TIDMSIM
RNS Number : 9805M
SimiGon Limited
27 September 2021
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
SimiGon Ltd
("SimiGon" or the "Company")
Interim Results for the six months ended 30 June 2021
SimiGon Ltd (LSE: SIM), a global leader in providing simulation
and training solutions, announces its interim results for the six
months ended 30 June 2021 (the "Period").
Financial Highlights
-- Revenues increased by 40% to $1.89 million (H1 2020: $1.35 million).
-- Gross margin of 67% (H1 2020: 49%).
-- Operating expenses increased by 2% to $1.92 million (H1 2020: $1.88 million).
-- Operating loss decreased by 46% to $0.66 million (H1 2020: $1.22 million).
-- Net loss decreased by 49% to $0.65 million (H1 2020: $1.27 million).
-- Basic and diluted loss per share of $0.01 (H1 2020: loss per share $0.02).
-- Liquid cash and cash equivalent of $4.81 million as at 30 June 2021.
Operational Highlights
-- Continued to support major military flight training programs including:
i. United States Air Force ("USAF"), Air Education and Training
Command Undergraduate Remotely Piloted Aircraft Training
("URT")
ii. Lockheed Martin's UK Military Flight Training System
("UKMFTS")
iii. Strategic European aircrew training customer
iv. USAF Air Education and Training Command Blanket Purchase
Agreement for Mixed Reality technologies.
-- Milestone deliveries for the $2.3 million contract, from a
large international defense electronics company, to design, develop
and implement a C-130 virtual maintenance training solution.
-- Successful delivery of its Commercial Off the Shelf SIMbox
Virtual Reality Aircraft De-icing Simulator to USAF maintenance
squadron.
-- Successful delivery of Flight Simulation Training Devices
(FSTD) for United States Air Force Recruiting Service (AFRS), AIM
HIGH Flight Academy.
-- Continued R&D efforts to further develop simulation-based
training technologies, to better position the Company for new, high
growth market opportunities in maintenance and mixed reality
training technologies.
Post-report highlights
-- SimiGon was re-awarded with a Blanket Purchase Agreement
(BPA) from the USAF for the supply of Virtual and Mixed Reality
Systems for integrated training devices for a four-year period.
-- SimiGon was awarded a one-year support contract for SimiGon's
SIMbox software for the United States Air Force T-6A Level 5 FAA
Compliant Flight Training Devices.
Ami Vizer, SimiGon's Chief Executive Officer and Executive
Chairman, commented: "We are seeing market progress with contracts
and subcontracts that were previously hampered by COVID-19 related
program and funding challenges. This recovery has not yet extended
fully to our core business of supporting military aircrew training,
but we continue to perform and meet programme deliveries, receiving
additional program work as we push for improved revenues during the
second half of the year.
The Company's R&D investments in XR, maintenance training
and data analytics is expected to position SimiGon for future
growth potential together within the Company's strategic programs
and new long-term prospects".
Legal actions:
On 15 June 2021, the Company announced that it had received the
court ruling in relation to the legal action filed by D.D Goldstein
Real Estates and Investment Ltd. ("Goldstein") as announced on
January 14, 2020. Goldstein sought prerogative relief concerning
resolutions approved at the Company's annual general meeting held
on December 30, 2019 regarding the appointment of directors and the
determination of their compensation.
The court ruled that Mr. Ami Vizer should be considered a
"controlling shareholder" for the purposes of Israeli law, at least
from March 2019 (without making a determination for prior periods
because it was not relevant to the court ruling). The court also
gave an award of costs against the Company in the amount of
approximately $9,000.
The derivative action filed by Goldstein was delayed pending
this ruling and the Company estimates that it will now go ahead.
The Company continue to intend to vigorously defend against this
action and reiterate the disclosures made in this regard in the
Company's audited statutory accounts for the year ended 31 December
2020 (including that no provision has been made for these claims in
these consolidated interim financial statements in this regard
given the Company's advice regarding the likelihood of being
required to incur material financial obligations).
Coronavirus (COVID-19)
The market is still suffering from the COVID-19 pandemic,
disrupting government acquisitions, companies, supply chains and
the world economy. Though the Company had not received any
cancelation notices from its customers in respect of active
purchase orders as a result of COVID-19, the restrictions still
imposed in response to the pandemic have slowed the ability of the
Company to deliver during the six months ended June 30 2021, and
whilst this business has been delayed rather than lost, it is clear
that the rate of winning new business opportunities has been
negatively impacted.
