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RNS Number : 4185L
Ethernity Networks Ltd
06 September 2019
 

 

6 September 2019

 

 

 

ETHERNITY NETWORKS LTD

("Ethernity Networks" or the "Company" or the "Group")

 

Interim results for the six months ended 30 June 2019 ("H1")

 

Ethernity Networks Ltd (AIM: ENET.L), announces its interim results for the six months ended 30 June 2019.

Ethernity Networks provides innovative networking and security solutions on programmable hardware for accelerating telecom and cloud networks. Ported onto any Field Programmable Gate Array (FPGA), Ethernity offers complete data plane processing with a rich set of networking features, robust security, to allow improved performances of  a wide range of virtual functions to optimise  networks. The ACE-NIC SmartNICs, ENET Flow Processors, and turnkey network appliances offer best-in-class fully programmable platforms for the telecoms, cloud service provider and enterprise markets. Ethernity offers complete solutions that enables customers to stop burning CPU cores and to quickly adapt to changing conditions, improving time-to-market and facilitating the deployment of edge computing, 5G User Plane Functionality (UPF) and Network Function Virtualization (NFV).

 

Financial summary:

·    Revenues increased 2.2 times to $971,709 (H1 2018: $441,247)

·    Gross profit increased 2.8 times to $843,002 (H1 2018: $299,647)

·    EBITDA loss reduced by 56% to $485,451 (H1 2018: $1,111,989)

·    Operating loss reduced by 23% to $981,774 (H1 2018: $1,276,489)

·    Cash and cash deposits balances at 30 June 2019 of $5.9m (31 December 2018 $8.6m) (30 June 2018: $11.9m).

 

 EBITDA

Unaudited

Audited

30 June 2019

30 June 2018

31 December 2018

US$

US$

US$

Revenues

971,709

441,247

1,123,707

Operating Profit (Loss)

(981,774)

(1,276,489)

(2,785,731)

Add: Depreciation

128,945

42,283

100,918

Add: Amortisation

367,378

122,217

322,724

EBITDA

(485,451)

(1,111,989)

(2,362,089)

 

Operational highlights:

·    Downward trends of 2017 and 2018 reversed with revenue increasing, reflecting increased revenues from contracts signed.

·    Operating costs, excluding amortisation and depreciation reduced by 5%.

·    ACENIC-100 selected by FiberHome to be promoted to FiberHome's core Chinese telecom operator clients serving tens of millions of households, including China Unicom, China Telecom, and others.

·    Successfully completed delivery of the Company`s ACENIC-100 to a major Korean OEM.

·    Advanced discussions to supply Ethernity's current Universal Edge Platform (UEP) and next generation 400Gbps UEP devices and solutions to potential Ethernet Access Market, Mobile Backhaul, and Fiber To The Home (FTTH) customers.

·    Continued positive reception to the Company's product offerings with Tier1 OEM's.

 

Further to the annual results for 2018 and information published in the Company`s Annual Report in June of this year, the operational highlights to date in 2019 are as follows:

·   Revenue growth in the first half of 2019 was bolstered mainly from the two contracts signed in the latter part of 2018 along with increased recurring revenues derived from previous ENET flow processor engagement, and a licensing deal.

·   In January 2018 we announced that an ASIC licensing contract with an existing customer for 5G fixed wireless Customer Premise Equipment (CPE) that uses Ethernity's FPGA on their 5G fixed wireless base node had been put on hold as  the customer had decided to accept a proposal from the Company to use our ENET FPGA SoC for serving business customers with ultra-speed wireless connections. Following successful trials of the customer's 5G base station node with the Company's ENET4200 FPGA SoC embedded, the customer intends to complete a rollout of wireless CPE devices targeted for business customers based on its in house Radio ASIC design and Ethernity's ENET3825 CPE FPGA SoC. Deployment of the 5G wireless CPE is planned for H2 2020. Subject to the overall success of the customer's business and the number of units deployed, it is anticipated that this will result in significant annual revenues, commencing 2021 onwards.

