SatixFy Communications Ltd. | |||
|
By:
|
/s/ Oren Harari | |
Oren Harari | |||
Interim Chief Financial Officer | |||
Exhibit
|
Description
|
99.1 |
March 31,
|
March 31,
|
December 31,
|
||||||||||
2023
|
2022
|
2022
|
||||||||||
ASSETS:
|
||||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
14,138
|
28,658
|
11,934
|
|||||||||
Trade accounts receivable
|
704
|
165
|
1,295
|
|||||||||
Contract assets
|
4,185
|
4,665
|
5,035
|
|||||||||
Prepaid expenses and other
|
4,738
|
2,689
|
3,648
|
|||||||||
Government departments and agencies receivables
|
5,471
|
3,431
|
6,156
|
|||||||||
Related parties
|
82
|
85
|
157
|
|||||||||
Derivatives FPA
|
531
|
-
|
12,775
|
|||||||||
Inventory
|
1,156
|
631
|
831
|
|||||||||
Total current assets
|
31,005
|
40,324
|
41,831
|
|||||||||
NON-CURRENT ASSETS:
|
||||||||||||
Right-of-use assets, net
|
2,736
|
2,868
|
2,794
|
|||||||||
Property, plant and equipment, net
|
1,590
|
930
|
1,643
|
|||||||||
Investment in Jet Talk
|
1,665
|
2,029
|
1,777
|
|||||||||
Long term deposits
|
218
|
273
|
203
|
|||||||||
Derivatives FPA
|
-
|
-
|
28,077
|
|||||||||
Total non-current assets
|
6,209
|
6,100
|
34,494
|
|||||||||
TOTAL ASSETS
|
37,214
|
46,424
|
76,325
|
March 31,
|
March 31,
|
December 31,
|
||||||||||
2023
|
2022
|
2022
|
||||||||||
|
||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT:
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Trade payables
|
2,365
|
5,377
|
1,459
|
|||||||||
|
||||||||||||
Contract liabilities
|
408
|
358
|
622
|
|||||||||
ESA advance payments
|
4,920
|
11,385
|
5,800
|
|||||||||
Prepayment from customer
|
12,686
|
11,156
|
12,176
|
|||||||||
Lease liabilities
|
1,021
|
985
|
1,021
|
|||||||||
Other accounts payable and accrued expenses
|
5,136
|
5,359
|
7,843
|
|||||||||
Related parties
|
381
|
517
|
408
|
|||||||||
Total current liabilities
|
26,917
|
35,137
|
29,329
|
|||||||||
NON-CURRENT LIABILITIES:
|
||||||||||||
Long term loans from financial institutions
|
56,621
|
50,200
|
54,926
|
|||||||||
Lease liabilities
|
2,181
|
2,618
|
2,280
|
|||||||||
|
||||||||||||
Derivatives instruments liabilities
|
728
|
1,392
|
20,305
|
|||||||||
Liability for royalties payable
|
1,153
|
1,423
|
1,107
|
|||||||||
Derivatives FPA
|
13,423
|
-
|
-
|
|||||||||
Total non-current liabilities
|
74,106
|
55,633
|
78,618
|
|||||||||
SHAREHOLDERS’ DEFICIT:
|
||||||||||||
Share Capital
|
-
|
-
|
-
|
|||||||||
Share Premium
|
446,761
|
48,403
|
446,488
|
|||||||||
Capital reserves
|
3,445
|
1,056
|
3,498
|
|||||||||
Accumulated deficit
|
(514,015
|
)
|
(93,805
|
)
|
(481,608
|
)
|
||||||
Total shareholders’ deficit
|
(63,809
|
)
|
(44,346
|
)
|
(31,622
|
)
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
37,214
|
46,424
|
76,325
|
Three months ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Revenues:
|
||||||||
Development services and preproduction
|
2,387
|
1,840
|
||||||
Sale of products
|
-
|
297
|
||||||
Total revenues
|
2,387
|
2,137
|
||||||
Cost of sales and services:
|
||||||||
Development services and preproduction
|
1,408
|
832
|
||||||
Sale of products
|
-
|
137
|
||||||
Total cost of sales and services
|
1,408
|
969
|
||||||
Gross profit
|
979
|
1,168
|
||||||
Research and development expenses, net
|
4,184
|
4,159
|
||||||
Selling and marketing expenses
|
780
|
483
|
||||||
General and administrative expenses
|
2,018
|
2,956
|
||||||
Loss from operations
|
6,003
|
6,430
|
||||||
Finance income
|
2
|
54
|
||||||
Finance expenses
|
(2,154
|
)
|
(3,498
|
)
|
||||
Derivatives revaluation
|
(24,141
|
)
|
-
|
|||||
