TIDMSIM
RNS Number : 0448L
SimiGon Limited
28 April 2020
SimiGon Ltd
("SimiGon" or the "Company")
Audited Full Year Results
SimiGon Ltd (LSE: SIM), a global leader in providing simulation
and training solutions, announces its audited full year results for
the year ended 31 December 2019 (the "Period").
Financial Highlights
-- Revenues decreased by 3% to $4.88 million (2018: $5.03 million)
-- Gross margin decreased to 63% (2018: 81%)
-- Operating loss in creased by 91% to $1.45 million (2018: $0.76 million)
-- Net loss increased by 44% to $1.45 million (2018: $1.01 million)
-- Basic and diluted loss per share of $0.03 (2018: loss per share $0.02)
-- Liquid cash and cash equivalents of $6.04 million as at 31
December 2019 (2018: $6.00 million)
Operational Highlights
-- Awarded a $1.8 million contract from a large international
defense electronics company to design, develop and implement a
C-130 virtual maintenance training solution.
-- Secured additional $0.85 million contracts in aggregate with
key European customers to provide licenses, maintenance and support
services for the Customer's simulation training centers.
-- Signed a Blanket Purchase Agreement ("BPA") with the U.S.
Department of Defense Enterprise Software Initiative to establish
agreed pricing and processes for government customers to purchase
the Company's products and services.
-- Secured an additional year of software and hardware
warranties and support services for the United States Air Force
T-6A Level 5 FAA Compliant Flight Training Device, valued at up to
$1.41 million over the course of 12 months starting in April
2019.
-- SimiGon was awarded with phase one of a United States Air
Force ("USAF") contract to provide twelve (12) SIMbox-based F-15E
Mixed Reality ("MR") training devices for USAF Air Combat Command
("ACC").
-- SimiGon has been awarded with a strategic contract with the
USAF to provide Virtual Reality ("VR") systems for Columbus Air
Force Base.
-- SimiGon won USAF contracts to provide Extended Reality ("XR")
Solutions for Vance Air Force Base and Sheppard Air Force Base.
-- Awarded a BPA from the USAF for the supply of XR Systems.
-- Awarded a strategic contract by the United States Air Force
("USAF") to provide SIMbox-based T-6A MR training devices for USAF
Undergraduate Pilot Training ("UPT") at Laughlin Air Force
Base.
-- Continued to support major military flight training programs including:
Ø The USAF Air Education and Training Command Undergraduate
Remotely Piloted Aircraft Training ("URT");
Ø Support for Lockheed Martin's UK Military Flight Training
System ("UKMFTS"); and
Ø Provide software and services as part of long-term
relationship with a strategic European customer.
-- Completed multiple delivery milestones for the $2 million
Israeli Air Force ("IAF") F-16 Maintenance Trainer Program ("IAF
F16 Maintenance Trainer") contract announced in June 2016 and for
the T6A Simulation Based Trainers to the IAF Flight Academy
contract ("IAF T6A") announced in September 2018.
-- SimiGon has continued its ongoing R&D efforts to enhance
simulation-based training across all hardware devices and position
the Company to capitalize on new high growth market
opportunities.
-- Appointment of Jack Sarnicki as Chief Operating Officer of
SimiGon Inc., the main trading subsidiary of the Company, and the
addition of both Simon Bentley as Non-Executive Director and Ronit
Schwartz as Independent Non-Executives Director to strengthen the
composition of the Company's board.
Post Period Events (previously announced)
On January 13, 2020 D.D Goldstein Real Estates and Investment
Ltd., which to the Company's knowledge acquired 1,500,000 shares in
the Company during 2019, has filed two legal actions in the Tel
Aviv District Court - a petition for leave to file a monetary claim
concerning salaries on behalf of the Company and an action for
prerogative relief concerning resolutions approved at the Company's
annual general meeting held on December 30, 2019 regarding the
appointment of directors and the determination of their
compensation. Upon review of the claims and as of the date of this
announcement, SimiGon do not foresee any potential financial
obligation to the Company even if the court was to decide that
these claims have merit (other than legal expenses of defending the
claims). The Company has notified its insurers with respect to
allegations against directors and has recorded in year 2019 a
provision of $0.08 million for corporate retention to be paid to
its insurers.
