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Bagir Group Ltd (BAGR)

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Wednesday 13 September, 2017

Bagir Group Ltd

Half-year Report

RNS Number : 6035Q
Bagir Group Ltd
13 September 2017
 

The following replaces the announcement released on 13th Sep 2017 at 07.00 RNS Number 5654Q. In the 'Outlook' section, the expected trouser production date should read mid-2018, not mid-2019. All other information remains unchanged. The full amended text appears below.

 

 

13 September 2017

 

Bagir Group Ltd.

("Bagir" or the "Company")

 

Interim results

for the six months ended 30 June 2017

 

Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, is pleased to announce its results for the six months ended 30 June 2017.

 

H1 Highlights

 

·      Revenues of $28.1m for the first half of 2017, in line with revised expectations (H1 2016 $33.5m).

·      EBITDA* and Adjusted EBITDA of $1.9m and $0.8m respectively in the first half of 2017, compared with EBITDA of $0.8m in H1 2016

·      Operating income of $1.0m for the first half of 2017 ($(0.1)m excluding the one-off capital gain, net of other expenses) compared with $0.0m in H1 2016

·      Cash and cash equivalents at 30 June 2017 of $7.0m ($8.6 and $4.0m at 31 December 2016 and 30 June 2016, respectively). The reduction in cash is mainly attributable to the acquisition in Ethiopia

·      Completed the strategic acquisition of the remaining 50% shareholding in Nazareth Garments, Ethiopia. This competitive edge site combines tariff free trade and low production costs with good connectivity for onward distribution

·      New product development has been an area of strength with six new concepts released in April including: The Transit Suit; City Traveller; Pack Away; Shaper Pants; 0.755 Suit; and the Heater Body Suit. Initial orders have already been taken for some of these lines from new and existing customers

* 'EBITDA' is a non-IFRS measure that the Company uses to measure its performance. It is defined as Earnings Before Interest, Taxation, Depreciation and Amortisation and non-cash share based compensation. The Adjusted EBITDA figure excludes $1.1m one-off capital gain attributable to the acquisition in Ethiopia, net of other expenses. The capital gain calculation is subject to final measurement of asset valuation that is expected to be completed by the annual audited report, but the Company does not expect any material change to this figure.

 

Eran Itzhak, CEO of Bagir, said:

 

"These results show the Group's continued progress towards establishing a core manufacturing base in Ethiopia coupled with the sites in Vietnam and Egypt that enables the Company to compete effectively for business from the world's leading retailers. The acquisition of 100% ownership of our Ethiopian site was an important step towards achieving this aim.

 

We continue to deliver on our reputation as an innovative tailor, building upon our 50 year heritage servicing major high-profile retailers with April's release of six new concepts already securing orders from high-street brands in the UK and Europe. Sales levels have been slightly slower than forecast but the medium term prospects coupled with increased capacity in Ethiopia remain very exciting."

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For further information, please contact:

 

Bagir Group Ltd.

Eran Itzhak, Chief Executive Officer

Udi Cohen, Chief Financial Officer

Tessa Laws, Non-Executive Chairman

 

via Novella Communications on:

+44 (0) 20 3151 7008

N+1 Singer

Alex Price

 

+44 (0) 20 7496 3000

Novella

Tim Robertson

Toby Andrews

+44 (0) 20 3151 7008

 

Chairman's statement

 

Introduction

 

Following on from the significant progress made in 2016, during which the Company repaid the bank debt, reduced annual costs by c.30% and created a stable platform, the Company has continued to implement its restructuring programme to create internationally competitive manufacturing bases to combine with the Company's innovative tailoring capabilities.

 

Bagir is a stable business and remains well placed. We remain confident of our strategic plan and our ability to substantially increase our customer base. Taking 100% control of our Ethiopian site at the end of June was a significant step forward in achieving this aim and creating a long-term competitive advantage for the Company.

