards and regulations in markets in which it
operates.
Orpak (AIM: ORPK) was admitted to AIM in December 2005.
Financial review
Orpak is pleased to announce continued growth in net profit for the twelve
months ended 31 December 2009, reflecting sustained demand for Orpak's products
and services in key territories.
For the fourth quarter, revenue was $13.4m (Q4 2008: $18.8m) and net profit was
$1.9m (Q4 2008: $2.8m).
Revenue for the twelve months to 31 December 2009 was $57.1m (2008: $71.2m) and
net profit increased 14% to $8.0m (2008: $7.1m) for the same period.
Net profit, excluding the provision of expenses for stock option plans and the
amortization of intangible assets associated with acquisitions, amounted to
$8.5m for the full year (2008: $7.6m).
During 2009, the Company took firm action to address the challenges arising from
the weakness in the financial markets by reducing operating expenses. These
steps continue to produce encouraging results and the benefits are expected to
persist into the next quarters.
Fully diluted earnings per share were $0.25 (2008: $0.21).
Sales and marketing expenditure amounted to $10.9m compared with $15.1m for the
same priod last year as the Company maintained a tight control over its
operating costs in response to the economic downturn.
Net cash and cash equivalents totaled $25.8m at 31 December 2009, despite making
dividend distributions totaling $3.3m during the year.
Dividend
Following due consideration of the Annual Accounts for the year ended 31
December 2009, management accounts of the Company, and the Company's existing
and foreseeable liabilities, the Board resolves to declare a final dividend of
NIS 0.11 per Ordinary Share for the fourth quarter ended 31 December 2009. This
amount will be converted to USD per the exchange rate valid on the payment date
to the shares' registration firm.
For convenience purposes, as of today, the above mentioned dividend is
equivalent to $0.03 per Ordinary Share.
The dividend will be paid on 18 March 2010, to shareholders on the
Company's register at the close of business on 12 March 2010, with an ex
dividend date of 10 March 2010. The total final dividend amounts to NIS
3,713,000 (equivalent to USD 990,000).
Operating review
Orpak succeeded in increasing its market share in the territories in which it is
established and continued to expand into new areas. During the fourth quarter,
the Company's systems were delivered to 250 petrol stations and 100,000 vehicles
bringing the total to 11,500 petrol stations and 2.6 million vehicles equipped
to date, distributed across 30 countries.
For the twelve month period, revenue in Europe fell to $43.0m (2008: $58.0m) due
to the freeze on capital expenditure by oil companies as a result of the
weakening global economic conditions. However, Europe remained the largest
contributor to the Company's revenues as major orders, including contracts with
oil companies in several countries in Eastern Europe, were delivered on time and
within budget.
During the quarter, Orpak delivered an additional 5,000 vehicle identification
units under a contract with BP in Turkey, bringing the total to date to 45,000
out of an anticipated total of approximately 65,000 vehicles. This formed part
of an ongoing contract with BP in Turkey, and further strengthens the Company's
position in the region.
During the twelve months, the Company received $1.3m from delivering on its
contract with Gilbarco Inc., that was signed in January 2009, to equip new fleet
management systems of Gasboy International, part of the Gilbarco family of
companies, with Orpak technology. The Gasboy products are being sold and
supported in the United States exclusively through the existing network of
Gasboy distributors and Authorized Service Contractors, and globally on a
non-exclusive basis. The new Gasboy fleet management systems include fleet head
office, site controller, wireless vehicle identification and fuel truck
controller.
On January 2010, the Company signed an agreement with Ingenico, the leading
provider of payment solutions, to distribute an affordable and secure unattended
outdoor payment terminal for petro merchants and retail operations. Orpak will
provide the terminal using Ingenico's secured operating system, making it one of
the most secure and cost-effective ruggedized payment devices available today.
Ingenico is the preferred distributor for the new terminal across North America.
