CAESAREA, Israel--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELG/Tel Aviv Stock Exchange), the global manufacturer and marketer of branded and private label intimate, activewear, loungewear and denim apparel for ladies, men, and children, today reported financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights (comparisons are to prior year period unless otherwise noted)
- 6% sales growth to $471.4 million across all channels
- Record second quarter gross margin of 41.9% up 150 basis points
- Second quarter EBIT before non-core items increased by 22% to $37.8 million, or 8.0% of sales, compared to $30.9 million, or 7.0% of sales, for the same period last year
- Second quarter net-income before non-core items increased by 27% to $21.0 million, or 4.5% of sales compared to $16.6 million, or 3.7% of sales, for the same period last year
- Second-quarter diluted earnings per share before non-core items increased 25% to $0.74
- Operating cash flow, for the three months ended June 30, 2024, excluding IFRS 16, of $28.1 million
- Strong balance sheet with $166.3 million in cash and record shareholders’ equity of $771.8 million at June 30, 2024
- Net debt, excluding IFRS 16, declined 19% to $153.3 million, compared to $189.5 million at June 30, 2023
- Net Debt to EBITDA, Excluding IFRS 16, of 0.8x
- Dividend declared of $8.0 million, or $0.31 per share, which will be distributed on September 4, 2024, with a record and “ex-dividend” date of August 27, 2024
- The Company reaffirms its 2024 full-year Outlook
Isaac Dabah, CEO of Delta Galil, stated, “This was another strong quarter for Delta Galil, highlighted by record second-quarter DTC sales, growth in our Private Label sector, and significant expansion in profitability. Our strategic initiatives, aimed at enhancing operating efficiencies and realigning our manufacturing capabilities, have led to a record second-quarter gross margin of 41.9%, marking the fourth consecutive quarterly record of gross margin.”
Mr. Dabah added, “Within our branded business, we are particularly excited about the launch and expansion of key brands such as Florence by Mills and Organic Basics. These launches, amongst others, will position us for consistent, long-term growth. The continued strength of Delta Israel Brands, marked by a 23.2% year-over-year increase in second quarter retail same-store sales and the successful launch of Bath and Body Works and Victoria's Secret in Israel, underscores our growing momentum. Furthermore, our positive operating leverage, reflected in a 100-basis point year-over-year increase in EBIT before non-core margin to 8.0%, demonstrates our ability to balance short-term profitability with long-term strategic investments.”
Mr. Dabah concluded, “I am excited with the direction Delta is headed, as we benefit from a diversified portfolio and strategies focused on driving sustainable profitable growth. Our continuous commitment to product innovation continues to fuel growth for both our Private Label customers and our Brands, creating a powerful flywheel of market and consumer insights that we believe will continue to support profitable growth in both pillars.”
Sales
The Company reported second quarter 2024 sales of $471.4 million, a 6% increase from $443.6 million in the second quarter of 2023. First-half sales were $922.2 million, a 4% increase from $886.0 million in the prior-year period.
Gross Margin
The Company reported record second quarter gross margin of 41.9% as compared to 40.4% for the same period last year. The 150-basis point expansion was due primarily to a better segment and channel mix and improved profitability of our factories due to higher volume. Gross margin in the first half of 2024 increased by 240-basis points to a first half record of 42.1%, compared to 39.7% in the first half of 2023.
EBIT
EBIT in the second quarter of 2024 increased by 34% to $37.8 million, or 8.0% of sales compared to $28.2 million, or 6.4% of sales in the prior-year period. EBIT before non-core items increased by 22% to $37.8 million, or 8.0% of sales, compared to $30.9 million, or 7.0% of sales, in the second quarter of 2023.
EBIT in the first half of 2024 was $63.8 million, compared to $42.7 million in the same period last year. In the first half of 2024, EBIT before non-core items was $67.2 million, or 7% of sales, compared to $50.7 million, or 6% of sales, in the first half of 2023.
The increase in EBIT was due to higher sales and gross margin and leverage of effective operational structure partially offset by higher SG&A expenses derived directly from revenues growth as well as from investing in new licenses and brand's launch activities.
Non-Core Items
In the second quarter of 2024, no non-core items were recorded, compared to $6.0 million of expenses related to realignment plans, $4.0 million benefit from the change in the fair value of earn-out liability, and $0.7 million of deal costs in the second quarter of 2023. For the first half of 2024, expenses associated with the Company’s previously disclosed realignment plan for Bare Necessities were $3.4 million, compared to $11.4 million of expenses related to realignment plans, $4.0 benefit from the change in the fair value of earn-out liability, and $0.7 million of deal costs in the first half of 2023.