·   During the three months since the announcement of the 2018 annual results, the Company has had ongoing positive dialogue regarding the Company's 5G offering for its User Plane Functionality (UPF) acceleration proposal based on the ACENIC-100 with Tier1 Service providers and operators. 5G mobile networks are expected to start deployment during 2020 and are based on virtualized environments. With the increase throughput of the 5G mobile network, acceleration of the User Data Plane at the edge of the network has become a core requirement compared to existing 4G mobile networks. This is expected to result in a significantly higher than anticipated demand for the FPGA Smart NIC product for this specific market.

·   The Company anticipates concluding agreements over the next six months with Tier1 OEM customers in the Cable Modem Termination System (CMTS), Fiber To The Home (FTTH) Broadband deployment and Ethernet Access Devices (EAD) markets, as previously stated, with rollout and production plans now anticipated for 2020, with mass deployment beginning towards the end of 2020

 

David Levi, Chief Executive Officer of Ethernity Networks, commented:

 

"The first half results and growth are in-line with our expectations with the focus being on the Company moving from an IP/technology provider to a solutions provider for virtual networking and security appliances. The licensing contracts signed with Tier1 OEM's represents part of the change we anticipated and is expected to develop into stable recurrent revenue from royalties. The goal of the Company's development activities is to build stable recurrent revenues from technology licensing and supply of our ACENIC-100 and UEP products.

 

"We have continued with the successful advancement of our UEP hardware platform that will host our field proven flow processor for general edge access deployment with a complete programmable platform. Furthermore, development of the 'Router on a NIC' offering, ACE-NIC FPGA, Smart NIC, and the progress achieved in accepting virtualization especially in the 5G mobile market should, we believe, fuel major revenue streams for the Company going forward."

 

"We remain confident that Ethernity will meet its long-term objectives and is well positioned to become one of the key solutions providers in its marketplace."

 

For further information, please contact:

                                               

Ethernity Networks                                                       

David Levi, Chief Executive Officer

Mark Reichenberg, Chief Financial Officer

 

Tel: +972 8 915 0392

Arden Partners plc (NOMAD and Broker)               

Tom Price / Benjamin Cryer

 

 

Tel: +44 207 614 5900

MARKET ABUSE REGULATION

The information communicated in this Announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR"). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Mark Reichenberg, Chief Financial Officer
 

OPERATIONAL and financial REVIEW

 

The challenging market trends continued through the first six months of 2019, including the discussion and evaluation process with potential customers not being entirely within our control. However, the Company is experiencing positive results from focusing on becoming a solutions provider and from the engagement with customers previously during 2018. In 2019, ongoing customer engagement activity has increased substantially. There has been significant progress related to the ACENIC, EAD, UEP and licensing deals,  some of which we are hoping to be completed  over the remaining months of 2019.

 

Whilst we had  previously commented  that the adoption of the new networking virtualisation market in which we operate was delayed by some 12 months from when originally anticipated, we are now beginning to experience the market entering engagement and deployment stages. We remain confident in the long term prospects of the Company and this is  supported by the number of ongoing project collaborations around the Company's ACENIC, EAD, UEP and royalty revenues streams.

 

During the period under review, the Company delivered revenues of $971,709 (H1 2018: $441,247) and a gross profit of $843,002 (H1 2018 $299,647). The gross profit percentage of 86.8% (H1 2018: 67.9%) is higher as compared to the six months ended 31 December 2018 ("H2 2018") due to the different product mix within the revenue, where design wins and royalty revenue, which are near 100% gross margin, contributing 76.9% of revenue in H12019 compared to 55.4% in H1 2018.

 

EBITDA loss in the first six months of the year was $485,451 (H1 2018 loss: $1,111,989), which is primarily a result of the Company's increased revenue, including increased gross margins achieved.

