CAESAREA, Israel--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange), the global manufacturer and marketer of branded and private label intimate apparel products for men, women and children, as well as leisurewear, activewear and denim, today reported record financial results for the second quarter and first half ended June 30, 2022.
Second Quarter 2022 Highlights (Comparisons are to Prior Year Period)
- Sales reached record levels for the sixth consecutive quarter, increasing 8%, or 11% in constant dollars, to $491.3 million, versus $455.8 million last year.
- Operating income excluding non-recurring items increased 4% to a record $44 million.
- Net income excluding non-recurring items increased 3% to a record $28.1 million, compared to $27.3 million.
- Diluted earnings per share (EPS), adjusted for non-recurring items, increased 4% to a record $1.01, compared to $0.97 per share.
- EBITDA excluding IFRS 16 increased 2% to a record $52.1 million.
- Balance sheet remains strong with $182.6 million in cash and short-term deposits, and $641.6 million in equity as of June 30, 2022.
- Delta Galil declared a dividend of $6.0 million, or $0.235 per share, to be distributed on September 6, 2022. The “record” and "ex-dividend" date will be August 22, 2022.
Isaac Dabah, CEO of Delta Galil, stated, “Positive momentum continued across many aspects of our business and we produced record second quarter and year-to-date financial results. Our record results reflect the powerful and diversified platform we have built, our innovative products, compelling brands, broad customer base and the successful execution of our growth strategy. We remain focused on maintaining robust levels of profitability as we successfully control operating costs and leverage our SG&A expenses.”
Mr. Dabah, continued, “We believe we are well positioned to successfully navigate the challenging retail environment while pursuing our long-term growth initiatives. In July 2022, as part of our global strategy to grow our digital presence and increase our focus on sustainable apparel and brands, we acquired Organic Basics, a digitally-native brand known for its sustainably and ethically made underwear, activewear and base layers. We see a significant opportunity to grow the Organic Basics brand globally, particularly in the U.S. and Europe, and we are excited to launch an expanded collection of products in 2023. We are confident that our diversified business model, strong balance sheet and global workforce will position us to meet our targets, and we expect 2022 to be a record year for sales and profitability.”
Sales
The Company reported record sales of $491.3 million in the second quarter of 2022, an 8% increase from $455.8 million in the second quarter of 2021. In constant dollars, second quarter sales increased 11% from the prior-year period. Record second-quarter sales were driven primarily by strong growth within the Company’s Private Label segment. The Company reported record first-half sales of $975.1 million, a 12% increase from $871.9 million in the prior-year period. In constant dollars, first-half sales increased 14% from the prior-year period.
Digital Sales
Own website sales in the second quarter of 2022 declined 15% to $53.7 million, compared to $63.4 million in the prior-year period, following a shift in consumer behavior back to physical retail locations as stores reopened after COVID-19 related lockdowns. Own website sales in the first half of 2022 declined 19% to $108.5 million, compared to $134.1 million in the prior-year period.
Excluding Bare Necessities, which was acquired in October 2020, own website sales in the second quarter and first half of 2022 increased by 93% and 100%, respectively, compared to the same periods in 2019.
Gross Profit
Gross profit in the second quarter of 2022 increased 1% to $189.0 million, or 38.5% of total sales, compared to $187.3 million, or 41.1% of total sales in the prior-year period. The year-over-year reduction in second-quarter gross margin is attributable mainly to increased freight and raw material costs, the increased mix of Private Label sales--which are characterized by lower gross margins but higher operating margins--and the devaluation of the Euro compared to the USD, partially offset by a favorable customer mix, and increased profitability of the Company’s factories. Gross profit in the first half of 2022 increased 8% to $372.3 million, or 38.2% of total sales, compared to $346.3 million, or 39.7% of total sales, in the first half of 2021.
EBIT, Excluding Non-Recurring Items
EBIT excluding non-recurring items in the second quarter of 2022 increased 4% to $44.0 million, compared to $42.4 million in the prior-year period. The increase was driven by higher sales, operating leverage. EBIT excluding non-recurring items in the first half of 2022 increased 11% to $78.2 million, compared to $70.4 million in the prior-year period.
