Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - MICT, Inc. | f8k032818_micronetenertec.htm |
Exhibit 99.1
MICRONET LTD
2017 CONSOLIDATED FINANCIAL STATEMENTS
MICRONET LTD.
CONSOLIDATED BALANCE SHEETS
(NIS In Thousands)
December 31, 2017 | ||||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | NIS | 5,779 | ||
| Trade account receivables, net | 17,969 | |||
| Inventories | 17,264 | |||
| Other accounts receivable | 3,759 | |||
| Total current assets | 44,771 | |||
| Property and equipment, net | 3,743 | |||
| Intangible assets, net | 4,483 | |||
| Long term deposit | 40 | |||
| Goodwill | 5,083 | |||
| Deferred taxes | 1,879 | |||
| Total long term assets | 15,228 | |||
| Total assets | NIS | 59,999 | ||
| 2 |
MICRONET LTD.
CONSOLIDATED BALANCE SHEETS
(NIS In Thousands)
December 31, 2017 | ||||
| LIABILITIES AND EQUITY | ||||
| Short term bank credit and current portion of long term bank loans | NIS | - | ||
| Trade accounts payable | 12,946 | |||
| Other accounts payable | 11,298 | |||
| Total current liabilities | 24,244 | |||
| Accrued severance pay, net | 552 | |||
| A liability for Chief Executive Officer | 104 | |||
| Total long term liabilities | 656 | |||
| Stockholders’ Equity: | ||||
| Common stock | 2,679 | |||
| Additional paid in capital | 31,511 | |||
| Capital reserve for IAS 19 | (1,024 | ) | ||
| Capital reserve for translation adjustments | 1,064 | |||
| Capital reserve for share-based payment transactions | 538 | |||
| Retained earnings | 331 | |||
| Total equity | 35,099 | |||
| Total Liabilities and equity | NIS | 59,999 | ||
| 3 |
MICRONET LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(NIS In Thousands, Except Earnings Per Share data)
| Year ended December 31, | ||||
| 2017 | ||||
| Revenues | NIS | 66,156 | ||
| Cost of revenues | 51,981 | |||
| Gross profit | 14,175 | |||
| Operating expenses: | ||||
| Research and development | 6,913 | |||
| Selling and marketing | 6,839 | |||
| General and administrative | 11,474 | |||
| Total operating expenses | 25,226 | |||
| Loss from operations | (11,051 | ) | ||
| Finance expense, net | (1,945 | ) | ||
| Loss before provision for income taxes | (12,996 | ) | ||
| Provision for income taxes | 49 | |||
| Net loss | (12,947 | ) | ||
| Transfer to a capital reserve for IAS 19 | (136 | ) | ||
| Adjustments resulting from the translation of financial statements of foreign operations | (769 | ) | ||
| Net loss | NIS | (13,852 | ) | |
| Loss per share: | ||||
| Basic | NIS | (0.55 | ) | |
| Diluted | NIS | (0.55 | ) | |
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MICRONET LTD.
STATEMENTS OF CHANGES IN EQUITY
(NIS in Thousands)
Share capital | Share premium | Capital reserve for share-based payment transactions | Retained earnings | Capital reserve for translation adjustments | Capital reserve for IAS 19 | Total equity | ||||||||||||||||||||||
| Balance, December 31, 2015 | 2,132 | 22,750 | 55 | 30,984 | 2,238 | (895 | ) | 57,264 | ||||||||||||||||||||
| Comprehensive loss | - | (17,706 | ) | - | - | (17,706 | ) | |||||||||||||||||||||
| Other-comprehensive loss | - | - | - | - | (405 | ) | 7 | (398 | ) | |||||||||||||||||||
| Balance, December 31, 2016 | 2,132 | 22,750 | 55 | 13,278 | 1,833 | (888 | ) | 39,160 | ||||||||||||||||||||
| Issuance of shares | 547 | 8,706 | - | - | - | 9,253 | ||||||||||||||||||||||
| Stock based payment | 538 | 538 | ||||||||||||||||||||||||||
| Cancelation of warrants | (55 | ) | (55 | ) | - | |||||||||||||||||||||||
| Comprehensive loss | - | - | - | (12,947 | ) | - | - | (12,947 | ) | |||||||||||||||||||
| Other-comprehensive loss | - | - | - | (769 | ) | (136 | ) | (905 | ) | |||||||||||||||||||
| Balance, December 31, 2017 | 2,679 | 31,511 | 538 | 331 | 1,064 | (1,024 | ) | 35,099 | ||||||||||||||||||||
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MICRONET LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(NIS In Thousands)
| Year
ended December 31, 2017 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net loss | NIS | (12,947 | ) | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization | 4,570 | |||
| Financial expenses, net accrual-basis financial | 1,945 | |||
| Share-based payment | 538 | |||
| Liability for Chief Executive Officer | (355 | ) | ||
| Capital loss from sale of fixed assets | 1 | |||
| Income taxes in the income statement | (49 | ) | ||
| Decrease in accrued severance pay, net | 261 | |||
| 6,911 | ||||
| Changes in operating assets and liabilities (net of impact of acquisition): | ||||
| Increase in trade accounts receivable | (7,425 | ) | ||
| Increase in other accounts receivable | (2,924 | ) | ||
| Increase in inventories | (1,635 | ) | ||
| Decrease in trade accounts payable | 5,469 | |||
| Decrease in other accounts payable | 6,782 | |||
| NIS | 267 | |||
| Cash paid and received during the year for | ||||
| Interest paid | (545 | ) | ||
| Interest received | 1,042 | |||
| Taxes paid | (79 | ) | ||
| 418 | ||||
| Net cash used in operating activities | NIS | (5,351 | ) | |
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MICRONET LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(NIS In Thousands)
| |
Year ended December 31, 2017 |
|||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchase of property and equipment | (608 | ) | ||
| Purchase of intangible assets | (189 | ) | ||
| Proceeds from sale of fixed assets | 1 | |||
| Sales of marketable securities | 11,373 | |||
| Leasing deposit and prepaid expenses | (5 | ) | ||
| Granting of loans to employees | 328 | |||
| Net cash provided by investing activities | NIS | 10,900 | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Repayment of banks loan | (23,654 | ) | ||
| Receipt of bank loan | 13,737 | |||
| Repayment liability in respect of financial leasing | (86 | ) | ||
| Proceeds from issuance of shares, net | 9,253 | |||
| Net cash used in financing activities | NIS | (750 | ) | |
| TRANSLATION ADJUSTMENT OF CASH AND CASH EQUIVALENTS | (732 | ) | ||
| NET CASH DECREASE IN CASH AND CASH EQUIVALENTS | (4,067 | ) | ||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,712 | |||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | NIS | 5,779 | ||
| 7 |