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RNS Number : 7934I
Starcom PLC
13 August 2019
 

13 August 2019

 

Starcom Plc

("Starcom" or the "Company")

 

 

Interim Results

 

Starcom (AIM: STAR) which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, announces its unaudited interim results for the six months ended 30 June 2019 (the "Period").

 

Highlights

 

·    Revenues for the Period remained stable at $3.1m (H1 2018: $3.1m)

·    Gross profits were $1.26m (H1 2018: $1.23m)

·    Gross margin increased to 41% (H1 2018 40%)

·    EBITDA increased to $75,000 (H1 2018: $40,000 EBITDA loss)

·    Recurring Software as a Service ("SaaS") revenues were $900,000 (H1 2018: $890,000)

·    Lokies, Starcom's new intelligent padlock, has been launched

 

Avi Hartmann, CEO of Starcom, commented:

 

"Although the first half revenues were in line with the equivalent period last year, we are confident that, based on the Company's current sales pipeline, the second half of the year will show an improvement over the second half of 2018. It is pleasing to note that we achieved a positive EBITDA result for the Period and we expect that this will also be the case for the full year. Initial orders for the new Lokies smart padlock are encouraging and we have high expectations for this new product."

 

For further information please contact

 

Starcom Plc

Michael Rosenberg, Chairman

Avi Hartmann, CEO

 

 

07785 727595

+972 5477 35663

Allenby Capital Limited (Nominated Adviser and Joint Broker)

James Reeve/Jeremy Porter/Asha Chotai

 

020 3328 5656

Peterhouse Capital Limited (Joint Broker)

Lucy Williams/Charles Goodfellow/Eran Zucker

 

020 7469 0930

Leander PR (Financial PR)

Christian Taylor-Wilkinson

 

07795 168 157

 

 

 

CHAIRMANS STATEMENT

 

The unaudited results for the period ended 30 June 2019 were in line with management's internal expectations, with revenues level at $3.1m (H1 2018: $3.1m). The gross margin increased to 41% (H1 2018: 40%) and EBITDA increased to approximately $75,000 from a loss of $40,000 in H1 2018.

 

The main focus of the Company over the last few months has been the launch of the "Lokies", our new revolutionary padlock and the preparations for its mass production. Lokies is a smart keyless padlock with innovative IoT capabilities, enabling remote, over the air connectivity which removes the requirement for a key to unlock it. In addition, Lokies has a specially designed extendable shackle equipped with proprietary technology which can detect any attempts to breach the lock. The board has high expectations for Lokies and is very encouraged by feedback from clients and prospective clients so far.  

 

The second product that is a central to the Company's growth strategy is the Tetis. The Company is collaborating with major companies in the containers monitoring segment, such as Cargo Signal and Swiss based Arviem AG. The Company is building a long-term strategy based around the Tetis devices and, along with the strong relationship it has built with WIMC, the management believes it will be one the catalysts for the Company's future growth.

 

In parallel, activity across all other products has been at a high level. The percentage of total sales attributed to our traditional Helios product, which is our lower margin product, continues to decrease although from time to time opportunistic contracts, such as the North African distributor contract, which was announced in November 2018, may distort this trend as it expected to make a major contribution to revenue in the current year. This contract is progressing as planned.

 

We are pleased to report that a new contract for Helios Hybrid products with a value of approximately $400,000 has recently been signed with a West African distributor for delivery in the second half of this year. This contract will lead to recurring SaaS revenue stream in future years.

 

The strategic relationship with Zero Motorcycles Inc. in the USA is progressing well. Initial orders for the integrated Helios units are, as expected, low at this stage but the response to the new motorbikes has been positive and orders are expected to increase later this year and into next year. The Directors consider that this relationship presents a significant growth opportunity as the market for electric motorbikes increases.

 

The relationship with CubeMonk in the USA is also very positive, with the Company receiving new orders since the initial contract was signed in February 2019.  Cubemonk has developed the world's first smart shipping container and storage unit powered by IoT using Starcom's Kylos Air product.