 

Operating expenses (including share-based compensation costs and amortisation costs), as a percentage of revenues were 357% in H1 2018, decreasing to 189% of revenues for H1 2019. The increases in operating costs in H1 2019 is attributable mainly to the increase in amortisation costs of $245,161 on the Intangible Assets, with all other operating expenditure being in line with expectations. Operating costs excluding amortisation and depreciation reduced in H1 2019 by 5.2% compared to the same period in H1 2018.

 

Cash, cash deposits and cash equivalents are $5.9m as at 30 June 2019 (31 December 2018 $8.6m)  (H1 2018: $11.9million). Cash utilisation, a key focus for the board,  remained in line with expectations during H1, and was approximately $2.7m of which circa $2.0.m was deployed as investment in intangible assets.

 

SEGMENT REPORT sector analysis

 

 

 

 

 

Region

Six months ended 30 June 2019

2019

Six months ended 30 June 2018

2018

Year ended 31  December 2018

2018

 

%

%

%

 
 

United States

588,680

60.6%

46,239

10.5%

478,600

42.6%

 

Israel

277,188

28.5%

215,114

48.8%

324,220

28.9%

 

Asia

105,840

10.9%

102,754

23.3%

203,000

18.1%

 

Europe

0

0.0%

77,140

17.5%

117,888

10.5%

 

Total

971,708

100.0%

441,247

100.0%

1,123,708

28.6%

 

 

The shifting of the geographic mix is represented by the makeup of the products supplied, where in the first half of the current financial year the revenues were weighted towards foreign design wins while royalty revenues in Israel increased. The trend is expected to continue during the second half of the year as design wins and product supply focussing on the Tier1 OEMs outside of Israel continues to grow.

 

Outlook

 

The Board remains confident that, on  the basis of timely completion of major contracts in the current pipeline,  Ethernity will meet its long-term objectives and is well positioned to become one of the key solutions providers in its marketplace. The Company continues to experience an increase in the outreach by OEM's and operators interested in Ethernity's solutions where these solutions are proving increasingly aligned with operators wish to make to their customers in their market places. Network service providers are requiring more flexible solutions to their technology and network needs for offloading support of new data appliances introduced by the market. Ethernity believes it has the best-in-class system solutions to address these needs.

 

FORWARD LOOKING STATEMENTS

 

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements. Any forward-looking statements in this announcement reflect Ethernity Networks' view with respect to future events as at the date of this announcement. Save as required by law or by the AIM Rules for Companies, Ethernity Networks undertakes no obligation to publicly revise any forward-looking statements in this announcement, following any change in its expectations or to reflect events or circumstances after the date of this announcement.

 

 

By order of the Board

 

Mark Reichenberg

Company Secretary

6 September 2019

 

Interim Unaudited Financial Statements

as at 30 June 2019

STATEMENTS OF FINANCIAL POSITION

 

 

 

US dollars

 

 

 

30 June

31 December

 

 

 

2019

2018

2018

 

 

 

Unaudited

Audited

ASSETS

 

 

 

 

 

Current

 

 

 

 

 

Cash and cash equivalents

 

 

3,418,538

2,715,633

473,815

Other short-term financial assets

 

 

2,520,023

9,144,555

8,083,709

Trade receivables

 

 

551,812

586,203

642,085

Inventories

 

 

114,390

8,600

116,012

Other current assets

 

 

234,392

483,560

409,250

Current assets

 

 

6,839,155

12,938,551

9,724,871

 

 

 

 

 

 

Non-Current

 

 

 

 

 

Property and equipment

 

 

589,895

328,039

606,057

Deferred tax assets

 

 

800,000

800,000

800,000

Intangible asset

 

 

8,843,950

5,101,645

6,869,815

Right-of-use asset

 

 

384,761

-

-

Non-current assets

 

 

10,618,606

6,229,684

8,275,872

 

 

 

 

 

 

Total assets

 

 

17,457,761

19,168,235

18,000,743

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current

 

 

 

 

 

Short Term Borrowings

 