Net Income
Net income in the second quarter of 2024 increased 40% to $21.0 million, compared to $15.0 million in the second quarter last year. Net income, excluding non-core items, net of tax, increased by 27% to $21.0 million, compared to $16.6 million in the second quarter of 2023.
Net income in the first half of 2024 increased 83% to $33.1 million, compared to $18.1 million in the first half last year. Net income excluding non-core items, net of tax, increased 46% to $35.5 million, compared to $24.3 million in the first half of 2023.
Diluted Earnings Per Share
Diluted earnings per share in the second quarter of 2024 were $0.74, compared to $0.53 in the second quarter of 2023. Diluted earnings per share, excluding non-core items, net of tax, were $0.74 compared to $0.59 in the second quarter of 2023.
Diluted earnings per share in the first half of 2024 were $1.13, compared to $0.61 in the same period last year. Diluted earnings per share, excluding non-core items, net of tax, were $1.22 compared to $0.85 in 2023.
EBITDA, Cash Flow, Net Debt, Equity, and Dividend
EBITDA excluding IFRS 16 impact in the second quarter of 2024 was $46.5 million, compared to $38.0 million in the second quarter of 2023. In the first half of 2024, EBITDA excluding IFRS 16 impact was $84.2 million, compared to $66.5 million in the first half of 2023.
Cash flow generated from operating activities, excluding IFRS 16, was $28.1 million, compared to $58.4 million in the second quarter of 2023. Cash flow generated from operating activities, excluding IFRS 16, was $51.5 million in the first half of 2024, compared to $69.3 million in the first half of 2023. The year-over-year reduction in operating cash flow was primarily attributable to changes in working capital, mainly inventory, to support the expected growth in sales in the second half of 2024.
Net financial debt, excluding IFRS 16, at June 30, 2024, was $153.3 million, compared to $189.5 million at June 30, 2023. The year-over-year reduction in net debt is primarily due to the strong operating cash flow, partially offset by growth-oriented capital expenditures and dividend payments.
Equity on June 30, 2024, was a record of $771.8 million, up 8.2% from $713.6 million on June 30, 2023.
Delta Galil declared a dividend of $8.0 million, or $0.31 per share, which will be distributed on September 4, 2024, with a record and “ex-dividend” date of August 27, 2024.
2024 Financial Outlook
The Company reaffirms its 2024 outlook based on the Company’s solid first half performance and strong backlog.
|
Full Year 2024 Outlook (in millions, except per share amount) |
|
2023 Results (in millions, except per share amount) |
|
|
|
|
|
|
Sales |
$1,991.0 – 2,031.0 |
|
$1,857.7 |
|
|
|
|
|
|
EBIT |
$173.0 – 183.0 |
|
$153.0 |
|
EBITDA |
$266.3 – 276.3 |
|
$246.8 |
|
Net income |
$106.9 – 114.7 |
|
$91.6 |
|
Diluted EPS ($) |
$3.82 – 4.11 |
|
$3.25 |
The Company’s outlook excludes non-core items and includes IFRS 16
These forward-looking statements are based largely on the expectations of the Company and are subject to uncertainties including macroeconomic trends. Actual results may differ materially from those included in the guidance as result of risks and uncertainties which cannot be fully predicted. There is no certainty that the aforementioned conditions will occur, and actual results may be significantly different from those forecasted or implied above.
Constant Currency - Excluding the Impact of Foreign Currency
This release refers to “reported” amounts in accordance with IFRS accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. The release also refers to “constant dollar” amounts, which exclude the impact of translating foreign currencies into U.S. dollars, and are considered a non-GAAP financial measure. These constant currency performance measures should be viewed in addition to, and not in lieu of, or superior to, Delta Galil’s operating performance measures calculated in accordance with GAAP.
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 endeavored 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; underwear for men including under its owned brands Schiesser, Eminence, Organic Basics, and Athena; babywear, activewear, sleepwear, and loungewear including under its owned P.J. Salvage and Delta brands. Delta Galil also designs, develops markets and sells branded denim and apparel under the brand 7 For All Mankind®, and ladies’ and kids’ apparel under the brand Splendid®. In addition, it sells its products under brand names licensed to the company, including adidas, Wolford, Wilson, Columbia, Tommy Hilfiger and others. 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, tax rates in the various countries the company operates in, 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.
