Net Income Attributable to Shareholders was $7.8 million on Sales
of $249.5 Million
Operating Cash Flow Rose to $26.5 Million
2016 Second Quarter Highlights
-
Sales amounted to $249.5 million in the 2016 second quarter, compared
to $255.5 million in the 2015 second quarter, representing a 2%
decrease.
-
Operating profit in the second quarter of 2016 was $13.5 million, a 7%
decrease from $14.5 million in the second quarter of 2015. The
decrease in operating income was mainly due to high depreciation
expenses derived from investments for future growth.
-
EBITDA in the second quarter of 2016 was $18.9 million, a 1% decrease
from $19.0 million for the second quarter of 2015. For the six months
ended June 30, 2016, EBITDA increased by 1% to $39.1 million, versus
$38.7 million a year ago.
-
Net income in the second quarter of 2016 amounted to $7.8 million,
compared to $9.3 million in the same period of 2015.
-
Operating cash flow increased to $26.5 million, compared to $24.0
million last year.
-
The Board of Directors declared a dividend of $3.5 million or $0.139
per share, to be distributed on September 6th, 2016. The determining
and "ex-dividend" date will be August 23rd, 2016, per the Tel Aviv
Stock Exchange.
-
Strong balance sheet was highlighted by $363.3 million in equity and
$134.2 million in cash as of June 30, 2016.
-
The Company has completed its share buy-back plan of $6.9 million.
-
Financial guidance for 2016: the Company expects to meet the lower end
of the previously stated guidance range, reflecting the continuance of
the soft market in the U.S.
-
Isaac Dabah, CEO of Delta Galil, stated: “While we experienced a
challenging U.S. retail environment this quarter, this was partially
offset by improvements in all of our other business segments and
regions, reflecting the strength of our diversified business model.
Looking ahead, we are continuing to build our branded business and
global footprint by implementing the new acquisition, which we
anticipate will be consummated during the third quarter. Importantly,
we have a strong balance sheet to support our long-term growth, and we
are continuing with our investments aimed at attaining double digit
EBIT growth in 2017 and 2018.”
TEL AVIV, Israel--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange,
DELTY.PK/OTCQX), the global manufacturer and marketer of branded and
private label apparel products for men, women and children, as well as
leisurewear and activewear, today reported its financial results for the
second quarter ended June 30, 2016.
The Company reported sales of $249.5 million for the second quarter of
2016, compared to $255.5 million for the same quarter last year,
reflecting softer topline performance in the U.S market, offset by
stronger sales in regions such as Europe and Israel. Sales for the first
six months of 2016 were $506.2 million, versus $508.4 million in the
same period of 2015.
Operating income for the second quarter of 2016 was $13.5 million, down
7% from $14.5 million in the second quarter of 2015. For the first six
months of 2016, operating income was $28.4 million, down 5% from $29.8
million a year earlier. The decrease in operating income was mainly due
to higher depreciation expenses derived from investments for future
growth.
Net income attributable to shareholders was $7.8 million in the second
quarter of 2016, compared to $9.3 million in the same quarter of 2015,
representing a 16% decrease. Diluted earnings per share attributed to
shareholders were $0.30 for the 2016 second quarter, compared to $0.36
for the same quarter last year. For the first six months of 2016, net
income attributable to shareholders was $15.6 million, or $0.61 per
diluted share, compared to $18.2 million or $0.71 per diluted share for
the same period of 2015. The decrease for the second quarter and the
first half of 2016 derives mainly from higher depreciation expenses and
an increase in tax on income expenses compared to the same periods a
year ago.
Management Comment
Isaac Dabah, CEO of Delta Galil, stated: “While we experienced a
challenging U.S. retail environment in the second quarter, which is
expected to continue into the third quarter, this was partially offset
by improvements in all of our other business segments and regions,
reflecting the strength of our diversified business model. Through our
balanced blend of branded and private label products, an expanding
global presence, and a range of market segments, we are positioned for
long-term profitable growth.”
