Exhibit 99.2
KAMADA LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2015
TABLE OF CONTENTS
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9-12 |
As of September 30, | As of December 31, | |||||||||||
2015 | 2014 | 2014 | ||||||||||
Unaudited | Audited | |||||||||||
In thousands | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 5,787 | $ | 18,071 | $ | 14,546 | ||||||
Short-term investments | 36,473 | 42,207 | 37,350 | |||||||||
Trade receivables, net | 14,847 | 16,408 | 17,514 | |||||||||
Other accounts receivables | 3,112 | 2,078 | 2,359 | |||||||||
Inventories | 26,811 | 25,549 | 25,423 | |||||||||
87,030 | 104,313 | 97,192 | ||||||||||
Non-Current Assets | - | |||||||||||
Property, plant and equipment, net | 21,303 | 21,780 | 21,769 | |||||||||
Other long-term assets | 97 | 143 | 179 | |||||||||
21,400 | 21,923 | 21,948 | ||||||||||
108,430 | 126,236 | 119,140 | ||||||||||
Current Liabilities | ||||||||||||
Short term credit and Current maturities of convertible debentures | 7,710 | 8,186 | 7,492 | |||||||||
Trade payables | 16,833 | 15,740 | 16,530 | |||||||||
Other accounts payables | 3,866 | 3,898 | 4,045 | |||||||||
Deferred revenues | 1,822 | 3,627 | 2,919 | |||||||||
30,231 | 31,451 | 30,986 | ||||||||||
Non-Current Liabilities | ||||||||||||
Convertible debentures | - | 7,711 | - | |||||||||
Employee benefit liabilities, net | 613 | 7,590 | 722 | |||||||||
Deferred revenues | 6,469 | 890 | 7,015 | |||||||||
7,082 | 16,191 | 7,737 | ||||||||||
Equity | ||||||||||||
Share capital | 9,320 | 9,206 | 9,208 | |||||||||
Share premium | 161,091 | 157,278 | 158,417 | |||||||||
Conversion option in convertible debentures | 1,147 | 2,217 | 1,147 | |||||||||
Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
Capital reserve from hedges | (49 | ) | (55 | ) | (116 | ) | ||||||
Capital reserve from available for sale financial assets | 121 | 42 | 10 | |||||||||
Capital reserve from share-based payments | 8,777 | 8,154 | 8,783 | |||||||||
Capital reserve from employee benefits | (81 | ) | (129 | ) | (81 | ) | ||||||
Accumulated deficit | (105,719 | ) | (94,629 | ) | (93,461 | ) | ||||||
71,117 | 78,594 | 80,417 | ||||||||||
$ | 108,430 | $ | 126,236 | $ | 119,140 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
2
KAMADA LTD. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the nine months period Ended September 30, | For the three months period Ended September 30, | Year ended December 31 | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2014 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
Thousands of US dollar (Except for per-share income (loss) data) | ||||||||||||||||||||
Revenues from proprietary products | $ | 25,434 | $ | 25,285 | $ | 9,553 | $ | 9,143 | $ | 44,389 | ||||||||||
Revenues from distribution | 18,811 | 20,849 | 6,516 | 8,007 | 26,676 | |||||||||||||||
Total revenues | 44,245 | 46,134 | 16,069 | 17,150 | 71,065 | |||||||||||||||
Cost of revenues from proprietary products | 19,819 | 20,445 | 6,889 | 5,739 | 32,617 | |||||||||||||||
Cost of revenues from distribution | 16,686 | 18,118 | 5,472 | 7,036 | 23,406 | |||||||||||||||
Total cost of revenues | 36,505 | 38,563 | 12,361 | 12,775 | 56,023 | |||||||||||||||
Gross profit (loss) | 7,740 | 7,571 | 3,708 | 4,375 | 15,042 | |||||||||||||||
Research and development expenses | 12,105 | 12,613 | 5,047 | 4,180 | 16,030 | |||||||||||||||
Selling and marketing expenses | 2,693 | 2,041 | 950 | 675 | 2,898 | |||||||||||||||
General and administrative expenses | 5,159 | 6,011 | 1,722 | 2,017 | 7,593 | |||||||||||||||
Operating loss | (12,217 | ) | (13,094 | ) | (4,011 | ) | (2,497 | ) | (11,479 | ) | ||||||||||
Financial income | 363 | *361 | 63 | *199 | *404 | |||||||||||||||
