Exhibit 99.2
KAMADA LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2018
TABLE OF CONTENTS
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KAMADA LTD.
As of March 31, | As of December 31, | |||||||||||
2018 | 2017 | 2017 | ||||||||||
Unaudited | Audited | |||||||||||
In thousands | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 17,497 | $ | 10,778 | $ | 12,681 | ||||||
Short-term investments | 30,451 | 17,865 | 30,338 | |||||||||
Trade receivables, net | 17,083 | 10,849 | 30,662 | |||||||||
Other accounts receivables | 2,027 | 2,930 | 2,132 | |||||||||
Inventories | 28,175 | 27,677 | 21,070 | |||||||||
95,233 | 70,099 | 96,883 | ||||||||||
Property, plant and equipment, net | 25,125 | 22,655 | 25,178 | |||||||||
Other long term assets | 173 | 372 | 49 | |||||||||
25,298 | 23,027 | 25,227 | ||||||||||
$ | 120,531 | $ | 93,126 | $ | 122,110 | |||||||
Current Liabilities | ||||||||||||
Current maturities of loans and capital leases | 609 | 437 | 614 | |||||||||
Trade payables | 16,951 | 14,648 | 18,036 | |||||||||
Other accounts payables | 4,912 | 4,843 | 5,820 | |||||||||
Deferred revenues | 4,977 | 4,911 | 4,927 | |||||||||
27,449 | 24,839 | 29,397 | ||||||||||
Non-Current Liabilities | ||||||||||||
Loans and capital leases | 1,201 | 1,330 | 1,370 | |||||||||
Deferred revenues | 645 | 2,922 | 707 | |||||||||
Employee benefit liabilities, net | 1,130 | 820 | 1,144 | |||||||||
2,976 | 5,072 | 3,221 | ||||||||||
Shareholder's Equity | ||||||||||||
Ordinary shares | 10,401 | 9,321 | 10,400 | |||||||||
Additional paid in capital | 178,458 | 162,686 | 177,874 | |||||||||
Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
Capital reserve from hedges | (12 | ) | 158 | 46 | ||||||||
Capital reserve from securities measured at fair value through other comprehensive income | (33 | ) | 37 | (4 | ) | |||||||
Capital reserve from share-based payments | 9,183 | 10,025 | 9,566 | |||||||||
Capital reserve from employee benefits | (337 | ) | (81 | ) | (337 | ) | ||||||
Accumulated deficit | (104,064 | ) | (115,441 | ) | (104,563 | ) | ||||||
90,106 | 63,215 | 89,492 | ||||||||||
$ | 120,531 | $ | 93,126 | $ | 122,110 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
2
KAMADA LTD.
Three months period ended | Year ended | |||||||||||
March 31, | December 31, | |||||||||||
2018 | 2017 | 2017 | ||||||||||
Unaudited | Audited | |||||||||||
In thousands | ||||||||||||
Revenues from proprietary products | $ | 12,214 | $ | 6,636 | $ | 79,559 | ||||||
Revenues from distribution | 5,227 | 5,012 | 23,266 | |||||||||
Total revenues | 17,441 | 11,648 | 102,825 | |||||||||
Cost of revenues from proprietary products | 6,179 | 5,165 | 51,335 | |||||||||
Cost of revenues from distribution | 4,246 | 4,185 | 19,402 | |||||||||
Total cost of revenues | 10,425 | 9,350 | 70,737 | |||||||||
gross profit | 7,016 | 2,298 | 32,088 | |||||||||
Research and development expenses | 2,754 | 3,151 | 11,973 | |||||||||
Selling and marketing expenses | 970 | 1,028 | 4,398 | |||||||||
General and administrative expenses | 2,064 | 1,830 | 8,273 | |||||||||
Operating income ( loss) | 1,228 | (3,711 | ) | 7,444 | ||||||||
Financial income | 229 | 78 | 500 | |||||||||
Financial expenses | (157 | ) | (23 | ) | (162 | ) | ||||||
Income (expense) in respect of currency exchange differences and derivatives instruments, net | (44 | ) | (234 | ) | (612 | ) | ||||||
Income ( loss) before taxes | 1,256 | (3,890 | ) | 7,170 | ||||||||
Taxes on income | - | 87 | 269 | |||||||||
Net Income ( loss) | 1,256 | (3,977 | ) | 6,901 | ||||||||