Outlook
Whilst the effects of the weakness in global economic conditions persists,
interest in Orpak's products and services remains strong and the Company
continues to benefit from a high level of repeat business. Going forward, Orpak
expects to grow its market share in emerging markets, building on the strong
foundations it has already established. As a result, and with indications of oil
companies considering a return to investment in automated services for fleets
and petrol forecourts, the Board looks to the future with confidence.
Consolidated Statements of Financial Position as at December 31
+-----------------------------+----------+----------+-----------+-----------+
| | | | 2009 | 2008 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | $ | $ |
| | | | thousands | thousands |
+-----------------------------+----------+----------+-----------+-----------+
| Assets | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Current assets | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Cash and cash equivalents | | | 9,413 | 17,130 |
+-----------------------------+----------+----------+-----------+-----------+
| Held for trading | | | 390 | 15,046 |
| investments | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Available for sale | | | 17,717 | - |
| financial assets | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Trade receivables | | | 17,076 | 13,121 |
+-----------------------------+----------+----------+-----------+-----------+
| Other receivables | | | 2,036 | 1,561 |
+-----------------------------+----------+----------+-----------+-----------+
| Current tax assets | | | 727 | 978 |
+-----------------------------+----------+----------+-----------+-----------+
| Inventories | | | 8,120 | 7,551 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Total current assets | | | 55,479 | 55,387 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Non-current assets | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Held to maturity | | | - | 2,190 |
| investments | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Deferred tax assets | | | 650 | 486 |
+-----------------------------+----------+----------+-----------+-----------+
| Employee benefits | | | 315 | 424 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | 965 | 3,100 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Property and equipment | | | 2,465 | 2,788 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Intangible assets | | | 21,090 | 17,170 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Total non-current assets | | | 24,520 | 23,058 |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| | | | | |
+-----------------------------+----------+----------+-----------+-----------+
| Total assets | | | 79,999 | 78,445 |
+-----------------------------+----------+----------+-----------+-----------+
+--------------------+-+---------------------+-+-----------------------+
| | | | | |
+--------------------+-+---------------------+-+-----------------------+
| Alex Milner | | Hayim Kohen | | Hemi Shtral |
+--------------------+-+---------------------+-+-----------------------+
| Chairman of the | |General Manager and | | Chief Financial |
| Board | |Member of the Board | | Officer |
+--------------------+-+---------------------+-+-----------------------+
Date of approval of the financial statements: February 28, 2010
Consolidated Statements of Financial Position as at December 31
+------------------------------------------+-------+-----------+-----------+
| | | 2009 | 2008 |
+------------------------------------------+-------+-----------+-----------+
| | | $ | $ |
| | | thousands | thousands |
+------------------------------------------+-------+-----------+-----------+
| Liabilities and equity | | | |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Current liabilities | | | |
+------------------------------------------+-------+-----------+-----------+
| Bank overdraft | | 1 | 70 |
+------------------------------------------+-------+-----------+-----------+
| Short-term loans from banks | | 1,722 | 1,710 |
+------------------------------------------+-------+-----------+-----------+
| Trade payables | | 4,612 | 6,215 |
+------------------------------------------+-------+-----------+-----------+
| Other payables | | 17,115 | 13,955 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Total current liabilities | | 23,450 | 21,950 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Non-Current liabilities | | | |
+------------------------------------------+-------+-----------+-----------+
| Deferred tax liabilities | | 1,702 | 2,093 |
+------------------------------------------+-------+-----------+-----------+
| Employee benefits | | 307 | 246 |
+------------------------------------------+-------+-----------+-----------+
| Other long-term liabilities | | 6,052 | 5,250 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Total non-current liabilities | | 8,061 | 7,589 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Total liabilities | | 31,511 | 29,539 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Equity | | | |
+------------------------------------------+-------+-----------+-----------+
| Share capital | | 179 | 179 |
+------------------------------------------+-------+-----------+-----------+
| Share premium | | 21,705 | 21,705 |
+------------------------------------------+-------+-----------+-----------+
| Reserve from available for sale | | 682 | - |
| investments | | | |
+------------------------------------------+-------+-----------+-----------+