Company's share in the loss of a company accounted by equity method, net
|
(111
|
)
|
(108
|
)
|
||||
Loss before income taxes
|
(32,407
|
)
|
(9,982
|
)
|
||||
Income taxes
|
-
|
-
|
||||||
Loss for the period
|
(32,407
|
)
|
(9,982
|
)
|
||||
Other comprehensive income (loss) net of tax:
|
||||||||
Items that will or may be reclassified to profit or loss:
|
||||||||
Exchange gain (loss) arising on translation of foreign operations
|
(53
|
)
|
827
|
|||||
Total comprehensive loss for the period
|
(32,460
|
)
|
(9,155
|
)
|
||||
Basic and diluted loss per share (in dollars)
|
(0.40
|
)
|
(0.52
|
)
|
||||
Basic and diluted weighted average ordinary shares outstanding
|
80,684
|
19,260
|
Three months ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Loss for the year
|
(32,407
|
)
|
(9,982
|
)
|
||||
Adjustments to reconcile net profit to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
293
|
346
|
||||||
Company's share in the loss of a company accounted by equity method, net
|
113
|
108
|
||||||
Finance expenses on loans
|
1,027
|
1,222
|
||||||
Change in the fair value of derivatives
|
24,141
|
-
|
||||||
Share based payments
|
246
|
158
|
||||||
Decrease (Increase) in trade accounts receivable
|
613
|
649
|
||||||
Decrease (Increase) in contract assets
|
958
|
1,242
|
||||||
Increase in inventory
|
(325
|
)
|
54
|
|||||
Increase (Decrease) in other current assets
|
(181
|
)
|
(2,852
|
)
|
||||
Increase in trade payables
|
871
|
(3,162
|
)
|
|||||
Increase in ESA prepayments
|
(1,014
|
)
|
(3,205
|
)
|
||||
Increase in other accounts payable and accrued expenses
|
(2,992
|
)
|
(2,907
|
)
|
||||
Increase in prepayments from customers
|
241
|
9,652
|
||||||
Increase (decrease) in liability for royalties payable
|
47
|
103
|
||||||
Net cash used in operating activities
|
(8,369
|
)
|
(8,574
|
)
|
||||
Cash flows from investing activities
|
||||||||
Decrease (Increase) in long-term bank deposit
|
(19
|
)
|
(2
|
)
|
||||
Net cash used in investing activities
|
(19
|
)
|
(2
|
)
|
||||
Cash flows from financing activities
|
||||||||
Receipt of long-term loans from a financial institution
|
1,424
|
52,837
|
||||||
Repayment of loan to shareholder
|
-
|
(5,000
|
)
|
|||||
Repayment of loans from banks
|
-
|
(13,818
|
)
|
|||||
Repayment of royalty liability
|
-
|
(48
|
)
|
|||||
Payments of lease liabilities
|
(1,029
|
)
|
(402
|
)
|
||||
Issuance of shares (FPA)
|
10,026
|
-
|
||||||
Option exercises to shares by employees
|
26
|
20
|
||||||
Net cash provided by financing activities
|
10,447
|
33,589
|
||||||
Increase (decrease) in cash and cash equivalents
|
2,059
|
25,013
|
||||||
Cash and cash equivalents balance at the beginning of the year
|
11,934
|
3,854
|
||||||
Effect of changes in foreign exchange rates on cash and cash equivalents
|
145
|
(209
|
)
|
|||||
Cash and cash equivalents balance at the end of the year
|
14,138
|
28,658
|
||||||
Appendix A - Cash paid and received during the year for:
|
||||||||
Interest paid
|
44
|
35
|
||||||
Appendix B - Non Cash transactions during the year for:
|
||||||||
Issuance of shares against loan
|
-
|
1,978
|
Three months ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
IFRS Net Loss
|
(32,407
|
)
|
(9,982
|
)
|
||||
Depreciation and amortization
|
58
|
44
|
||||||
Finance Expenses, net
|
26,293
|
3,444
|
||||||
Non-IFRS Adjusted Net Loss(1)
|
(6,056
|
)
|
(6,494
|
)
|
||||
IFRS Basic and diluted loss per share
|
(0.40
|
)
|
(0.52
|
)
|
||||
Non-IFRS Adjusted Basic and diluted loss per share
|
(0.08
|
)
|
(0.34
|
)
|
||||
Basic and diluted weighted average ordinary shares outstanding
|
80,684
|
19,260
|