Other Comprehensive Income (loss) : | ||||||||||||
Items that may be reclassified to profit or loss in subsequent periods: | ||||||||||||
Gain (loss) from securities measured at fair value through other comprehensive income | (29 | ) | 18 | (23 | ) | |||||||
Gain (loss) on cash flow hedges | (37 | ) | 207 | 329 | ||||||||
Net amounts transferred to the statement of profit or loss for cash flow hedges | (21 | ) | (22 | ) | (256 | ) | ||||||
Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||
Actuarial gain (loss) from defined benefit plans | - | - | (256 | ) | ||||||||
Total comprehensive income (loss) | $ | 1,169 | $ | (3,774 | ) | $ | 6,695 | |||||
Income (loss) per share attributable to equity holders of the Company: | ||||||||||||
Basic income (loss) per share | $ | 0.03 | $ | (0.11 | ) | $ | 0.18 | |||||
Diluted income (loss) per share | $ | 0.03 | $ | (0.11 | ) | $ | 0.18 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
3
KAMADA LTD.
Capital reserve from securities measured at fair value through other comprehensive income | Capital reserve due to translation to presentation currency | |||||||||||||||||||||||||||||||||||
Capital reserve from hedges | Capital reserve from sharebased payments | Capital reserve from employee benefits | ||||||||||||||||||||||||||||||||||
Additional paid in capital | ||||||||||||||||||||||||||||||||||||
Share capital | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2018 (audited) | $ | 10,400 | $ | 177,874 | $ | (4 | ) | $ | (3,490 | ) | $ | 46 | $ | 9,566 | $ | (337 | ) | $ | (104,563 | ) | $ | 89,492 | ||||||||||||||
Cumulative effect of initially applying IFRS 15 | - | - | - | - | - | - | - | (757 | ) | (757 | ) | |||||||||||||||||||||||||
Balance as at January 1, 2018 (after initially applying IFRS 15) | 10,400 | 177,874 | (4 | ) | (3,490 | ) | 46 | 9,566 | (337 | ) | (105,320 | ) | 88,735 | |||||||||||||||||||||||
Net income | - | - | - | - | - | - | - | 1,256 | 1,256 | |||||||||||||||||||||||||||
Other comprehensive loss | - | - | (29 | ) | - | (58 | ) | - | - | - | (87 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | (29 | ) | - | (58 | ) | - | - | 1,256 | 1,169 | |||||||||||||||||||||||||
Exercise and forfeiture of share-based payment into shares | 1 | 584 | - | - | - | (584 | ) | - | - | 1 | ||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 201 | - | - | 201 | |||||||||||||||||||||||||||
Balance as of March 31, 2018 | $ | 10,401 | $ | 178,458 | $ | (33 | ) | $ | (3,490 | ) | $ | (12 | ) | $ | 9,183 | $ | (337 | ) | $ | (104,064 | ) | $ | 90,106 |
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 | 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, 2017 (audited) | $ | 9,320 | $ | 162,671 | $ | 19 | $ | (3,490 | ) | $ | (27 | ) | $ | 9,795 | $ | (81 | ) | $ | (111,464 | ) | $ | 66,743 | ||||||||||||||
Net loss | - | - | - | - | - | - | - | (3,977 | ) | (3,977 | ) | |||||||||||||||||||||||||
Other comprehensive income | - | - | 18 | - | 185 | - | - | - | 203 | |||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | 18 | 185 | (3,977 | ) | (3,774 | ) | ||||||||||||||||||||||||||||
Exercise of options into shares | 1 | 15 | (15 | ) | 1 | |||||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 245 | - | - | 245 | |||||||||||||||||||||||||||
Balance as of March 31, 2017 | $ | 9,321 | $ | 162,686 | $ | 37 | $ | (3,490 | ) | $ | 158 | $ | 10,025 | $ | (81 | ) | $ | (115,441 | ) | $ | 63,215 |