| Treasury shares | | (7,812) | (501) |
+------------------------------------------+-------+-----------+-----------+
| Translation reserve | | 2,642 | 1,967 |
+------------------------------------------+-------+-----------+-----------+
| Retained earnings | | 29,801 | 24,401 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Total equity attributable to equity | | 47,197 | 47,751 |
| holders of the Company | | | |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Minority interest | | 1,291 | 1,155 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Total equity | | 48,488 | 48,906 |
+------------------------------------------+-------+-----------+-----------+
| | | | |
+------------------------------------------+-------+-----------+-----------+
| Total liabilities and equity | | 79,999 | 78,445 |
+------------------------------------------+-------+-----------+-----------+
Consolidated Income Statements for the Year Ended December 31
+------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2007 |
+------------------------------+---------+-----------+-----------+-----------+
| | | $ | $ | $ |
| | | thousands | thousands | thousands |
+------------------------------+---------+-----------+-----------+-----------+
| Revenues from sales and | | 57,057 | 71,177 | 58,044 |
| services | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Cost of sales and services | | 31,635 | 37,185 | 28,140 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Gross profit | | 25,422 | 33,992 | 29,904 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Research and development | | 2,749 | 3,696 | 4,374 |
| expenses | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Selling and marketing | | 10,905 | 15,051 | 12,727 |
| expenses | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| General and administrative | | 3,488 | 3,971 | 3,182 |
| expenses | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Other income | | (1,221) | (12) | (81) |
+------------------------------+---------+-----------+-----------+-----------+
| Other expenses | | - | 18 | 3 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Operating profit | | 9,501 | 11,268 | 9,699 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Finance income | | 782 | 1,498 | 2,020 |
+------------------------------+---------+-----------+-----------+-----------+
| Finance expenses | | (759) | (4,327) | (1,403) |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Finance income (expenses), | | 23 | (2,829) | 617 |
| net | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Profit before income tax | | 9,524 | 8,439 | 10,316 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Taxes on income | | 813 | 842 | 876 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Profit for the year | | 8,711 | 7,597 | 9,440 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Attributable to: | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Equity holders of the | | 8,038 | 7,065 | 8,978 |
| Company | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Minority interest | | 673 | 532 | 462 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Profit for the year | | 8,711 | 7,597 | 9,440 |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Earnings per share (in U.S. | | | | |
| dollars) | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Basic earning per share (in | | 0.249 | 0.209 | 0.266 |
| U.S. dollars) | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+------------------------------+---------+-----------+-----------+-----------+
| Diluted earning per share | | 0.249 | 0.208 | 0.264 |
| (in U.S. dollars) | | | | |
+------------------------------+---------+-----------+-----------+-----------+
[*** UNPARSEABLE TABLE ***]
[*** UNPARSEABLE TABLE ***]
[*** UNPARSEABLE TABLE ***]
+-----------------------------------------+-----------+-----------+-----------+
| | 2009 | 2008 | 2007 |
+-----------------------------------------+-----------+-----------+-----------+
| | $ | $ | $ |
| | thousands | thousands | thousands |
+-----------------------------------------+-----------+-----------+-----------+
| Cash flows from operating activities | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Profit for the year | 8,711 | 7,597 | 9,440 |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Adjustment for: | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Depreciation | 913 | 972 | 766 |
+-----------------------------------------+-----------+-----------+-----------+
| Amortization | 492 | 542 | - |
+-----------------------------------------+-----------+-----------+-----------+
| Gain from sale of property and | (7) | (11) | (81) |
| equipment | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Decrease (increase) in value of | 14 | 3,172 | (551) |
| marketable securities, net | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Decrease in value of long-term | 346 | (509) | - |
| liabilities | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Income tax expense | 813 | 842 | 876 |
+-----------------------------------------+-----------+-----------+-----------+
| Gain from exercise of put option | (1,192) | - | - |
+-----------------------------------------+-----------+-----------+-----------+
| Financing income | (390) | (758) | (606) |
+-----------------------------------------+-----------+-----------+-----------+