“As part of our growth strategy, we announced during the quarter the
acquisition of contemporary premium brands, including the businesses and
brands of 7 For All Mankind®, Splendid® and Ella Moss® from
VF Corporation. We are now working to maximize the benefits these brands
bring to Delta, as they further diversify our product offering and
distribution channels, while adding significant strength to our
structure.”
“We are on track to launch our new factories in Vietnam, with Seamfree
and Cut & Sew factories opening in the fourth quarter of 2016, and our
Socks factory in the first quarter of 2017, which will contribute to our
growth in 2017 and 2018. With a strong balance sheet to support our
long-term growth and acquisition strategy, we are focused on growing our
e-commerce business, and are working to attain double digit EBIT growth
in 2017 and 2018.”
Cash Flow, EBITDA, Net Debt, Equity and Dividend
Operating cash flow increased to $26.5 million in the second quarter,
from $24.0 million in the same period a year ago. Operating cash flow
for the 12 months ended June 30, 2016 and 2015, was $69.2 million and
$53.9 million, respectively.
EBITDA was $18.9 million or 7.6% of sales in the second quarter of 2016,
compared to $19.0 million or 7.5% of sales in the same quarter last
year. For the first six months of 2016, EBITDA was $39.1 million or 7.7%
of sales, compared to $38.7 million or 7.6% of sales in the same period
of 2015.
Last 12 Months EBITDA for the period ended June 30, 2016, amounted to
$95.7 million, a 3% increase from $92.8 million in the same period a
year ago.
Net financial debt as of June 30, 2016 was $106.6 million, compared to
$71.1 million as of June 30, 2015, and $74.5 million as of December 31,
2015. The increase in net financial debt as of June 30, 2016, compared
to previous periods derives mainly from the PJ Salvage acquisition and
the Company's investments in its production plants.
The net financial debt to EBITDA ratio based on the last four quarters
was 1.1 as of June 30, 2016, compared to a ratio of 0.8 as of June 30,
2015.
Equity on June 30, 2016 was $363.3 million, up from $343.2 million a
year earlier.
Delta Galil declared a dividend of $3.5 million, or $0.139 per share, to
be distributed on September 6th, 2016. The determining and "ex-dividend"
date will be August 23rd, 2016, per the Tel Aviv Stock Exchange.
Guidance for 2016
Reflecting the continuance of the soft market in the U.S., the Company
expects to meet the lower end of the previously stated guidance range.
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded
and private label apparel products for men, women and children. Since
its inception in 1975, the Company has continually strived to create
products that follow a body-before-fabric philosophy, placing equal
emphasis on comfort, aesthetics and quality. Delta Galil develops
innovative seamless apparel including bras, shapewear and socks;
intimate apparel for women; extensive lines of underwear for men;
babywear, activewear, sleepwear, and leisurewear. For more information,
visit www.deltagalil.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein, and while expected, there is no guarantee that we will
attain the aforementioned anticipated developmental milestones. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors affecting
the Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies resulting
from terrorist actions, and U.S. actions subsequently; and other factors
detailed in reports filed by the Company.