 

Financial review

 

Revenue for the six months ended 30 June 2017 was $28.1m. The slight reduction in sales from the previous year was mainly in the UK market as a result of a reduction in order volumes driven by the Company's refusal to manufacture at non-profitable price levels. Nevertheless, the Company still managed to achieve important client wins during the period and secured orders from a number of well-known customers in France, South Africa and Australia.

 

The gross margin for the six months ended 30 June 2017 was 16.3%, compared with 17.8% for the first half of 2016. This decrease is primarily attributed to the reduction in revenues which in turn reduces our economies of scale and to the sales mix itself.

 

Selling and marketing expenses decreased to $2.6m in H1 2017 (H1 2016: $3.6m) and development costs decreased to $0.4m in H1 2017 (H1 2016: $1.0m), reflecting the lower operating costs following the recovery plan that the Company implemented during 2016. The Company is planning achieving further cost savings and a review is underway to identify opportunities to improve efficiencies across the business.

 

EBITDA for the first half of 2017 was in line with our revised expectations, with EBITDA of $1.9m ($0.8m excluding one-off capital gain attributable to the acquisition in Ethiopia net of other expenses) compared to $0.8 in H1 2016.

 

The operating income for the first half of 2017 amounted to $1.0m ($(0.1)m excluding the one-off capital gain, net of other expenses) compared with $0.0m in H1 2016.

 

Cash and cash equivalents at 30 June 2017 amounted to $7.0m (H1 2016 and 31 December 2016 $4.0m and $8.6m respectively) with the reduction in cash being mainly as a result of the investment in the acquisition of the remaining 50% shareholding in Ethiopia.

 

Operational review

 

The business is now focused on three core manufacturing geographies in Vietnam, Egypt and Ethiopia.  A core part of our strategy being to streamline the Company's manufacturing base whilst also improving it. This has been achieved. The combination of the three bases provide strong competitive advantages as they enable us to benefit from  duty free export status for sales to both the EU and US, highly competitive production costs and local governmental support for the textile industry.

 

In Vietnam, the readiness of production lines in Hanoi with a new subcontractor  took longer than anticipated but progress is being made and this site too is expected to be able to provide a  competitive solution for our UK, Europe and US markets.

 

Innovation and quality remains at the heart of all Company activity. Bagir is intensely proud of its track record created over the last 50 years of servicing leading western retailers. New product development has been an area of strength with the Company developing platforms to support made-to-measure and personalized garments. In April, six new concepts were released including: The Transit Suit; City Traveller; Pack Away; Shaper Pants; 0.755 Suit and the Heater Body Suit. Initial orders have already been taken for some of these lines from major high-street retailers in the UK and in Europe.

 

Outlook

 

Interest in Bagir's products and manufacturing capabilities from international retailers is high, in particular, in the potential output from our Ethiopia site. We are progressing this site and we remain confident of its ability to act as a catalyst for the Group to win high volume sales orders. We expect that by mid-2018 the site will be able to produce approximately 3,000 trousers per day. At this level and at the price point together with the tariff free advantages it can offer we believe that this will be one of the most attractive places in the world for manufacturing of tailored goods. It does take time to establish but we are following a clear plan and are confident of achieving our goals.

 

As we look towards the end of FY17 and beyond into FY18, we are seeing more requests for trial orders and have hosted site inspection visits from international retailers at our Ethiopian facility. This leads us to being confident in our ability to secure commercial orders from these retailers in the short-to-medium term.

 

Innovation remains core to Bagir's future strategy and we will be launching further new products aimed at not just cementing our product development reputation and relationships with existing international retailers but also at attracting new ones.

 

Over the last 18 months we have made significant cost reductions and, whilst this process is now largely complete, there remain one or two areas within which we hope to be able to make further savings in order to drive operational efficiencies. At the same time, we continue to look for synergistic acquisition targets or potential joint venture partners.

 

Our current order book for FY17 and FY18 is underpinned by long term clients and we are working on expanding upon this with our pipeline of good new business opportunities. We are on track to meet market forecasts although given that our financial year end falls in the middle of our peak manufacturing period, as is always the case a small percentage of orders may end up being manufactured in FY18.