 

Initial orders of Kylos Forever units have been received pursuant to the Company's contract with Israel Chemicals Limited. These orders have been delivered and it is expected these will increase in the near future.  The Starcom units enable this global business to monitor the dangerous ICL chemicals as they are shipped across the globe.  Another version of Kylos is used by Bosch, which has now launched its Kylos Air product and we await feedback on the results of this launch.

 

Appointments during the Period

 

During the period the Board were pleased to welcome Mr Martin Blair to the board as a non-Executive Director. In addition, Mr David Avner was appointed as a consultant to the Company in May 2019 and is working closely with management to develop the strategy in upgrading the marketing and sales capabilities. This is being achieved through engaging with quality partners and capitalising on Starcom's leading technology in the tracking systems.

 

Update on Auditor

 

Following the withdrawal of Brightman Almagor Zohar & Co. Certified Public Accountants, a firm in the Deloitte Global Network, to act as auditors to the Company, the Board decided to appoint its previous audit firm, Barzily & Co.

 

Financial report

 

Group revenues for the Period were $3.1m, compared with $3.1m for the six months ended 30 June 2018, demonstrating stability of sales within the first half of 2019.

 

Recurring SaaS revenues improved slightly to $900,000 (H1 2018: $890,000).

 

The gross margin for the Period was 41%, compared with 40% for the equivalent period in 2018.

 

Total operating expenditure decreased 4.5% to $1.6m (H1 2018: $1.7m and, as a result, the operating loss in the Period decreased to $0.37m compared with an operating loss of $0.51m for the six months ended 30 June 2018, representing a reduction of 27%.

 

The Group suffered from the weakness of US dollar exchange rate against the Israeli New Shekel, which resulted in a $69,000 exchange rate loss, despite the mitigating hedging measures undertaken by management.

 

The Group balance sheet showed a decrease in trade receivables to $1.57m, compared with $1.9m as at 31 December 2018, despite a slight increase in total sales. Group inventories at the Period end were $2.3m, (30 June 2018: $2.3m). Trade payables at the Period end were $1.75m (30 June 2018: £1.8m).

 

Net cash from operating activities in the Period was $13,000, compared with $0.3m for the six months ended 30 June 2018. However, following the equity fundraise completed in April 2019, net cash at 30 June 2019 was $461,000 (31 December 2018: $89,000).

 

 

OUTLOOK

 

The Company continues to progress the development in particular of Lokies and Tetis, which the Board considers to be Starcom's growth engines for the future. A number of new projects are under active negotiation. The Board considers the current pipeline to be stronger than the current sale pipeline at the same time a year ago. Therefore, the Board is confident that the full year results will be in line with current market expectations in terms of revenue growth and that the Company will achieve a positive EBITDA result for the year.

 

 

 

 

 

STARCOM Plc

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

U.S. Dollars in thousands

 

 

 

 

 

 

 

 June 30

 

December 31

 

Note

2019

 

2018

 

2018

 

 

Unaudited

 

Unaudited

 

Audited

ASSETS

 

 

 

 

 

 

 

NON-CURRENT ASSETS :

 

 

 

 

 

 

Property, plant and equipment, net

 

758

 

502

 

521

Intangible assets, net

3

2,169

 

2,376

 

2,279

Income Tax Authorities

 

49

 

46

 

46

Total Non-Current Assets

 

2,976

 

2,924

 

2,846

 

CURRENT ASSETS :

 

 

 

 

 

 

Inventories

 

2,287

 

2,329

 

2,025

Trade receivables (net of allowance for doubtful accounts of $14, $39 and $48 thousand as of June 30, 2019 and 2018 and December 31,2018)

 

1,568

 

1,443

 

1,897

Other receivables

 

195

 

129

 

87

Short-term deposit

 

55

 

54

 

60

Cash and cash equivalents

 

461

 

178

 

89

Total Current Assets

 

4,566

 

4,133

 

4,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

7,542

 

7,057

 

7,004

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

                     

 

EQUITY

 

 

 

 

 

 

 

 

4,245

 

3,738

 

3,861

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

Long-term loans from banks

 

34

 

101

 

50

Leasehold liabilities

 

173

 

84

 

70

Total Non-Current Liabilities

 

