TIDMORPK
RNS Number : 9019N
Orpak Systems Ltd
26 February 2009
26 February 2009
Orpak Systems Ltd
("Orpak" or "the Company")
Financial results for the fourth quarter and twelve months ended 31 December
2008
Orpak Systems Ltd, the leading provider of card-free secure fuel payment systems
based on vehicle identification and end-to-end solutions for the automation of
fuel stations, announces its financial results for the fourth quarter and twelve
months ended 31 December 2008.
Fourth Quarter 2008 Highlights
·Revenue increased 12% to $18.9m (Q4 2007: $16.8m), representing twenty-second
consecutive quarter of growth
·Operating profit increased 17% to $4.1m (Q4 2007: $3.5m)
·Net profit increased 6% to $2.83m (Q4 2007: $2.7m). Non GAAP net profit
was $3.0m (Q4 2007: $2.7m)
·Introduced the Secured OrPT outdoor payment terminal for gas stations, to join
Orpak's OrPT family of outdoor payment products with over 40,000 installations
worldwide
·Company's subsidiary in Turkey, Turpak, won a new contract from Shell Turkey to
supply them with 1,100 tank automation and 400 pump automation systems
·Under contract with BP in Turkey, Orpak delivered a further 10,000 vehicle
identification units, bringing the total to date to 35,000
·Company's systems were delivered to 170 petrol stations and 100,000 vehicles
bringing to date the total petrol stations equipped to 10,870 and 2.3 million
vehicles, distributed across 30 countries - an increase of 870 petrol stations
and 400,000 vehicles compared to the same period last year
Twelve months ended 31 December 2008 Highlights
·Revenue increased 23% to $71.2m (2007: $58.0m)
·Operating profit increased 17% to $11.3m (2007: $9.6m)
·Net profit declined to $7.1m (2007: $9.0m), mainly due to loss in marketable
securities and the weakness of the US dollar primarily in the first three
quarters of 2008. Non GAAP net profit was $7.9m (2007: $9.4m)
·Net cash and cash equivalents totaled $32.6m at 31 December 2008 (2007: $28.6m)
·Executed cost cutting plan to restore bottom-line performance and mitigate
impact of currency factors on operational efficiency
·Revenue in Europe increased by 45% to $58.0m (2007: $40.1m)
·Finalized the equipment of 570 BP stations in Turkey with automation and fuel
payment systems based on vehicle identification, and began to deliver the first
batch of 35,000 vehicle identification units out of an anticipated total of
approximately 65,000 vehicles
·Orpak's subsidiary in Turkey, Turpak, signed an umbrella agreement with global
oil company, LUKoil, to equip its network of stations in Turkey with tank
automation, site automation and C-store management systems
·Progress with opportunities in Europe, Africa and Asia
Outlook
·Demand for Orpak's products remains strong and the Company continues to benefit
from a robust order book, with a high level of repeat business
·Firm action taken to stem the decline in net profits caused by the impact of
currency movements and challenging financial markets
·Post period end, the Company and its wholly owned subsidiary, Orpak USA Inc.,
signed an agreement with Gilbarco Inc. to equip new fleet management systems of
Gasboy International, part of the Gilbarco family of companies, with Orpak
technology. The Gasboy products will be sold and supported in the United States
exclusively through the existing network of Gasboy distributors and Authorized
Service Contractors, and globally on a non-exclusive basis
·For full year 2009, the Company expects to continue to gain market share in
emerging markets
Hayim Kohen, Chief Executive of Orpak, said: "We are pleased that this period
has seen sustained momentum in revenue growth as demand for our products across
all markets remains encouraging. Our quick response to the challenges arising
from the weakness of the US dollar and financial markets succeeded in mitigating
most of the negative impact.
The fourth quarter began well with the signing of a new contract with Shell in
Turkey. We look forward to continuing this relationship and delivering this
project on time and on budget. It demonstrates our strength in the region, where
we already work with global oil companies such as BP and Total as well as Shell.
We are also delighted to have signed an agreement with Gilbarco, which will
allow Orpak technology to be available through the industry's largest network of
distributors and supported by the leading supplier of fuelling technology and
service. It is hoped that this will enable Orpak to expand its business in the
United States."