Income in respect of currency exchange and translation differences and derivatives instruments, net | 420 | 92 | (341 | ) | (44 | ) | - | |||||||||||||
Financial expense | (824 | ) | *(1,670 | ) | (333 | ) | *(519 | ) | *(2,086 | ) | ||||||||||
Income (loss) before taxes on income | (12,258 | ) | (14,311 | ) | (4,622 | ) | (2,861 | ) | (13,161 | ) | ||||||||||
Taxes on income | - | 70 | - | 36 | 52 | |||||||||||||||
Net loss | (12,258 | ) | (14,381 | ) | (4,622 | ) | (2,897 | ) | (13,213 | ) | ||||||||||
Other Comprehensive Income (loss): | ||||||||||||||||||||
Items that may be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
Net gain (loss) on available for sale financial assets | 111 | 69 | 72 | (51 | ) | 37 | ||||||||||||||
Net gain (loss) on cash flow hedge | 67 | (211 | ) | (183 | ) | (109 | ) | (272 | ) | |||||||||||
Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
Actuarial net gain of defined benefit plans | - | - | - | - | 48 | |||||||||||||||
Total comprehensive loss | $ | (12,080 | ) | $ | (14,523 | ) | $ | (4,733 | ) | $ | (3,057 | ) | $ | (13,400 | ) | |||||
Loss per share attributable to equity holders of the Company: | ||||||||||||||||||||
Basic loss per share | $ | (0.34 | ) | $ | (0.41 | ) | $ | (0.13 | ) | $ | (0.09 | ) | $ | (0.37 | ) | |||||
Diluted loss per share | $ | (0.34 | ) | $ | (0.41 | ) | $ | (0.13 | ) | $ | (0.09 | ) | $ | (0.37 | ) |
*Reclassified
The accompanying Notes are an integral part of the Consolidated Financial Statements.
3
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Capital | Share premium | Conversion option in convertible debentures | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | |||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2015 | $ | 9,208 | $ | 158,417 | $ | 1,147 | $ | 10 | $ | (3,490 | ) | $ | (116 | ) | $ | 8,783 | $ | (81 | ) | $ | (93,461 | ) | $ | 80,417 | ||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | (12,258 | ) | (12,258 | ) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | 111 | - | 67 | - | - | - | 178 | ||||||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | 111 | - | 67 | - | - | (12,258 | ) | (12,080 | ) | ||||||||||||||||||||||||||||
Exercise of options into shares, net | 112 | 2,674 | - | - | - | - | (1,533 | ) | - | - | 1,253 | |||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | - | 1,527 | - | - | 1,527 | ||||||||||||||||||||||||||||||
Balance as of September 30, 2015 | $ | 9,320 | $ | 161,091 | $ | 1,147 | $ | 121 | $ | (3,490 | ) | $ | (49 | ) | $ | 8,777 | $ | (81 | ) | $ | (105,719 | ) | $ | 71,117 |
Share Capital | Share premium | Conversion option in convertible debentures | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | |||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | 9,201 | $ | 157,100 | $ | 2,218 | $ | (27 | ) | $ | (3,490 | ) | $ | 156 | $ | 5,189 | $ | (129 | ) | $ | (80,248 | ) | $ | 89,970 | ||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | (14,381 | ) | (14,381 | ) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | 69 | - | (211 | ) | - | - | - | (142 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | 69 | - | (211 | ) | - | - | (14,381 | ) | (14,523 | ) | |||||||||||||||||||||||||||
Exercise of options into shares, net | 5 | 170 | - | - | - | - | (110 | ) | - | - | 65 | |||||||||||||||||||||||||||||
Conversion of convertible debentures into shares | *) | 8 | (1 | ) | - | - | - | - | - | - | 7 | |||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | - | 3,075 | - | - | 3,075 | ||||||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 9,206 | $ | 157,278 | $ | 2,217 | $ | 42 | $ | (3,490 | ) | $ | (55 | ) | $ | 8,154 | $ | (129 | ) | $ | (94,629 | ) | $ | 78,594 |
*) Represents an amount lower than $ 1
The accompanying Notes are an integral part of the Consolidated Financial Statements.