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer and
Executive Chairman +1 (407) 951 5548
Efi Manea, Chief Financial Officer
finnCap (NOMAD & Broker) +44 (0) 207 220 0500
Henrik Persson/Milesh Hindocha
Overview
During the Period, the Company achieved successful delivery
milestones of its strategic contracts. This includes milestones on
the C-130 virtual maintenance training solution, contractor
logistics support to the USAF's URT program, continued support for
the UKMFTS and USAF Recruiting Service.
SimiGon's technologies provides high fidelity training with the
added depth perception of Extended Reality (XR). As an integrated
all-in-one system with both a native Learning Management System and
Virtual Instructor, trainees receive high value, self-paced
training, saving end user organizations time and money. Instructors
and trainees have the ability to debrief with simulation playback
and review automated reports to better understand both their
training progress and how they can improve.
Over the Period, the Company's strategic focus was concentrated
on three primary areas:
-- Product Support - Successfully delivering Distributed
Learning Solutions to our core strategic partners worldwide.
SimiGon, both directly and through its partners, has training sites
in North America, Europe, and in the Middle East.
-- New domains - Expand the utilisation of our SIMbox technology
to additional domains. This was successfully achieved by targeting
several high opportunity markets: maintenance training providers,
commercial equipment operators, as well as training and research
labs that utilise SIMbox as part of their research.
-- R&D capabilities - Improve the technological capabilities
of SIMbox technology to enable the growth of the Company. Beyond
the expansion of our graphics engine, simulation and learning
management system, we have added XR support and XR deliveries.
The R&D efforts in the Period have focused on advancing the
Company's maintenance training technologies, improving XR
performance for aircrew and maintainers, expanding plug&play
capability to all Virtual Reality (VR) and XR headsets, continued
development of the Company's simulation software development tools,
high fidelity Image Generator and performance tracking with
simulation data analytics. This comprehensive solution developed by
SimiGon provides an immersive, high fidelity training environment
alongside with the ability for organisations to see trainee(s)
progression rate and areas of difficulty. This enables the
curriculum to be tweaked for better training results. SIMbox
technologies are increasing the Company's opportunities and market
penetration across military and civilian training markets.
Operational Review
SimiGon's core technology platform, SIMbox, and related support
services were developed for large simulation training programmes
for the Government and Commercial sectors. Evolving into a training
systems integrator, SimiGon's advanced simulation and training
solutions accelerate learning via advanced software design,
development, implementation and support. Increased operational
proficiency is proven to lower safety risks and better prepare
operators for real operations, for many domains, including flight,
weapons systems, flight line maintenance tasks or deep-sea oil rig
operations. Leveraging the robust SIMbox ecosystem, SimiGon and its
partners continue to pivot to XR capable simulation-based training
content, serving multiple domains and across the hardware spectrum,
from tablets and laptops/PCs to high fidelity training devices.
SimiGon's strategic, simulation-based training solutions offer
flexible licensing models with traditional software licensing or
SaaS.
Markets
Virtual Training and Simulation
According to Allied Market Research, the virtual training and
simulation market is poised for double digit growth. Valued at
$204.41 billion in 2019, the market is projected to reach $601.85
billion by 2027 , registering a Compound Annual Growth Rate of
13.7% from 2020 to 2027. Virtual training is a cost-effective
training methodology where a simulated, virtual environment allows
trainees to learn and master new skills and procedures. Virtual
training is widely used in military and civilian flight simulation,
healthcare training, energy, transportation training, e-learning,
digital manufacturing and others.
Aerospace and defense related industry
SimiGon's core market is military aviation, where the Company is
a preferred technology supplier to the world's largest military
training programs, having won several Government contracts.
The Company's track record of delivering on time and within
budget has led to winning multiple military-related contracts
around the world, as well as furthering the Company's offerings to
existing customers via new programs.
Civilian and Commercial vertical markets
SimiGon's significant capabilities, proven in the defense
sector, are being leveraged to pursue new civilian training
contracts. SimiGon's civilian training market opportunities range
from education, maintenance, safety, energy and other industrial
operations skills. The Company's efforts to grow vertical
Government and Civilian training are proceeding. The Company
recognises the growth potential in XR training solutions and is
developing and marketing relevant solutions to support this
fundamental shift in the training world.
The global Smart Education and Learning market is projected to
grow with a CAGR of 20.3% from 2021 to 2027, according to Market
Insight Solutions, and reach $142 billion by 2027.