Hayim Kohen, CEO and Hemi Shtral, CFO will be hosting a conference call for
investors today at 4pm GMT (11am EDT, 8am PDT). In the US, please dial +1 866
966 5335; in the UK, please dial 0808 109 0700; outside the US and UK, please
dial +44 203 037 9095.
Enquiries:
Orpak Systems Ltd
Hayim Kohen, CEO +972 3 577 6868
Hemi Shtral, CFO
Libertas Capital
Sandy Jamieson+44 20 7569 9650
Corfin Communications
Harry Chathli, Claire Norbury +44 20 7977 0020
Note to Editors:
Orpak develops, manufactures and markets end-to-end solutions for the automation
of fuel stations and fleet management. Orpak is a market leader in automated
refueling systems that incorporate fuel payment based on vehicle identification.
Using advanced technologies to meet customer requirements, Orpak's solutions
integrate forecourt automation and management, convenience-store management
systems, commercial and retail sales solutions, and fuel delivery systems. The
Company's solutions are designed to benefit customers through enabling fuel
savings, preventing fuel fraud, maximizing loyalty programs and providing other
advanced services that increase profitability.
The Company's products have been delivered to more than 10,870 fuel stations and
2.3 million vehicles in 30 countries across the globe and are distributed
through an international network of subsidiaries and partners.
Orpak has been ISO-9001 certified since 1995, and the Company's products meet
appropriate local safety standards and regulations in markets in which it
operates.
Orpak (AIM: ORPK) was admitted to AIM in December 2005.
Financial review
Orpak is pleased to announce strong growth in revenue for the fourth quarter and
twelve months ended 31 December 2008, reflecting sustained demand for the
Company's products and services in key territories.
Fourth quarter revenue increased by 12% to $18.9m (Q4 2007:
$16.8m). Operating profit increased by 17% to $4.1m (Q4 2007: $3.5m). Net profit
for the fourth quarter increased by 6% to $2.83m (Q4 2007: $2.7m) despite loss
in its marketable securities during the first week of October and the weakness
of the US dollar. To counteract this, in the beginning of October, the Company
moved all its marketable securities into short-term Israel State debentures with
guaranteed interest.
Turnover in the twelve months to 31 December 2008 rose 23% year-on-year to
$71.2m (2007: $58.0m) and operating profit increased by 17% to $11.3m (2007:
$9.6m). Net profit decreased to $7.1m (2007: $9.0m) primarily due to volatile
financial markets and the impact of a weak US dollar, which depreciated by about
20% against the Israeli shekel since early 2007.
The Company has taken firm action to address these challenges by reducing
operating expenses. These steps have produced encouraging results in the
third and fourth quarters, and the benefits are expected to continue in the next
quarters.
Net profit, excluding the provision of expenses for stock option plans and the
amortization of intangible assets associated with acquisitions, amounted to
$7.9m (2007: $9.4m).
Fully diluted earnings per share were 20.8 cents (2007: 26.4 cents).
Sales and marketing expenditure amounted to $15.1m compared with $12.7m in 2007
as the Company continued to expand its global sales infrastructure.
Net cash and cash equivalents totaled $32.5m at 31 December 2008 (2007: $28.6m).
This was despite making cash payments of $6.9m - $3.7m in acquisition costs and
$3.2m for the final dividend payment.
Operating review
Orpak succeeded in increasing its market share in the territories in which it is
established and continued to expand into new areas. During the fourth
quarter, the Company's systems were delivered to 170 petrol stations and 100,000
vehicles bringing to date the total number of petrol stations equipped to 10,870
and 2.3 million vehicles, distributed across 30 countries - an increase of 870
petrol stations and 400,000 vehicles compared to the same period last year.
During the twelve month period, revenue in Europe increased by 45% to $58.0m
(2007: $40.1m), maintaining the region's position as the largest contributor to
the Company's revenues. The revenue growth reflected the completion of major
orders, including contracts with oil companies in several countries in Eastern
Europe, which were delivered on time and within budget, thereby consolidating
Orpak's position in this region.