 

-

-

133,497

Trade payables

 

 

346,708

330,710

288,308

Other current liabilities

 

 

1,250,310

1,009,081

1,084,728

Current liabilities

 

 

1,597,018

1,339,791

1,506,533

 

 

 

 

 

 

Non-Current

 

 

 

 

 

IIA royalty liability

 

 

-

-

6,578

Long Term Borrowings

 

 

-

6,415

-

Lease liability

 

 

284,258

-

-

Non-current liabilities

 

 

284,258

6,415

6,578

 

 

 

 

 

 

Total liabilities

 

 

1,881,276

1,346,206

1,513,111

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

 

8,039

8,028

8,039

Share premium

 

 

23,396,310

23,356,078

23,396,310

Other components of equity

 

 

840,006

757,137

760,849

Accumulated deficit

 

 

 (8,667,870)

 (6,299,214)

 (7,677,566)

Total equity

 

 

15,576,485

17,822,029

16,487,632

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

17,457,761

19,168,235

18,000,743

 

                The accompanying notes are an integral part of the interim financial statements.

 

STATEMENTS OF COMPREHENSIVE LOSS

 

 

 

 

 

 

US dollars

 

 

 

Six months ended

30 June

For the year ended
31 December

 

 

 

2019

2018

2018

 

 

 

Unaudited

Audited

 

 

 

 

 

 

Revenue

 

 

971,709

441,247

1,123,707

Cost of sales

 

 

128,707

141,600

311,194

Gross profit

 

 

843,002

299,647

812,513

Research and development expenses

 

 

279,881

197,010

473,489

General and administrative expenses

 

 

718,140

600,662

1,291,175

Impairment losses of financial assets

 

 

-

-

132,799

Marketing expenses

 

 

837,208

778,464

1,804,886

Other income

 

 

 (10,453)

-

(104,105)

Operating loss

 

 

 (981,774)

(1,276,489)

(2,785,731)

Financing costs

 

 

 (59,235)

(26,385)

(15,450)

Financing income

 

 

50,705

134,037

253,992

Net comprehensive loss for the period

 

 

 (990,304)

(1,168,837)

(2,547,189)

 

 

 

 

 

 

Basic and diluted loss per ordinary share

 

 

 (0.03)

(0.04)

(0.08)

 

 

 

 

 

 

Weighted average number of ordinary shares for basic and diluted loss per share

 

 

          32,556,686

 

32,518,186

32,526,149

 

 

 

 

The accompanying notes are an integral part of the interim financial statements.

 

 

STATEMENTS OF CHANGES IN EQUITY

 

 

 

 

Amounts in US dollars (except number of shares)

 

Capital

 

Share

 

Share

 

Other components

 

Accumulated

 

Total

 

of shares

 

Capital

 

premium

 

of equity

 

deficit

 

equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2019 (Audited)

32,556,686

 

          8,039

 

23,396,310

 

     760,849

 

 (7,677,566)

 

16,487,632

Employee share-based compensation

-

 

-

 

-

 

79,157

 

-

 

79,157

Net comprehensive loss for the period

-

 

-

 

-

 

-

 

(990,304)

 

(990,304)

Balance at 30 June 2019 (Unaudited)

32,556,686

 

          8,039

 

23,396,310

 

840,006

 

(8,667,870)

 

15,576,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2018 (Audited)

32,518,186

 

          8,028

 

23,356,078

 

     615,322

 

 (5,130,377)

 

18,849,051

Employee share-based compensation

-

 

-

 

-

 

141,815

 

-

 

141,815

Net comprehensive loss for the period

 -

 

 -

 

 -

 

 -

 

 (1,168,837)

 

 (1,168,837)

Balance at 30 June 2018 (Unaudited)

32,518,186

 

          8,028

 

23,356,078

 

     757,137

 

 (6,299,214)

 

17,822,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2018 (Audited)

 32,518,186

 

          8,028

 