ReportLinker.com's Extended Reality Market report, states the
global XR market is projected to grow from $42.55 billion in 2020
to $333.16 billion by 2025, at a CAGR of 50.9% from 2020 to 2025.
This growth will stem from demand for Augmented Reality (AR),
Virtual Reality (VR) and Mixed Reality (MR).
User learning experiences are transforming the training
industry, as traditional ways of teaching are upended by new
technologies. Adaptive learning, Artificial Intelligence (AI)
driven simulation-based learning, analytics, blended learning, and
collaborative learning, are all part of SimiGon products that are
continuously evolving and offer users enhanced learning
methodologies and experiences.
The simulation-based learning segment is anticipated to continue
its fast pace of growth, enabling professional organisations and
educational institutions to virtually experience real world
environments for trainees to practice, navigate, explore, and
obtain more information through a virtual medium before they start
working on real-life tasks. Growing awareness among people and
rising popularity of smart education are encouraging solution
providers to invest in research and development for creating more
reliable, better, and cost-effective solutions.
As an Open System Architecture ("OSA") software framework,
SimiGon's ability to integrate with new technologies makes its
viable long-term training simulation software fully capable of
leveraging the immersive training needs of the XR civilian markets.
SimiGon software offers an advanced solution to organisations
seeking to teach visual and interactive problem solving in far
ranging markets such as civilian aviation, technician training,
language training, customer service training and corporate
leadership. The Company's technology, experience and personnel,
place it in a unique position to take advantage of the cultural
shifts democratising learning and training to reach the wider
consumer market.
Marketing
SimiGon has recently boosted its digital marketing efforts by
creating and posting new informational product videos and other
media updates on social media channels on a regular basis. The
Company is significantly growing its presence on both LinkedIn and
YouTube as well as Instagram, Facebook and Twitter. SimiGon's
marketing efforts also include traditional outreach at industry
conferences in the US and Europe, monthly trade meetings and
participation in smaller direct face to face product demonstrations
to select end users.
General
The Company is constantly advancing its disruptive, baseline,
commercial off-the-shelf ("COTS") product with additional top layer
applications, content and the capability to reach more end users
and vertical markets.
Targeted verticals have common requirements to the
defense-related industries, SimiGon's core market. Specifically,
they are highly regulated, require complex and specialised skill
training and have zero tolerance for error. SimiGon seeks to
increase market share and broaden end user applications for the
base line SIMbox software platform in additional domains.
The Company's subsidiary SimiGon Inc, has also brought on a high
ranking retire U.S. Navy advisory board member to help with
penetration of the currently untapped U.S. Navy training and
simulation market.
Business Model
The Company's long-term strategy is to focus on high value,
stable SaaS license contracts and services that provide better
revenue and profit visibility, as a result of distributing over the
Period in which they are provided rather than inconsistent license
sales.
With SaaS-based contracts, the recurring maintenance and support
stream is already included in the contract terms. In addition, the
Company maintains flexibility with its traditional perpetual
license fee model where the Company is paid for both software
license and support, as well as providing turnkey solutions for
customers and partners as a Prime contractor or Sub-contractor.
Growth Strategy
The Company is focused on organic growth with its existing
customer base, offering continuous product developments and
services; leveraging its experience and IP developed from existing
contracts as a Prime Contractor and Subcontractor to win new
business and capture sales in established segments, whilst
expanding its core technology's applicability for new market
domains, directly and indirectly.
SimiGon's scalable, COTS training management system is an ideal
solution to address new training domains, requiring little
customisation. New projects and markets continue to utilise the
product infrastructure and developer tools to create new
application content. Once developed, they are leveraged to target
the wider market.
In an effort to expand into adjacent markets, SimiGon has
recently brought on a high ranking, retired, U.S. Navy advisory
board member to help with penetration of the currently untapped
U.S. Navy training and simulation market.
SimiGon has recently formed a joint venture with two small
companies to compete for placement on the $25B (Estimated), 15
year, USAF TSA-IV ID/IQ contract. Selection of the SimiGon team
would significantly enhance SimiGon future sales prospects and
potential overall financial return. Team selections by the USAF
should be completed by Q1, 2022.
In addition, SimiGon continues exploring opportunities to
acquire businesses that are aligned with the Company's strategic
focus. SimiGon is in the enviable position of having both the
financial ability and trust of our key shareholders to make
strategic business acquisitions that will help us expand in our key
market segments.