Under a contract with BP, a major global oil company, in the twelve month period
the Company equipped a network of 570 stations in Turkey with automation and
fuel payment systems based on vehicle identification, and began to deliver the
first batch of 35,000 vehicle identification units out of an anticipated total
of approximately 65,000 vehicles - with 10,000 units being delivered this
quarter.
The Company's subsidiary in Turkey, Turpak, won a new contract from Shell Turkey
to supply them with 1,100 tank automation and 400 pump automation systems. Under
the terms of the agreement, Turpak will be paid $18m of which $5.5m will be
retained and recognized as revenue by Orpak and the remainder will be paid to
sub-contractors for fulfilling the parts of the contract that are not Orpak's
competence such as construction. The project is expected to be finalized during
2009.
Turpak also signed an umbrella agreement with global oil company, LUKoil, to
equip its network of stations in Turkey with tank automation, site automation
and C-store management systems. Currently, LUKoil has a network of 80 petrol
stations and has recently acquired an additional network of 550 stations of
Akpet, the Turkish gas station operator. Under the terms of the agreement, Orpak
will commence the supply, installation and commissioning of its management
system in 80 petrol stations, which is expected to be complete by the middle of
2009. Orpak will be paid $1.5m in stages for fulfilling the terms of the
contract.
Orpak introduced the Secured OrPT, a robust Outdoor Payment Terminal for gas
stations and certified for the latest PCI & EMV requirements, which addresses
the card issuer security requirements that are already compulsory in many
countries. PCI security will be required in the US by the middle of 2010 for
outdoor payment on the forecourt. This new product is joining Orpak's OrPT
family of outdoor payment products with over 40,000 installations worldwide.
Orpak's presence in India is based on executing orders with two of India's
leading and largest petroleum companies - HPCL and IOCL - delivering end-to-end
retail management systems. In the twelve month period, the total number of
systems delivered to these customers has risen to 1,438 - representing an
increase of 78 systems over the period.
Post period end, the Company and its wholly owned subsidiary, Orpak USA Inc.,
signed an agreement with Gilbarco Inc. to equip new fleet management systems of
Gasboy International, part of the Gilbarco family of companies, with Orpak
technology. The Gasboy products will be sold and supported in the United States
exclusively through the existing network of Gasboy distributors and
Authorized Service Contractors, and globally on a non-exclusive basis. The new
Gasboy fleet management systems include: fleet head office, site controller,
wireless vehicle identification, and fuel truck controller. The inclusion of
Orpak technology will enhance the product offering available to Gasboy
customers.
Outlook
Demand for Orpak's products remains strong and the Company continues to benefit
from a robust order book, with a high level of repeat business. The Company has
also taken firm action to stem the decline in net profits caused by the impact
of currency movements and challenging financial markets. These steps have
already produced encouraging results and the benefits are expected to continue.
As a result, the Board looks to the future with confidence.
Consolidated Balance Sheets as at December 31
+----------------------------------+------------+------------+------------+------------+
| | | | 2007 | 2008 |
+----------------------------------+------------+------------+------------+------------+
| | | | $ | $ |
| | | | thousands | thousands |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Current assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Cash and cash equivalents | | | 9,061 | 17,130 |
+----------------------------------+------------+------------+------------+------------+
| Held for trading investments | | | 19,780 | 15,046 |
+----------------------------------+------------+------------+------------+------------+
| Trade receivables | | | 19,889 | 13,121 |
+----------------------------------+------------+------------+------------+------------+
| Other receivables and | | | 1,429 | 2,539 |
| prepayments | | | | |
+----------------------------------+------------+------------+------------+------------+
| Inventories | | | 10,487 | 7,551 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total current assets | | | 60,646 | 55,387 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Non-current assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Held to maturity investments | | | - | 2,190 |
+----------------------------------+------------+------------+------------+------------+
| Deferred tax assets | | | 562 | 486 |
+----------------------------------+------------+------------+------------+------------+
| Employee benefits | | | 105 | 424 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | 667 | 3,100 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Property and equipment | | | 2,915 | 2,788 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Intangible assets | | | 14,857 | 17,170 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total non-current assets | | | 18,439 | 23,058 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total assets | | | 79,085 | 78,445 |
+----------------------------------+------------+------------+------------+------------+
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Alex Milner Chairman of the Board |
+---------------------------------------------------------------+
| | |