207

 

185

 

120

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Short-term bank credit

 

68

 

44

 

28

Short-term loans and current maturities of long-term loans

 

333

 

 

506

Trade payables

 

1,751

 

1,819

 

1,412

Shareholders and related parties

5

664

 

714

 

581

Other payables

 

136

 

219

 

372

Leasehold liabilities

 

138

 

106

 

124

Total Current Liabilities

 

3,090

 

3,134

 

3,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

7,542

 

           7,057

 

7,004

     

 

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

STARCOM Plc

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

U.S. Dollars in thousands

 

 

 

 

Six Months Ended June 30

 

Year Ended December 31

 

Note

 

2019

 

2018

 

2018

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

 

Revenues

 

 

3,110

 

3,092

 

5,994

 

 

 

 

 

 

 

 

Cost of sales

 

 

(1,844)

 

(1,864)

 

(3,576)

 

 

 

 

 

 

 

 

Gross profit

 

 

1,266

 

1,228

 

2,418

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Research and development, net

 

 

(81)

 

(124)

 

(224)

 

 

 

 

 

 

 

 

      Selling and marketing

 

 

(380)

 

(292)

 

(621)

 

 

 

 

 

 

 

 

      General and administrative

 

 

(1,168)

 

(1,288)

 

(2,424)

 

 

 

 

 

 

 

 

      Other income (expenses)

 

 

(11)

 

(34)

 

 (31)

 

 

 

(1,640)

 

(1,738)

 

(3,300)

 

 

 

 

 

 

 

 

Operating loss

 

 

(374)

 

(510)

 

(882)

 

 

 

 

 

 

 

 

Net finance income (expenses)

6

 

(131)

 

33

 

51

 

 

 

 

 

 

 

 

   Total comprehensive loss prior to taxes

 

 

(505)

 

(477)

 

(831)

 

 

 

 

 

 

 

 

   Taxes on income due to previous years

 

 

- . -

 

- . -

 

(89)

 

   Total comprehensive loss for the year

 

 

(505)

 

(477)

 

(920)

   Loss per share:

 

 

 

 

 

 

 

   Basic and diluted loss per share (in dollars)

4

 

(0.002)

 

(0.002)

 

(0.003)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

STARCOM Plc

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

U.S. Dollars in thousands

 

 

 

Share

Capital *

 

Premium on Shares

 

 

Capital Reserve

 

Capital Reserve for Share-based payment

 

Accumulated Loss

 

 

 

 

Total

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance- January 1, 2019

-

 

11,460

 

 

89

 

687

 

(8,375)

 

 

3,861

Issue of share capital, net of expenses - see Notes 1(a)2 - 1(a)3

 

-

 

 

794

 

 

 

-

 

 

-

 

     

                 -

 

 

 

794

Share based payment - Note 4

          -

 

-

 

 

-

 

95

 

-

 

 

95

Comprehensive loss for the period

-

 

-

 

 

-

 

-

 

(505)

 

 

(505)

Balance- June 30, 2019

-

 

12,254

 

 

89

 

782

 

(8,880)

 

 

4,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance- January 1, 2018

-

 

9,796

 

 

89

 

602

 

(7,455)

 

 

3,032

Issue of share capital, net of expenses

-

 

1,049

 

 

-

 

-

 

               -

 

 

1,049

Share based payment

-

 

-

 

 

-

 

134

 

-

 

 

134

Fortified options and warrants

-

 

135

 

 

-

 

(135)

 

-

 

 

-

Comprehensive loss for the period

-

 

-

 

 

-

 

-

 

 (477)

 

 

(477)

Balance- June 30, 2018

-

 

10,980

 

 

89

 

601

 

(7,932)

 

 

3,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance- January 1, 2018

-

 

9,796

 

 

89

 

602

 

(7,455)

 

 

3,032

Proceeds from issued share capital, net of expenses

 

-

 

 

1,379

 

 

  

      -

 

 

-

 

 

-

 

 

 

1,379

Exercise of warrants

-

 

150

 

 

-

 

-

 

-

 

 

150

Share based payment

-

 

-

 

 

-

 

220

 

-

 

 

220

Share based payment expiration

-

 

135

 

 

-

 

(135)

 

-

 

 

-

Comprehensive loss for the year

-

 

-

 

 

-

 

-

 

(920)

 

 

(920)

Balance- December 31, 2018

-

 

11,460

 

 

89

 

687

 

(8,375)

 

 

3,861

 

              * An amount less than one thousand.