Long term contracts
The Company maintained its solid portfolio of long-term
partnerships:
-- On October 2020, the Company was awarded with an additional
$0.5 million extension to a $1.8 million contract announced on
December 2019, from a large international defense electronics
company ("Defense Company") to design, develop and implement a
C-130 Virtual Maintenance Training Solution (the "Contract"). The
Contract's period of performance (excluding 12 months warranty and
support) is approximately eighteen (18) months. During the Period,
SimiGon has successfully delivered programs milestones.
-- Following the successful delivery of two daily used classroom
trainers for the Israeli Air Force (IAF) through year 2020 (F16
Virtual Maintenance Trainer and T6A VT trainer) the company is
expected to sign follow up contracts for the continued maintenance
and support including onsite hardware and software support.
Together with the future delivery of C-130 Virtual Maintenance
Trainer and the M-346 Advanced Jet Trainer GBTS that used SimiGon
technologies, SimiGon is becoming one of the IAF's primary training
technology platform for aircrew and maintenance academy
members.
-- In August 2021, SimiGon was re-awarded with a Blanket
Purchase Agreement (BPA) from the USAF for the supply of Virtual
and Mixed Reality Systems for Integrated Training Devices (ITD)
(the "Contract") for a four year period. This follows on from the
BPA announced on Aug 22, 2019, in which SimiGon, was awarded with a
BPA from the USAF for the supply of Virtual and Mixed Reality
Systems. The BPA, had a contract ceiling of $6 million over a
two-year period.
-- SimiGon continues its successful support for UKMFTS as a
technology and services provider to Lockheed Martin. The Company
continues to deliver under this long term contract, now in its
ninth year of support, exceeding partner and end user expectations
of SimiGon's technologies and performance.
-- Ongoing USAF contracts for the continued maintenance and
support including onsite hardware and software support for the
sixteen SIMbox-based T-6A Level 5 FTDs.
-- The Company continues to support and has further expanded its
long-term relationship with a major existing European customer that
it has been supplying with software and services since 2009.
Financial Performance
Revenue
Revenue for the Period increased by 40% to $1.89 million,
compared to $1.35 million for the six months ended 30 June 2020
mainly due the increased progress of SimiGon's performance
obligations on the C-130 Virtual Maintenance Training Solution
program during the Period as compare to the six months ended 30
June 2020.
Gross margin
Gross profit for the Period was $1.26 million, as compared to
$0.66 million for the six months ended 30 June 2020. Accordingly,
gross margins increase to 67% for the Period as compared to 49% for
the six months ended 30 June 2020. The main contributors to the
reported increase in gross margin was a change in the cost base of
the Company during the Period as, whilst direct salary costs are
marginally up, this has been offset by a reduced level of
expenditure on hardware required to fulfil contracts.
Operating expenses
Total operating expenses for the Period were broadly in line at
$1.92 million as compared to $1.88 million in the six months ended
30 June 2020, reflecting the Company's close cost management
practices. The largest component of the Company's cost base is
salary costs, where some inflationary increases in expenditure
where offset by savings as some employees departed. The Company had
a modest exposure to foreign currency movements which were
beneficial during the Period.
The increase in R&D and marketing expenses is part of a
strategic decision by the Company to ensure that it continues to be
on the front foot with respect to capitalising on the many market
opportunities available to the Company whilst also ensuring costs
are kept under control. Development of our existing software
ensures that we maintain our position as one of the leading
providers in the market.
Operating loss
Operating loss for the Period was $0.66 million, as compared to
$1.22 million for the six months ended 30 June 2020.
Net Loss
The increase in revenues and gross profit following the easing
of the pandemic, without increasing the cost base materially, has
reduced the net loss for the Period of $0.65 million compared with
$1.27 million for the six months ended 30 June 2020.
Basic and diluted loss per share
Basic and diluted loss per share was to $0.01 for the Period as
compared to basic and diluted loss per share of $0.02 for the six
months ended 30 June 2020.
liquid cash & trade receivables
As at 30 June 2021 the Company had liquid cash of $4.81 million
as compared to $4.95 million as at 31 December 2020, with trade
receivables of $0.48 as compared to $0.96 million as at 31 December
2020.
Assessment of going concern
Despite the uncertainty as to the severity and duration of the
COVID-19 global pandemic, and its impact that has been and might be
on the Company's operation, the interim financial statements have
been prepared on a going concern basis which assumes that the
Company will continue its operations for the foreseeable future and
be able to realize its assets and discharge its liabilities and
commitments in the normal course of business. In arriving at this
determination, the Company has undertaken a thorough review of the
Company's cash flow forecast and potential liquidity risks. Cash
flow projections have been prepared which show that the Company
will have sufficient funds to finance its operations and meet its
obligations during the period of at least 12 months from the date
of approval of the financial statements.