Share Capital | Share premium | 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 | ||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2017 (audited) | $ | 9,320 | $ | 162,671 | $ | 19 | $ | (3,490 | ) | $ | (27 | ) | $ | 9,795 | $ | (81 | ) | $ | (111,464 | ) | $ | 66,743 | ||||||||||||||
Net income | - | - | - | - | - | - | - | 6,901 | 6,901 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | (23 | ) | - | 73 | - | (256 | ) | - | (206 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | (23 | ) | - | 73 | - | (256 | ) | 6,901 | 6,695 | |||||||||||||||||||||||||
Exercise and forfeiture of share-based payment into shares | 3 | 712 | - | - | - | (712 | ) | - | - | 3 | ||||||||||||||||||||||||||
Issuance of ordinary shares, net of issuance costs | 1,077 | 14,491 | - | - | - | - | - | - | 15,568 | |||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 483 | - | - | 483 | |||||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 10,400 | $ | 177,874 | $ | (4 | ) | $ | (3,490 | ) | $ | 46 | $ | 9,566 | $ | (337 | ) | $ | (104,563 | ) | $ | 89,492 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
5
KAMADA LTD.
Three months period Ended | Year Ended | |||||||||||
March, 31 | December 31, | |||||||||||
2018 | 2017 | 2017 | ||||||||||
Unaudited | Audited | |||||||||||
In thousands | ||||||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income (loss) | 1,256 | (3,977 | ) | 6,901 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Adjustments to the profit or loss items: | ||||||||||||
Depreciation and impairment | 954 | 884 | 3,523 | |||||||||
Financial expenses (income), net | (28 | ) | 179 | 274 | ||||||||
Cost of share-based payment | 201 | 245 | 483 | |||||||||
Income tax expenses | - | 87 | 269 | |||||||||
Loss (Gain) from sale of property and equipment | 66 | - | (52 | ) | ||||||||
Change in employee benefit liabilities, net | (14 | ) | 98 | 166 | ||||||||
1,179 | 1,493 | 4,663 | ||||||||||
Changes in asset and liability items: | ||||||||||||
Decrease (increase) in trade receivables, net | 13,491 | 8,490 | (9,967 | ) | ||||||||
Decrease (increase) in other accounts receivables | 82 | (255 | ) | 328 | ||||||||
Decrease (increase) in inventories | (7,105 | ) | (2,083 | ) | 4,524 | |||||||
Decrease in deferred expenses | 22 | 570 | 594 | |||||||||
Decrease in trade payables | (1,941 | ) | (1,864 | ) | (838 | ) | ||||||
Increase (decrease) in other accounts payables | (888 | ) | (739 | ) | 71 | |||||||
Decrease in deferred revenues | (772 | ) | (731 | ) | (2,930 | ) | ||||||
2,889 | 3,388 | (8,218 | ) | |||||||||
Cash received (paid) during the period for: | ||||||||||||
Interest paid | (16 | ) | (4 | ) | (21 | ) | ||||||
Interest received | 138 | 108 | 399 | |||||||||
Taxes paid | (5 | ) | (4 | ) | (116 | ) | ||||||
117 | 100 | 262 | ||||||||||
Net cash provided by operating activities | 5,441 | 1,004 | 3,608 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
6
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months period Ended | Year Ended | |||||||||||
March, 31 | December 31, | |||||||||||
2018 | 2017 | 2017 | ||||||||||
Unaudited | Audited | |||||||||||
In thousands | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||
Proceeds from sale of (investment in) short term investments, net | (150 | ) | 912 | (11,501 | ) | |||||||
Purchase of property and equipment and intangible assets | (259 | ) | (736 | ) | (4,167 | ) | ||||||
Proceeds from sale of property and equipment | 11 | * | 60 | |||||||||
Net cash provided by (used in) investing activities | (398 | ) | 176 | (15,608 | ) | |||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from exercise of options | 1 | 1 | 3 | |||||||||
