Exhibit 99.2
KAMADA LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2019
TABLE OF CONTENTS
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KAMADA LTD.
As of March 31, | As of December 31, | |||||||||||
2019 | 2018 | 2018 | ||||||||||
Unaudited | Audited | |||||||||||
U.S Dollars in thousands | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 22,037 | $ | 17,497 | $ | 18,093 | ||||||
Short-term investments | 33,800 | 30,451 | 32,499 | |||||||||
Trade receivables, net | 23,210 | 17,083 | 27,674 | |||||||||
Other accounts receivables | 3,442 | 2,027 | 3,308 | |||||||||
Inventories | 31,708 | 28,175 | 29,316 | |||||||||
114,197 | 95,233 | 110,890 | ||||||||||
Property, plant and equipment, net | 28,829 | 25,125 | 25,004 | |||||||||
Other long term assets | 174 | 173 | 174 | |||||||||
Deferred taxes | 1,895 | - | 2,048 | |||||||||
30,898 | 25,298 | 27,226 | ||||||||||
$ | 145,095 | $ | 120,531 | $ | 138,116 | |||||||
Current Liabilities | ||||||||||||
Current maturities of bank loans and leases | $ | 1,431 | $ | 609 | $ | 562 | ||||||
Trade payables | 15,255 | 16,951 | 17,285 | |||||||||
Other accounts payables | 4,424 | 4,912 | 5,261 | |||||||||
Deferred revenues | 461 | 4,977 | 461 | |||||||||
21,571 | 27,449 | 23,569 | ||||||||||
Non-Current Liabilities | ||||||||||||
Bank loans and leases | 4,627 | 1,201 | 716 | |||||||||
Deferred revenues | 605 | 645 | 668 | |||||||||
Employee benefit liabilities, net | 823 | 1,130 | 787 | |||||||||
6,055 | 2,976 | 2,171 | ||||||||||
Shareholder's Equity | ||||||||||||
Ordinary shares | 10,412 | 10,401 | 10,409 | |||||||||
Additional paid in capital | 179,352 | 178,458 | 179,147 | |||||||||
Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
Capital reserve from hedges | 11 | (12 | ) | (57 | ) | |||||||
Capital reserve from securities measured at fair value through other comprehensive income | 118 | (33 | ) | 34 | ||||||||
Capital reserve from share-based payments | 9,463 | 9,183 | 9,353 | |||||||||
Capital reserve from employee benefits | 4 | (337 | ) | 4 | ||||||||
Accumulated deficit | (78,401 | ) | (104,064 | ) | (83,024 | ) | ||||||
117,469 | 90,106 | 112,376 | ||||||||||
$ | 145,095 | $ | 120,531 | $ | 138,116 |
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, | |||||||||||
2019 | 2018 | 2018 | ||||||||||
Unaudited | Audited | |||||||||||
U.S Dollars in thousands | ||||||||||||
Revenues from proprietary products | $ | 20,381 | $ | 12,214 | $ | 90,784 | ||||||
Revenues from distribution | 6,416 | 5,227 | 23,685 | |||||||||
Total revenues | 26,797 | 17,441 | 114,469 | |||||||||
Cost of revenues from proprietary products | 10,490 | 6,179 | 52,796 | |||||||||
Cost of revenues from distribution | 5,123 | 4,246 | 20,201 | |||||||||
Total cost of revenues | 15,613 | 10,425 | 72,997 | |||||||||
Gross profit | 11,184 | 7,016 | 41,472 | |||||||||
Research and development expenses | 2,766 | 2,754 | 9,747 | |||||||||
Selling and marketing expenses | 1,092 | 970 | 3,630 | |||||||||
General and administrative expenses | 2,094 | 2,064 | 8,525 | |||||||||
Other expense | 23 | - | 311 | |||||||||
Operating income | 5,209 | 1,228 | 19,259 | |||||||||
Financial income | 280 | 229 | 820 | |||||||||
Financial expenses | (123 | ) | (157 | ) | (340 | ) | ||||||
Income (expense) in respect of currency exchange differences and derivatives instruments, net | (313 | ) | (44 | ) | 602 | |||||||
Income before taxes | 5,053 | 1,256 | 20,341 | |||||||||
Taxes on income | 130 | - | (1,955 | ) | ||||||||
Net Income | 4,923 | 1,256 | 22,296 | |||||||||
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 | 108 | (29 | ) | 51 | ||||||||
Gain (loss) on cash flow hedges | 74 | (37 | ) | (176 | ) | |||||||
Net amounts transferred to the statement of profit or loss for cash flow hedges | (2 | ) | (21 | ) | 70 | |||||||
Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||
Actuarial gain (loss) from defined benefit plans | - | - | 340 | |||||||||
Deferred taxes | (28 | ) | - | (9 | ) | |||||||
Total comprehensive income | $ | 5,075 | $ | 1,169 | $ | 22,752 | ||||||
Income (loss) per share attributable to equity holders of the Company: | ||||||||||||
Basic income per share | $ | 0.12 | $ | 0.03 | $ | 0.55 | ||||||
Diluted income per share | $ | 0.12 | $ | 0.03 | $ | 0.55 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
3
KAMADA LTD.