As part of its ongoing activities to reduce the impact of
COVID19 on its financials, on April 15 2021, the Company's
subsidiary SimiGon Inc. has received a loan in a total of $0.24
million from the US Small Business Administration (SBA) as part of
their Paycheck Protection Program ("PPP") that helps businesses
keep their workforce employed during the COVID-19 crisis. The SBA
will forgive loan if all employee retention criteria are met, and
the funds are used for eligible expenses. In addition, on February
2021 SimiGon Inc. received a full forgiveness from the SBA for a
previous PPP Loan it received on April 15, 2020.
Outlook
SimiGon's long term outlook remains positive despite the
lingering effects of the pandemic's disruption to our business.
SimiGon technologies are ready to meet military aviation, aircrew
and maintainer training requirements. The Company expects to
leverage existing training content with heightened XR capable user
experiences to provide the pathway to growth and profitability.
The Company looks forward to accelerating past the COVID-19 drag
affect to win and support new business, delivering on its vision
and business strategy.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
December
June 30, 31,
2021 2020
-------------- -----------
Unaudited Audited
-------------- -----------
U.S. dollars in thousands
---------------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,831 1,227
Short-term bank deposit 1,081 1,831
Short-term investments 1,898 1,889
Short-term restricted cash 181 -
Trade receivables, net 478 956
Other accounts receivable and prepaid expenses 49 70
Total current assets 5,518 5,973
-------------- -----------
NON-CURRENT ASSETS:
Restricted cash 50 50
Long-term prepaid expenses 32 27
Property, plant and equipment 21 22
Right-of-use assets 117 260
Goodwill and intangible asset 1,068 1,068
Total non-current assets 1,288 1,427
-------------- -----------
Total assets 6,806 7,400
============== ===========
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
December
June 30, 31,
2021 2020
-------------- -----------
Unaudited Audited
-------------- -----------
U.S. dollars in thousands
---------------------------
EQUITY AND LIABILITIES
CURRENT LIABILITIES:
Current maturities of Bank Loans 59 34
Trade payables 125 138
Current maturities of lease liabilities 115 242
Deferred revenues 279 72
Other accounts payable and accrued expenses 716 701
-------------- -----------
Total current liabilities 1,294 1,187
-------------- -----------
NON-CURRENT LIABILITIES:
Long term Bank Loan 182 215
Lease liabilities - 21
Employee benefit liabilities 382 369
Other non-current liabilities 706 713
-------------- -----------
Total non-current liabilities 1,270 1,318
-------------- -----------
Total liabilities 2,564 2,505
-------------- -----------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
COMPANY:
Share capital 125 125
Additional paid-in capital 16,652 16,652
Treasury shares (105) (105)
Accumulated deficit (12,430) (11,777)
-------------- -----------
Total equity attributable to equity holders
of the Company 4,242 4,895
-------------- -----------
Total equity 4,242 4,895
Total liabilities and equity 6,806 7,400
============== ===========
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
Six months ended December
June 30, 31,
------------------
2021 2020 2020
------- --------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
(except per share data)
------------------------------
Revenues 1,881 1,349 3,221
Cost of revenues 618 689 1,397
------- --------- ----------
Gross profit 1,263 660 1,824
------- --------- ----------
Operating expenses:
Research and development 932 861 1,850
Selling and marketing 469 514 1,040
General and administrative 520 502 1,062
------- --------- ----------
Total operating expenses 1,921 1,877 3,952
------- --------- ----------
Operating loss (658) (1,217) (2,128)
Other income - 3 6
Loss before financial expenses (658) (1,214) (2,122)
Financial income 79 41 168
Financial expenses 74 98 226
------- --------- ----------
Loss (653) (1,271) (2,180)
======= ========= ==========
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
Six months ended December
June 30, 31,
-----------------------
2021 2020 2020
----------- ---------- ------------
Unaudited Audited
----------------------- ------------
U.S. dollars in thousands (except
per share data)
-------------------------------------
Loss (653) (1,271) (2,180)
Other comprehensive income not to
be reclassified to profit or loss
in subsequent periods:
Remeasurement gain (loss) from defined
benefit plan (* - (* - 52
----------- ---------- ------------
Total comprehensive loss (653) (1,271) (2,128)
=========== ========== ============
Basic and diluted loss per share attributable