Receipt of long-term loans | - | - | 279 | |||||||||
Repayment of long-term loans | (152 | ) | (105 | ) | (530 | ) | ||||||
Proceeds from issuance of ordinary shares, net | - | - | 15,568 | |||||||||
Net cash provided by (used in) financing activities | (151 | ) | (104 | ) | 15,320 | |||||||
Exchange differences on balances of cash and cash equivalent | (76 | ) | (266 | ) | (607 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 4,816 | 810 | 2,713 | |||||||||
Cash and cash equivalents at the beginning of the period | 12,681 | 9,968 | 9,968 | |||||||||
Cash and cash equivalents at the end of the period | 17,497 | 10,778 | 12,681 | |||||||||
Significant non-cash transactions | ||||||||||||
Purchase of property and equipment through capital lease | - | - | 282 | |||||||||
Purchase of property and equipment | 842 | 561 | 1,681 |
*Represent an amount of less than $1 thousand.
The accompanying Notes are an integral part of the Consolidated Financial Statements.
7
KAMADA LTD.
Note 1:- | General |
These Financial Statements have been prepared in a condensed format as of March 31, 2018 and for the 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, 2017 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".
b. | Implementation of new accounting standards |
The accounting policy applied in the preparation of the interim consolidated financial statements is consistent with that applied in the preparation of the annual consolidated financial statements, except for the following:
1. | IFRS 15 – Revenues from contracts with customers |
IFRS 15 supersedes IAS 11 Construction Contracts, IAS 18 Revenue and related Interpretations and it applies to all revenue arising from contracts with customers, unless those contracts are in the scope of other standards. The new standard establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.
The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract.
The Company adopted IFRS 15 using the modified retrospective method of adoption and elected to apply that method to all contracts that were not completed at the date of initiall application. The table below disclose IFRS 15 implementation impact for January 1, 2018, March 31, 2018 and the three month then ended:
8
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 2:- | Significant Accounting Policies (Cont.) |
As of January 1, 2018 before implementaion of IFRS 15 | Impact | As of January 1, 2018 according to IFRS 15 | ||||||||||
Accumulated deficit | (104,563 | ) | (757 | ) | (105,320 | ) | ||||||
Deferred revenues | 4,927 | 757 | 5,684 |
As of March 31, 2018 befor implementaion of IFRS 15 | Impact | As of March 31, 2018 according to IFRS 15 | ||||||||||
Current Liabilities | ||||||||||||
Deferred revenues | 4,308 | 669 | 4,977 |
Before implementaion of IFRS 15 | Impact | According to IFRS 15 | ||||||||||
3 months period ended March 31, 2018 | ||||||||||||
Revenues from proprietary products | 12,098 | 116 | 12,214 | |||||||||
Financial expense | 130 | 27 | 157 | |||||||||
Net income | 1,167 | 89 | 1,256 |
There is no material impact on the basic and diluted EPS and on the statement of cash flow.
The Company is in the business of sale of plasma-derived therapeutics products and distribution in Israel of drugs manufacture by other companies. The products are sold on their own in separate identified contracts with customers. In addition, the Company received certain milestone and advances from Commercialization, Distribution and License Agreements with strategic partners.