Coronavirus (COVID-19)
In March 2020 the World Health Organization declared coronavirus
COVID-19 a global pandemic. COVID-19 threatens to be a disruptor to
companies, supply chains and the world economy for at least the
first half of 2020. In light of the uncertainty as to the severity
and duration of the pandemic, the overall impact of COVID-19 on the
Company's future revenues, profitability, liquidity and financial
position is difficult to assess at this time.
As of the date of approval of 2019 financial statements, there
has not been a significant impact on the Company's operations
resulting from the COVID-19 outbreak and the Company had not
received any cancelation notices from its customers in relation to
active purchase orders as a result of COVID-19.
In order to reduce the chances that SimiGon's employees will be
infected with COVID-19 while working inside the Company's offices,
while assuring the continued efforts to improve SimiGon's
technology capabilities and active program deliveries, some of
SimiGon's employees have been instructed to work remotely from
their homes.
Ami Vizer, SimiGon's Chief Executive Officer and Executive
Chairman , commented: "SimiGon made significant strides this year
in delivering and winning innovative training programs. While this
did not result in higher revenues for the Period as compared to
year 2018, the combination of contract wins and ongoing R&D
efforts have created significant future growth potential and a
return to profitability.
The Company is executing its strategy to deliver program
milestones of long-term strategic contracts and continuing to
position itself in the market as a leading technology provider for
Extended Reality training solutions. SimiGon's ability to identify
new markets and their need for cost effective training is
exemplified throughout the Period and post-Period with multiple
SIMbox-based XR training systems contracts awarded to the Company
by the USAF and other customers. The Company entered 2020 with
stronger technology and greater utilization of our SIMbox
technology across more domains than before.
Though the overall impact of the coronavirus (COVID-19) on the
Company's business is hard to assess at the moment, the Company
continues to position itself to deliver improved financial
performance over the long term."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer and Executive
Chairman +1 (407) 951 5548
Efi Manea, Chief Financial Officer
finnCap (NOMAD & Broker) +44 (0) 207 220 0500
Henrik Persson / Matthew Radley
Overview
During the Period the Company achieved successful delivery
milestones of its strategic contracts. This includes milestones on
the IAF F-16 Maintenance Trainer, C-130 virtual maintenance
training solution and T-6A Simulation Based Trainers programs,
Onsite/Offsite and logistics support provided to the USAF for the
URT program and continued support for the UK Military Flight
Training System program. In addition, SimiGon's capabilities to
identify new markets and their requirements for cost effective
personal training systems was further demonstrated during the
Period, as the Company was able to secure new business and expand
product capabilities. Advanced proven technology together with
successful deliveries have led SimiGon to be contracted with
strategic programs throughout the period which has solidified
SIMbox as a major training technology platform.
SimiGon's technology supports industry demand for more realistic
training and depth perception provided with XR solutions.
Integrated with our Learning Management System and Virtual
Instructor, trainees receive high value, self-paced training,
saving end user organizations time and money.
Over the Period, the Company continued its strategic focus on
its three main areas:
-- Sustain the baseline - Successfully delivering Distributed
Learning Solutions to our core strategic partners worldwide.
SimiGon, directly and through its partners, now has training sites
in North America, Europe, Middle East and in the Asia Pacific
markets.
-- Expand market reach - Expand the utilization of our SIMbox
technology to multiple domains. This was successfully achieved by
targeting several high opportunity markets such as maintenance
training providers, commercial equipment operators, as well as
training and research labs that utilize SIMbox as part of their
research.
-- Strengthen SimiGon's technology capabilities - Improve the
technological capabilities of the SIMbox technology in order to
enable the growth of the Company as detailed above. Beyond the
expansion of our graphics engine, simulation and learning
management system, we have added and delivered XR solutions to
multiple clients around the globe.
The R&D efforts in the Period have focused on utilizing
commercial consumer hardware to advance XR technologies for
advanced training and simulation, together with continued
development of the Company's simulation software development tools,
high fidelity Image Generator, user monitoring and performance
tracking with simulation data analytics. This comprehensive
solution developed by SimiGon not only provides an immersive, high
fidelity training environment, it also provides organizations the
ability to see trainee(s) progression rate and areas of difficulty,
enabling the curriculum to be tweaked for better training results.
SIMbox technologies accelerating training are increasing the
Company's opportunities and market penetration across military and
civilian training markets.