 

 

 

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

 

STARCOM Plc

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. Dollars in thousands

 

 

Six Months Ended

June 30

 

Year Ended December 31

 

 

2019

 

2018

 

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

 

Unaudited

 

Unaudited

 

Audited

Comprehensive loss

 

(505)

 

(477)

 

(920)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

329

 

303

 

623

Interest expense and exchange rate differences

 

5

 

(50)

 

23

Equity settled option-based payment expense

 

95

 

134

 

220

Capital loss (gain)

 

15

 

33

 

-

Changes in assets and liabilities:

 

 

 

 

 

 

Increase in inventories

 

(262)

 

(844)

 

(540)

Decrease (Increase) in trade receivables

 

329

 

329

 

         (125)

Decrease (Increase) in other receivables

 

(108)

 

(28)

 

           14

Increase in Income Tax Authorities

 

(3)

 

                  (3)

 

          (2)

Increase (Decrease) in trade payables

 

340

 

297

 

       (110)

Increase (Decrease) in other payables

 

(222)

 

(32)

 

            122

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

13

 

(338)

 

(695)

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

(202)

 

(46)

 

(109)

Proceeds from sales of property, plant and equipment                                       

 

28

 

-

 

-

Decrease (Increase) in short-term deposits

 

5

 

1

 

(5)

Purchase of intangible assets

 

(112)

 

(136)

 

(256)

 

 

 

 

 

 

 

Net cash used in investing activities

 

(281)

 

(181)

 

(370)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from (Repayment of) short-term bank credit, net

 

40

 

(183)

 

(199)

Proceeds from (Repayment of) a convertible debenture, net

 

-

 

(131)

 

462

Repayment of Short-term loans from banks

 

(189)

 

-

 

(131)

Receipt of long-term loans

 

-

 

96

 

93

Proceeds from (Repayment to) shareholders and related parties, net

 

83

 

1

 

(132)

Repayment of Leasehold liability

 

(58)

 

(49)

 

(109)

Repayment of long-term loans

 

(16)

 

(180)

 

(452)

Proceeds from exercise of warrants

 

-

 

-

 

150

Consideration from issue of shares

 

780

 

1,050

 

1,379

 

 

 

 

 

 

 

Net cash provided by financing activities  

 

640

 

604

 

1,061

 

 

 

 

 

 

 

Increase (Decrease) in cash and cash equivalents

 

372

 

85

 

(4)

Cash and cash equivalents at the beginning of the period

 

89

 

93

 

93

Cash and cash equivalents at the end of the period

 

461

 

178

 

89

 

 

 

 

 

 

 

Appendix A - Additional Information

 

 

 

 

 

 

Interest paid during the period

 

(21)

 

(25)

 

(30)

 

Appendix B - Non-cash financing activities

 

 

 

 

 

 

Issuance of shares to a related party in payment of debt

 

14

 

-

 

-

 

 

 

 

 

 

 

 

 

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

 

 

 

STARCOM Plc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands

 

 

NOTE 1 -

GENERAL INFORMATION

 

 

 

a.

The Reporting Entity

 

 

 

 

 

 

 

 

 

 

 

 

1.     Starcom Plc ("the Company") was incorporated in Jersey on November 28, 2012.

The Group specializes in easy-to-use practical wireless solutions that combine advanced technology, telecommunications and digital data for the protection and management of people, fleets of vehicles, containers and assets and engages in production, marketing, distribution, research and development of G.P.S. systems.

 

The Company fully owns Starcom G.P.S. Systems Ltd., an Israeli company that engages in the same field, and Starcom Systems Limited, a company in Jersey.
 

The Company's shares are admitted to trading on the London Stock Exchange's market.