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
Concise Consolidated Balance Sheets
As of June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
|
December 31
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2015
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
|
|
Thousands of Dollars
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
134,177
|
|
|
199,602
|
|
|
167,532
|
|
Restricted Cash
|
|
|
540
|
|
|
438
|
|
|
532
|
|
Other accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
113,529
|
|
|
119,022
|
|
|
105,630
|
|
Taxes on income receivable
|
|
|
5,860
|
|
|
6,947
|
|
|
8,963
|
|
Others
|
|
|
16,756
|
|
|
16,262
|
|
|
15,882
|
|
Financial derivative
|
|
|
338
|
|
|
808
|
|
|
209
|
|
Inventory
|
|
|
194,550
|
|
|
197,516
|
|
|
196,172
|
|
Assets classified as held for sale
|
|
|
1,000
|
|
|
1,793
|
|
|
1,000
|
|
Total current assets
|
|
|
466,750
|
|
|
542,388
|
|
|
495,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
Investments in associated companies accounted using
the
equity method and long-term receivables
|
|
|
7,292
|
|
|
6,615
|
|
|
5,421
|
|
Investment property
|
|
|
3,631
|
|
|
3,741
|
|
|
3,573
|
|
Fixed assets, net of accumulated depreciation
|
|
|
134,429
|
|
|
111,681
|
|
|
122,129
|
|
Goodwill
|
|
|
70,101
|
|
|
51,338
|
|
|
70,101
|
|
Intangible assets, net of accumulated amortization
|
|
|
88,608
|
|
|
64,737
|
|
|
89,734
|
|
Deferred tax assets
|
|
|
10,843
|
|
|
11,018
|
|
|
9,877
|
|
Financial derivative
|
|
|
2,545
|
|
|
4,373
|
|
|
1,439
|
|
Total non-current assets
|
|
|
317,449
|
|
|
253,503
|
|
|
302,274
|
|
Total assets
|
|
|
784,199
|
|
|
795,891
|
|
|
798,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
|
December 31
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
|
|
Thousands of Dollars
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Short-term bank loans
|
|
|
278
|
|
|
|
-
|
|
|
|
52
|
|
|
Current maturities of debentures
|
|
|
24,105
|
|
|
|
24,549
|
|
|
|
23,365
|
|
|
Financial derivative
|
|
|
3,004
|
|
|
|
2,323
|
|
|
|
3,049
|
|
|
Other accounts payable:
|
|
|
|
|
|
|
|
|
|
|
Trade payables
|
|
|
89,015
|
|
|
|
88,145
|
|
|
|
100,956
|
|
|
Taxes on income payable
|
|
|
2,737
|
|
|
|
5,833
|
|
|
|
2,690
|
|
|
Others
|
|
|
60,384
|
|
|
|
61,019
|
|
|
|
65,807
|
|
|
Total current liabilities
|
|
|
179,523
|
|
|
|
181,869
|
|
|
|
195,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Severance pay liabilities less plan assets
|
|
|
2,793
|
|
|
|
2,228
|
|
|
|
2,696
|
|
|
Other non-current liabilities
|
|
|
19,106
|
|
|
|
17,949
|
|
|
|
22,533
|
|
|
Debentures
|
|
|
214,392
|
|
|
|
243,686
|
|
|
|
211,728
|
|
|
Reserve for deferred taxes
|
|
|
2,687
|
|
|
|
2,061
|
|
|
|
2,528
|
|
|
Financial derivative
|
|
|
2,446
|
|
|
|
4,866
|
|
|
|
5,311
|
|
|
Total non-current liabilities
|
|
|
241,424
|
|
|
|
270,790
|
|
|
|
244,796
|
|
|
Total liabilities
|
|
|
420,947
|
|
|
|
452,659
|
|
|
|
440,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders of the
parent company:
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