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Hayim Kohen General Manager and Member of the Board |
+---------------------------------------------------------------+
| | |
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Hemi Shtral Chief Financial Officer |
+----------------------+----------------------------------------+
Date of approval of the financial statements: February 25, 2009
Consolidated Balance Sheets as at December 31
+-----------------------------------------------+------------+------------+------------+
| | | 2007 | 2008 |
+-----------------------------------------------+------------+------------+------------+
| | | $ | $ |
| | | thousands | thousands |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Liabilities and equity | | | |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Current liabilities | | | |
+-----------------------------------------------+------------+------------+------------+
| Bank overdraft | | 307 | 70 |
+-----------------------------------------------+------------+------------+------------+
| Short-term loans from banks | | 81 | 1,710 |
+-----------------------------------------------+------------+------------+------------+
| Trade payables | | 6,918 | 6,215 |
+-----------------------------------------------+------------+------------+------------+
| Other payables | | 19,989 | 13,955 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Total current liabilities | | 27,295 | 21,950 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Non-Current liabilities | | | |
+-----------------------------------------------+------------+------------+------------+
| Deferred tax liabilities | | 1,776 | 2,093 |
+-----------------------------------------------+------------+------------+------------+
| Employee benefits | | 213 | 246 |
+-----------------------------------------------+------------+------------+------------+
| Other long-term liabilities | | 5,749 | 5,250 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Total non-current liabilities | | 7,738 | 7,589 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Total liabilities | | 35,033 | 29,539 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Equity | | | |
+-----------------------------------------------+------------+------------+------------+
| Share capital | | 179 | 179 |
+-----------------------------------------------+------------+------------+------------+
| Share premium | | 21,705 | 21,705 |
+-----------------------------------------------+------------+------------+------------+
| Treasury shares | | (501) | (501) |
+-----------------------------------------------+------------+------------+------------+
| Translation reserve | | 1,631 | 1,967 |
+-----------------------------------------------+------------+------------+------------+
| Retained earnings | | 20,400 | 24,401 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Total equity attributable to equity holders | | 43,414 | 47,751 |
| of the Company | | | |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Minority interest | | 638 | 1,155 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Total equity | | 44,052 | 48,906 |
+-----------------------------------------------+------------+------------+------------+
| | | | |
+-----------------------------------------------+------------+------------+------------+
| Total liabilities and equity | | 79,085 | 78,445 |
+-----------------------------------------------+------------+------------+------------+
Consolidated Income Statements for the Year Ended December 31
+----------------------------------+------------+------------+------------+------------+
| | | | 2007 | 2008 |
+----------------------------------+------------+------------+------------+------------+
| | | | $ | $ |
| | | | thousands | thousands |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Revenues from sales and services | | | 58,044 | 71,177 |
+----------------------------------+------------+------------+------------+------------+
| Cost of sales and services | | | 28,140 | 37,185 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Gross profit | | | 29,904 | 33,992 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Research and development | | | 4,374 | 3,696 |
| expenses | | | | |
+----------------------------------+------------+------------+------------+------------+
| Selling and marketing expenses | | | 12,727 | 15,051 |
+----------------------------------+------------+------------+------------+------------+
| General and administrative | | | 3,182 | 3,971 |
| expenses | | | | |
+----------------------------------+------------+------------+------------+------------+
| Other income | | | (81) | (12) |
+----------------------------------+------------+------------+------------+------------+
| Other expenses | | | 3 | 18 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Operating profit | | | 9,699 | 11,268 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Financing income | | | 2,020 | 848 |
+----------------------------------+------------+------------+------------+------------+
| Financing expenses | | | (1,403) | (3,677) |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Financing income (expenses), net | | | 617 | (2,829) |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Profit before income tax | | | 10,316 | 8,439 |
+----------------------------------+------------+------------+------------+------------+
| Taxes on income | | | 876 | 842 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Profit for the year | | | 9,440 | 7,597 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Attributable to: | | | | |
+----------------------------------+------------+------------+------------+------------+