           

Address of the official Company office in Israel of Starcom G.P.S. Systems Ltd. is:

16 Hata'as St., Kfar-Saba, Israel.

 

Address of the Company's registered office in Jersey of Starcom Systems Limited is:

Forum 4, Grenville Street, St Helier, Jersey, Channel Islands, JE4 8TQ

 

2.   During April 2019 the Company raised £637.5 ($829) thousand before expenses, through placing 51,000,000 new Ordinary Shares of no par value at a price of 1.25p per Placing Share.

 

3.   During June 2019, the Company granted its Chairman 880,000 new Ordinary Shares of no par value at a price of 1.25p per share in order to partially set off his credit balance.

 

 

 

 

 

 

b.

Definitions in these financial statements:

 

 

 

 

 

 

 

 

 

1.

International Financial Reporting Standards (hereinafter: "IFRS") - Standards and interpretations adopted by the International Accounting Standards Board (hereafter: "IASB") that include international financial reporting standards (IFRS) and international accounting standards (IAS), with the addition of interpretations to these Standards as determined by the International Financial Reporting Interpretations Committee (IFRIC) or interpretations determined by the Standards Interpretation Committee (SIC), respectively.

 

 

 

 

2.

The Company - Starcom Plc.

 

 

 

 

 

3. 

The subsidiaries - Starcom G.P.S. Systems Ltd. And Starcom Systems Limited.

 

 

 

 

 

4.

Starcom Jersey - Starcom Systems Limited.

 

 

 

 

 

5.

Starcom Israel - Starcom G.P.S. Systems Ltd.

 

 

 

 

6.

The Group - Starcom Plc. and the Subsidiaries.

 

 

 

 

7.

Related party - As determined by International Accounting Standard No. 24 in regard to related parties.

 

                             

 

 

 

NOTE 2 -

BASIS OF PREPARATION AND CHANGE IN THE GROUP'S ACCOUNTING POLICIES

 

a.

  Basis of preparation

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").

The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2018 and for the year ended on that date and with the notes thereto.

The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2018 are applied consistently in these interim consolidated financial statements.

 

 Use of estimates and judgments

 

 

 

 

 

The preparation of financial statements in conformity with IFRS requires management of the Company to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

 

 

 

 

The judgment of management, when implementing the Group accounting policies and the basic assumptions utilized in the estimates that are bound up in uncertainties are consistent with those that were utilized to prepare the annual financial statements.

 

 

 

 

 

 

c.

 

 Exchange rates:

 

 

 

 

 

Six Months Ended June 30

 

Year Ended December 31

 

 

 

2019

 

2018

 

2018

 

 

Exchange rate of U.S. $ in NIS

3.566

 

3.65

 

3.748

 

 

Exchange rate of U.S. $ in GBP

0.79

 

0.76

 

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change of U.S. $ in NIS

(4.86%)

 

5.28%

 

8.1%

 

 

Change of U.S. $ in GBP

0.86%

 

2.52%

 

5.59%

 

                   

 

 

NOTE 3 -

 

INTANGIBLE ASSETS, NET

 

 

 

 

 

                    

 

 

Total

 

 

Unaudited

 

Cost:

 

 

 

 

Balance as of January 1, 2019

 

 

4,458

 

Additions during the period

 

 

112

 

Balance as of June 30, 2019

 

 

4,570

 

 

 

 

 

 

Accumulated Depreciation:

 

 

 

 

Balance as of January 1, 2019

 

(1,977)

 

Amortization during the period

 

 

(222)

 

Balance as of June 30, 2019

 

 

(2,199)

 

 

 

 

 

 

Impairment of assets

 

 

(202)

 

 

 

 

 

 

Net book value as of June 30, 2019

 

 

2,169

 

 

               

 

 

 

 

 

 

Total

 

 

 

Unaudited

 

Cost:

 

 

 

 

Balance as of January 1, 2018

 

 

4,202

 

Additions during the period

 

 

136

 

Balance as of June 30, 2018

 

 

4,338

 

 

 

 

 

 

Accumulated Depreciation:

 

 

 

 

Balance as of January 1, 2018

 

 

(1,543)

 

Depreciation during the period

 

 

(217)

 