23,671
|
|
|
|
23,652
|
|
|
|
23,666
|
|
|
Share premium
|
|
|
130,403
|
|
|
|
129,797
|
|
|
|
130,421
|
|
|
Other capital reserves
|
|
|
(12,051
|
)
|
|
|
(9,603
|
)
|
|
|
(15,692
|
)
|
|
Retained earning
|
|
|
237,745
|
|
|
|
209,145
|
|
|
|
228,817
|
|
|
Treasury shares
|
|
|
(17,632
|
)
|
|
|
(10,933
|
)
|
|
|
(10,849
|
)
|
|
|
|
|
362,136
|
|
|
|
342,058
|
|
|
|
356,363
|
|
|
Minority interests
|
|
|
1,116
|
|
|
|
1,174
|
|
|
|
1,116
|
|
|
Total equity
|
|
|
363,252
|
|
|
|
343,232
|
|
|
|
357,479
|
|
|
Total liabilities and equity
|
|
|
784,199
|
|
|
|
795,891
|
|
|
|
798,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
Consolidated Statement of Comprehensive Income
For the 3-month and 6-month periods ending June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30
|
|
|
% Increase/(Decrease)
|
|
|
Three months ended June 30
|
|
|
% Increase/(Decrease)
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Thousands of Dollars
|
|
|
|
|
Except for Earnings per Share Data
|
|
Sales
|
|
|
506,218
|
|
|
|
508,375
|
|
|
|
(0
|
%)
|
|
|
249,531
|
|
|
|
255,537
|
|
|
|
(2
|
%)
|
|
Cost of sales
|
|
|
351,987
|
|
|
|
363,010
|
|
|
|
|
|
|
174,114
|
|
|
|
183,038
|
|
|
|
|
|
Gross profit
|
|
|
154,231
|
|
|
|
145,365
|
|
|
|
6
|
%
|
|
|
75,417
|
|
|
|
72,499
|
|
|
|
4
|
%
|
|
% of sales
|
|
|
30.5
|
%
|
|
|
28.6
|
%
|
|
|
|
|
|
30.2
|
%
|
|
|
28.4
|
%
|
|
|
|
|
Selling and marketing expenses
|
|
|
106,931
|
|
|
|
99,175
|
|
|
|
8
|
%
|
|
|
54,463
|
|
|
|
49,316
|
|
|
|
10
|
%
|
|
% of sales
|
|
|
21.1
|
%
|
|
|
19.5
|
%
|
|
|
|
|
|
21.8
|
%
|
|
|
19.3
|
%
|
|
|
|
|
General and administrative expenses
|
|
|
18,453
|
|
|
|
17,520
|
|
|
|
5
|
%
|
|
|
8,425
|
|
|
|
8,324
|
|
|
|
1
|
%
|
|
% of sales
|
|
|
3.6
|
%
|
|
|
3.4
|
%
|
|
|
|
|
|
3.4
|
%
|
|
|
3.3
|
%
|
|
|
|
|
Other income, net
|
|
|
(626
|
)
|
|
|
735
|
|
|
|
|
|
|
868
|
|
|
|
(604
|
)
|
|
|
|
|
Share in profits (losses) of associated companies accounted for
using the
equity method
|
|
|
139
|
|
|
|
395
|
|
|
|
|
|
|
112
|
|
|
|
216
|
|
|
|
|
|
Operating income
|
|
|
28,360
|
|
|
|
29,800
|
|
|
|
(5
|
%)
|
|
|
13,509
|
|
|
|
14,471
|
|
|
|
(7
|
%)
|
|
% of sales
|
|
|
5.6
|
%
|
|
|
5.9
|
%
|
|
|
|
|
|
5.4
|
%
|
|
|
5.7
|
%
|
|
|
|
|
Finance expenses, net
|
|
|
7,267
|
|
|
|
7,567
|
|
|
|
|
|
|
3,648
|
|
|
|
3,368
|
|
|
|
|
|
Income before tax on income
|
|
|
21,093
|
|
|
|
22,233
|
|
|
|
(5
|
%)
|
|
|
9,861
|
|
|
|
11,103
|
|
|
|
(11
|
%)
|
|
Taxes on income
|
|
|
5,393
|
|
|
|
4,002
|
|
|
|
|
|
|
2,050
|
|
|
|
1,791
|
|
|
|
|
|
Net income for the period
|
|
|
15,700
|
|
|
|
18,231
|
|
|
|
(14
|
%)
|
|
|
7,811
|
|
|
|
9,312
|
|
|
|
(16
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attribution of net earnings for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed to company's shareholders
|
|
|
15,640
|
|
|
|
18,171
|
|
|
|
|
|
|
7,781
|
|
|
|
9,282
|
|
|
|
|
|
Attributed to non-controlling interests
|
|
|
60
|
|
|
|
60
|
|
|
|
|
|
|
30
|
|
|
|
30
|
|
|
|
|
|
|
|
|
15,700
|
|
|
|
18,231
|
|
|
|
|
|
|
7,811
|
|
|
|
9,312
|