| Equity holders of the Company | | | 8,978 | 7,065 |
+----------------------------------+------------+------------+------------+------------+
| Minority interest | | | 462 | 532 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Profit for the year | | | 9,440 | 7,597 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Earnings per share (in U.S. | | | | |
| dollars) | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Basic earning per share (in U.S. | | | 0.266 | 0.209 |
| dollars) | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Diluted earning per share (in | | | 0.264 | 0.208 |
| U.S. dollars) | | | | |
+----------------------------------+------------+------------+------------+------------+
Consolidated Statement of Changes in Shareholders' Equity
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Attributable to equity holders of the Company | | |
+---------------------------------------+-------------------------------------------------------------------------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Share | Share | Treasury | Retained | Translation | | Minority | |
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | capital | premium | shares | earnings | reserve | Total | interest | Total |
| | | | | | | | | equity |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands | thousands | thousands | thousands |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2007 | 179 | 21,648 | (501) | 12,120 | (1,983) | 31,463 | 179 | 31,642 |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2007: | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Net profit for the year | - | - | - | 8,978 | - | 8,978 | 462 | 9,440 |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from translation | - | - | - | - | 3,614 | 3,614 | 50 | 3,664 |
| of financial statements for the year | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and expense | - | - | - | 8,978 | 3,614 | 12,592 | 512 | 13,104 |
| for the year | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Acquisition of additional right in | - | - | - | - | - | - | (53) | (53) |
| subsidiary | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Exercise of share based payment | - | 57 | - | - | - | 57 | - | 57 |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (1,006) | - | (1,006) | - | (1,006) |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share-based payment settled in shares | - | - | - | 308 | - | 308 | - | 308 |
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at December 31, 2007 | 179 | 21,705 | (501) | 20,400 | 1,631 | 43,414 | 638 | 44,052 |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Net profit for the year | - | - | - | 7,065 | - | 7,065 | 532 | 7,597 |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from translation | - | | - | - | 336 | 336 | (15) | 321 |
| of financial statements for the year | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total recognized income and expense | - | - | - | 7,065 | 336 | 7,401 | 517 | 7,918 |
| for the year | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (3,242) | - | (3,242) | - | (3,242) |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share-based payment settled in shares | - | - | - | 178 | - | 178 | - | 178 |
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at December 31, 2008 | 179 | 21,705 | (501) | 24,401 | 1,967 | 47,751 | 1,155 | 48,906 |
+---------------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
Consolidated Statements of Cash Flows for the year ended December 31
+----------------------------------------------------------+-------------+-------------+
| | 2007 | 2008 |
+----------------------------------------------------------+-------------+-------------+
| | $ thousands | ($ |
| | | thousands) |
+----------------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------------+-------------+-------------+
| Cash flows from operating activities | | |
+----------------------------------------------------------+-------------+-------------+
| Profit for the year | 9,440 | 7,597 |
+----------------------------------------------------------+-------------+-------------+
| Adjustment for: | | |
+----------------------------------------------------------+-------------+-------------+
| Depreciation | 766 | 972 |
+----------------------------------------------------------+-------------+-------------+
| Amortization | - | 542 |
+----------------------------------------------------------+-------------+-------------+
| Gain from sale of property and equipment | (81) | (11) |
+----------------------------------------------------------+-------------+-------------+
| Decrease (increase) in value of marketable securities, | (551) | 3,172 |
| net | | |
+----------------------------------------------------------+-------------+-------------+
| Decrease in value of long-term liabilities | - | (509) |
+----------------------------------------------------------+-------------+-------------+
| Income tax expense | 876 | 842 |
+----------------------------------------------------------+-------------+-------------+
| Financing income | (606) | (758) |
+----------------------------------------------------------+-------------+-------------+
| Share-based payment transactions | 308 | 178 |
+----------------------------------------------------------+-------------+-------------+
| | 10,152 | 12,025 |
+----------------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------------+-------------+-------------+
| Changes in working capital | | |
+----------------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------------+-------------+-------------+
| Decrease (increase) in trade receivables | (5,984) | 7,758 |