 

Tessa Laws

Chairman



 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 



30 June


31 December



Unaudited


Audited



2017


2016


2016



U.S. dollars in thousands

 ASSETS














CURRENT ASSETS:







Cash and cash equivalents


   7,050


3,979


8,624

Short-term deposit


132


475


81

Trade receivables


   4,728


5,502


3,972

Other receivables


   2,414


2,813


2,288

Inventories


   5,219


5,130


5,337










   19,543


17,899


20,302








NON-CURRENT ASSETS:







Investment in a joint venture


-        


1,875


1,580

Property, plant and equipment


   8,560


673


668

Goodwill


   5,689


5,689


5,689

Other intangible assets


   3,149


4,545


3,873

Deferred taxes


360


328


340










   17,758


13,110


12,150










   37,301


31,009


32,452

 

 

 

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 



CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 



30 June


31 December



Unaudited


Audited



2017


2016


2016



U.S. dollars in thousands

 LIABILITIES AND EQUITY














CURRENT LIABILITIES:







Credit from banks, current maturities of long-term loans and other short-term credit


    3,234


608


-

Trade payables


4,832


3,950


3,848

Other payables


    4,474


3,983


4,618










12,540


8,541


8,466

NON-CURRENT LIABILITIES:







Loans from banks


-


20,397


-

Employee benefit liabilities


270


410


210

Payable for acquisition of subsidiary


2,382


2,790


2,594

Deferred taxes


1,379


-


-










4,031


23,597


      2,804

EQUITY:







Share capital


3,284


576


       3,284

Share premium


86,306


78,380


       86,306

Capital reserve for share-based payment transactions


1,702


1,441


       1,580

Capital reserve for transactions with shareholders


10,165


10,165


10,165

Adjustments arising from translation of foreign operations


(8,895)


(8,895)


(8,895)

Accumulated deficit


(73,778)


(84,742)


     (73,204)








EQUITY ATRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY


18,784


(3,075)


     19,236

Non-controlling interests


1,946


1,946


     1,946








Total equity (deficiency)


20,730


(1,129)


     21,182










37,301


31,009


    32,452        

   

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 

12 September 2017







Date of approval of the


Tessa Rebecca Laws


Eran Itzhak


Yehuda Cohen

financial statements


Chairman of the Board


CEO and Director


CFO, Deputy CEO and Director

 

 

 



CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

 



Six months ended

30 June


Year ended

31 December



Unaudited


Audited



2017


2016


2016



U.S. dollars in thousands











Revenues from sales


28,093


33,503


64,071

Cost of sales


23,516


27,543


53,541








Gross profit


4,577


5,960


10,530








Selling and marketing expenses


2,644


3,570


6,172

General and administrative expenses


1,688


1,449


3,050

Development costs


427


962


1,652

Other income


(1,392)


-


-

Other expenses


250


6


2








Operating income (loss)


960


(27)


(346)








Finance income


-


-


13,305

Finance expenses


(1,054)


(1,468)


(2,676)

Company's share of losses of a joint venture


(184)


(119)


(414)








Income (loss) before taxes on income


(278)


(1,614)


9,869

Tax benefit (expenses)


(296)


24


32








Net income (loss) for the period (all attributable to the

equity holders of the company)


(574)


(1,590)


9,901








Other comprehensive loss:





















Items not to be reclassified to profit or loss in subsequent

periods:







 Remeasurment gain on defined benefit plans


-


-


47








Total other comprehensive income


-


-


47








Total comprehensive income (loss)


(574)


(1,590)


9,948








 Net income (loss) attributable to equity holders of the

 Company


(574)


(1,590)


9,901








 Total comprehensive income (loss) attributable to equity

 holders of the Company


(574)


(1,590)


9,948

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.



CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME (Cont.)