Share capital | Additional paid in capital | 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 | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
U.S Dollars in thousands | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 (audited) | $ | 10,409 | $ | 179,147 | $ | 34 | $ | (3,490 | ) | $ | (57 | ) | $ | 9,353 | $ | 4 | $ | (83,024 | ) | $ | 112,376 | |||||||||||||||
Cumulative effect of initially applying IFRS 16 | - | - | - | - | - | - | - | (300 | ) | (300 | ) | |||||||||||||||||||||||||
Balance as at January 1, 2018 (after initially applying IFRS 15) | 10,409 | 179,147 | 34 | (3,490 | ) | (57 | ) | 9,353 | 4 | (83,324 | ) | 112,076 | ||||||||||||||||||||||||
net income | - | - | - | - | - | - | - | 4,923 | 4,923 | |||||||||||||||||||||||||||
Other comprehensive income, net | - | - | 84 | - | 68 | - | - | - | 152 | |||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | 84 | - | 68 | - | - | 4,923 | 5,075 | |||||||||||||||||||||||||||
Exercise and forfeiture of share-based payment into shares | 3 | 205 | - | - | - | (205 | ) | - | - | 3 | ||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 315 | - | - | 315 | |||||||||||||||||||||||||||
Balance as of March 31, 2019 | $ | 10,412 | $ | 179,352 | $ | 118 | $ | (3,490 | ) | $ | 11 | $ | 9,463 | $ | 4 | $ | (78,401 | ) | $ | 117,469 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
4
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share capital | Additional paid in capital | 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 | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
U.S Dollars 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.
5
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share capital | Additional paid in capital | 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 | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Audited | ||||||||||||||||||||||||||||||||||||
U.S Dollars 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 | - | - | - | - | - | - | - | 22,296 | 22,296 | |||||||||||||||||||||||||||
Other comprehensive income | - | - | 38 | - | (103 | ) | - | 341 | - | 276 | ||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | 38 | - | (103 | ) | - | 341 | 22,296 | 22,572 | ||||||||||||||||||||||||||
Exercise and forfeiture of share-based payment into shares | 9 | 1,161 | - | - | - | (1,161 | ) | - | - | 9 | ||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 948 | - | - | 948 | |||||||||||||||||||||||||||
Deferred taxes | - | 112 | - | - | - | - | - | - | 112 | |||||||||||||||||||||||||||
Balance as of December 31, 2018 (audited) | $ | 10,409 | $ | 179,147 | $ | 34 | $ | (3,490 | ) | $ | (57 | ) | $ | 9,353 | $ | 4 | $ | (83,024 | ) | $ | 112,376 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
6
KAMADA LTD.