Operational Review
SimiGon's core technology platform, SIMbox, and support services
were developed for large simulation training programs for the
Government and Commercial sectors. As the Company evolves into a
training systems integrator, SimiGon remains at the forefront of
designing, developing, implementing and supporting advanced
simulation and training solutions to accelerate learning. Increased
operational proficiency lowers safety risks and better prepares
operators for real operations, whether they are flights, flight
line maintenance tasks or deep sea oil rig operations. Leveraging
the robust SIMbox ecosystem, SimiGon and its partners can deliver
XR capable simulation-based training content across unlimited
domains and across the hardware spectrum, from tablets and
laptops/PCs to high fidelity training devices.
SimiGon's strategic, simulation-based training solutions offer
flexible licensing models with traditional software licensing or
SaaS. SimiGon's technologies and capabilities provide significant
added value to multiple industries.
Markets
Aerospace and defense related industry
SimiGon's historical core market is aerospace and defense,
particularly military aviation, where the Company continues to
illustrate its position as a preferred technology supplier to the
world's largest military training programs.
The Company's track record of delivering on time and within
budget has led to winning multiple military-related contracts
around the world, as well as serving to further entrench the
Company with existing customers into new programs.
Civilian and Commercial vertical markets
SimiGon's significant capabilities, proven in the defense
sector, are being leveraged to pursue new civilian training
contracts. SimiGon's civilian training market opportunities range
from maintenance, safety, energy and other industrial operations
skills. The Company's efforts to grow vertical Government and
Civilian training are proceeding. The Company recognizes the growth
potential in XR training solutions and is developing and marketing
relevant solutions to support this fundamental shift in the
training world.
The global smart education and learning market size is expected
to reach $423.2 billion by 2025 at a 15.2% CAGR, offering extensive
expansion opportunities for SimiGon. The enterprise XR training
market is expected to reach $393 billion by 2025 with a CAGR of
69.4% between 2019-2025.
Millennials and Generation Z users learning experience is
transforming the training industry as students are exposed to
digital devices from a young age. Adaptive learning,
simulation-based learning, blended learning, and collaborative
learning, all part of SimiGon products, have subsequently evolved
to offer users enhanced learning methodologies and experiences.
The simulation-based learning segment is anticipated to grow at
a fast pace, enabling professional organizations and educational
institutions to virtually experience real world environments for
trainees to practice, navigate, explore, and obtain more
information through a virtual medium before they start working on
real-life tasks. Growing awareness among people and rising
popularity of smart education are encouraging solution providers to
invest in research and development for creating more reliable,
better, and cost-effective solutions.
As an Open System Architecture ("OSA") software framework,
SimiGon's ability to integrate with new technologies makes its
viable long-term training simulation software fully capable of
leveraging the immersive training needs of the XR civilian markets.
SimiGon software offers an advanced solution to organizations
seeking to teach visual and interactive problem solving in far
ranging markets such as civilian aviation, technician training,
language training, customer service training and corporate
leadership. The Company's technology, experience and personnel,
place it in a unique position to take advantage of the cultural
shifts democratizing learning and training to reach the wider
consumer market.
Marketing
SimiGon's marketing mix includes digital and print advertising,
social media and booths at four industry symposiums, including the
ITEC in Europe, IITSEC, Air Warfare Symposium and TSIS in the US,
as well as participation in smaller industry demos for select end
users.
General
The Company continues to further develop its disruptive,
baseline, commercial off-the-shelf ("COTS") product with additional
top layer application content and capabilities to reach more end
users and vertical markets.
Targeted verticals such as commercial aviation maintenance
training, security training, language training and vocational
training have common requirements to the defense-related industries
the Company continues to target. Specifically, they are highly
regulated, require complex and specialized skill training and have
zero tolerance for error. SimiGon is seeking to increase market
share and broaden the end user applications for its base line
SIMbox software platform in new domains.
Business Model
The Company's strategy, is to focus on long-term, high value,
stable SaaS license contracts and services that provide better
revenue and profit visibility as a result of distributing over the
Period in which they are provided rather than lumpy 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
The Company is focused on organic growth with its existing
customer base, offering continuous product developments and
services; leveraging its experience and IP developed from existing
contracts as a Prime Contractor and Subcontractor to win new
business and capture sales in established segments; and expanding
its core technology's applicability for new market domains,
directly and indirectly.
SimiGon's highly scalable, COTS technology training management
system makes it an ideal solution to address new training domains
with little customization required. New projects and markets
continue to utilize the product infrastructure and developer tools
to create the new application content; once developed, they are
leveraged to target the wider market.
