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Formula Systems Reports Second Quarter and First Half 2023 Financial Results

Revenues for the Second Quarter Increased by 3% (or 9.1% on a constant currency basis) Year Over Year to a second-quarter record-breaking $655.4 Million with Net Income for the Second Quarter reaching $17.0 million

OR YEHUDA, Israel, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (Nasdaq and TASE: FORTY) (“Formula” or the “Company”), a global information technology group engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products, today announced its results for the second quarter and six month-period ended June 30, 2023.

Financial Highlights for the Second Quarter Ended June 30, 2023

  • Consolidated revenues for the second quarter ended June 30, 2023 increased by approximately 2.9% to a second-quarter record-breaking $655.4 million, compared to $636.9 million in the same period last year. On a constant currency basis (calculated based on average currency exchange rates for the three months ended June 30, 2022), consolidated revenues for the second quarter of 2023 would have increased by approximately 9.1% to $695.0 million.

  • Consolidated operating income for the second quarter ended June 30, 2023 amounted to $60.0 million compared to $99.5 million in the same period last year. Operating income for the second quarter of 2022 included a capital gain realized from the disposition of a Matrix IT subsidiary in the amount of $44.2 million. Excluding such impact, consolidated operating income for the second quarter ended June 30, 2023, increased by 8.4% compared to the second quarter of the previous year. On a constant currency basis (calculated based on average currency exchange rates for the three months ended June 30, 2022), the consolidated operating income for the second quarter of 2023 would have increased by approximately 13.5% to $62.8 million, compared to the same period last year (excluding the above-mentioned capital gain of $44.2 million recorded in 2022).

  • Consolidated net income attributable to Formula’s shareholders for the second quarter ended June 30, 2023 amounted to $17.0 million, or $1.11 per fully diluted share, compared to $32.9 million, or $2.12 per fully diluted share, in the same period last year. Net income for the second quarter of 2022 was positively impacted by approximately $17.1 million of income realized from the disposition of a subsidiary of Matrix IT Ltd. Excluding such impact, consolidated net income attributable to Formula’s shareholders for the second quarter ended June 30, 2023 increased by 7.3% year over year compared to the second quarter of the previous year.

    Net income in the period was negatively impacted by the increase in interest expenses resulting from the increase in variable interest rates. Financial expenses net, increased by approximately 51.0% to $5.6 million, compared to $3.7 million in the same period last year.

Financial Highlights for the Six Month-Period Ended June 30, 2023

  • Consolidated revenues for the first half ended June 30, 2023 increased by 3.0% to a first-half record-breaking $1.33 billion, compared to $1.29 billion in the first half of the previous year. On a constant currency basis (calculated based on average currency exchange rates for the first half ended June 30, 2022), consolidated revenues for the first half 2023 would have increased by approximately 10.1% to $1.42 billion.

  • Consolidated operating income for the first half ended June 30, 2023 amounted to $120.8 million, compared to $158.9 million in the first half of the previous year. Operating income for the first half of 2022 included a capital gain realized from the disposition of a Matrix IT subsidiary in the amount of $44.2 million. Excluding such impact, consolidated operating income for the first half ended June 30, 2023, increased by 5.3% compared to the first half of the previous year. On a constant currency basis (calculated based on average currency exchange rates for the first half ended June 30, 2022), the consolidated operating income for the first half of 2023 would have increased by approximately 11.1% to $127.5 million, compared to the same period last year (excluding the above-mentioned capital gain of $44.2 million recorded in 2022).

  • Consolidated net income attributable to Formula’s shareholders for the first half ended June 30, 2023 amounted to $32.7 million, or $2.11 per fully diluted share, compared to $49.2 million, or $3.18 per fully diluted share, in the first half of the previous year. Net income for the first half of 2022 was positively impacted by approximately $17.1 million of income realized from the disposition of a subsidiary of Matrix IT Ltd. Excluding such impact, consolidated net income attributable to Formula’s shareholders for the first half ended June 30, 2023 increased by 1.9% year over year compared to the first half of the previous year.

    Net income in the six-month period was negatively impacted by the increase in interest expenses resulting from the increase in variable interest rates. Financial expenses net, increased by approximately 51.2% to $12.7 million, compared to $8.4 million in the same period last year.