 



Six months ended

30 June


Year ended

31 December



Unaudited


Audited



2017


2016


2016



U.S. dollars in thousands (except share and per share data)








Earnings (loss) per share attributable to equity holders of the Company (in dollars)





















Basic and diluted Earnings (loss) per share


 (0.002)


(0.03)


0.11

Weighted average number of Ordinary shares for basic and diluted earnings (loss) per share (in thousands)


310,543


 50,428


90,231

 

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 



Attributable to equity holders of the Company







Share

capital


Share premium


Capital reserve for share-based payment transactions


Capital reserve for transactions with shareholders


Adjustments arising from translation of foreign operations


Accumulated deficit


Total


Non-controlling interests


Total equity

 



Unaudited



U.S. dollars in thousands




















Balance at 1 January 2017


3,284


86,306


1,580


10,165


(8,895)


(73,204)


19,236


1,946


21,182




















Total loss and comprehensive loss


-


-


-


-


-


(574)


(574)


-


(574)

 

Cost of share-based payment


-


-


122


-


-


-


122


-


122




















Balance at 30 June 2017


3,284


86,306


1,702


10,165


(8,895)


(73,778)


18,784


1,946


20,730

 



Attributable to equity holders of the Company







Share

capital


Share premium


Capital reserve for share-based payment transactions


Capital reserve for transactions with shareholders


Adjustments arising from translation of foreign operations


Accumulated deficit


Total


Non-controlling interests


Total equity

(deficiency)



Unaudited



U.S. dollars in thousands




















Balance at 1 January 2016


576


78,342


1,438


10,165


(8,895)


(83,152)


(1,526)


1,946


420




















Total loss and comprehensive loss








-


-


(1,590)


(1,590)


-


(1,590)

Exercise of options


*)


38


(35)








3




3

Cost of share-based payment


-


-


38


-


-


-


38


-


38




















Balance at 30 June 2016


576


78,380


1,441


10,165


(8,895)


(84,742)


(3,075)


1,946


(1,129)

*) Less than $1 thousand.

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 



Attributable to equity holders of the Company







Share

capital


Share premium


Capital reserve for share-based payment transactions


Capital reserve for transactions with shareholders


Adjustments arising from translation of foreign operations


Accumulated deficit


Total


Non-controlling interests


Total equity

 



Audited



U.S. dollars in thousands




















Balance at 1 January  2016


576


78,342


1,438


10,165


(8,895)


(83,152)


(1,526)


1,946


420




















    Profit for the year


-


-


-


-


-


9,901


9,901


-


9,901

Other comprehensive income:



















Remeasurement gain on defined benefit plans


-


-


-


-


-


47


47


-


47




















Total comprehensive income


-


-


-


-


-


9,948


9,948


-


9,948

Exercise of options


*)


38


(35)








3




3

Cost of share-based payment


-


-


177


-


-


-


177


-


177

Issue of share capital (net of issue expenses of $0.56 million)


2,494


7,256


-


-


-


-


9,750


-


9,750

Conversion of loans from Banks into shares


214


670


-


-


-


-


884


-


884




















Balance at 31 December 2016


3,284


86,306


1,580


10,165


(8,895)


(73,204)


19,236


1,946


21,182

 

*) Less than $1 thousands.

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS

 



Six months ended

30 June


Year ended

31 December



Unaudited


Audited



2017


2016


2016



U.S. dollars in thousands

Cash flows from operating activities:














Profit (loss)


(574)


(1,590)


9,901








Adjustments to reconcile loss to net cash provided by (used in) operating activities:














Gain from remeasurement of previous investment in joint venture


(1,223)


-


-

Bargain purchase gain


(95)


-


-

Company's share of losses of a joint venture


184


119


414

Depreciation and amortization


855


851


1,738

Change in employee benefit liabilities


60


(29)


(182)

Cost of share-based payment


122


38


177

Loss from sale of property, plant and equipment


-


19


20

Finance expenses, net


451


927*)


  1,773*)

Deferred taxes, net


(20)


(24)


(36)

Income tax expense, net


316


-


4

Gain on extinguishment of debt


-


-


(13,305)










650


1,901


(9,397)

Changes in asset and liability items:














Decrease (increase) in trade receivables


(355)


 (1,074)*)


 818*)

Increase in other receivables


(165)


(759)


(319)

Decrease in inventories


162


3,196


2,989

Increase (decrease) in trade payables


792


(1,466)


(1,568)

Decrease in other payables


(693)


(1,104)


(516)










(259)


(1,207)


1,404

Cash paid during the period for:














Interest paid


(590)


(1,033) *)


(1,968) *)

Taxes paid


(316)


-


-










(906)


(1,033) *)


 (1,968) *)








Net cash used in operating activities


(1,089)


(1,929) 


(60)

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

*) Reclassified.