Sale of goods
Application of the IFRS 15 to contracts with customers in which the sale of product is generally expected to be the only performance obligation does not have any impact on the Company’s profit or loss following implementation of IFRS 15. The revenue recognition occurs at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Customers payment terms are as acceptable in the industry.
9
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 2:- | Significant Accounting Policies (Cont.) |
In implementation of IFRS 15, the Company is considering the following:
(1) Variable consideration
Some contracts with customers provide a right of return, trade discounts or volume rebates. Currently, the Company recognizes revenue from the sale of goods measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. If revenue cannot be reliably measured, the Company defers revenue recognition until the uncertainty is resolved. Such provisions give rise to variable consideration under IFRS 15, which are estimated at contract inception.
IFRS 15 requires that the variable consideration be estimated conservatively to prevent over-recognition of revenue.
The Company continues to assess individual contracts to determine the estimated variable consideration and related constraint. There is no impact of IFRS 15 on the financial statements.
(2) Upfront and milestone payments
Agreements with strategic partner that include upfront and milestone payments contain a performance obligation that is satisfied over time given that the customer simultaneously receives and consumes the benefits provided by the Company. Until December 31, 2017, the Company deferred the upfront payments and recognized revenue over time by reference to the stage of completion.
Prior to the adoption of IFRS 15, the Company presented these advances as Deferred revenue in the statement of financial position. No interest was accrued on the long-term advances received under the previous accounting policy.
Under IFRS 15, the Company continues to recognize revenue for upfront payments over time rather than at a point of time. The Company identified the existence of a significant financing component resulting from an upfront payment. As of January 1, 2018 an amount of $ 757 thousands was recognized as an increase of the deferred revenue against accumulated deficit and through 2018 will be recognize as revenue against finance expense in the financial statements. The majority of the deferred revenue will be recognized as revenue in 2018.
(3) Presentation and disclosure
As required for the condensed interim financial statements, the Company disaggregated revenue recognised from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company also disclosed information about the relationship between the disclosure of disaggregated revenue and revenue information disclosed for each reportable segment. Refer to Note 3 for the disclosure on disaggregated revenue.
2. | IFRS 9 - Financial Instruments |
In July 2014, the IASB completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9 Financial Instruments. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting. Certain securities that were measured at Fair Value through profit and loss are being measured at Fair Value through other comprehensive income (loss) due to implementation of IFRS 9, starting from January 1, 2018. In addition, the Company measures expected credit loss of the securities that are measured at fair value through other comprehensive income (loss). There is no material impact from the adoption of IFRS 9 on the financial statements of the Company.
10
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 2:- | Significant Accounting Policies (Cont.) |
(a) Classification and measurement
Except for trade receivables, under IFRS 9, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
Under IFRS 9, debt financial instruments are subsequently measured at fair value through profit or loss (FVPL), amortised cost, or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business model for managing the assets; and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding (the ‘SPPI criterion’).
The new classification and measurement of the Company’s debt financial assets are, as follows:
• Debt instruments at amortised cost for financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. This category includes the Company’s Trade and other receivables.
• Debt instruments at FVOCI, with gains or losses recycled to profit or loss on derecognition. Financial assets in this category are the Company’s quoted debt instruments that meet the SPPI criterion and are held within a business model both to collect cash flows and to sell. Under IAS 39, the Company’s quoted debt instruments were classified as available-for-sale (AFS) financial assets.
Financial assets at FVPL comprise derivative instruments and quoted equity instruments which the Company had not irrevocably elected, at initial recognition or transition, to classify at FVOCI. This category would also include debt instruments whose cash flow characteristics fail the SPPI criterion or are not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell. Under IAS 39, the Company’s quoted equity securities were classified as AFS financial assets.
(b) Impairment
The adoption of IFRS 9 has changed the Company’s accounting for impairment losses for financial assets by replacing IAS 39’s incurred loss approach with a forward-looking expected credit loss (ECL) approach. IFRS 9 requires the Company to record an allowance for ECLs for all loans and other debt financial assets not held at FVPL.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. For other debt financial assets (i.e., debt securities at FVOCI), the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date.