Net Income, Excluding Non-Recurring Items
Net income excluding non-recurring items in the second quarter of 2022 increased 3% to $28.1 million, compared to $27.3 million in the prior-year period. Net income excluding non-recurring items in the first half of 2022 increased 11% to $47.1 million, compared to $42.4 million in the prior-year period.
Diluted Earnings Per Share, Excluding Non-Recurring Items
Diluted earnings per share excluding non-recurring items in the second quarter of 2022 increased 4% to $1.01, compared to diluted earnings per share of $0.97 in the prior-year period. Diluted earnings per share excluding non-recurring items in the first half of 2022 increased 9% to $1.68, compared to diluted earnings per share of $1.54 in the prior-year period.
EBITDA, Cash Flow, Net Debt, Equity, and Dividend
EBITDA excluding IFRS 16 in the second quarter of 2022 increased 2% to $52.1 million, compared to $50.9 million in the comparable period last year. EBITDA excluding IFRS 16 in the first half of 2022 increased 8% to $94.7 million, compared to $87.4 million in the comparable period last year.
Net cash used in operating activities excluding IFRS 16 was $15.7 million in the second quarter of 2022, compared to net cash provided by operating activities of $36.9 million in the prior-year period. The year-over-year reduction in operating cash flow reflects higher investments in working capital, mainly inventory, to better support growth and service seasonal inventory requirements. Net cash used in operating activities excluding IFRS 16 was $68.3 million in the first half of 2022, compared to net cash provided by operating activities of $58.3 million in the same period in 2021.
Net financial debt excluding IFRS 16 as of June 30, 2022, was $218.4 million, compared to $124.6 million as of June 30, 2021. At June 30, 2022, the ratio of net financial debt excluding IFRS 16 to trailing 12-month EBITDA was 0.9 times, compared to 0.7 times at June 30, 2021.
Delta Galil declared a dividend of $6.0 million, or $0.235 per share, to be distributed on September 6, 2022. The “record” and "ex-dividend" date will be August 22, 2022.
Non-recurring items
The Company is focused on realigning its manufacturing footprint to improve production flexibility and efficiencies while reducing its manufacturing presence in China. As a result, during the second quarter of 2022, the Company ceased operations at Bogart's Shenzhen Factory and moved its operating activity to a new factory in Vietnam. The Company recorded a $5.5 million expense during the second quarter of 2022 associated with employee severance and related costs.
2022 Financial Guidance
Delta Galil’s 2022 guidance excludes non-recurring items and includes IFRS 16, and assumes there is no major resurgence of the COVID-19 pandemic that leads to quarantines and/or lockdowns in any countries in which the Company sells or manufactures its products. The Company reiterates its guidance on a constant currency basis and expects to achieve the mid-to-low range of its sales guidance.
Rapid changes in currency exchange rates have impacted the Company’s reported sales. On a constant currency (USD) basis (*), full year 2022 sales would benefit from additional sales of $45 million or 2%.
|
Full-Year 2022
|
|
Estimated Year-Over-
|
|
2021
|
||
|
Low |
High |
|
Low |
High |
|
|
Sales |
$2,082 |
$2,108 |
|
7% |
8% |
|
$1,951 |
EBIT |
$210 |
$220 |
|
12% |
17% |
|
$188.1 |
EBITDA |
$312 |
$322 |
|
9% |
12% |
|
$286.8 |
Net income |
$138 |
$145 |
|
11% |
17% |
|
$124.2 |
EPS, diluted |
$4.80 |
$5.09 |
|
8% |
15% |
|
$4.44 |
(*) based on the following exchange rate: 1.03 $ per 1 Euro, 3.30 NIS per 1$
Earnings Presentation
The Company will host an in-person investor meeting to discuss second quarter 2022 results and its business outlook at the Tel Aviv Stock Exchange on August 15, 2022 at 9:00 a.m. Israel Daylight Time. A recording of the presentation will be available later in the week at deltagalil.com/investor-relations/events-presentations.