  • As of June 30, 2023, Formula held 48.2%, 44.0%, 46.3%, 100%, 50%, 90.1%, 80%, 100% and 100% of the outstanding ordinary shares of Matrix IT Ltd., Sapiens International Corporation N.V., Magic Software Enterprises Ltd., Michpal Micro Computers (1983) Ltd., TSG IT Advanced Systems Ltd., Insync Staffing Solutions, Inc., Ofek Aerial Photography Ltd., ZAP Group Ltd., and Shamrad Electronic (1997) Ltd., respectively.

  • Consolidated cash and cash equivalents, short-term bank deposits and short-term investments totaled approximately $477.5 million as of June 30, 2023, compared to $569.1 million as of December 31, 2022.

  • Total equity as of June 30, 2023, was $1.23 billion (representing 45.0% of the total consolidated statements of financial position), compared to $1.18 billion (representing 42.1% of the total consolidated statements of financial position) as of December 31, 2022.

Debentures Covenants

As of June 30, 2023, Formula was in compliance with all of its financial covenants under the debenture series issued by it, based on the following achievements:

Covenant 1

  • Target equity attributable to Formula’s shareholders (excluding non-controlling interests): above $215 million.

  • Actual equity attributable to Formula’s shareholders as of June 30, 2023 was $576.1 million.

Covenant 2

  • Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for Formula’s Series A and C Secured Debentures): below 65%.

  • Actual ratio of net financial indebtedness to net capitalization, as of June 30, 2023 was 9.4%.

Covenant 3

  • Target ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four most recent quarters): below 5.

  • Actual ratio of net financial indebtedness to EBITDA as of June 30, 2023, was 0.35.

Comments of Management

Commenting on the results, Guy Bernstein, CEO of Formula Systems, said: “Formula Systems group continues to demonstrate strong and consistent performance, making big strides across multiple fronts, as reflected in 2023 second quarter and first half all-time high revenues and profits. During the first half, we. Our broad investment portfolio allows us to carefully mitigate the current risks in the IT market, which are mainly a product of the challenging macro-economic environment. We continue our efforts across our entire group to create significant value for our customers in managing, streamlining, accelerating, and contributing to their growth.”

“Matrix concluded the first half of 2023 with double-digit growth and record-breaking results recorded across all its key financial indices: revenues, gross profit, operating income, EBITDA and net income attributable to shareholders. Matrix revenues for the first half grew by 10.9% year over year reaching an all-time first-half high of NIS 2.58 billion (approximately $717.9 million). Operating income grew by 12.9%, reaching for the first time ever the NIS 200 million mark (approximately $55.5 million). We are pleased with Matrix’s continued recognition as a market leader in Israel in the implementation of fastest-growing technologies, such as cloud, cyber, digital, data, DevOps and AI, which enable the company to create significant value for its customers in managing, streamlining, accelerating and making their businesses thrive. There is a strong demand in Israel for software services in digital, cloud, cyber, data, and core operating systems—areas in which Matrix is a market leader, and which are at the center of the IT market demand. North America, which accounts for 9% of Matrix’s first-half revenues and 16% of its operating income, also showed significant growth, with an increase of approximately 26.4% in operating income, along with a substantial improvement in operating margin approximately 160 basis points year over year. We believe that Matrix has significant growth potential in the North American market especially in the field AI-based solutions for anti-money laundering and prevention of financial crimes, as well as across all of its other areas of expertise in the North American market.”

“Sapiens achieved a strong second quarter, with 8.2% revenue growth and 18.2% operating margin (on a Non-GAAP basis), driven by significant growth in North American and European markets. Sapiens’ Life business is globally successful, fueled by strategic investments in CoreSuite for Life. Sapiens CoreSuite for Life recently won the 2023 Celent XCelent Award in the EMEA region and was recognized as a “Luminary” Policy Administration Solution in EMEA and North America. Sapiens ended 2022 with significant enhancements in its products, delivery, and talent that helped it build a momentum that has carried over into 2023. Since the beginning of the year Sapiens has already signed new deals for P&C, Life, and Reinsurance and is optimistic as to the quality of its new business pipeline. Sapiens has increased its full-year 2023 non-GAAP revenues guidance for the second time this year to $511 - $516 million compared to its previous guidance of $507 - $512 million, and also increased its guidance for the full year 2023 non-GAAP operating margin to 18.0% - 18.2%, compared to previous guidance of 17.8% - 18.2%. These revised targets demonstrate Sapiens’ commitment to delivering outstanding results and driving sustained growth.”