+----------------------------------------------------------+-------------+-------------+
| Increase (decrease) in other receivables and prepayments | 322 | (917) |
+----------------------------------------------------------+-------------+-------------+
| Decrease (increase) in inventories | (2,584) | 3,250 |
+----------------------------------------------------------+-------------+-------------+
| (Decrease) increase in trade payables | 992 | (881) |
+----------------------------------------------------------+-------------+-------------+
| (Decrease) increase in other payables | 3,763 | (4,572) |
+----------------------------------------------------------+-------------+-------------+
| Changes in employee benefit | 105 | (301) |
+----------------------------------------------------------+-------------+-------------+
| | (3,386) | 4,337 |
+----------------------------------------------------------+-------------+-------------+
| Income tax paid | (495) | (985) |
+----------------------------------------------------------+-------------+-------------+
| Net cash provided by operating activities | 6,271 | 15,377 |
+----------------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------------+-------------+-------------+
| Cash flows from investing activities | | |
+----------------------------------------------------------+-------------+-------------+
| Long-term loan paid from (granted to) Rapac group | (236) | 278 |
| companies | | |
+----------------------------------------------------------+-------------+-------------+
| Acquisition of property and equipment | (1,356) | (907) |
+----------------------------------------------------------+-------------+-------------+
| Acquisition of other intangible assets | (1,559) | (1,823) |
+----------------------------------------------------------+-------------+-------------+
| Investments in marketable securities, net | (27) | (244) |
+----------------------------------------------------------+-------------+-------------+
| Interest received | 606 | 705 |
+----------------------------------------------------------+-------------+-------------+
| Proceeds from sale of property and equipment | 177 | 113 |
+----------------------------------------------------------+-------------+-------------+
| Payment for investment in a subsidiary | - | (3,705) |
+----------------------------------------------------------+-------------+-------------+
| Investment in Company consolidated for the first time | (2,656) | - |
+----------------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------------+-------------+-------------+
| Net cash provided by investing activities | (5,051) | (5,583) |
+----------------------------------------------------------+-------------+-------------+
Consolidated Statements of Cash Flows for the (cont'd)
+------------------------------------------------+------------+-------------+-------------+
| | | Year ended December 31 |
+------------------------------------------------+------------+---------------------------+
| | | 2007 | 2008 |
+------------------------------------------------+------------+-------------+-------------+
| | | $ thousands | $ thousands |
+------------------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------------------+------------+-------------+-------------+
| Cash flows from financing activities | | | |
+------------------------------------------------+------------+-------------+-------------+
| Exercise of share based payment | | 57 | - |
+------------------------------------------------+------------+-------------+-------------+
| Dividend paid | | (1,006) | (3,242) |
+------------------------------------------------+------------+-------------+-------------+
| Payment of long-term loan | | (28) | - |
+------------------------------------------------+------------+-------------+-------------+
| Receipt of loan from Rapac group companies | | (102) | 371 |
+------------------------------------------------+------------+-------------+-------------+
| Acquisition of additional rights in subsidiary | | (71) | - |
+------------------------------------------------+------------+-------------+-------------+
| Interest bearing loans and borrowings, net | | - | 2,019 |
+------------------------------------------------+------------+-------------+-------------+
| Interest paid | | - | (53) |
+------------------------------------------------+------------+-------------+-------------+
| Long-term financing lease | | 2 | (98) |
+------------------------------------------------+------------+-------------+-------------+
| Net cash used in financing activities | | (1,148) | (1,003) |
+------------------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------------------+------------+-------------+-------------+
| Net increase (decrease) in cash and cash | | 72 | 8,791 |
| equivalents | | | |
+------------------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------------------+------------+-------------+-------------+
| Cash and cash equivalents at beginning of year | | 7,870 | 8,673 |
+------------------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------------------+------------+-------------+-------------+
| Translation differences in respect of cash | | 731 | (404) |
| balances | | | |
+------------------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------------------+------------+-------------+-------------+
| Cash and cash equivalents at end of year | | 8,673 | 17,060 |
+------------------------------------------------+------------+-------------+-------------+
| | | |
+------------------------------------------------+------------+-------------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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