to equity holders of the Company (in
U.S. dollars) (0.01) (0.02) (0.04)
=========== ========== ============
Weighted average number of shares
used in computing basic and diluted
loss per share (in thousands) 51,022 51,018 51,022
=========== ========== ============
*) Represents less than $ 1 thousand.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
Additional
Number Share paid-in Treasury Accumulated Total
of shares capital capital shares deficit equity
-------------- -------- ---------- -------- ----------- -------
Balance as of January
1, 2021 (audited) *) 50,863,618 125 16,652 (105) (11,777) 4,895
Total comprehensive
loss - - - - (653) (653)
Share-based compensation - - **) - - - **) -
-------------- -------- ---------- -------- ----------- -------
Balance as of June
30, 2021 (unaudited) *) 50,863,618 125 16,652 (105) (12,430) 4,242
=============== ======== ========== ======== =========== =======
Additional
Number Share paid-in Treasury Accumulated Total
of shares capital capital shares deficit equity
-------------- -------- ---------- -------- ----------- -------
Balance as of January
1, 2020 (audited) *) 50,863,618 125 16,651 (105) (9,649) 7,022
Total comprehensive
loss - - - - (1,271) (1,271)
Share-based compensation - - 1 - - 1
--------------- -------- ---------- -------- ----------- -------
Balance as of June
30, 2020 (unaudited) *) 50,863,618 125 16,652 (105) (10,920) 5,752
=============== ======== ========== ======== =========== =======
Additional
Number Share paid-in Treasury Accumulated Total
of shares capital capital shares deficit equity
-------------- -------- ---------- -------- ----------- -------
Balance as of January
1, 2020 *) 50,863,618 125 16,651 (105) (9,649) 7,022
Total comprehensive
loss - - - - (2,128) (2,128)
Share-based compensation - - 1 - - 1
--------------- -------- ---------- -------- ----------- -------
Balance as of December
31, 2020 *) 50,863,618 125 16,652 (105) (11,777) 4,895
=============== ======== ========== ======== =========== =======
*) Net of 535,571 shares held in treasury.
**) Represents less than $ 1 thousand.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
Six months ended December
June 30, 31,
------------------
2021 2020 2020
------- --------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Cash flows from operating activities:
Loss (653) (1,271) (2,180)
------- --------- ----------
Adjustments to reconcile loss to net
cash provided by (used in) operating
activities:
Income and expenses not involving
operating cash flows:
Depreciation and amortization 154 149 328
Financial expenses (income), net (33) 17 21
Share-based compensation *) - 1 2
Change in employee benefit liabilities,
net 13 7 59
Changes in operating assets and liabilities:
Decrease in trade receivables 478 796 451
Decrease (increase) in other accounts
receivable and prepaid expenses (including
long-term) 15 (19) (33)
Increase (decrease) in trade payables (13) (16) 52
Decrease in deferred revenues 207 107 (164)
Increase (decrease) in other accounts
payable and accrued expenses 30 (125) (144)
------- --------- ----------
851 917 572
------- --------- ----------
Net cash provided by (used in) operating
activities 198 (354) (1,608)
------- --------- ----------
*) Represents less than $ 1 thousand.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
Six months ended December
June 30, 31,
------------------
2021 2020 2020
------- --------- ----------
Unaudited Audited
------------------ ----------
U.S. dollars in thousands
------------------------------
Cash flows from investing activities:
Decrease (increase) in restricted
cash, net (181) 512 511
Decrease (increase) in short-term
bank deposits, net 750 (2,088) (638)
Proceed from sale of property, plant
and equipment - 55 55
Purchase of property, plant and equipment (10) (3) (10)
------- --------- ----------
Net cash provided by (used in) investing
activities 559 (1,524) (82)
------- --------- ----------
Cash flows from financing activities:
Proceed from bank loan - 231 234
Repayment of bank loan (5) - -
Repayment of lease liabilities (148) (144) (291)
Net cash provided by (used in) financing
activities (153) 87 (57)
------- --------- ----------
Increase (decrease) in cash and cash
equivalents 604 (1,791) (1,747)
Cash and cash equivalents at beginning
of period 1,227 2,974 2,974
------- --------- ----------
Cash and cash equivalents at end
of period 1,831 1,183 1,227
======= ========= ==========
(a) Supplemental disclosure of non-cash
activities:
Right-of-use assets and corresponding
lease liabilities - - 262
======= ========= ==========
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END
IR LFMJTMTBTBBB
(END) Dow Jones Newswires
September 27, 2021 02:00 ET (06:00 GMT)
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