Constant Currency - Excluding the Impact of Foreign Currency
This release refers to “reported” amounts in accordance with IFRS accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to “constant dollar” amounts, which exclude the impact of translating foreign currencies into USD (U.S. dollars), and is considered a non-GAAP financial measure.
These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded and private label apparel products for men, women and children. Since its inception in 1975, the Company has continually strived to create products that follow a body-before-fabric philosophy, placing equal emphasis on comfort, aesthetics and quality. Delta Galil develops innovative seamless apparel including bras, shapewear and socks; intimate apparel for women; extensive lines of underwear for men and branded Men’s underwear including the brands Schiesser, Eminence, Athena & Liabel; babywear, activewear, sleepwear such as the PJ Salvage brand, and leisurewear. Delta Galil also designs, develops markets and sells branded denim and apparel under the brand 7 For All Mankind®, and ladies apparel under the brand Splendid®. In addition, it sells its products under brand names licensed to the company, including adidas, Wolford, Wilson, Columbia, Tommy Hilfiger and others. For more information, visit www.deltagalil.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Source: Delta Galil Industries, Ltd.
DELTA GALIL INDUSTRIES LTD. |
||||||||
Concise Consolidated Balance Sheets |
||||||||
As of June 30, 2022 |
||||||||
|
June 30 |
|
|
December 31 |
||||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
(Unaudited) |
|
|
(Audited) |
||||
|
Thousands of Dollars |
|||||||
Assets |
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|||
Cash and cash equivalents |
147,827 |
|
279,881 |
|
230,129 |
|||
Restricted Cash |
5,294 |
|
898 |
|
5,845 |
|||
Short-term deposit |
29,469 |
|
- |
|
- |
|||
Trade receivables |
180,688 |
|
171,443 |
|
202,140 |
|||
Taxes on income receivable |
11,636 |
|
12,175 |
|
11,272 |
|||
Others |
41,584 |
|
37,621 |
|
43,511 |
|||
Financial derivative |
310 |
|
1,635 |
|
1,615 |
|||
Inventory |
519,392 |
|
357,432 |
|
395,158 |
|||
Total current assets |
936,201 |
|
861,085 |
|
889,670 |
|||
|
|
|
|
|
|
|||
Non-current assets: |
|
|
|
|
|
|||
Investments in associated companies accounted using |
|
|
|
|
|
|||
the equity method and long-term receivables |
12,262 |
|
11,008 |
|
12,593 |
|||
Investment property |
2,692 |
|
3,215 |
|
2,997 |
|||
Fixed assets, net of accumulated depreciation |
216,072 |
|
206,886 |
|
212,999 |
|||
Goodwill |
144,309 |
|
149,366 |
|
147,447 |
|||
Intangible assets, net of accumulated amortization |
276,071 |
|
289,095 |
|
287,109 |
|||
Assets in respect of usage rights |
201,419 |
|
201,740 |
|
191,213 |
|||
Deferred tax assets |
18,872 |
|
15,838 |
|
18,705 |
|||
Financial derivative |
2,824 |
|
26,186 |
|
12,098 |
|||
Total non-current assets |
874,521 |
|
903,334 |
|
885,161 |
|||
Total assets |
1,810,722 |
|
1,764,419 |
|
1,774,831 |
|||
|
|
|
|
|
|
|||
DELTA GALIL INDUSTRIES LTD. |
||||||||
Concise Consolidated Balance Sheets |
||||||||
As of June 30, 2022 |
||||||||
|
June 30 |
|
December 31 |
|||||