Long term contracts
The Company maintained its solid portfolio of long term
partnerships:
The Company has been awarded a $1.8 million contract from a
large international defense electronics company ("Defense Company")
to design, develop and implement a C-130 virtual maintenance
training solution. The Contract for the C-130 training system is a
new product complementing SimiGon's current range of VMT solutions,
including the F-16 training system which is already used by the
IAF. This Contract, along with other ground based training systems
using SimiGon technologies in the IAF, including T-6A Virtual
Reality systems and the M-346 Advanced Jet Trainer, further
solidifies SimiGon technologies as the IAF's primary training
technology platform for aircrew academy members. The Contract's
period of performance (excluding 12 months warranty and support) is
approximately eighteen (18) months.
The Company has been awarded with a BPA from the USAF for the
supply of Virtual and Mixed Reality Systems. The BPA, has a
contract ceiling of $6 million over a two-year period. This allows
the U.S. Government to rapidly order Virtual Reality (VR) and Mixed
Reality (MR) solutions. SimiGon was one of four contractors
awarded.
SimiGon continues 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
ninth year of support, exceeding partner and end user expectations
of SimiGon's technologies and performance.
Ongoing USAF contracts for the continued maintenance and support
including onsite hardware and software support for the sixteen
SIMbox-based T-6A Level 5 FTDs.
Check-6 Inc., one of the leading providers of training solutions
to the energy and mining industries, is another example of
SimiGon's ability to help companies achieve new growth. Throughout
this contract, SimiGon has successfully executed on its agreed
deliverables. This relationship continues to yield long term
business prospects.
The Company continues to support and has further expanded its
long-term relationship with a major existing European customer that
it has been supplying with software and services since 2009.
SimiGon continues its successful support of the SIMbox-based T-6A
Simulation Based Trainers units provided to the IAF Flight
Academy.
Financial Performance
Revenue for the year ended 31 December 2019 was $4.88 million,
compared to $5.03 million in 2018. 41.5% of SimiGon's revenues came
from North America (2018: 29%), 58.44% from Europe, Middle East,
South America and Australia (2018: 69%) and 0.06% from the Far East
(2018: 2%).
During the Period, loss before tax expenses were $1.45 million
(2018: loss before tax expenses of $0.78 million). The key
contributor to the reported operating loss is the purchase of
hardware and equipment in a total of $0.6 million that was provided
mainly as part of SimiGon's programs with the USAF and with IAF
(F16 Maintenance Trainer and IAF F16 T6A) and the continued
investment in research and development expenses. The Company
continues to maintain a strong balance sheet with liquid cash
balances of $6.04 million as at 31 December 2019.
Gross profit for the year ended 31 December 2019 was $3.09
million, as compared to $4.06 million for the year ended 31
December 2018. Accordingly, gross margins decrease to 63% for the
year ended 31 December 2019 as compared to 81% for the year ended
31 December 2018. The increase in the cost of sales during the
Period was mainly as a result of the purchase of hardware and
equipment provided as part of SimiGon's programs with the USAF and
IAF.
Total operating expenses for the year ended 31 December 2019
decreased by 6% to $4.53 million as compared to $4.82 million for
the year ended 31 December 2018. R&D expenses for year ended 31
December 2019 decreased by 8% to $2.18 million as compared to $2.34
million for the year ended 31 December 2018. Without considering
the impact of the adoption of IFRS 16 on the financial reports for
year 2019, the decrease in the R&D expenses was mainly due to
reductions in salary expenses. Marketing expenses for the year
ended 31 December 2019 increased by 16% to $1.19 million as
compared to $1.02 million for the year ended 31 December 2018
mainly due to salary expenses. General and administration expenses
for the year ended 31 December 2019 decreased by 20% to $1.17
million as compared to $1.46 million the year ended 31 December
2018 mainly due to a provision for doubtful debts recorded in year
2018 of $0.45 million.
Operating loss for the year ended 31 December 2019 was $1.45
million, as compared to $0.76 million for the year ended 31
December 2018.
The Company has recorded a non cash tax expense of $0.22 million
for the year ended 31 December 2018 mainly as a result of 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 net loss for the
fiscal year was $1.45 million (2018: net loss of $1.01
million).
Net basic and diluted loss per share was $0.03 for the year
ended 31 December 2019 as compared to net basic and diluted loss
per share of $0.02 for the year ended 31 December 2018.