“Magic Software delivered a solid second quarter, with revenue reaching $137.6 million, up 0.4% from the second quarter of 2022. On a constant currency basis, Magic Software’s top-line growth rate compared to the second quarter of 2022 was 4.4% with non-GAAP operating income growing by 7.1%. These results demonstrate the continued growing investment made by enterprises and organizations worldwide, even during the current challenging macroeconomic climate, to leverage their digital technologies and cloud-based platforms creating high demand for Magic’s innovative software solutions and services. Magic Software continues to operate in Israel and the US in all areas of technology, and especially in areas that are in high demand: digital, data, cyber, cloud, and core operational systems and to lead complex and strategic projects that are critical for its clients, across multiple sectors while remaining cautious about the macro-economic environment.”

“Michpal continues to monetize on its business model with its revenues for the first half growing organically by 10.3% year over year on a constant currency basis compared to the same period last year, to NIS 67.2 million (approximately $18.7 million). Michpal ended 2022 with significant enhancements to its product offering and is well-positioned to continue its positive momentum from the first quarter throughout the remainder of the year.”

“TSG concluded the first half of 2023 with double-digit growth and record-breaking results recorded across its revenues, operating income. TSG revenues for the first half grew by 21.1% year over year reaching an all-time first-half high of NIS 150.8 million (approximately $41.9 million). TSG continues materializing its strategy of expanding its presence in the Israeli municipal sector after acquiring 60% of the outstanding share capital of E.P.R. Systems Ltd in 2022. E.P.R offers comprehensive software solutions for municipal institutions primarily to manage all their billing and collection operations for all types of revenues, including taxes, fees and levies and several innovative extension modules. During the first half of 2023 TSG concluded the acquisition of 100% of the equity of BAR Technologies Ltd., a leading provider of property management software solutions and services in the Israeli municipal institutions sector.”

“Lastly, Zap Group continues to develop and invest in diverse advanced fields and innovative technologies, and improving its operations, preserving its position as the leading digital marketing and advertising group in Israel. With a deep understanding of the Israeli market and consumer needs, Zap Group successfully manages diverse and significant content and consumer sites and provides strategic services and advertising solutions to its customers. In addition, during recent weeks following advanced development Zap Group launched its state-of-the-art Marketplace platform based on SAP and Mirakl’s platforms. The Zap Group Marketplace platform offers a reliable and comfortable online buying experience by utilizing a simple ‘compare and purchase’ interface, allowing customers to select and purchase from a variety of products arranged in dozens of popular categories, all using a single shopping cart, with a simple and user-friendly operating system.”

Stand-Alone Financial Measures

This press release presents, further below, certain stand-alone financial measures to reflect Formula’s stand-alone financial position in reference to its assets and liabilities as the parent company of the group. These financial measures are prepared consistent with the accounting principles applied in the consolidated financial statements of the group. Such measures include investments in subsidiaries and a jointly controlled entity measured at cost adjusted by Formula’s share in the investees’ accumulated undistributed earnings and other comprehensive income or loss.

Formula believes that these financial measures provide useful information to management and investors regarding Formula’s stand-alone financial position. Formula’s management uses these measures to compare the Company’s performance to that of prior periods for trend analyses. These measures are also used in financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these stand-alone financial measures provides an additional tool for investors to use in evaluating Formula’s financial position.

Management of the Company does not consider these stand-alone measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Formula urges investors to review the consolidated financial statements which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business or financial position.

About Formula

Formula Systems, whose ordinary shares are traded on the Tel-Aviv Stock Exchange and ADSs are traded on the Nasdaq Global Select Market, is a global information technology holding company engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products.

For more information, visit www.formulasystems.com.

Press Contact:

Formula Systems (1985) Ltd.
+972-3-5389487
ir@formula.co.il

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: adverse macro-economic trends, including inflation, rising interest rates and supply chain delays, which trends may last for a significant period and materially adversely affect our results of operations; the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, adverse consequences of international conflicts such as Russia’s invasion of the Ukraine, or fluctuations in currency exchange rates; and risks related to our principal location in Israel.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Item 3.D Risk Factors” in our most recent Annual Report on Form 20-F for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission on May 15, 2023, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, or to conform those statements to actual results or to changes in our expectations.