|
2022 |
|
2021 |
|
2021 |
|||
|
(Unaudited) |
|
(Audited) |
|||||
|
Thousands of Dollars |
|||||||
Liabilities and Equity |
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|||
Short-term bank loans |
28,147 |
|
13 |
|
- |
|||
Current maturities of bank loans |
6,795 |
|
13,839 |
|
7,501 |
|||
Current maturities of debentures |
30,730 |
|
39,013 |
|
32,102 |
|||
Financial derivative |
676 |
|
365 |
|
- |
|||
Current maturities of liabilities in respect of leases |
47,614 |
|
56,678 |
|
51,776 |
|||
Trade payables |
251,697 |
|
213,159 |
|
247,662 |
|||
Taxes on income payable |
21,251 |
|
21,977 |
|
27,070 |
|||
Provision for restructuring plan |
7,343 |
|
17,789 |
|
8,879 |
|||
Others |
157,730 |
|
152,575 |
|
172,607 |
|||
Total current liabilities |
551,983 |
|
515,408 |
|
547,597 |
|||
|
|
|
|
|
|
|||
Non-current liabilities: |
|
|
|
|
|
|||
Bank loans |
164,681 |
|
59,747 |
|
117,122 |
|||
Severance pay liabilities less plan assets |
7,774 |
|
8,996 |
|
7,075 |
|||
Liabilities in respect of leases |
170,700 |
|
169,670 |
|
158,851 |
|||
Other non-current liabilities |
76,495 |
|
72,318 |
|
78,891 |
|||
Debentures |
162,211 |
|
312,647 |
|
176,316 |
|||
Deferred taxes liabilities |
35,227 |
|
40,389 |
|
39,797 |
|||
Financial derivative |
39 |
|
- |
|
- |
|||
Total non-current liabilities |
617,127 |
|
663,767 |
|
578,052 |
|||
Total liabilities |
1,169,110 |
|
1,179,175 |
|
1,125,649 |
|||
|
|
|
|
|
|
|||
Equity: |
|
|
|
|
|
|||
Equity attributable to equity holders of the parent company: |
|
|
|
|
|
|||
Share capital |
23,714 |
|
23,714 |
|
23,714 |
|||
Share premium |
128,445 |
|
129,982 |
|
129,500 |
|||
Other capital reserves |
20,778 |
|
53,534 |
|
53,335 |
|||
Retained earning |
456,538 |
|
370,033 |
|
432,189 |
|||
Treasury shares |
(14,252) |
|
(15,789) |
|
(15,307) |
|||
|
615,223 |
|
561,474 |
|
623,431 |
|||
Minority interests |
26,389 |
|
23,770 |
|
25,751 |
|||
Total equity |
641,612 |
|
585,244 |
|
649,182 |
|||
Total liabilities and equity |
1,810,722 |
|
1,764,419 |
|
1,774,831 |
|||
DELTA GALIL INDUSTRIES LTD. |
|||||||||
Concise Consolidated Statement of Income |
|||||||||
For the 3-month and 6-month periods ending June 30, 2022 |
|||||||||
|
Six months ended June 30 |
|
Three months ended June 30 |
||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||
|
(Unaudited) |
||||||||
|
Thousands of Dollars |
||||||||
|
(Excluding earning per share figures) |
||||||||
|
|
|
|
|
|
|
|
||
Sales |
975,124 |
|
871,906 |
|
491,251 |
|
455,771 |
||
Cost of sales |
602,841 |
|
525,605 |
|
302,260 |
|
268,500 |
||
Gross profit |
372,283 |
|
346,301 |
|
188,991 |
|
187,271 |
||
% of sales |
38.2% |
|
39.7% |
|
38.5% |
|
41.1% |
||
Selling and marketing expenses |
252,822 |
|
230,838 |
|
125,712 |
|
121,194 |
||
% of sales |
25.9% |
|
26.5% |
|
25.6% |
|
26.6% |
||
General and administrative expenses |
45,433 |
|
45,065 |
|
22,207 |
|
23,254 |
||
% of sales |
4.7% |
|
5.2% |
|
4.5% |
|
5.1% |
||
Other Expenses (income), net and Share in profits of associated company accounted for using the equity method |
(4,159) |
|
2 |
|
(2,921) |
|
381 |
||
Operating income excluding non-recurring items |
78,187 |
|
70,396 |
|
43,993 |
|
42,442 |
||