23,356,078

 

     615,322

 

 (5,130,377)

 

18,849,051

Employee share-based compensation

-

 

                   -

 

36,393

 

     145,527

 

-

 

181,920

Exercise of employee options

38,500

 

                11

 

3,839

 

-

 

-

 

3,850

Net comprehensive loss for the year

-

 

                   -

 

 -

 

-

 

(2,547,189)

 

(2,547,189)

Balance at 31 December 2018 (Audited)

32,556,686

 

          8,039

 

23,396,310

 

     760,849

 

(7,677,566)

 

16,487,632

                         

 

 

The accompanying notes are an integral part of the interim financial statements.

 

STATEMENTS OF CASH FLOWS

 

 

US dollars

 

 

Six months ended

30 June 

Year ended

31 December

 

 

2019

2018

2018

 

Unaudited

Audited

 

Operating activities

 

 

 

Net comprehensive loss for the period

(990,304)

(1,168,837)

(2,547,189)

 

 

 

 

Non-cash adjustments

 

 

 

Depreciation of property and equipment

72,638

42,283

100,918

Depreciation of right of use asset

56,307

-

-

Share-based compensation

16,769

18,951

5,031

Amortisation of intangible assets

367,378

122,217

322,724

Amortisation of liabilities

2,048

 (13,623)

 (13,255)

IPO related costs

                     -

-

(9,514)

Foreign exchange gains on cash balances

5,251

-

(24,517)

 

 

 

 

Net changes in working capital

 

 

 

Decrease (increase) in trade receivables

90,273

 (72,238)

 (128,120)

Decrease (increase) in inventories

1,622

 (8,600)

 (116,012)

Decrease (increase) in other current assets

174,858

 (45,295)

29,015

Increase in trade payables

58,400

105,623

63,221

Increase in other liabilities

63,348

80,464

162,320

Net cash used in operating activities

      (81,412)

 (939,055)

(2,155,378)

 

 

 

 

Investing activities

 

 

 

Decrease of other short-term financial assets

5,563,686

1,924,917

2,985,763

Purchase of property and equipment

 (56,476)

 (214,482)

 (551,135)

Amounts carried to intangible assets

 (2,279,125)

 (1,930,445)

 (3,835,583)

Net cash provided by (used in) investing activities

   3,228,085

 (220,010)

(1,400,955)

 

 

 

 

Financing activities

 

 

 

Proceeds from exercise of options

-

-

3,850

Repayment of IIA liability

 (12,470)

(5,301)

 (5,300)

Proceeds from (repayment of) short term borrowings

 (133,497)

-

133,497

Repayment of long-term borrowings

                     -

(1,107)

 (7,522)

Repayment of lease liability

(50,732)

-

-

Net cash provided by (used in) financing activities

 196,699)

(6,408)

      124,525

 

 

 

 

Net change in cash and cash equivalents

2,949,974

(1,165,473)

 (3,431,808)

Cash and cash equivalents, beginning of year

473,815

3,881,106

3,881,106

Exchange differences on cash and cash equivalents

 (5,251)

-

24,517

Cash and cash equivalents, end of year

3,418,538

2,715,633

473,815

 

 

 

 

Supplementary information:

 

 

 

Interest and lease finance expenses paid during the year

9,874

-

813

Interest received during the year

50,705

113,117

197,949

 

 

 

 

Supplementary information on non-cash activities:

 

 

 

Share-based compensation capitalised to intangible assets

62,388

122,864

186,403

Investment in a right of use and lease obligation

441,068

-

-

 

The accompanying notes are an integral part of the interim financial statements.
 

 

NOTES TO THE FINANCIAL STATEMENTS

 

 

NOTE 1         -     NATURE OF OPERATIONS

ETHERNITY NETWORKS LTD. (hereinafter: the "Company"), was incorporated in Israel on the 15th of December 2003 as Neracore Ltd. The Company changed its name to ETHERNITY NETWORKS LTD. on the 10th of August 2004.