Three months period Ended | Year Ended | |||||||||||
March 31, | December 31, | |||||||||||
2019 | 2018 | 2018 | ||||||||||
Unaudited | Audited | |||||||||||
U.S Dollars in thousands | U.S Dollars in thousands | |||||||||||
Net income | $ | 4,923 | $ | 1,256 | $ | 22,296 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Adjustments to the profit or loss items: | ||||||||||||
Depreciation and impairment | 1,127 | 954 | 3,703 | |||||||||
Financial expenses (income), net | 156 | (28 | ) | (1,082 | ) | |||||||
Cost of share-based payment | 315 | 201 | 948 | |||||||||
Taxes on income | 130 | - | (1,955 | ) | ||||||||
Loss (gain) from sale of property and equipment | (6 | ) | 66 | 55 | ||||||||
Change in employee benefit liabilities, net | 36 | (14 | ) | (16 | ) | |||||||
1,758 | 1,179 | 1,653 | ||||||||||
Changes in asset and liability items: | ||||||||||||
Decrease in trade receivables, net | 4,727 | 13,491 | 2,311 | |||||||||
Decrease (increase) in other accounts receivables | 131 | 82 | (1,336 | ) | ||||||||
Increase in inventories | (2,392 | ) | (7,105 | ) | (8,246 | ) | ||||||
Decrease (increase) in deferred expenses | (246 | ) | 22 | 235 | ||||||||
Decrease in trade payables | (2,368 | ) | (1,941 | ) | (1,116 | ) | ||||||
Decrease in other accounts payables | (510 | ) | (888 | ) | (658 | ) | ||||||
Decrease in deferred revenues | (63 | ) | (772 | ) | (5,256 | ) | ||||||
(721 | ) | 2,889 | (14,066 | ) | ||||||||
Cash received (paid) during the year for: | ||||||||||||
Interest paid | (63 | ) | (16 | ) | (54 | ) | ||||||
Interest received | 172 | 138 | 739 | |||||||||
Taxes paid | (8 | ) | (5 | ) | (22 | ) | ||||||
101 | 117 | 663 | ||||||||||
Net cash provided by operating activities | $ | 6,061 | $ | 5,441 | $ | 10,546 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
7
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months period Ended | Year Ended | |||||||||||
March 31, | December 31, | |||||||||||
2019 | 2018 | 2018 | ||||||||||
Unaudited | Audited | |||||||||||
U.S Dollars in thousands | U.S Dollars in thousands | |||||||||||
Cash Flows from Investing Activities | ||||||||||||
Investment in short term investments, net | $ | (1,058 | ) | $ | (150 | ) | $ | (2,322 | ) | |||
Purchase of property and equipment and intangible assets | (304 | ) | (259 | ) | (2,884 | ) | ||||||
Proceeds from sale of property and equipment | 6 | 11 | 30 | |||||||||
Net cash used in investing activities | (1,356 | ) | (398 | ) | (5,176 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from exercise of share base payments | 3 | 1 | 9 | |||||||||
Repayment of long-term loans | (378 | ) | (152 | ) | (596 | ) | ||||||
Net cash used in financing activities | (375 | ) | (151 | ) | (587 | ) | ||||||
Exchange differences on balances of cash and cash equivalent | (386 | ) | (76 | ) | 629 | |||||||
Increase in cash and cash equivalents | 3,944 | 4,816 | 5,412 | |||||||||
Cash and cash equivalents at the beginning of the year | 18,093 | 12,681 | 12,681 | |||||||||
Cash and cash equivalents at the end of the year | $ | 22,037 | $ | 17,497 | $ | 18,093 | ||||||
Significant non-cash transactions | ||||||||||||
Purchase of property and equipment through capital lease | $ | 4,431 | - | - | ||||||||
Purchase of property and equipment | $ | 235 | $ | 842 | $ | 720 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
8
KAMADA LTD.
Note 1:- | General |
These Financial Statements have been prepared in a condensed format as of March 31, 2019 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, 2018 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 16 – Leases
IFRS 16, replaced IAS 17 (Leases), and affected the accounting treatment for lessees with respect to leased assets. Pursuant to IFRS 16, all leases (except short term leases and small asset leases) were recognized in the balance sheet. Initially, the lease liability and the right-of-use asset are measured at the present value of future lease payments (defined as economically unavoidable payments). The right-of-use asset is subsequently depreciated in a similar way to other assets such as tangible assets, i.e. typically in a straight-line over the lease term. Lessees are required to separately recognize the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees are also required to re-measure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee generally recognizes the amount of the re-measurement of the lease liability as an adjustment to the right-of-use asset.
The new Standard is effective for annual periods beginning on or after January 1, 2019.
9
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 2:- | Significant Accounting Policies (Cont.) |
The Company adopted IFRS 16 using the cumulative effect method without changing comparative information. The cumulative impact adjusted the opening balance of the equity at the date of initial application (i.e. January 1, 2019). In some leases, the right-of-use-assets were recognized based on the amount equal to the lease liabilities, adjusted for any prepaid and accrued lease payments previously recognized. The Company elected to apply the standard to contracts that were previously identified as leases applying IAS 17. The Company therefore did not apply the standard to contracts that were not previously identified as containing a lease applying IAS 17.