Source: Delta Galil Industries, Ltd.
DELTA GALIL INDUSTRIES LTD. |
||||||
Concise Consolidated Balance Sheets |
||||||
As of June 30, 2024 |
||||||
|
June 30 |
|
December 31 |
|||
|
2024 |
|
2023 |
|
2023 |
|
|
(Unaudited) |
|
(Audited) |
|||
|
Thousands of Dollars |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
164,292 |
|
134,883 |
|
174,463 |
|
Restricted Cash |
2,050 |
|
3,092 |
|
2,950 |
|
Short-term deposit |
- |
|
42,874 |
|
- |
|
Trade receivables |
214,009 |
|
182,687 |
|
241,216 |
|
Taxes on income receivable |
3,235 |
|
2,381 |
|
77 |
|
Others |
51,217 |
|
43,939 |
|
48,920 |
|
Financial derivative |
39 |
|
139 |
|
228 |
|
Inventory |
418,381 |
|
452,017 |
|
361,416 |
|
Assets held for sale |
1,773 |
|
1,827 |
|
1,773 |
|
Total current assets |
854,996 |
|
863,839 |
|
831,043 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Investments in associated companies accounted using the equity method and long-term receivables |
13,858 |
|
12,596 |
|
14,897 |
|
Investment property |
2,528 |
|
2,691 |
|
2,679 |
|
Fixed assets, net of accumulated depreciation |
266,516 |
|
239,536 |
|
250,343 |
|
Goodwill |
144,341 |
|
144,902 |
|
145,577 |
|
Intangible assets, net of accumulated amortization |
289,447 |
|
272,094 |
|
277,952 |
|
Assets in respect of usage rights |
239,023 |
|
199,262 |
|
237,177 |
|
Deferred tax assets |
33,778 |
|
24,350 |
|
28,016 |
|
Financial derivative |
269 |
|
939 |
|
903 |
|
Total non-current assets |
989,760 |
|
896,370 |
|
957,544 |
|
Total assets |
1,844,756 |
|
1,760,209 |
|
1,788,587 |
|
DELTA GALIL INDUSTRIES LTD. |
|||||||||
Concise Consolidated Balance Sheets |
|||||||||
As of June 30, 2024 |
|||||||||
June 30 |
|
December 31 |
|||||||
|
2024 |
|
2023 |
|
2023 |
||||
|
(Unaudited) |
|
(Audited) |
||||||
|
Thousands of Dollars |
||||||||
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
|
||||
Current liabilities: |
|
|
|
|
|
||||
Short-term bank loans |
28,143 |
|
|
30,934 |
|
|
822 |
|
|
Current maturities of bank loans |
24,983 |
|
|
43,709 |
|
|
24,105 |
|
|
Current maturities of bonds |
29,638 |
|
|
29,873 |
|
|
29,597 |
|
|
Financial derivative |
1,887 |
|
|
1,872 |
|
|
1,380 |
|
|
Current maturities of leases liabilities |
51,865 |
|
|
50,290 |
|
|
52,583 |
|
|
Trade payables |
227,129 |
|
|
186,561 |
|
|
168,637 |
|
|
Taxes on income payable |
30,247 |
|
|
29,797 |
|
|
35,182 |
|
|
Provision for restructuring plan |
3,051 |
|
|
7,071 |
|
|
3,574 |
|
|
Others accounts payable |
149,150 |
|
|
138,378 |
|
|
165,791 |
|
|
Total current liabilities |
546,093 |
|
|
518,485 |
|
|
481,671 |
|
|
|
|
|
|
|
|
||||
Non-current liabilities: |
|
|
|
|
|
||||
Bank loans |
132,903 |
|
|
128,560 |
|
|
140,790 |
|
|
Severance pay liabilities, net |
5,402 |
|
|
5,508 |
|
|
5,327 |
|
|
Liabilities in respect of leases |
207,758 |
|
|
171,424 |
|
|
204,746 |
|
|
Other non-current liabilities |
49,556 |
|
|
57,538 |
|
|
53,241 |
|
|
Bonds |
93,135 |
|
|
125,350 |
|
|
96,496 |
|
|
Deferred taxes liabilities |
34,458 |
|
|
36,589 |
|
|
35,812 |
|
|
Financial derivative |
3,688 |
|
|
3,154 |
|
|
2,122 |
|
|