CONSOLIDATED STATEMENTS OF CASH FLOWS

 



Six months ended

30 June


Year ended

31 December



Unaudited


Audited



2017


2016


2016



U.S. dollars in thousands

Cash flows from investing activities:














Acquisition of initially consolidated subsidiary (a)


(1,811)


-


-

Investment in a joint venture


(1,169)


-


-

Purchase of property, plant and equipment


(273)


(207)


(375)

Additions to intangible assets


-


-


(43)

Purchase of short-term deposits, net


(51)


(11)


(5)

Release of pledged bank deposits


-


-


387








Net cash used in investing activities


(3,304)


(218)


(36)








Cash flows from financing activities:














Issue of shares, net of expenses


-


-


9,750

Receipt of short-term credit from others


3,219


-


-

Exercise of options


-


3


3

Payment of long-term liabilities from banks


-


(232)


(6,988)

Repayment to joint venture


-


(708)


(708)

Payment of liability for acquisition of subsidiary


(400)


(400)


(800)








Net cash provided by (used in) financing activities


2,819


(1,337)


1,257








Increase (decrease) in cash and cash equivalents


(1,574)


(3,484)


1,161

Cash and cash equivalents at the beginning of the period


8,624


7,463


7,463








Cash and cash equivalents at the end of the period


7,050


3,979


8,624

 

a)    Acquisition of initially consolidated subsidiary

The subsidiary's assets and liabilities at date of acquisition:

Working capital (excluding cash and cash equivalents)


(1,893)


-


-

Property, plant and equipment


7,750


-


-

Deferred taxes


(1,379)


-


-

Gain from remeasurement of investment in company   previously accounted for at equity


(1,223)


-


-

Bargain purchase gain


(95)


-


-

Investment in company previously accounted for at equity


(1,349)


-


-










1,811


-


-

 

 

 

 

 

 

b)   Significant non-cash transactions:








Waiver of receivable from partner in joint venture (see Note 3)



672


-


-

Issuance of shares upon extinguishment of loans from Banks into shares



-


-


844

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 



 

 

NOTE 1:-             GENERAL

 

a.          Company description:

 

Bagir Group Ltd. ("the Company") is registered in Israel. The Company and its subsidiary ("the Group") specialize in the manufacturing and marketing of men's and women's tailored fashion. The Company's Headquarters are located in Kiryat Gat, Israel. The Group's products are manufactured by subsidiaries in Egypt and Ethiopia and subcontractors. The Group's products are marketed in U.S., Europe (mainly in the U.K.) and in other countries. As for operating segments, see Note 4.

 

b.         The interim condensed consolidated financial statements for the six months ended 30 June 2017 were approved for issue in accordance with a resolution of the Board of Directors on 12 September 2017.

 

NOTE 2:-             SIGNIFICANT ACCOUNTING POLICIES

 

a.          Basis of preparation of the interim consolidated financial statements:

 

The interim condensed consolidated financial statements for the six months ended 30 June 2017 have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the European Union. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2016.

 

The accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's consolidated annual financial statements for the year ended 31 December 2016.

 

b.         Assessment of going concern:         

 

The Board of Directors has considered the principal risks and uncertainties of the business, the trading forecasts prepared by management covering a twelve month period following the approval of the financial statements and the resources available to meet the Group's obligations for the aforementioned period. After taking all of the above factors into consideration, the Board of Directors has concluded that it is appropriate to apply the going concern basis of accounting in preparing the financial statements.