Balance as of June 30, 2018

 

 

(1,760)

 

 

 

 

 

 

Impairment of assets

 

 

(202)

 

 

 

 

 

 

Net book value as of June 30, 2018

 

 

2,376  

 

 

 

 

 

Total

 

 

 

Audited

 

Cost:

 

 

 

 

Balance as of January 1, 2018

 

 

4,202

 

Additions during the year

 

 

256

 

Balance as of December 31, 2018

 

 

4,458

 

 

 

 

 

 

Accumulated Depreciation:

 

 

 

 

Balance as of January 1, 2018

 

 

(1,543)

 

Depreciation during the year

 

 

(434)

 

Balance as of December 31, 2018

 

 

(1,977)

 

 

 

 

 

 

Impairment of assets

 

 

(202)

 

 

 

 

 

 

Net book value as of December 31, 2018

 

 

 

2,279

 

 

 

NOTE 4 -

SHARE CAPITAL

 

 

 

a.

Composition - ordinary shares of no-par value, issued and outstanding - 345,329,513 shares and 293,449,513 shares as of June 30, 2019 and December 31, 2018, respectively.

 

 

 

b.

A Company share grants to its holder voting rights, rights to receive dividends and rights to net assets upon dissolution.

 

 

 

c.

See Note 1(a).

 

 

 

 

d.

Weighted average number of shares used for calculation of basic and diluted loss per share:

 

 

 

 

June 30                 June 30

 

December 31

 

 

 

 

 

2019

 

2018

 

2018

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

Number

 

314,650,176

 

265,960,494

 

272,694,684

 

 

 

 

 

 

The following table lists the number of share options and the exercise prices of share options during the reported period:

 

 

June 30, 2019

 

December 31, 2018

 

 

Unaudited

 

Audited

 

 

Number of options

 

Weighted average

exercise price

 

Number of options

 

Weighted average

exercise

price

 

 

                      £

 

                     £

 

 

 

 

 

 

 

 

 

Share options outstanding at beginning of period

 

33,496,480

 

0.037

 

32,729,647

 

0.041

Share options exercised during the period

 

-

 

-

 

(4,440,000)

 

0.025

Share options expired during the period

 

492,533

 

0.04

 

(5,293,167)

 

0.06

Share options granted during the period

 

16,290,000

 

0.007

 

10,500,000

 

0.0325

Share options outstanding at end of period

 

49,293,947

 

0.027

 

33,496,480

 

0.037

 

 

 

 

 

 

 

 

 

Share options exercisable at end of period

 

27,587,280

 

0.038

 

14,949,640

 

0.046

                   

 

 

 

 

e.

Share-based payment

 

During June 2019 the Company granted its senior management and directors' options for purchase of 6,250,000 new Ordinary Shares at exercise price of 1.875p per share.

The Options vest as to third each year, one year after grant. Any unexercised options expire at the end of 10 years from grant.

On same date the company granted its senior management and directors' options for purchase of 10,040,000 new Ordinary Shares at exercise price of zero p per share in place of their fees. The options vest after 9 months.

The following table lists the inputs to the Black and Scholes model used for the grants.

 

 

 

Directors and Senior Management

 

 

 

Directors

 

 

Fair value at the measurement date

Quantity

 

£0.0087

3,000,000

 

 

£0.0087

3,250,000

 

Dividend Yield (%)

Expected Volatility (%)

Risk-free interest rate (%)

Share price

Vesting period (years)

-

71.7

0.75

£0.0125

3

 

-

71.7

0.75

£0.0.125

3

 

Expiration period (years)

10

 

10

 

 

Total expenses recorded regarding these Options in the statement of comprehensive income for the reported period amounted $3 thousand.

 

 

 

 

 

Directors and Senior Management

 

 

 

Directors

 

 

Fair value at the measurement date

Quantity

 

£0.0125

2,960,000

 

 

£0.0125

7,080,000

 

Dividend Yield (%)

Expected Volatility (%)

Risk-free interest rate (%)

Share price

Vesting period (years)

-

71.7

0.75

£0.0125

0.75

 

-

71.7

0.75

£0.0125

0.75

 

Expiration period (years)

10

 

10

 

 

Total expenses recorded regarding these Options in the statement of comprehensive income for the reported period amounted $17 thousand.