Total non-current liabilities |
526,900 |
|
|
528,123 |
|
|
538,534 |
|
|
Total liabilities |
1,072,993 |
|
|
1,046,608 |
|
|
1,020,205 |
|
|
|
|
|
|
|
|
||||
Equity: |
|
|
|
|
|
||||
Equity attributable to equity holders of the parent company: |
|
|
|
|
|
||||
Share capital |
23,714 |
|
|
23,714 |
|
|
23,714 |
|
|
Share premium |
125,570 |
|
|
128,016 |
|
|
127,861 |
|
|
Other capital reserves |
18,728 |
|
|
25,054 |
|
|
28,133 |
|
|
Retained earning |
585,164 |
|
|
523,071 |
|
|
571,846 |
|
|
Treasury shares |
(11,377 |
) |
|
(13,823 |
) |
|
(13,668 |
) |
|
|
741,799 |
|
|
686,032 |
|
|
737,886 |
|
|
Minority interests |
29,964 |
|
|
27,569 |
|
|
30,496 |
|
|
Total equity |
771,763 |
|
|
713,601 |
|
|
768,382 |
|
|
Total liabilities and equity |
1,844,756 |
|
|
1,760,209 |
|
|
1,788,587 |
||
DELTA GALIL INDUSTRIES LTD. |
||||||||||||
Concise Consolidated Statement of Income |
||||||||||||
For the 6-month and 3-month periods ending June 30, 2024 |
||||||||||||
Six months ended June 30 |
|
Three months ended June 30 |
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
(Unaudited) |
|||||||||||
|
Thousands of Dollars |
|||||||||||
|
(Excluding earning per share figures) |
|||||||||||
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Sales |
922,205 |
|
|
886,040 |
|
|
471,426 |
|
|
443,583 |
|
|
Cost of sales |
534,316 |
|
|
534,038 |
|
|
274,036 |
|
|
264,492 |
|
|
Gross profit |
387,889 |
|
|
352,002 |
|
|
197,390 |
|
|
179,091 |
|
|
% of sales |
42.1 |
% |
|
39.7 |
% |
|
41.9 |
% |
|
40.4 |
% |
|
Selling and marketing expenses |
269,209 |
|
|
253,536 |
|
|
134,398 |
|
|
123,897 |
|
|
% of sales |
29.2 |
% |
|
28.6 |
% |
|
28.5 |
% |
|
27.9 |
% |
|
General and administrative expenses |
51,551 |
|
|
47,889 |
|
|
25,144 |
|
|
24,559 |
|
|
% of sales |
5.6 |
% |
|
5.4 |
% |
|
5.3 |
% |
|
5.5 |
% |
|
Other Expenses (income), net and Share in profits of associated company |
(27 |
) |
|
(164 |
) |
|
42 |
|
|
(265 |
) |
|
Operating income excluding non-core items |
67,156 |
|
|
50,741 |
|
|
37,806 |
|
|
30,900 |
|
|
% of sales |
7.3 |
% |
|
5.7 |
% |
|
8.0 |
% |
|
7.0 |
% |
|
Non-core items |
3,360 |
|
|
8,087 |
|
|
- |
|
|
2,666 |
|
|
Operating income |
63,796 |
|
|
42,654 |
|
|
37,806 |
|
|
28,234 |
|
|
Finance expenses, net |
21,836 |
|
|
20,509 |
|
|
10,898 |
|
|
9,927 |
|
|
Income before taxes on income |
41,960 |
|
|
22,145 |
|
|
26,908 |
|
|
18,307 |
|
|
Taxes on income |
8,890 |
|
|
4,080 |
|
|
5,887 |
|
|
3,257 |
|
|
Net income for the period |
33,070 |
|
|
18,065 |
|
|
21,021 |
|
|
15,050 |
|
|
Net income for the period excluding non-core items, net of tax |
35,507 |
|
|
24,324 |
|
|
21,021 |
|
|
16,552 |
|
|
|
|
|
|
|
|
|
|
|||||
Net income for the period attributed to the company's shareholders excluding non-core items, net of tax |
32,064 |
|
|
22,319 |
|
|
19,288 |
|
|
15,445 |
|
|
|
|
|
|
|
|
|
|
|||||
Attribution of net earnings for the period: |
|
|
|
|
|
|
|
|||||
Attributed to company's shareholders |
29,627 |
|
|
16,122 |
|
|
19,288 |
|
|
14,005 |
|
|
Attributed to non-controlling interests |
3,443 |
|
|
1,943 |
|
|
1,733 |
|
|