The Company elected to use the exemptions proposed by the standard with respect to lease contracts for which the underlying asset is of low value. The Company has leases of certain office equipment (i.e., printing and photocopying machines) that are considered of low value.
The Company also applied the available practical expedients wherein it: (i) used a single discount rate to a portfolio of leases with reasonably similar characteristics, (ii) relied on its assesments on whether leases are onerous immediately before the date of initial application, (iii) used hindsight in determining the lease term where the contract contains options to extend or terminate the lease and (iv) Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application.
Impact on the statement of financial position (increase/(decrease)) as at January 1, 2019, March 31,2019 and on the results for the reporting period ended at March 31, 2019 is presented below:
According to the previous accounting policy | Difference | According to the current accounting policy | ||||||||||
U.S Dollars in thousands | ||||||||||||
As of January 01, 2019 | ||||||||||||
Assets | ||||||||||||
Property, plant and equipment (right-of-use assets) | $ | 25,004 | $ | 4,162 | $ | 29,166 | ||||||
Liabilities | ||||||||||||
Current maturities of bank loans and leases | 562 | 810 | 1,372 | |||||||||
Bank loans and leases | 716 | 3,907 | 4,623 | |||||||||
Other accounts paybles | 5,261 | (255 | ) | 5,006 | ||||||||
Shareholder's Equity | ||||||||||||
Accumulated deficit | $ | 112,376 | $ | (300 | ) | $ | 112,076 |
As of March 31, 2019 | ||||||||||||
Assets | ||||||||||||
Property, plant and equipment (right-of-use assets) | $ | 24,771 | $ | 4,058 | $ | 28,829 | ||||||
Liabilities | ||||||||||||
Current maturities of bank loans and leases | 599 | 832 | 1,431 | |||||||||
Bank loans and leases | 689 | 3,938 | 4,627 |
10
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 2:- | Significant Accounting Policies (Cont.) |
The lease liabilities as at January 1, 2019 can be reconciled to the operating lease commitments as of December 31, 2018 as follows:
U.S Dollars | ||||
In thousands | ||||
Operating lease commitments as at December 31, 2018 | $ | 5,434 | ||
Weighted average incremental borrowing rate as at January 1, 2019 | 3.06%-4.6 | % | ||
Discounted operating lease commitment at January 1, 2019 | 4,685 | |||
Add: | ||||
Payments relating to leases of other equipment | 32 | |||
Commitments relating to leases previously classified as finance leases | 138 | |||
Lease liabilities as at January 1, 2019 | $ | 4,855 |
Amount recognized in the ststement of financial position and profit or loss
Set out below, are the carrying amounts of the Group's right-of-use assets and lease liabilities and the movements during the period:
Right-of-use-assets | ||||||||||||||||
Rented Offices | Vehicles and | Lease | ||||||||||||||
other equipment | Total | liabilities | ||||||||||||||
U.S Dollars in thousands | ||||||||||||||||
As at January 1, 2019 | $ | 3,466 | $ | 696 | $ | 4,162 | $ | 4,855 | ||||||||
Additions | - | 141 | 141 | 270 | ||||||||||||
Write-off | - | (16 | ) | (16 | ) | (17 | ) | |||||||||
Depreciation expense | (108 | ) | (121 | ) | (229 | ) | - | |||||||||
Interest expense | - | - | - | 153 | ||||||||||||
Payments | - | - | - | (263 | ) | |||||||||||
As at March 31, 2019 | $ | 3,358 | $ | 700 | $ | 4,058 | $ | 4,998 |
Expense decrease (increase) | ||||
U.S Dollars in thousands | ||||
For the three months ended on March 31, 2019 | ||||
Operating lease expense | $ | 276 | ||
Depreciation of right of use assets | (229 | ) | ||
Operating income | 47 | |||
Finance expense | (51 | ) | ||
Net Income (loss) | $ | (4 | ) |
11
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 2:- Significant Accounting Policies (Cont.)