As at 31 December 2019 the Company had cash and cash equivalents
of $6.04 million as compared to $6.00 million as at 31 December
2018, with trade receivables net of $1.41 million, out of which, a
total of $0.76 million has been collected since the year end.
Outlook
SimiGon's outlook is positive primarily due to its current
technologies, R&D roadmap and the overwhelming need to provide
millennials and Generation Z with XR capable, immersive training
solutions. Government and Civilian requirements for proficient
operators in multiple domains of zero risk tolerance such as
aviation and energy, is a challenge the Company looks forward to
capturing, and realizing the growth foreseen by investors. The
latest coronavirus (COVID-19) threatens to be a disruptor to
companies, supply chains and the world economy for at least the
first half of 2020. The overall impact of the virus on the
Company's business is hard to assess at the moment. At the same
time, the Company remains agile and able to scale rapidly to
support new business and deliver its vision and business
strategy.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
December 31,
--------------------------------
2019 2018 2017
----------- ---------- -------
U.S. dollars in thousands
(except share and per share
amounts)
--------------------------------
Revenues 4,882 5,029 4,335
Cost of revenues 1,797 973 975
----------- ---------- -------
Gross profit 3,085 4,056 3,360
----------- ---------- -------
Operating expenses:
Research and development 2,175 2,335 2,092
Selling and marketing 1,187 1,019 1,170
General and administrative 1,171 1,462 1,056
----------- ---------- -------
Total operating expenses 4,533 4,816 4,318
----------- ---------- -------
Operating loss (1,448) (760) (958)
Finance income 215 134 126
Finance expenses 215 157 125
----------- ---------- -------
Loss before income taxes (1,448) (783) (957)
Income tax benefit (expense) - (224) 3
----------- ---------- -------
Net loss (1,448) (1,007) (954)
=========== ========== =======
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
December 31,
--------------------------------
2019 2018 2017
---------- ---------- --------
U.S. dollars in thousands
(except share and per share
amounts)
--------------------------------
Net loss (1,448) (1,007) (954)
---------- ---------- --------
Other comprehensive income not
to be reclassified to profit
or loss in subsequent periods:
Remeasurement gain (loss) from
defined benefit plan (27) 16 (11)
---------- ---------- --------
Total comprehensive loss (1,475) (991) (965)
========== ========== ========
Net loss attributable to:
Equity holders of the Company (1,448) (1,013) (952)
Non-controlling interests - 6 (2)
---------- ---------- --------
(1,448) (1,007) (954)
========== ========== ========
Total comprehensive loss attributable
to:
Equity holders of the Company (1,475) (997) (963)
Non-controlling interests - 6 (2)
---------- ---------- --------
(1,475) (991) (965)
========== ========== ========
Net basic and diluted loss per
share attributable to equity
holders of the Company in U.S.
dollars (0.03) (0.02) (0.02)
========== ========== ========
Weighted average number of shares
used in computing basic earnings
per share (in thousands) 51,020 51,259 51,444
========== ========== ========
Weighted average number of shares
used in computing diluted earnings
per share (in thousands) 51,020 51,259 51,444
========== ========== ========
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
---------------------------
2019 2018
------------ -------------
Note U.S. dollars in thousands
---- ---------------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 2,974 3,143
Short-term bank deposit 1,181 1,014
Short-term investments 3 1,887 1,845
Short-term restricted cash 5 523 278
Trade receivables, net 4 1,407 2,571
Other accounts receivable and prepaid
expenses 37 93
Total current assets 8,009 8,944
------------ -------------
NON-CURRENT ASSETS:
Restricted cash 5 38 559
Long-term prepaid expenses 27 32
Property, plant and equipment 6 99 66
Right-of-use assets 7 294 -
Goodwill and intangible asset 8 1,068 1,068
Total non-current assets 1,526 1,725
------------ -------------
Total assets 9,535 10,669
============ =============
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
---------------------------
2019 2018
------------- ------------
U.S. dollars in thousands
---------------------------
EQUITY AND LIABILITIES
CURRENT LIABILITIES:
Trade payables 86 159
Current maturities of lease liabilities 245 -
Deferred revenues 236 327
Other accounts payable and accrued expenses 845 691
------------- ------------
Total current liabilities 1,412 1,177
------------- ------------
NON-CURRENT LIABILITIES:
Lease liabilities 31 -
Employee benefit liabilities 362 287
Other non-current liabilities 708 712
Total non-current liabilities 1,101 999
------------- ------------
Total liabilities 2,513 2,176
------------- ------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
OF THE COMPANY:
Share capital 125 125
Additional paid-in capital 16,651 16,647
Treasury shares (105) (105)
Accumulated deficit (9,649) (8,174)
------------- ------------
Total equity attributable to equity
holders of the Company 7,022 8,493
------------- ------------
Total liabilities and equity 9,535 10,669
============= ============
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
December 31,
-------------------------------
2019 2018 2017
--------- --------- ---------
U.S. dollars in thousands
-------------------------------
Cash flows from operating activities:
Net loss (1,448) (1,007) (954)
--------- --------- ---------
Adjustments to reconcile net income(loss)
to net cash provided by (used in) operating
activities:
Adjustments to the profit or loss
items:
Depreciation and amortization 308 46 55
Deferred tax - 226 (3)
Finance expenses (income), net (70) 64 (36)
Finance expenses lease liabilities 20 - -
Share-based compensation 3 8 10
Change in employee benefit liabilities,
net 47 15 57
Changes in asset and liability items:
Decrease (increase) in trade receivables 1,164 (823) 1,171
Decrease (increase) in other accounts
receivable and prepaid expenses (including
long-term) 61 59 (105)
Increase (decrease) in trade payables (74) 26 35
Increase (decrease) in deferred revenues (91) (74) (195)
Increase (decrease) in other accounts
payable and accrued expenses 146 - 5
--------- --------- ---------
1,514 (453) 994
--------- --------- ---------
Net cash provided by (used in) operating
activities 66 (1,460) 40
--------- --------- ---------
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
December 31,
-----------------------------
2019 2018 2017
-------- ---------- -------
U.S. dollars in thousands
-----------------------------
Cash flows from investing activities:
Decrease (increase) in restricted cash 278 (164) (300)
Increase in short-term bank deposits (139) - -
Increase in long-term deposits - (2) -
Purchase of property, plant and equipment (88) (16) (34)
Net cash provided by (used in) investing
activities 51 (182) (334)
-------- ---------- -------
Cash flows from financing activities:
Repayment of lease liabilities (287) - -
Proceeds from share issuance upon exercise
of options 1 - -
Dividend distribution - - (70)
Purchase of treasury shares - (105) -
Receipt of refundable grants - 22 11
Net cash used in financing activities (286) (83) (59)
-------- ---------- -------
Decrease in cash and cash equivalents (169) (1,725) (353)
Cash and cash equivalents at beginning
of year 3,143 4,868 5,221
-------- ---------- -------
Cash and cash equivalents at end of
year 2,974 3,143 4,868
======== ========== =======
(a) Supplemental disclosure of non-cash
activities:
Right-of-use assets and corresponding
lease liabilities 59 --
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders of the
Company
---------------------------------------------------------------
Additional
Number Share paid-in Treasury Accumulated Non-controlling Total
of shares capital capital shares deficit Total interests equity
---------- ------- ---------- -------- ----------- ------- --------------- -------
U .S. dollars in thousands (except share amounts)
------------------------------------------------------------------------------------------
Balance as of
January
1, 2017 51,394,189 125 16,629 - (6,144) 10,610 (4) 10,606
Total comprehensive
income - - - - (963) (963) (2) (965)
Dividend
distribution - - - - (70) (70) - (70)
Share-based
compensation - - 10 - - 10 - 10
Balance as of
December
31, 2017 51,394,189 125 16,639 - (7,177) 9,587 (6) 9,581
Total comprehensive
loss - - - - (997) (997) 6 (991)
Purchase of
Treasury
shares (535,571) - - (105) - (105) - (105)
Shares-based
compensation - - 8 - - 8 - 8
Balance as of
December *)
31, 2018 50,858,618 125 16,647 (105) (8,174) 8,493 - 8,493
Total comprehensive
loss - - - - (1,475) (1,475) - (1,475)
Share issuance
upon exercise of **)
options 5,000 - 1 - - 1 - 1
Share-based
compensation - 3 - 3 3
---------- ------- ---------- -------- ----------- ------- --------------- -------
Balance as of
December *)
31, 2019 50,863,618 125 16,651 (105) (9,649) 7,022 - 7,022
========== ======= ========== ======== =========== ======= =============== =======
*) Net of 535,571 shares held in treasury.
**) Represents an amount lower than $ 1 thousand.
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END
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