1,045 |
|
|
|
33,070 |
|
|
18,065 |
|
|
21,021 |
|
|
15,050 |
|
|
|
|
|
|
|
|
|
|
|||||
Net diluted earnings per share attributed to company's shareholders |
1.13 |
|
|
0.61 |
|
|
0.74 |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|||||
Net diluted earnings per share, before non-core items, net of tax, attributable to Company's shareholders |
1.22 |
|
|
0.85 |
|
|
0.74 |
|
|
0.59 |
|
|
DELTA GALIL INDUSTRIES LTD. |
||||||||||||
Concise Consolidated Cash Flow Reports |
||||||||||||
For the 6-month and 3-month periods ending June 30, 2024 |
||||||||||||
Six months ended June 30 |
|
Three months ended June 30 |
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
(Unaudited) |
|||||||||||
|
Thousands of Dollars |
|||||||||||
|
|
|
|
|
|
|
|
|||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|||||
Net income for the period |
33,070 |
|
|
18,065 |
|
|
21,021 |
|
|
15,050 |
|
|
Adjustments required to reflect cash flows deriving from (used in) operating activities |
77,017 |
|
|
93,296 |
|
|
33,680 |
|
|
52,958 |
|
|
Interest paid in cash |
(14,519 |
) |
|
(16,896 |
) |
|
(5,997 |
) |
|
(4,465 |
) |
|
Interest received in cash |
2,265 |
|
|
1,245 |
|
|
1,031 |
|
|
146 |
|
|
Taxes on income refund (paid) in cash, net |
(21,574 |
) |
|
(1,426 |
) |
|
(9,050 |
) |
|
6,827 |
|
|
Net cash generated from (used in) operating activities |
76,259 |
|
|
94,284 |
|
|
40,685 |
|
|
70,516 |
|
|
|
|
|
|
|
|
|
|
|||||
Cash flows from investment activities: |
|
|
|
|
|
|
|
|||||
Change in short-term deposit, net |
- |
|
|
18,574 |
|
|
- |
|
|
19,176 |
|
|
Purchase of fixed assets and assets under construction |
(35,889 |
) |
|
(21,180 |
) |
|
(23,594 |
) |
|
(15,952 |
) |
|
Purchase of intangible assets |
(21,424 |
) |
|
(1,720 |
) |
|
(4,060 |
) |
|
(444 |
) |
|
Proceeds from selling of fixed asset |
248 |
|
|
444 |
|
|
28 |
|
|
301 |
|
|
Others |
1,678 |
|
|
821 |
|
|
1,262 |
|
|
(255 |
) |
|
Net cash generated from (used in) Investing activities |
(55,387 |
) |
|
(3,061 |
) |
|
(26,364 |
) |
|
2,826 |
|
|
|
|
|
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
|||||
Dividends paid to non-controlling interest holders in consolidated subsidiary |
(2,699 |
) |
|
(1,400 |
) |
|
(899 |
) |
|
(404 |
) |
|
Long term payables credit for fixed assets purchase |
(2,812 |
) |
|
(3,566 |
) |
|
(1,406 |
) |
|
(335 |
) |
|
Lease principle repayment |
(24,721 |
) |
|
(24,952 |
) |
|
(12,634 |
) |
|
(12,133 |
) |
|
Repayment of bonds |
- |
|
|
(15,140 |
) |
|
- |
|
|
- |
|
|
Dividend paid |
(17,001 |
) |
|
(12,028 |
) |
|
(7,980 |
) |
|
(4,010 |
) |
|
Receipt of a long-term loans from banking corporations |
2,159 |
|
|
- |
|
|
1,616 |
|
|
- |
|
|
Repayment of long-term loans from banking corporations |
(7,961 |
) |
|
(3,732 |
) |
|
(1,807 |
) |
|
(1,827 |
) |
|
Short-term credit from banking corporations, net |
27,343 |
|
|
(20,539 |
) |
|
(9,939 |
) |
|
(36,276 |
) |
|
Others |
- |
|
|
(719 |
) |
|
(1,734 |
) |
|
(719 |
) |
|
Net cash used in financing activities |
(25,692 |
) |
|
(82,076 |
) |
|
(34,783 |
) |
|
(55,704 |
) |
|
Net increase (decrease) in cash and cash equivalents |