% of sales |
8.0% |
|
8.1% |
|
9.0% |
|
9.3% |
||
Non-core items |
5,467 |
|
- |
|
5,467 |
|
- |
||
Operating income |
72,720 |
|
70,396 |
|
38,526 |
|
42,442 |
||
Finance expenses, net |
18,089 |
|
17,298 |
|
8,417 |
|
8,319 |
||
Income before taxes on income |
54,631 |
|
53,098 |
|
30,109 |
|
34,123 |
||
Taxes on income |
13,025 |
|
10,747 |
|
7,448 |
|
6,853 |
||
Net income for the period |
41,606 |
|
42,351 |
|
22,661 |
|
27,270 |
||
Net income for the period excluding non-core items, net of tax |
47,073 |
|
42,351 |
|
28,128 |
|
27,270 |
||
|
|
|
|
|
|
|
|
||
Attribution of net earnings for the period: |
|
|
|
|
|
|
|
||
Attributed to company's shareholders |
39,019 |
|
39,659 |
|
21,271 |
|
25,113 |
||
Attributed to non-controlling interests |
2,587 |
|
2,692 |
|
1,390 |
|
2,157 |
||
|
41,606 |
|
42,351 |
|
22,661 |
|
27,270 |
||
|
|
|
|
|
|
|
|
||
Net diluted earnings per share attributed to company's shareholders (in US Dollars) |
1.47 |
|
1.54 |
|
0.80 |
|
0.97 |
||
|
|
|
|
|
|
|
|
||
Net diluted earnings per share, before non-core items net of tax attributable to Company's shareholders (in US Dollars) |
1.68 |
|
1.54 |
|
1.01 |
0.97 |
|||
DELTA GALIL INDUSTRIES LTD. |
|||||||
Concise Consolidated Cash Flow Reports |
|||||||
For the 3-month and 6-month periods ending June 30, 2022 |
|||||||
|
Six months ended June 30 |
|
Three months ended June 30 |
||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
||||||
|
Thousands of Dollars |
||||||
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income for the period |
41,606 |
|
42,351 |
|
22,661 |
|
27,270 |
Adjustments required to reflect cash flows |
|
|
|
|
|
|
|
deriving from (used in) operating activities |
(61,095) |
|
51,578 |
|
(15,921) |
|
30,534 |
Interest paid in cash |
(12,675) |
|
(15,055) |
|
(5,190) |
|
(7,050) |
Interest received in cash |
122 |
|
161 |
|
31 |
|
72 |
Taxes on income refund (paid) in cash, net |
(10,126) |
|
2,559 |
|
(3,892) |
|
(569) |
Net cash generated from (used in) operating activities |
(42,168) |
|
81,594 |
|
(2,311) |
|
50,257 |
Cash flows from investment activities: |
|
|
|
|
|
|
|
Short-term deposit |
(29,469) |
|
- |
|
(29,469) |
|
- |
Acquisition of fixed assets |
(14,804) |
|
(10,714) |
|
(7,084) |
|
(5,005) |
Acquisition of intangible assets |
(3,240) |
|
(1,682) |
|
(1,872) |
|
(691) |
Change in short-term deposit, net |
- |
|
(1,750) |
|
- |
|
- |
Proceeds from selling of fixed asset |
90 |
|
643 |
|
10 |
|
55 |
Others |
551 |
|
(2,116) |
|
98 |
|
- |
Net cash used in Investing activities |
(46,872) |
|
(15,619) |
|
(38,317) |
|
(5,641) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Dividends paid to non-controlling interest holders |
|
|
|
|
|
|
|
in consolidated subsidiary |
(2,117) |
|
(220) |
|
(572) |
|
(220) |
Long term payables credit for fixed assets purchase |
(5,397) |
|
(2,491) |
|
(2,341) |
|
(959) |
Lease principle repayment |
(26,151) |
|
(23,293) |
|
(13,438) |
|
(13,392) |
Dividend paid |
(15,963) |
|
(3,514) |
|
(6,032) |
|
(3,514) |
Receipt of a long-term loans from banking corporations |
53,800 |
|
- |
|
- |
|
- |
Repayment of long-term loans from banks |
(3,542) |
|
(46,304) |
|
(1,553) |
|
(43,566) |