|
|
|
|
|
Net diluted earnings per share attributed to company's
shareholders
|
|
|
0.61
|
|
|
|
0.71
|
|
|
|
|
|
|
0.30
|
|
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
Consolidated Cash Flow Reports
For the 3-month and 6-month periods ending June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ending
|
|
|
Three months ending
|
|
|
|
|
June 30
|
|
|
June 30
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Thousands of Dollars
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
|
15,700
|
|
|
|
18,231
|
|
|
|
7,811
|
|
|
|
9,312
|
|
|
Adjustments required to reflect cash flows
deriving from
operating activities
|
|
|
(5,411
|
)
|
|
|
(4,161
|
)
|
|
|
22,677
|
|
|
|
20,551
|
|
|
Interest paid in cash
|
|
|
(6,277
|
)
|
|
|
(6,437
|
)
|
|
|
(3,230
|
)
|
|
|
(2,651
|
)
|
|
Interest received in cash
|
|
|
940
|
|
|
|
1,312
|
|
|
|
617
|
|
|
|
101
|
|
|
Taxes on income paid in cash, net
|
|
|
(1,990
|
)
|
|
|
(4,729
|
)
|
|
|
(1,357
|
)
|
|
|
(3,268
|
)
|
|
Net cash generated from operating activities
|
|
|
2,962
|
|
|
|
4,216
|
|
|
|
26,518
|
|
|
|
24,045
|
|
|
Cash flows from investment activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed assets and intangible assets
|
|
|
(18,830
|
)
|
|
|
(16,178
|
)
|
|
|
(9,913
|
)
|
|
|
(9,464
|
)
|
|
Restricted cash release (deposit)
|
|
|
2
|
|
|
|
(85
|
)
|
|
|
(5
|
)
|
|
|
1
|
|
|
Acquisition of a subsidiary
|
|
|
-
|
|
|
|
(2,000
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Proceeds from selling of fixed asset
|
|
|
75
|
|
|
|
116
|
|
|
|
58
|
|
|
|
30
|
|
|
Payments related to realization of asset held for
sale (Tax
payment related to the realization)
|
|
|
-
|
|
|
|
10,879
|
|
|
|
-
|
|
|
|
-
|
|
|
Others
|
|
|
(417
|
)
|
|
|
81
|
|
|
|
(14
|
)
|
|
|
99
|
|
|
Net cash used for Investing activities
|
|
|
(19,170
|
)
|
|
|
(7,187
|
)
|
|
|
(9,874
|
)
|
|
|
(9,334
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid to non-controlling interest holders
in
consolidated subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(60
|
)
|
|
|
(28
|
)
|
|
|
(60
|
)
|
|
|
-
|
|
|
Long term payables credit for fixed assets purchase
|
|
|
(2,651
|
)
|
|
|
(1,842
|
)
|
|
|
(1,336
|
)
|
|
|
(192
|
)
|
|
Shares Buy-Back
|
|
|
(6,895
|
)
|
|
|
-
|
|
|
|
(6,317
|
)
|
|
|
-
|
|
|
Dividend paid
|
|
|
(7,056
|
)
|
|
|
(7,000
|
)
|
|
|
(3,516
|
)
|
|
|
(3,500
|
)
|
|
Repayment of loans and other long-term liabilities
|
|
|
(755
|
)
|
|
|
(215
|
)
|
|
|
-
|
|
|
|
(59
|
)
|
|
Short-term credit from banking corporations, net
|
|
|
225
|
|
|
|
(852
|
)
|
|
|
100
|
|
|
|
(402
|
)
|
|
Issuance of debentures, net of issuance costs
|
|
|
-
|
|
|
|
40,006
|
|
|
|
-
|
|
|
|
40,006
|
|
|
Release (deposit) of bank deposit used as a
security with
respect of SWAP transaction
|
|
|
(335
|
)
|
|
|
4,950
|
|
|
|
(750
|
)
|
|
|
2,242
|
|
|
Proceeds from exercise of employee options
|
|
|
99
|
|
|
|
1,596
|
|
|
|
17
|
|
|
|
975
|
|
|
Net cash generated (used in) from financing activities
|
|
|
(17,428
|
)
|
|
|
36,615
|
|
|
|
(11,862
|
)
|
|
|
39,070