(4,820 |
) |
|
9,147 |
|
|
(20,462 |
) |
|
17,638 |
|
|
|
|
|
|
|
|
|
|
|||||
Exchange rate differences and revaluation of cash and cash equivalents, net |
(5,351 |
) |
|
(913 |
) |
|
(2,615 |
) |
|
(1,022 |
) |
|
|
|
|
|
|
|
|
||||||
Balance of cash and cash equivalents at the beginning of the period, net |
174,463 |
|
|
126,649 |
|
|
187,369 |
|
|
118,267 |
|
|
Balance of cash and cash equivalents at the end of the Period, net |
164,292 |
|
|
134,883 |
|
|
164,292 |
|
|
134,883 |
|
|
DELTA GALIL INDUSTRIES LTD. |
||||||||||||
Concise Consolidated Cash Flow Reports |
||||||||||||
For the 6-month and 3-month periods ending June 30, 2024 |
||||||||||||
|
Six months ended June 30 |
|
Three months ended June 30 |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
(Unaudited) |
|||||||||||
|
Thousands of Dollars |
|||||||||||
|
|
|
|
|
|
|
||||||
Adjustments required to reflect cash flows from operating activities: |
|
|
|
|
|
|
|
|||||
Revenues and expenses not involving cash flow: |
|
|
|
|
|
|
|
|||||
Depreciation |
15,945 |
|
|
17,887 |
|
|
7,614 |
|
|
8,521 |
|
|
Amortization |
33,968 |
|
|
32,456 |
|
|
16,358 |
|
|
16,329 |
|
|
Exchange rate (gains) losses |
524 |
|
|
(8 |
) |
|
114 |
|
|
(75 |
) |
|
Interest on loans and bonds |
8,848 |
|
|
12,660 |
|
|
3,050 |
|
|
2,460 |
|
|
Interest received in cash |
(2,265 |
) |
|
(1,245 |
) |
|
(1,031 |
) |
|
(146 |
) |
|
Taxes on income paid in cash, net |
21,574 |
|
|
1,426 |
|
|
9,050 |
|
|
(6,827 |
) |
|
Deferred taxes on income, net |
(6,138 |
) |
|
(2,200 |
) |
|
(1,593 |
) |
|
411 |
|
|
Interest due to lease agreements |
5,671 |
|
|
4,236 |
|
|
2,947 |
|
|
2,005 |
|
|
Severance pay liability, net |
192 |
|
|
(832 |
) |
|
5 |
|
|
(383 |
) |
|
Change in restructuring accrual |
(523 |
) |
|
4,230 |
|
|
(512 |
) |
|
3,356 |
|
|
Income from decrease of earn-out liability |
- |
|
|
(4,000 |
) |
|
- |
|
|
(4,000 |
) |
|
Capital gain |
(90 |
) |
|
(206 |
) |
|
(14 |
) |
|
(204 |
) |
|
Change to the benefit component of options granted to employees |
749 |
|
|
1,726 |
|
|
348 |
|
|
917 |
|
|
Credit losses from trade receivables |
1,046 |
|
|
255 |
|
|
412 |
|
|
357 |
|
|
Share in (profits) losses of associated company accounted for using the equity method |
(20 |
) |
|
(204 |
) |
|
40 |
|
|
(140 |
) |
|
Others |
(2,286 |
) |
|
3,126 |
|
|
(411 |
) |
|
(1,092 |
) |
|
|
77,195 |
|
|
69,307 |
|
|
36,377 |
|
|
21,489 |
|
|
Changes to operating assets and liabilities: |
|
|
|
|
|
|
|
|||||
Decrease (increase) in trade receivables |
22,089 |
|
|
52,757 |
|
|
(11,391 |
) |
|
13,723 |
|
|
Decrease (increase) in other receivable and balances |
(4,158 |
) |
|
(2,939 |
) |
|
(2,381 |
) |
|
5,367 |
|
|
Decrease (increase) in trade payables |
61,440 |
|
|
(25,156 |
) |
|
25,980 |
|
|
(2,943 |
) |
|
Decrease (increase) in other payables |
(16,139 |
) |
|
(36,372 |
) |
|
12,191 |
|
|
(7,617 |
) |
|
Decrease (Increase) in inventory |
(63,410 |
) |
|
35,699 |
|
|
(27,096 |
) |
|
22,939 |
|
|
|
(178 |
) |
|
23,989 |
|
|
(2,697 |
) |
|
31,469 |
|
|
|
77,017 |
|
|
93,296 |
|
|
33,680 |
|
|
52,958 |
|
|