Short-term credit from banking corporations, net |
28,198 |
|
(10,999) |
|
11,839 |
|
(14,007) |
Repayment of bank loan used to acquisition of a subsidiary |
(792) |
|
(3,001) |
|
(393) |
|
(1,457) |
Net proceeds from issuance of a subsidiary |
- |
|
77,156 |
|
- |
|
- |
Others |
(5,454) |
|
- |
|
(4,189) |
|
- |
Net cash generated from ( used in) financing activities |
22,582 |
|
(12,666) |
|
(16,679) |
|
(77,115) |
Net increase (decrease) in cash and cash equivalents |
(66,458) |
|
53,309 |
|
(57,307) |
|
(32,499) |
|
|
|
|
|
|
|
|
Exchange rate differences and revaluation of cash |
|
|
|
|
|
|
|
and cash equivalents, net |
(15,844) |
|
(4,271) |
|
(12,705) |
|
401 |
Balance of cash and cash equivalents |
|
|
|
|
|
|
|
at the beginning of the period, net |
230,129 |
|
230,843 |
|
217,839 |
|
311,979 |
Balance of cash and cash equivalents at the end of the Period, net |
147,827 |
|
279,881 |
|
147,827 |
|
279,881 |
DELTA GALIL INDUSTRIES LTD. |
||||||||
Concise Consolidated Cash Flow Reports |
||||||||
For the 3-month and 6-month periods ending June 30, 2022 |
||||||||
|
Six months ended June 30 |
|
Three months ended June 30 |
|||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|||||||
|
Thousands of Dollars |
|||||||
Adjustments required to reflect cash flows |
|
|
|
|
|
|
|
|
from operating activities: |
|
|
|
|
|
|
|
|
Revenues and expenses not involving cash flow: |
|
|
|
|
|
|
|
|
Depreciation |
16,000 |
|
17,511 |
|
7,688 |
|
8,723 |
|
Amortization |
30,213 |
|
31,776 |
|
15,180 |
|
15,801 |
|
Cash erosion, net |
399 |
|
(1,878) |
|
394 |
|
(2,554) |
|
Interest paid in cash |
8,338 |
|
9,464 |
|
3,219 |
|
4,762 |
|
Interest received in cash |
(122) |
|
(161) |
|
(31) |
|
(72) |
|
Taxes on income paid (received) in cash, net |
10,126 |
|
(2,559) |
|
3,892 |
|
569 |
|
Deferred taxes on income, net |
(8,515) |
|
5,867 |
|
(6,108) |
|
1,704 |
|
Interest due to lease agreements |
4,337 |
|
5,591 |
|
1,971 |
|
2,288 |
|
Severance pay liability, net |
- |
|
240 |
|
- |
|
112 |
|
Change in restructuring accrual |
(1,554) |
|
(9,036) |
|
2,533 |
|
(4,871) |
|
Decrease in liabilities in respect of leases due to rent payments relief |
- |
|
(3,391) |
|
- |
|
(332) |
|
Capital loss from sale of fixed assets |
(22) |
|
(240) |
|
(11) |
|
(68) |
|
Change to the benefit component of options granted to employees |
1,875 |
|
1,620 |
|
727 |
|
770 |
|
Impairment loss (profit) on trade receivables |
19 |
|
40 |
|
93 |
|
(174) |
|
Share in profits of associated company accounted for using the equity method |
(280) |
|
(38) |
|
(240) |
|
(32) |
|
Others |
2,059 |
|
731 |
|
491 |
|
3,630 |
|
|
62,873 |
|
55,537 |
|
29,798 |
|
30,256 |
|
Changes to operating assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables |
9,545 |
|
23,651 |
|
(2,547) |
|
15,893 |
|
Decrease in other receivable and balances |
1,917 |
|
9,092 |
|
2,448 |
|
4,447 |
|
Decrease (increase) in trade payables |
5,849 |
|
26,175 |
|
(3,692) |
|
6,516 |
|
Decrease (increase) in other payables |
(5,478) |
|
11,703 |
|
11,564 |
|
17,209 |
|
Increase in inventory |
(135,801) |
|
(74,580) |
|
(53,492) |
|
(43,787) |
|
|
(123,968) |
|
(3,959) |
|
(45,719) |
|
278 |
|
|
(61,095) |
|
51,578 |
|
(15,921) |
|
30,534 |
|