According to the previous accounting policy | Difference | According to the current accounting policy | ||||||||||
U.S Dollars in thousands | ||||||||||||
For the three months ended on March 31, 2019 | ||||||||||||
Cash flows | ||||||||||||
Cash flows from operating activities | $ | 5,836 | 225 | 6,061 | ||||||||
Cash flows from financing activities | $ | (150 | ) | (225 | ) | (375 | ) |
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 third parties, majority of which are produced from plasma or its derivatives products. |
b. | Reporting on operating segments: |
Proprietary Products | Distribution | Total | ||||||||||
U.S Dollars in thousands | ||||||||||||
Unaudited | ||||||||||||
Three months period ended March 31, 2019 | ||||||||||||
Revenues | $ | 20,381 | $ | 6,416 | $ | 26,797 | ||||||
Gross profit | $ | 9,891 | $ | 1,293 | $ | 11,184 | ||||||
Unallocated corporate expenses | (5,975 | ) | ||||||||||
Finance expenses, net | (156 | ) | ||||||||||
Income before taxes on income | $ | 5,053 |
12
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- | Operating Segments (cont.) |
b. | Reporting on operating segments: |
Proprietary Products | Distribution | Total | ||||||||||
U.S Dollars 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 | ) | ||||||||||
Finance expenses, net | 28 | |||||||||||
Income before taxes on income | $ | 1,256 |
Proprietary Products | Distribution | Total | ||||||||||
U.S Dollars in thousands | ||||||||||||
Audited | ||||||||||||
Year Ended December 31, 2018 | ||||||||||||
Revenues | $ | 90,784 | $ | 23,685 | $ | 114,469 | ||||||
Gross profit | $ | 37,988 | $ | 3,484 | $ | 41,472 | ||||||
Unallocated corporate expenses | (22,213 | ) | ||||||||||
Finance expenses, net | 1,082 | |||||||||||
Income before taxes on income | $ | 20,341 |
13
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- Operating Segments (cont.)
c. Reporting on operating segments by geographic region:
Three months period ended March 31, 2019 | ||||||||||||
Proprietary Products | Distribution | Total | ||||||||||
U.S Dollars in thousands | ||||||||||||
Unaudited | ||||||||||||
Geographical markets | ||||||||||||
U.S.A. | $ | 18,062 | $ | - | $ | 18,062 | ||||||
Israel | 547 | 6,416 | 6,963 | |||||||||
Europe | 873 | - | 873 | |||||||||
Latin America | 239 | - | 239 | |||||||||
Asia & others | 660 | - | 660 | |||||||||
$ | 20,381 | $ | 6,416 | $ | 26,797 |
Three months period ended March 31, 2018 | ||||||||||||
Proprietary Products | Distribution | Total | ||||||||||
U.S Dollars in thousands | ||||||||||||
Unaudited | ||||||||||||
Geographical markets | ||||||||||||
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 |
Year ended December 31, 2018 | ||||||||||||
Proprietary Products | Distribution | Total | ||||||||||
U.S Dollars in thousands | ||||||||||||
Audited | ||||||||||||
Geographical markets | ||||||||||||
U.S.A. | $ | 75,331 | $ | - | $ | 75,331 | ||||||
Israel | 4,408 | 23,685 | 28,093 | |||||||||
Europe | 3,594 | - | 3,594 | |||||||||
Latin America | 3,994 | - | 3,994 | |||||||||
Asia & others | 3,457 | - | 3,457 | |||||||||
$ | 90,784 | $ | 23,685 | $ | 114,469 |
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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 | |||||||
U.S Dollars in thousands | ||||||||
March 31, 2019 | ||||||||
Fair value through other comprehensive income : | ||||||||
Debt securities (corporate and government) | $ | 1,661 | $ | 8,849 | ||||
Derivatives instruments | - | 19 | ||||||
$ | 1,661 | $ | 8,868 | |||||
March 31, 2018 | ||||||||
Fair value through other comprehensive income : | ||||||||
Debt securities (corporate and government) | $ | 1,578 | $ | 8,711 | ||||
Derivatives instruments | - | * | ||||||
$ | 1,578 | $ | 8,711 | |||||
December 31, 2018 | ||||||||
Fair value through other comprehensive income: | ||||||||
Debt securities (corporate and government) | $ | 1,588 | $ | 8,736 | ||||
Derivatives instruments | - | (64 | ) | |||||
$ | 1,588 | $ | 8,672 |
* Represent an amount of less 1 thousand.
b. | During the three months ended on March 31, 2019 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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