4
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Capital | Share premium | Conversion option in convertible debentures | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | |||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2015 | $ | 9,312 | $ | 160,927 | $ | 1,147 | $ | 49 | $ | (3,490 | ) | $ | 134 | $ | 8,362 | $ | (81 | ) | $ | (101,097 | ) | $ | 75,263 | |||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | (4,622 | ) | (4,622 | ) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | 72 | - | (183 | ) | - | - | - | (111 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | 72 | - | (183 | ) | - | - | (4,622 | ) | (4,733 | ) | |||||||||||||||||||||||||||
Exercise of options into shares, net | 8 | 164 | - | - | - | - | (83 | ) | - | 89 | ||||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | - | 498 | - | 498 | |||||||||||||||||||||||||||||||
Balance as of September 30, 2015 | $ | 9,320 | $ | 161,091 | $ | 1,147 | $ | 121 | $ | (3,490 | ) | $ | (49 | ) | $ | 8,777 | $ | (81 | ) | $ | (105,719 | ) | $ | 71,117 |
Share Capital | Share premium | Conversion option in convertible debentures | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | |||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2014 | $ | 9,203 | $ | 157,212 | $ | 2,217 | $ | 93 | $ | (3,490 | ) | $ | 54 | $ | 7,217 | $ | (129 | ) | $ | (91,732 | ) | $ | 80,645 | |||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | (2,897 | ) | (2,897 | ) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | (51 | ) | - | (109 | ) | - | - | - | (160 | ) | |||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | (51 | ) | - | (109 | ) | - | - | (2,897 | ) | (3,057 | ) | ||||||||||||||||||||||||||
Exercise of options into shares, net | 3 | 66 | - | - | - | - | (43 | ) | - | - | 26 | |||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | - | 980 | - | - | 980 | ||||||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 9,206 | $ | 157,278 | $ | 2,217 | $ | 42 | $ | (3,490 | ) | $ | (55 | ) | $ | 8,154 | $ | (129 | ) | $ | (94,629 | ) | $ | 78,594 |
*) Represents an amount lower than $ 1
The accompanying Notes are an integral part of the Consolidated Financial Statements.
5
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share capital | Share premium | Warrants | Conversion option in convertible debentures | Available for sale reserve | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 9,201 | $ | 157,100 | $ | - | $ | 2,218 | $ | (27 | ) | $ | (3,490 | ) | $ | 156 | $ | 5,189 | $ | (129 | ) | $ | (80,248 | ) | $ | 89,970 | ||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | (13,213 | ) | (13,213 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | 37 | - | (272 | ) | - | 48 | - | (187 | ) | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | - | 37 | - | (272 | ) | - | 48 | (13,213 | ) | (13,400 | ) | ||||||||||||||||||||||||||||||
Exercise of options into shares | 7 | 238 | - | - | - | - | - | (157 | ) | - | - | 88 | ||||||||||||||||||||||||||||||||
Conversion of convertible debentures into shares | *) | 9 | - | (1 | ) | - | - | - | - | - | - | 8 | ||||||||||||||||||||||||||||||||
Expiration of conversion option on convertible debentures | - | 1,070 | - | (1,070 | ) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | - | - | 3,751 | - | - | 3,751 | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 9,208 | $ | 158,417 | $ | - | $ | 1,147 | $ | 10 | $ | (3,490 | ) | $ | (116 | ) | $ | 8,783 | $ | (81 | ) | $ | (93,461 | ) | $ | 80,417 |
*) Represents an amount lower than $ 1
The accompanying Notes are an integral part of the Consolidated Financial Statements.