 

The Company develops and delivers high-end network processing technology for Carrier Ethernet switching, including broadband access, mobile backhaul, Carrier Ethernet demarcation and data centres. The Company's customers are situated throughout the world.

 

NOTE 2         -     SUMMARY OF ACCOUNTING POLICIES

Basis of presentation of the financial statements and statement of compliance with IFRS

 

The interim condensed financial statements for the six months ended 30 June 2019 have been prepared in accordance with IAS 34, Interim Financial Reporting. The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements in accordance with IFRS and should be read in conjunction with the Company's annual financial statements as at 31 December 2018. The accounting policies applied in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2018 except as described below with respect to the implementation of new international financial reporting standards that became effective during the interim period.

 

The interim financial statements for the half-year ended 30 June 2019 (including comparative amounts) were approved and authorized for issue by the board of directors on 5 September 2019.

 

New Standard adopted as at 1 January 2019

IFRS 16 'Leases'

IFRS 16 replaces IAS 17 'Leases' and three related interpretations. This completes the IASB's long running project to overhaul lease accounting. IFRS 116 defines a Lease as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration'. To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:

 

·    the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company,

·    the Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract,

·    the Company has the right to direct the use of the identified asset throughout the period of use. The Company assesses whether it has the right to direct 'how and for what purpose' the asset is used throughout the period of use.

 

In accordance with IFRS 16, Leases are recorded in the statement of financial position in the form of a right-of-use asset and a corresponding lease liability for the future rentals to be paid.

 

Right-of-use asset

The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).

 

Lease liability

The Lease liability is initially recorded at the present value of the future rental payments, discounted over the likely period of the lease (including extensions which are reasonably certain), using the interest rate implicit in the Lease if that rate is readily available or the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made. It is re-measured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is re-measured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. On the statement of financial position, the current maturities of lease liabilities have been included in other current liabilities.

 

Each lease payment is allocated between the liability and finance expenses. The finance expenses are charged to profit or loss over the lease period, so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

 

In order to determine the impact of IFRS 16, the Company was required to perform a full review of all agreements in order to assess whether any additional contracts or parts thereof will now be classified as a Lease under IFRS 16's new definition. The Company has adopted IFRS 16 as from 1 January 2019, while using the practical expedient, allowing it to avoid performing a full review of its existing leases and to only apply IFRS 16 to new or modified contracts. IFRS 16 also allows an exemption from its application, for operating leases with a remaining lease term of less than 12 months and for leases of low-value assets. The Company has elected to account for short-term leases and leases of low-value assets using the IFRS 16 practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.

 

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.

 

The annual depreciation rates applied, to the operating lease right-of-use assets, are:

 

Office buildings and parking            25%

 

The Company has adopted IFRS 16 on 1 January 2019 using the Standard's modified
retrospective approach. Under this approach the cumulative effect of initially applying IFRS 16 is recognised as an adjustment to equity at the date of initial application.  However, the adoption did not have an effect on equity. Comparative information is not restated which means that comparative information is still reported under IAS 17 and IFRIC 4.

 

The Company has elected not to include initial direct costs in the measurement of the right-of-use asset for operating leases in existence at the date of initial application of IFRS 16, being 1 January 2019. At this date, the Company has also elected to measure the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or accrued lease payments that existed at the date of transition.

 

Instead of performing an impairment review on the right-of-use assets at the date of initial application, the Company has relied on its historic assessment as to whether leases were onerous immediately before the date of initial application of IFRS 16.

 

On transition to IFRS 16 the weighted average incremental borrowing rate applied to lease liabilities recognised under IFRS 16 was 4.3%.

 

The Company has benefited from the use of hindsight for determining lease term when considering options to extend and terminate leases.