FORMULA SYSTEMS (1985) LTD.

 

 

 

 

 

 

 

 

CONSOLIDATED CONDENSED STATEMENTS OF PROFIT OR LOSS

 

 

 

 

 

U.S. dollars in thousands (except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

Unaudited

 

Unaudited

 

Revenues

 

655,374

 

 

 

636,892

 

(*)

 

1,325,773

 

 

 

1,287,608

 

(*)

Cost of revenues

 

494,436

 

 

 

487,388

 

(*)

 

1,002,904

 

 

 

982,262

 

(*)

 

 

 

 

 

 

 

 

 

Gross profit

 

160,938

 

 

 

149,504

 

(*)

 

322,869

 

 

 

305,346

 

(*)

Research and development costs, net

 

19,210

 

 

 

17,848

 

 

 

38,518

 

 

 

35,198

 

 

Selling, marketing and general and administrative expenses

 

81,744

 

 

 

76,329

 

(*)

 

163,573

 

 

 

155,422

 

(*)

Capital gain from realization of a Matrix IT's subsidiary

 

0

 

 

 

44,208

 

 

 

0

 

 

 

44,208

 

 

Operating income

 

59,984

 

 

 

99,535

 

 

 

120,778

 

 

 

158,934

 

 

 

 

 

 

 

 

 

 

 

Financial expenses, net

 

(5,612

)

 

 

(3,716

)

 

 

(12,696

)

 

 

(8,399

)

 

 

 

 

 

 

 

 

 

 

Income before taxes on income

 

54,372

 

 

 

95,819

 

 

 

108,082

 

 

 

150,535

 

 

Taxes on income

 

11,380

 

 

 

21,421

 

 

 

22,870

 

 

 

32,923

 

 

 

 

 

 

 

 

 

 

 

Income after taxes

 

42,992

 

 

 

74,398

 

 

 

85,212

 

 

 

117,612

 

 

Share of profit of companies accounted for at equity, net

 

174

 

 

 

380

 

 

 

209

 

 

 

613

 

 

 

 

 

 

 

 

 

 

 

Net income

 

43,166

 

 

 

74,778

 

 

 

85,421

 

 

 

118,225

 

 

Net income attributable to non-controlling interests

 

26,145

 

 

 

41,835

 

 

 

52,716

 

 

 

69,048

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Formula Systems shareholders

 

17,021

 

 

 

32,943

 

 

 

32,705

 

 

 

49,177

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (basic)

 

1.12

 

 

 

2.16

 

 

 

2.14

 

 

 

3.24

 

 

Earnings per share (diluted)

 

1.11

 

 

 

2.12

 

 

 

2.11

 

 

 

3.18

 

 

 

 

 

 

 

 

 

 

 

Number of shares used in computing earnings per share (basic)

 

15,301,017

 

 

 

15,295,517

 

 

 

15,300,642

 

 

 

15,293,955

 

 

Number of shares used in computing earnings per share (diluted)

 

15,480,800

 

 

 

15,487,852

 

 

 

15,472,436

 

 

 

15,496,092

 

 

 

 

 

 

 

 

 

 

 

(*) Immaterial adjustments to comparative data.

FORMULA SYSTEMS (1985) LTD.

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

 

 

 

U.S. dollars in thousands

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

 

 ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

 

385,997

 

 

 

544,342

 

Short-term deposits

 

91,475

 

 

 

23,976

 

Short-term investments

 

-

 

 

 

738

 

Trade receivables, net

 

698,141

 

 

 

702,727

 

Prepaid expenses and other accounts receivable

 

76,382

 

 

 

64,535

 

Inventories

 

39,374

 

 

 

35,181

 

Total current assets

 

1,291,369

 

 

 

1,371,499

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

 

 

 

 

Long-term investments and receivables

 

49,498

 

 

 

38,985

 

Deferred taxes

 

43,960

 

 

 

42,027

 

Investments in companies accounted for at equity

 

19,894

 

 

 

20,746

 

Property, plants and equipment, net

 

53,877

 

 

 

54,971

 

Right-of-use assets

 

118,215

 

 

 

116,840

 

Intangible assets, net and goodwill

 