6
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months period Ended September 30, | For the three months period Ended September 30, | Year Ended December 31, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2014 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
Thousands of US dollar | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net loss | $ | (12,258 | ) | $ | (14,381 | ) | $ | (4,622 | ) | $ | (2,897 | ) | $ | (13,213 | ) | |||||
Adjustments to reconcile loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Adjustments to the profit or loss items: | ||||||||||||||||||||
Depreciation and amortization | 2,438 | 2,041 | 866 | 726 | 2,788 | |||||||||||||||
Finance expenses (income), net | 41 | 1,217 | 611 | 364 | 1,682 | |||||||||||||||
Cost of share-based payment | 1,527 | 3,075 | 498 | 980 | 3,751 | |||||||||||||||
Loss from sale of fixed assets | - | - | - | - | 52 | |||||||||||||||
Taxes on income | - | 70 | - | 36 | (2 | ) | ||||||||||||||
Change in employee benefit liabilities, net | (109 | ) | 63 | (80 | ) | 56 | (57 | ) | ||||||||||||
3,897 | 6,466 | 1,895 | 2,162 | 8,214 | ||||||||||||||||
Changes in asset and liability items: | ||||||||||||||||||||
Decrease (increase) in trade receivables | 2,563 | 2,177 | 352 | (587 | ) | (869 | ) | |||||||||||||
Decrease (increase) in other accounts receivables | 360 | 295 | 862 | (235 | ) | (50 | ) | |||||||||||||
Decrease (increase) in inventories and long-term inventories | (1,388 | ) | (3,616 | ) | (2,026 | ) | (1,678 | ) | (3,490 | ) | ||||||||||
Decrease (increase) in deferred expenses | (1,129 | ) | 1,226 | 271 | 412 | 1,209 | ||||||||||||||
Increase (decrease) in trade payables | 643 | 1,110 | 2,104 | (788 | ) | 3,261 | ||||||||||||||
Increase (decrease) in other accounts payables | (103 | ) | (686 | ) | 481 | (882 | ) | (344 | ) | |||||||||||
Increase in deferred revenues | (1,643 | ) | (2,472 | ) | (396 | ) | (643 | ) | (4,026 | ) | ||||||||||
(697 | ) | (1,966 | ) | 1,648 | (4,401 | ) | (4,309 | ) | ||||||||||||
Cash paid and received during the period for: | ||||||||||||||||||||
Interest paid | (362 | ) | (963 | ) | (119 | ) | (361 | ) | (1,210 | ) | ||||||||||
Interest received | 912 | 385 | 318 | 253 | 758 | |||||||||||||||
Taxes paid | (47 | ) | (158 | ) | (- | ) | (94 | ) | (158 | ) | ||||||||||
503 | (736 | ) | 199 | (202 | ) | (610 | ) | |||||||||||||
Net cash used in operating activities | $ | (8,555 | ) | $ | (10,617 | ) | $ | (880 | ) | $ | (5,338 | ) | $ | (9,918 | ) |
7
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months period Ended September 30, | For the three months period Ended September 30, | Year Ended December 31, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2014 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
Thousands of US dollar | ||||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Short-term investments | $ | 641 | (26,624 | ) | $ | 616 | 160 | $ | (23,746 | ) | ||||||||||
Purchase of property and equipment | (1,932 | ) | (2,356 | ) | (600 | ) | (821 | ) | (3,076 | ) | ||||||||||
Proceeds from sale of property and equipment | - | - | - | - | 3 | |||||||||||||||
Net cash used in investing activities | (1,291 | ) | (28,980 | ) | 16 | (661 | ) | (26,819 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Exercise of options into shares | 1,254 | 65 | 89 | 26 | 88 | |||||||||||||||
Repayment of convertible debentures | - | - | - | - | (7,728 | ) | ||||||||||||||
- | - | - | ||||||||||||||||||
Net cash provided (used in) by financing activities | 1,254 | 65 | 89 | 26 | (7,640 | ) | ||||||||||||||
Exchange differences on balances of cash and cash equivalent | (167 | ) | (1,507 | ) | (245 | ) | (1,039 | ) | (187 | ) | ||||||||||
Decrease in cash and cash equivalents | (8,759 | ) | (41,039 | ) | (1,020 | ) | (7,012 | ) | (44,564 | ) | ||||||||||