(c) Hedge accounting
The Company applied hedge accounting prospectively. At the date of the initial application, all of the Company’s existing hedging relationships were eligible to be treated as continuing hedging relationships. The adoption of the hedge accounting requirements of IFRS 9 had no significant impact on the Company’s financial statements.
11
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 | ||||||||||
In thousands | ||||||||||||
Unaudited | ||||||||||||
Three months period ended March 31,2018 | ||||||||||||
Revenues | $ | 12,214 | $ | 5,227 | $ | 17,441 | ||||||
Gross profit | $ | 6,035 | $ | 981 | 7,016 | |||||||
Unallocated corporate expenses | (5,788 | ) | ||||||||||
Financial income, net | 28 | |||||||||||
Income before taxes on income | $ | 1,256 |
Proprietary Products | Distribution | Total | ||||||||||
In thousands | ||||||||||||
Unaudited | ||||||||||||
Three months period ended March 31,2017 | ||||||||||||
Revenues | $ | 6,636 | $ | 5,012 | $ | 11,648 | ||||||
Gross profit | $ | 1,471 | $ | 827 | 2,298 | |||||||
Unallocated corporate expenses | (6,009 | ) | ||||||||||
Financial expenses, net | (179 | ) | ||||||||||
Loss before taxes on income | $ | (3,890 | ) |
12
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- | Operating Segments (Cont.) |
Proprietary Products | Distribution | Total | ||||||||||
In thousands | ||||||||||||
Audited | ||||||||||||
Year Ended December 31, 2017 | ||||||||||||
Revenues | $ | 79,559 | $ | 23,266 | $ | 102,825 | ||||||
Gross profit | $ | 28,224 | $ | 3,864 | $ | 32,088 | ||||||
Unallocated corporate expenses | (24,644 | ) | ||||||||||
Financial expense, net | (274 | ) | ||||||||||
Income before taxes on income | $ | 7,170 |
c. | Reporting on operating segments by geographic region: |
Three months period ended March 31,2018 | ||||||||||||
Proprietary Products | Distribution | Total | ||||||||||
In thousands | ||||||||||||
Unaudited | ||||||||||||
Three months period ended March 31,2018 | ||||||||||||
U.S.A. | $ | 9,373 | $ | - | $ | 9,373 | ||||||
Israel | 1,029 | 5,227 | 6,256 | |||||||||
Europe | 1,386 | - | 1,386 | |||||||||
Latin America | 108 | - | 108 | |||||||||
Asia & others | 318 | - | 318 | |||||||||
$ | 12,214 | $ | 5,227 | $ | 17,441 |
13
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 | ||||||||
March 31, 2018 | ||||||||
Fair value through other comprehensive income : | ||||||||
Derivatives instruments | - | * | ||||||
Debt securities (corporate and government) | 1,578 | 8,711 | ||||||
$ | 1,578 | $ | 8,711 | |||||
March 31, 2017 | ||||||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | 74 | - | ||||||
Mutual funds | 418 | - | ||||||
Debt securities (corporate and government) | 1,088 | - | ||||||
1,580 | - | |||||||
Derivatives instruments | 177 | |||||||
Available for sale debt securities (corporate and government) | - | 8,239 | ||||||
$ | 1,580 | $ | 8,416 | |||||
December 31, 2017 | ||||||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | 77 | - | ||||||
Mutual funds | 456 | - | ||||||
Debt securities (corporate and government) | 1,130 | - | ||||||
1,490 | - | |||||||
Derivatives instruments | - | (32 | ) | |||||
Available for sale debt securities (corporate and government) | - | 9,164 | ||||||
$ | 1,490 | $ | 9,132 |
* Represent an amount of less 1 thousand.
b. | During the three months ended on March 31, 2018 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. |
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