Exhibit 99.1
MICRONET LTD
2015 CONSOLIDATED FINANCIAL STATEMENTS
MICRONET LTD.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
December 31, 2015 | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | NIS | 8,502 | ||
Marketable securities | 22,020 | |||
Trade account receivables, net | 12,219 | |||
Inventories | 21,555 | |||
Other accounts receivable | 2,964 | |||
Total current assets | 67,260 | |||
Property and equipment, net | 5,085 | |||
Intangible assets and others, net | 11,342 | |||
Long term deposit | 50 | |||
Goodwill | 5,720 | |||
Deferred taxes | 1,879 | |||
Total long term assets | 24,076 | |||
Total assets | NIS | 91,336 |
MICRONET LTD.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
December 31, 2015 | ||||
LIABILITIES AND EQUITY | ||||
Short term bank credit and current portion of long term bank loans | NIS | 11,366 | ||
Trade accounts payable | 15,208 | |||
Other accounts payable | 5,386 | |||
Total current liabilities | 31,960 | |||
Long term loans from banks | 1,417 | |||
Finance lease | 87 | |||
Accrued severance pay, net | 204 | |||
A liability for Chief scientist | 404 | |||
Total long term liabilities | 2,112 | |||
Stockholders’ Equity: | ||||
Common stock | 2,132 | |||
Additional paid in capital | 22,750 | |||
Capital reserve for IAS 19 | (895 | ) | ||
Capital reserve for translation adjustments | 2,238 | |||
Capital reserve for share-based payment transactions | 55 | |||
Retained earnings | 30,984 | |||
Total equity | 57,264 | |||
Total Liabilities and equity | NIS | 91,336 |
MICRONET LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Earnings Per Share data)
Year ended December 31, | ||||
2015 | ||||
Revenues | NIS | 56,628 | ||
Cost of revenues | 39,885 | |||
Gross profit | 16,743 | |||
Operating expenses: | ||||
Research and development | 7,682 | |||
Selling and marketing | 4,575 | |||
General and administrative | 10,349 | |||
Total operating expenses | 22,606 | |||
Loss from operations | (5,863 | ) | ||
Finance expense, net | (412 | ) | ||
Loss before provision for income taxes | (6,275 | ) | ||
Provision for income taxes | 770 | |||
Net loss | (5,505 | ) | ||
Transfer to a capital reserve for IAS 19 | 89 | |||
Adjustments resulting from the translation of financial statements of foreign operations | 36 | |||
Net loss | NIS | (5,380 | ) | |
Loss per share Enertec: | ||||
Basic | NIS | (0.292 | ) | |
Diluted | NIS | (0.292 | ) |
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, January 1, 2013 | 1,985 | 17,549 | 3,327 | 30,367 | - | (1,509 | ) | 51,719 | ||||||||||||||||||||
Exercise of warrants | 114 | 3,567 | (1,933 | ) | - | - | - | 1,748 | ||||||||||||||||||||
Dividend paid to non-controlling interest | - | - | - | (5,000 | ) | - | - | (5,000 | ) | |||||||||||||||||||
Dividends declared to non-controlling interest | - | - | - | (6,000 | ) | - | - | (6,000 | ) | |||||||||||||||||||
Comprehensive income | - | - | - | 18,174 | - | 170 | 18,344 | |||||||||||||||||||||
Cost of share-based payment | - | - | 28 | - | - | - | 28 | |||||||||||||||||||||
Balance, December 31, 2013 | 2,099 | 21,116 | 1,422 | 37,541 | - | (1,339 | ) | 60,839 | ||||||||||||||||||||
Exercise of warrants | 33 | 1,634 | (1,376 | ) | - | - | - | 291 | ||||||||||||||||||||
Comprehensive loss | - | - | - | (1,052 | ) | 2,202 | 355 | 1,505 | ||||||||||||||||||||
Cost of share-based payment | - | - | 9 | - | - | - | 9 | |||||||||||||||||||||
Balance, December 31, 2014 | 2,132 | 22,750 | 55 | 36,489 | 2,202 | (984 | ) | 62,644 | ||||||||||||||||||||
Comprehensive loss | - | - | - | (5,505 | ) | 36 | 89 | (5,380 | ) | |||||||||||||||||||
Balance, December 31, 2015 | 2,132 | 22,750 | 55 | 30,984 | 2,238 | (895 | ) | 57,264 |
MICRONET LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Year ended December 31, | ||||
2015 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | NIS | (5,505 | ) | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 4,722 | |||
Financial expenses, net accrual-basis financial | 412 | |||
A liability for Chief scientist | (203 | ) | ||
A capital gain from sale of fixed assets | 33 | |||
Income taxes in the income statement | (770 | ) | ||
Decrease in accrued severance pay, net | 70 | |||
4,264 | ||||
Changes in operating assets and liabilities (net of impact of acquisition): | ||||
Increase in trade account receivables | 5,368 | |||
Increase in other account receivables | (1,177 | ) | ||
Increase in inventories | (1,101 | ) | ||
Decrease in trade account payables | (3,555 | ) | ||
Decrease in other account payables | 97 | |||
NIS | (368 | ) | ||
Cash paid and received during the year for | ||||
Interest paid | (454 | ) | ||
Interest received | 916 | |||
Taxes paid | (338 | ) | ||
124 | ||||
Net cash used in operating activities | NIS | (1,485 | ) |
MICRONET LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Year ended December 31, | ||||
2015 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of property and equipment | (888 | ) | ||
Purchase of intangible assets | (12 | ) | ||
Proceeds from sale of fixed assets | 29 | |||
Sales of marketable securities | 2,278 | |||
Leasing deposit and prepaid expenses | 61 | |||
Granting of loans to employees | (154 | ) | ||
Net cash provided by investing activities | NIS | 1,314 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Repayment of banks loan | (21,862 | ) | ||
Receipt of bank loan | 19,030 | |||
Repayment liability in respect of financial leasing | (165 | ) | ||
Receipt of investment grants, net | 567 | |||
Net cash used in financing activities | NIS | (2,430 | ) | |
TRANSLATION ADJUSTMENT OF CASH AND CASH EQUIVALENTS | (67 | ) | ||
NET CASH DECREASE IN CASH AND CASH EQUIVALENTS | (2,668 | ) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 11,170 | |||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | NIS | 8,502 |
MICRONET ENERTEC TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Appendix A
Acquisition of a business, net of cash acquired:
Inventory | NIS | (4,688 | ) | |
Property and equipment | (223 | ) | ||
Intangible assets | (14,711 | ) | ||
Goodwill | (5,096 | ) | ||
Total | NIS | (24,718 | ) |