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
|
|
(33,636
|
)
|
|
|
33,644
|
|
|
|
4,782
|
|
|
|
53,781
|
|
|
Exchange rate differences and revaluation of
cash
and cash equivalents, net
|
|
|
281
|
|
|
|
(1,000
|
)
|
|
|
(321
|
)
|
|
|
478
|
|
|
Balance of cash and cash equivalents at the
beginning
of the period
|
|
|
167,532
|
|
|
|
166,958
|
|
|
|
129,716
|
|
|
|
145,343
|
|
|
Balance of cash and cash equivalents at the end
of
the Period
|
|
|
134,177
|
|
|
|
199,602
|
|
|
|
134,177
|
|
|
|
199,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
Consolidated Cash Flow Reports
For the 3-month and 6-month periods ending June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ending
|
|
|
Three months ending
|
|
|
|
|
June 30
|
|
|
June 30
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Thousands of Dollars
|
|
Adjustments required to reflect cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and expenses not involving cash flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
9,232
|
|
|
|
7,668
|
|
|
|
4,688
|
|
|
|
3,994
|
|
|
Amortization
|
|
|
1,478
|
|
|
|
1,253
|
|
|
|
687
|
|
|
|
609
|
|
|
Cash erosion (revaluation), net
|
|
|
(62
|
)
|
|
|
190
|
|
|
|
95
|
|
|
|
(99
|
)
|
|
Interest paid in cash
|
|
|
6,277
|
|
|
|
6,437
|
|
|
|
3,230
|
|
|
|
2,651
|
|
|
Interest received in cash
|
|
|
(940
|
)
|
|
|
(1,312
|
)
|
|
|
(617
|
)
|
|
|
(101
|
)
|
|
Taxes on income paid in cash, net
|
|
|
1,990
|
|
|
|
4,729
|
|
|
|
1,357
|
|
|
|
3,268
|
|
|
Deferred taxes on income, net
|
|
|
(842
|
)
|
|
|
(596
|
)
|
|
|
(415
|
)
|
|
|
(1,040
|
)
|
|
Severance pay liability, net
|
|
|
76
|
|
|
|
139
|
|
|
|
96
|
|
|
|
(15
|
)
|
|
Capital loss (gain) from sale of fixed assets and asset
held
for sale
|
|
|
29
|
|
|
|
(93
|
)
|
|
|
38
|
|
|
|
(103
|
)
|
|
Change to the benefit component of options granted to
employees
|
|
|
370
|
|
|
|
839
|
|
|
|
(144
|
)
|
|
|
408
|
|
|
Share in profits of associated companies accounted for using
the
equity method
|
|
|
(139
|
)
|
|
|
(395
|
)
|
|
|
(112
|
)
|
|
|
(216
|
)
|
|
Others
|
|
|
38
|
|
|
|
(195
|
)
|
|
|
(142
|
)
|
|
|
276
|
|
|
|
|
|
17,507
|
|
|
|
18,664
|
|
|
|
8,761
|
|
|
|
9,632
|
|
|
Changes to operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables
|
|
|
(7,723
|
)
|
|
|
(11,049
|
)
|
|
|
3,851
|
|
|
|
(8,185
|
)
|
|
Decrease (Increase) in other receivable and balances
|
|
|
1,932
|
|
|
|
(417
|
)
|
|
|
1,590
|
|
|
|
974
|
|
|
Increase (decrease) in trade payables
|
|
|
(13,727
|
)
|
|
|
8,156
|
|
|
|
5,198
|
|
|
|
23,944
|
|
|
Increase (decrease) in other payables
|
|
|
(6,768
|
)
|
|
|
(442
|
)
|
|
|
928
|
|
|
|
3,363
|
|
|
Decrease (increase) in inventory
|
|
|
3,368
|
|
|
|
(19,073
|
)
|
|
|
2,349
|
|
|
|
(9,177
|
)
|
|
|
|
|
(22,918
|
)
|
|
|
(22,825
|
)
|
|
|
13,916
|
|
|
|
10,919
|
|
|
|
|
|
(5,411
|
)
|
|
|
(4,161
|
)
|
|
|
22,677
|
|
|
|
20,551
|
|
Contacts
Delta Galil Industries, Ltd.
Nissim Douek, +972-54-5201178
Nissim@unik.co.il
or
U.S.
Media:
Berns Communications Group
Stacy Berns/Melissa
Jaffin
+1-212-994-4660
sberns@bcg-pr.com