 

 

 



 

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

NOTE 3:-             BUSINESS COMBINATION

 

The Company held 50% of the shares of Nazareth Garments ("NGSC") which, up to the acquisition of the remaining 50% and the beginning of consolidation, was treated as an investment in a joint venture.

 

In January 2017, the Company signed an agreement to acquire the remaining 50% of the joint venture. The acquisition was conditional on the fulfillment of certain procedural matters. In June 2017, the Company completed the acquisition for a total consideration of $2.6 million, $1.9 million in cash and $0.7 million for waiver of receivable from the partner in the joint venture.

As of 30 June 2017, the Company has recognized the fair value of the assets acquired and liabilities assumed in the business combination according to a provisional measurement. As of the date of the approval of the interim financial statements, a final valuation by an external valuation specialist of the identifiable assets acquired and liabilities assumed has not been completed. The identification and measurement of the acquired assets and liabilities may be adjusted within the measurement period (up to 12 months from the acquisition date).

 

The provisional fair values of the identifiable assets and liabilities of NGSC on the acquisition date:

 



U.S. dollars in thousands




Cash and cash equivalents


89

Trade receivables


45

Other receivables


22

Inventories


44

Property, plant and equipment, net


      7,750

Trade and other payables


(1,332)

Deferred tax liability


(1,379)




Total fair value of net identifiable assets


5,239




Gain from remeasurement to fair value of previous investment in the

   joint venture


(1,223)

Bargain purchase gain


(95)

Carrying amount of investment in the joint venture


(1,349)




Purchase price


      2,572

 

The deferred tax liability comprises the tax effect of the fair value adjustments of the identifiable assets and liabilities.

 

 

 

 

 

 

 

 

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

NOTE 3:-                     BUSINESS COMBINATIONS (Cont.)

 

Purchase consideration:



U.S. dollars in thousands




Cash paid


1,900

Waiver of receivable due from the partner in the joint venture


672



Total consideration


2,572

 

 

Acquisition costs that are directly attributable to the transaction of approximately $ 59 thousand were carried as an expense to other expenses, net.

 

Cash flow on the acquisition:

 

C


U.S. dollars in thousands




Cash and cash equivalents acquired


89

Cash paid


(1,900)




Net cash outflow


(1,811)

 

 

 

 

 

NOTE 4:-             OPERATING SEGMENTS

 

                             a.             General:

 

The Group's activity is the manufacturing and marketing of men's and women's tailored fashion (mainly men's).

 

The operating segments are identified on the basis of information that is reviewed by the chief operating decision maker ("CODM") to make decisions about resources to be allocated and assess its performance. The Group's products are primarily marketed to two geographical areas: U.S. and Europe and, accordingly, the Company has two geographical segments. The

Company's activities in Europe are concentrated primarily in the U.K.

 

 

 

 

 



 

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATMENTS

 

 

NOTE 4:-             OPERATING SEGMENTS (Cont.)

 

 

b.             Financial information on operating segments:



U.S.


Europe (mainly

the U.K.)


Other


Total



Unaudited



U.S. dollars in thousands

Six months ended 30 June 2017 :


















Total revenues from external customers


21,839


5,638


616


28,093










Segment profit (loss)


1,255


(1,606)


173


(178)










Unallocated income, net








954

Finance expenses, net








(1,054)










Loss before income taxes








(278)

 



U.S.


Europe (mainly

the U.K.)


Other


Total



Unaudited



U.S. dollars in thousands

Six months ended 30 June 2016 :


















Total revenues from external customers


22,095


10,119


1,289


33,503










Segment profit (loss)


1,578


(1,878)


273


(27)










Unallocated expenses, net








(119)

Finance expenses, net








(1,468)










Loss before income taxes








(1,614)

 

 



U.S.


Europe (mainly

the U.K.)


Other


Total



Audited



U.S. dollars in thousands

Year ended 31 December 2016:


















Total revenues from external customers


45,064


17,000


2,007


64,071










Segment profit (loss)


1,998


(2,690)


346


(346)










Unallocated expenses, net








(414)

Finance income, net








10,629










Income before income taxes








      9,869










 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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