 

The table below shows the cumulative effects of the sections affected by the first-time application on the financial statement at 1 January 2019:

 

 

 

 

 

US dollars

 

 

In accordance with the previous policy

first time application

In accordance with IFRS 16

 

 

Unaudited

 

 

 

 

 

 

Right-of-use asset

-

441,068

441,068

 

Current maturities of lease liability

-

102,731

102,731

 

Non-current lease liability

-

338,337

338,337

 

 

Following is the impact on the Company's assets and liabilities as of 30 June 2019:

 

 

 

 

 

US dollars

 

In accordance with the previous policy

first time application

In accordance with IFRS 16

 

Unaudited

 

 

 

 

Right-of-use asset

-

384,761

384,761

Current maturities of lease liability

-

106,078

106,078

Non-current lease liability

-

284,258

284,258

 

Future minimum lease payments at 30 June 2019 were as follows:

 

 

 

 

 

 

US dollars

 

Within one year

One to five years

Total

 

 

Unaudited

 

 

 

 

 

Lease payments

120,458

299,478

419,936

 

Finance charges

(14,380)

(15,220)

(29,600)

 

Net present values

106,078

284,258

390,336

 

 

Estimates

When preparing the Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.

 

The judgements, estimates and assumptions applied in the Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in the Company's last annual financial statements for the year ended 31 December 2018.

 

NOTE 3         -      FINANCING COSTS

 

US dollars

 

Six months ended

30 June 

Year ended

31 December

 

2019

2018

2018

 

Unaudited

Audited

 

 

 

 

Bank fees and interest

6,726

8,320

            15,450

Lease liability financial expenses

8,820

-

-

Exchange rate differences

43,689

18,065

-

Total financing costs

59,235

26,385

15,450

 

NOTE 4         -     FINANCING INCOME

 

US dollars

 

Six months ended

30 June 

Year ended

31 December

 

2019

2018

2018

 

Unaudited

Audited

 

 

 

 

Interest and amortization of loan discount

-

20,183

20,417

Interest received

50,705

113,854

        197,949

Exchange rate differences

-

-

          35,626

Total financing income

50,705

134,037

        253,992

 

NOTE 5         -     SEGMENT REPORTING

The Company has implemented the principles of IFRS 8, in respect of reporting segmented activities. In terms of IFRS 8, the management has determined that the Company has a single area of business, being the development and delivery of high-end network processing technology.

 

The Company's revenues from customers are recognised as follows:

 

 

US dollars

 

Six months ended

30 June

Year ended

31 December

 

2019

2018

2018

 

Unaudited

Audited

 

 

 

 

 

 

 

 

Revenues recognised over time

565,000

145,000

412,750

Revenues recognised at a point of time

406,709

296,247

710,958

 

971,709

441,247

1,123,708

 

 

The Company's revenues are divided into the following geographical areas:

 

 

US dollars

 

Six months ended

30 June

Year ended

31 December

 

2019

2018

2018

 

Unaudited

Audited

 

 

 

 

 

 

 

 

Asia

105,840

102,754

203,000

Europe

-

77,140

117,888

Israel

277,189

215,114

324,220

United States

588,680

46,239

478,600

 

971,709

441,247

1,123,708

 

 

 

%

 

Six months ended

30 June

Year ended

31 December

 

2019

2018

2018

 

Unaudited

Audited

 

 

 

 

Asia

10.9%

23.3%

18.1%

Europe

0.0%

17.5%

10.5%

Israel

28.5%

48.7%

28.9%

United States

60.6%

10.5%

42.6%

 

100.0%

100.0%

100.0%

 

 

Revenue from customers in the company's domicile, Israel, as well as its major market, the United States, Asia and Europe, have been identified on the basis of the customer's geographical locations.

 

NOTE 6         -     SUBSEQUENT EVENTS

 

On 25 July 2019, the Board of Directors' approved the granting of 180,000 employee stock options to employees, vesting over a four-year period and expiring 10 years from the date of the grant. The exercise price of these options is GBP 1.00.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Ethernity Networks Ltd

Price: 44.7

Market: AIM
Market Cap: £14.55 m
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