The Company stated that no liquidity problem exists since “the Company expects current profit from activity to cover the expected deficit. The Company has an unutilized credit facility that was not taken into account. The Company has prepared a forecasted cash flow for the next three years where no negative cash flow is expected.” “The company’s board of directors examined a number of financing alternatives and authorized the company’s management to take a loan from a banking corporation in the amount of NIS 15 million and to arrange credit lines at the company,” noting that “the company meets the financial covenants and is expected to meet them in the coming year.”
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According to the company’s quarterly financial statements, at the end of March this year, it had cash and free cash equivalents of NIS 16.3 million, neutralizing liquid assets required to comply with minimum equity regulations. However, the company also noted that it also has expected revenues in the form of “current taxes receivable of about 2.3 million shekels and receivables and debit balances of about 7.4 million, and total assets current about 25.9 million.
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Halman Aldubi Gemel and pension fund posted an accounting loss of NIS 1.15 million in the first quarter, after losing NIS 609,000 in 2018. However, the Company has depreciation and amortization so that the accounting profit is biased. In this context, it should be noted that the company’s quarterly depreciation is NIS 3 million, which changes the company’s cash flow picture.
Thus, the company’s cash flow from operating activities in the first quarter amounted to a positive NIS 5.1 million, after reaching NIS 12.5 million in 2018. The Company has cash flow from operating activities, which characterizes other quarters as well. In other words, it seems that the company has no problem repaying the next bond.