| Share-based payment transactions | 123 | 178 | 308 |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | 9,823 | 12,025 | 10,152 |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Changes in working capital | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Decrease (increase) in trade | (3,715) | 7,758 | (5,984) |
| receivables | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Decrease (increase) in other | (280) | (917) | 322 |
| receivables and prepayments | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Decrease (increase) in inventories | (453) | 3,250 | (2,584) |
+-----------------------------------------+-----------+-----------+-----------+
| (Decrease) increase in trade payables | (1,553) | (881) | 992 |
+-----------------------------------------+-----------+-----------+-----------+
| (Decrease) increase in other payables | (751) | (4,572) | 3,763 |
+-----------------------------------------+-----------+-----------+-----------+
| Changes in employee benefit | 168 | (301) | 105 |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | 3,239 | 16,362 | 6,766 |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Income tax paid | (846) | (985) | (495) |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Net cash generated from operating | 2,393 | 15,377 | 6,271 |
| activities | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Cash flows from investing activities | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Loan paid from (granted to) O.R.T group | (442) | 278 | (236) |
| companies | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Acquisition of property and equipment | (652) | (907) | (1,356) |
+-----------------------------------------+-----------+-----------+-----------+
| Acquisition of other intangible assets | (1,666) | (1,823) | (1,559) |
+-----------------------------------------+-----------+-----------+-----------+
| Investments in marketable securities, | (313) | (244) | (27) |
| net | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Interest received | 520 | 705 | 606 |
+-----------------------------------------+-----------+-----------+-----------+
| Redemption of held to maturity | 123 | - | - |
| investments | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Proceeds from sale of property and | 76 | 113 | 177 |
| equipment | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Payment for investment in a subsidiary | (1,298) | (3,705) | - |
+-----------------------------------------+-----------+-----------+-----------+
| Investment in Company consolidated for | - | - | (2,656) |
| the first time | | | |
+-----------------------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------------------+-----------+-----------+-----------+
| Net cash used in investing activities | (3,652) | (5,583) | (5,051) |
+-----------------------------------------+-----------+-----------+-----------+
+----------+----------+----------+------------+-----------+-----------+-----------+
| | 2009 | 2008 | 2007 |
+---------------------------------------------+-----------+-----------+-----------+
| | $ | $ | $ |
| | thousands | thousands | thousands |
+---------------------------------------------+-----------+-----------+-----------+
| Cash flows from financing activities | | | |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Exercise of share based payment | - | - | 57 |
+---------------------------------------------+-----------+-----------+-----------+
| Dividend paid | (2,761) | (3,242) | (1,006) |
+---------------------------------------------+-----------+-----------+-----------+
| Dividend paid to minority | (556) | - | - |
+---------------------------------------------+-----------+-----------+-----------+
| Payment of long-term loan | - | - | (28) |
+---------------------------------------------+-----------+-----------+-----------+
| Receipt (Repayment) of loan from O.R.T | (347) | 371 | (102) |
| group companies | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Acquisition of additional rights in | - | - | (71) |
| subsidiary | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Interest bearing loans and borrowings, net | 1 | 2,019 | - |
+---------------------------------------------+-----------+-----------+-----------+
| Interest paid | (128) | (53) | - |
+---------------------------------------------+-----------+-----------+-----------+
| Long-term financing lease | (47) | (98) | 2 |
+---------------------------------------------+-----------+-----------+-----------+
| Exercise of put option | (432) | - | - |
+---------------------------------------------+-----------+-----------+-----------+
| Acquisition of treasury shares | (1,826) | - | - |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Net cash used in financing activities | (6,096) | (1,003) | (1,148) |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Net increase (decrease) in cash and cash | (7,355) | 8,791 | 72 |
| equivalents | | | |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at beginning of | 17,060 | 8,673 | 7,870 |
| year | | | |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Translation differences in respect of cash | (293) | (404) | 731 |
| balances | | | |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at end of year | 9,412 | 17,060 | 8,673 |
+---------------------------------------------+-----------+-----------+-----------+
| | | | |
+----------+----------+----------+------------------------------------------------+
| | | | | | | |
+----------+----------+----------+------------+-----------+-----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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