Cash and cash equivalents at the beginning of the period | 14,546 | 59,110 | 6,807 | 25,083 | $ | 59,110 | ||||||||||||||
Cash and cash equivalents at the end of the period | $ | 5,787 | $ | 18,071 | $ | 5,787 | $ | 18,071 | $ | 14,546 | ||||||||||
Significant non-cash transactions | ||||||||||||||||||||
Exercise of convertible debentures into shares | $ | - | $ | 7 | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
8
KAMADA LTD. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1:- | General |
These Financial Statements have been prepared in a condensed format as of September 30, 2015 and for the period of nine and three months then ended ("interim consolidated financial statements").
These financial statements should be read in conjunction with the Company's annual financial statements as of December 31, 2014 and for the year then ended and the accompanying notes ("annual consolidated financial statements").
Note 2:- | Significant Accounting Policies |
a. | Basis of preparation of the interim consolidated financial statements: 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 IAS 34, "Interim Financial Reporting". |
Note 3:- | Operating Segments |
a. | General: The Company has two operating segments, as follows: |
Proprietary Products | - | Medicine development, manufacture and sale of plasma-derived therapeutics products. | |
Distribution | - | Distribution of drugs in Israel manufacture by other companies for clinical uses, most of which are produced from plasma or its derivatives products. |
b. | Reporting on operating segments: |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Nine months period ended September 30, 2015 | ||||||||||||
Revenues | $ | 25,434 | $ | 18,811 | $ | 44,245 | ||||||
Gross profit | $ | 5,615 | $ | 2,125 | 7,740 | |||||||
Unallocated corporate expenses | (19,957 | ) | ||||||||||
Finance expenses, net | (41 | ) | ||||||||||
Loss before taxes on income | $ | (12,258 | ) |
9
KAMADA LTD. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- | Operating Segments (Cont.) |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Nine months period ended September 30, 2014 | ||||||||||||
Revenues | $ | 25,285 | $ | 20,849 | $ | 46,134 | ||||||
Gross profit | $ | 4,840 | $ | 2,731 | 7,571 | |||||||
Unallocated corporate expenses | (20,665 | ) | ||||||||||
Finance expenses, net | (1,217 | ) | ||||||||||
Loss before taxes on income | $ | (14,311 | ) |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Three months period ended September 30, 2015 | ||||||||||||
Revenues | $ | 9,553 | $ | 6,516 | $ | 16,069 | ||||||
Gross profit | $ | 2,664 | $ | 1,044 | 3,708 | |||||||
Unallocated corporate expenses | (7,719 | ) | ||||||||||
Finance expenses,, net | (611 | ) | ||||||||||
Loss before taxes on income | $ | (4,622 | ) |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Three months period ended September 30, 2014 | ||||||||||||
Revenues | $ | 9,143 | $ | 8,007 | $ | 17,150 | ||||||
Gross profit (loss) | $ | 3,404 | $ | 971 | 4,375 | |||||||
Unallocated corporate expenses | (6,872 | ) | ||||||||||
Finance expenses, net | (364 | ) | ||||||||||
Loss before taxes on income | $ | (2,861 | ) |
Proprietary Products | Distribution | Total | ||||||||||
In thousands | ||||||||||||
Audited | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
Revenues | $ | 44,389 | $ | 26,676 | $ | 71,065 | ||||||
Gross profit | $ | 11,772 | $ | 3,270 | $ | 15,042 | ||||||
Unallocated corporate expenses | (26,521 | ) | ||||||||||
Finance expenses, net | (1,682 | ) | ||||||||||
Loss before taxes on income | $ | (13,161 | ) |
10
KAMADA LTD. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4:- | Financial Instruments |
a. | Classification of financial instruments by fair value hierarchy Financial assets (liabilities) measured at fair value |
Level 1 | Level 2 | |||||||
In thousands | ||||||||