 

 

NOTE 5 -

SHAREHOLDERS AND RELATED PARTIES

 

 

 

a.

Related parties that own the controlling shares in the Group are:

 

 

 

Mr. Avraham Hartmann (6.43%), Mr. Uri Hartmann (6.83%), Mr. Doron Kedem (6.83%).

 

 

 

 

 

b.

Short-term balances:

 

June 30

 

December 31

 

 

2019

 

2018

 

2018

 

 

Unaudited

 

Unaudited

 

Audited

 

Credit balance

Avi Hartmann

Uri Hartmann

Doron Kedem

Total Credit balance


(196)
(298)
(166)
(660)

 


(283)
(260)
(164)
(707)

 


(205
(251)
(173)
(629)

 

Loans

Avi Hartmann

Uri Hartmann

Doron Kedem

Total Loans


(14)
(223)
213

(4)

 


204
(407)
196
(7)

 


45
(210)
213
48

 

 

(664)

 

(714)

 

(581)

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

Transactions:

 

 

Six Months Ended

June 30

 

 

Year Ended

December 31

 

 

 

2019

 

2018

 

2018

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

Total salaries, services rendered and related expenses for shareholders

 

 

193

 

 

 

194

 

 

 

353

 

 

Total share-based payment expenses


57

 


134

 

 

127

 

 

Interest to related parties

5

 

16

 

15

 

 

 

 

 

 

 

 

 

 

                     

 

NOTE 6 -

NET FINANCE INCOME (EXPENSES)

 

 

 

 

 

Six Months Ended

June 30

 

Year Ended December 31

 

 

 

2019

 

2018

 

2018

 

 

 

Unaudited

 

Unaudited

 

Audited

 

Exchange rate differences

(69)

 

108

 

222

 

Bank charges

(40)

 

(34)

 

(80)

 

Interest to banks and others

(9)

 

(25)

 

(74)

 

Interest to suppliers

(8)

 

-

 

(2)

 

Interest to related parties

(5)

 

(16)

 

(15)

 

Net finance income (expenses)

(131)

 

33

 

51

                 

 

 

 

 

NOTE 7 -

SEGMENTATION REPORTING

 

 

 

Differentiation policy for the segments:

The Company's management has defined its segmentation policy based on the financial essence of the different segments. This refers to services versus goods, delivery method and allocated resources per sector.

On this basis, the following segments were defined:

 

 

 

Segment information regarding the reported segments:

 

 

 

 

Hardware

 

SAS

 

 

Total

Period Ended 30.06.2019: (Unaudited)

 

 

 

 

 

 

 

 

Segment revenues

 

 

2,210

 

900

 

 

3,110

Cost of sales

 

 

(1,735)

 

(109)

 

 

(1,844)

Gross profit

 

 

475

 

791

 

 

1,266

 

 

 

 

 

 

 

 

 

Period Ended 30.06.2018: (Unaudited)

 

 

 

 

 

 

 

 

Segment revenues

 

 

2,202

 

890

 

 

3,092

Cost of sales

 

 

(1,730)

 

(134)

 

 

(1,864)

Gross profit

 

 

472

 

756

 

 

1,228

 

 

 

 

 

 

 

 

 

Year Ended 31.12.2018: (Audited)

 

 

 

 

 

 

 

 

Segment revenues

 

 

3,959

 

2,035

 

 

5,994

Cost of sales

 

 

(3,322)

 

(254)

 

 

(3,576)

Gross profit

 

 

637

 

1,781

 

 

2,418

 

 

 

 

 

 

 

 

 

 

 

 NOTE 8 -

SIGNIFICANT EVENTS DURING THE REPORTED PERIOD

 

 

 

1.   Based on mutual understandings with an Israeli bank, the Company has converted its short-term facility to a long-term loan, amounted NIS 1 million, for a period of 3 years.

     

 

 

 

 

 

 

 

 

 

 

 

 


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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Market: AIM
Market Cap: £4.49 m
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