1,149,612

 

 

 

1,148,887

 

Total non-current assets

 

1,435,056

 

 

 

1,422,456

 

 

 

 

 

 

 

 

 

Total assets

 

2,726,425

 

 

 

2,793,955

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Credit from banks and others

 

155,685

 

 

 

157,882

 

Debentures

 

66,011

 

 

 

68,293

 

Current maturities of lease liabilities

 

46,192

 

 

 

45,497

 

Trade payables

 

202,932

 

 

 

222,482

 

Deferred revenues

 

136,390

 

 

 

131,639

 

Employees and payroll accrual

 

182,366

 

 

 

201,225

 

Other accounts payable

 

70,149

 

 

 

86,340

 

Liabilities in respect of business combinations

 

13,045

 

 

 

27,129

 

Put options of non-controlling interests

 

51,188

 

 

 

60,500

 

Total current liabilities

 

923,958

 

 

 

1,000,987

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

 

Loans from banks and others

 

118,543

 

 

 

115,874

 

Debentures

 

265,221

 

 

 

305,632

 

Lease liabilities

 

79,544

 

 

 

78,966

 

Other long-term liabilities

 

13,980

 

 

 

14,101

 

Deferred taxes

 

60,172

 

 

 

59,465

 

Deferred revenues

 

5,878

 

 

 

8,859

 

Liabilities in respect of business combinations

 

5,827

 

 

 

12,345

 

Put options of non-controlling interests

 

15,892

 

 

 

11,688

 

Employees benefit liabilities, net

 

9,741

 

 

 

9,116

 

Total long-term liabilities

 

574,798

 

 

 

616,046

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Equity attributable to Formula Systems shareholders

 

576,106

 

 

 

551,875

 

Non-controlling interests

 

651,563

 

 

 

625,047

 

Total equity

 

1,227,669

 

 

 

1,176,922

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

2,726,425

 

 

 

2,793,955

 

 

 

 

 

 

 

 

 


FORMULA SYSTEMS (1985) LTD.

 

 

 

 

 

 

 

STAND-ALONE STATEMENTS OF FINANCIAL POSITION

 

 

 

 

U.S. dollars in thousands

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

December 31,

 

 

 

2023

 

 

 

2022

 

 

(Unaudited)

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

 

38,126

 

 

 

39,363

 

Other accounts receivable and prepaid expenses

 

6,966

 

 

 

7,326

 

Total current assets

 

45,092

 

 

 

46,689

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

 

 

 

 

Investment in subsidiaries and a jointly controlled entity (*)

 

 

 

 

 

 

 

Matrix IT Ltd.

 

150,197

 

 

 

149,701

 

Sapiens International Corporation N.V.

 

234,321

 

 

 

228,860

 

Magic Software Enterprises Ltd.

 

124,805

 

 

 

125,058

 

Other

 

144,614

 

 

 

154,408

 

Total investment in subsidiaries and a jointly controlled entity

 

653,937

 

 

 

658,027

 

 

 

 

 

 

 

 

 

Long term receivables and other investments

 

21,715

 

 

 

12,870

 

Property, plants and equipment, net

 

7

 

 

 

8

 

Total non-current assets

 

675,659

 

 

 

670,905

 

 

 

 

 

 

 

 

 

Total assets

 

720,751

 

 

 

717,594

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Debentures

 

22,128

 

 

 

32,999

 

Trade payables

 

169

 

 

 

125

 

Other accounts payable

 

1,315

 

 

 

5,596

 

Put options of non-controlling interests

 

853

 

 

 

848

 

Liability in respect of a business combination

 

405

 

 

 

426

 

Total current liabilities

 

24,870

 

 

 

39,994

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

 

Debentures

 

119,546

 

 

 

125,484

 

Liability in respect of a business combination

 

229

 

 

 

241

 

Total long-term liabilities

 

119,775

 

 

 

125,725

 

 

 

 

 

 

 

 

 

EQUITY

 

576,106

 

 

 

551,875

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

720,751

 

 

 

717,594

 

 

 

 

 

 

 

 

 

(*) The investments' carrying amounts are measured consistent with the accounting principles applied in the consolidated financial statements of the group and representing the investments’ cost adjusted by Formula's share in the investees' accumulated undistributed earnings and other comprehensive income or loss.