September 30, 2015 | ||||||||
Derivatives instruments qualified for hedging | $ | - | $ | (57 | ) | |||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | 535 | - | ||||||
Mutual funds | 1,272 | - | ||||||
Exchange traded notes | 21 | - | ||||||
Debt securities (corporate and government) | 7,040 | - | ||||||
Available for sale debt securities (corporate and government) | $ | - | $ | 27,605 | ||||
$ | 8,868 | $ | 27,548 | |||||
September 30, 2014 | ||||||||
Derivatives instruments qualified for hedging | $ | - | $ | 44 | ||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | 850 | - | ||||||
Mutual funds | 2,228 | - | ||||||
Exchange traded notes | 76 | - | ||||||
Debt securities (corporate and government) | 10,265 | - | ||||||
13,419 | 44 | |||||||
Available for sale debt securities (corporate and government) | $ | - | $ | 28,789 | ||||
$ | 13,419 | $ | 28,833 | |||||
December 31, 2014 | ||||||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | $ | 587 | - | |||||
Mutual funds | 577 | - | ||||||
Exchange traded notes | 46 | - | ||||||
Debt securities (corporate and government) | 7,610 | - | ||||||
8,820 | - | |||||||
Available for sale debt securities (corporate and government) | $ | - | $ | 28,530 | ||||
$ | 8,820 | $ | 28,530 |
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KAMADA LTD. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4:- | Financial Instruments (Cont.) Liabilities for which fair values are disclosed |
Level 1 | ||||
In thousands | ||||
September 30, 2015 | ||||
Convertible debentures | $ | 7,748 | ||
September 30, 2014 | ||||
Convertible debentures | $ | 16,863 | ||
December 31, 2014 | ||||
Convertible debentures | $ | 8,065 |
b. | During the nine months ended on September 30, 2015 there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument. |
Note 5:- | Significant Events during the period |
a. | On April 26, 2015 the Company's Compensation Committee approved an increase of the pool of shares allocated for grant under the 2011 option plan by 500,000 shares. |
b. | On April 27, 2015 the Company's Board of Directors approved the grant, for no consideration, of 504,075 options to employees, management and directors of the Company, exercisable into ordinary shares at an exercise price of NIS 17.84 for employees and NIS 18.73 for management and directors (also refer to note 5.c below). The fair value of the options was $1.2 million. |
c. | On June 30, 2015, General Meeting of Shareholders of the Company approved the grant of 25,000 options to the Company’s directors and the grant of 120,000 options for the new Company’s Chief Executive Officer, exercisable into 145,000 ordinary shares at an exercise price of NIS 18.73 per option.The fair value of the options was estimated at $0.2 million. In addition, the General Meeting of Shareholders of the Company approved the terms of engagement of Mr. Amir London as the Chief Executive Officer, effective as of July 1, 2015 and the terms of engagement of Mr. David Tsur as our Active Deputy Chairman, effective as of July 1, 2015. |
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KAMADA LTD. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 6:- | Subsequent Events |
a. | On October 16, 2015, the Company and Baxalta amended the distribution agreement extend the period of minimum purchases of Glassia to eight years until 2018 and to increase to a minimum of $240 million compared with a minimum of $110 million in the original agreement executed in 2010 and a minimum of $191 million in the September 2014 extension of that agreement. In addition, the Company reports that the supply of Glassia to Baxalta has been extended through 2018 and that the transition to royalty payments for Glassia produced by Baxalta is not expected to begin before 2019. |
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