Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F x Form 40-F o
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
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Yes o No x
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
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Yes o No x
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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes o No x
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______
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ITURAN LOCATION & CONTROL LTD.
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||||
(Registrant)
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||||
By:
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/s/ Eyal Sheratzky | |||
Name:
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Eyal Sheratzky
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|||
Title:
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Co-Chief Executive Officer
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·
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Record net subscribers adds during 2015 amounted to 131 thousand, ending the year with 948 thousand subscribers;
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·
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Full year revenue reached $176 million;
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·
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Gross and operating margins of 51.2% and 23.1%, respectively;
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·
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EBITDA of $52.6 million or 30.0% of revenues;
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·
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Generated $35.9 million in operating cash flow;
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·
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Total dividends of $16 million issued to shareholders for 2015;
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·
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Ended 2015 with $28.9 million in net cash (including marketable securities);
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·
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Strong net subscribers adds in the quarter amounting to 33 thousand;
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·
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Revenue of $43.8 million;
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·
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Gross margins of 50.9% and operating margins at 23.6%;
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·
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EBITDA of $14.2 million or 32.3% of revenues;
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·
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Generated $7.7 million in operating cash flow;
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·
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Dividend of $6.5 million declared for the quarter;
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Company Contact
|
International Investor Relations
|
|
Udi Mizrahi
udi_m@ituran.com
VP Finance, Ituran
(Israel) +972 3 557 1348
|
Ehud Helft
ituran@gkir.com
GK Investor Relations
(US) +1 646 201 9246
|
Page
|
|
Consolidated Financial Statements:
|
|
2-3
|
|
4
|
|
5-6
|
US dollars
|
||||||||
December 31,
|
||||||||
(in thousands)
|
2015
|
2014
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
27,016 | 38,418 | ||||||
Investment in marketable securities
|
2,035 | 2,362 | ||||||
Accounts receivable (net of allowance for doubtful accounts)
|
27,436 | 27,960 | ||||||
Other current assets
|
22,437 | 22,318 | ||||||
Inventories
|
12,781 | 12,164 | ||||||
91,705 | 103,222 | |||||||
Long-term investments and debit balances
|
||||||||
Investments in affiliated company
|
4,705 | 1,016 | ||||||
Investments in other company
|
78 | 79 | ||||||
Other non-current assets
|
1,166 | 2,091 | ||||||
Deferred income taxes
|
2,279 | 2,886 | ||||||
Funds in respect of employee rights upon retirement
|
7,174 | 6,642 | ||||||
15,402 | 12,714 | |||||||
Property and equipment, net
|
31,514 | 31,908 | ||||||
Intangible assets, net
|
26 | 452 | ||||||
Goodwill
|
3,356 | 4,041 | ||||||
Total assets
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142,003 | 152,337 |
US dollars
|
||||||||
December 31,
|
||||||||
(in thousands)
|
2015
|
2014
|
||||||
Current liabilities
|
||||||||
Credit from banking institutions
|
155 | - | ||||||
Accounts payable
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10,466 | 11,658 | ||||||
Deferred revenues
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9,210 | 9,401 | ||||||
Other current liabilities
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21,750 | 25,253 | ||||||
41,581 | 46,312 | |||||||
Long-term liabilities
|
||||||||
Liability for employee rights upon retirement
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10,637 | 10,229 | ||||||
Provision for contingencies
|
622 | - | ||||||
Deferred revenues
|
973 | 1,063 | ||||||
Deferred income taxes
|
- | 150 | ||||||
Other non-current liabilities
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369 | - | ||||||
12,601 | 11,442 | |||||||
Equity:
|
||||||||
Stockholders' equity
|
83,698 | 90,696 | ||||||
Non - controlling interest
|
4,123 | 3,887 | ||||||
Total equity
|
87,821 | 94,583 | ||||||
Total liabilities and shareholders’ equity
|
142,003 | 152,337 |
US dollars
|
US dollars
|
|||||||||||||||
(in thousands
|
Year ended
December 31,
|
Three months period
ended December 31,
|
||||||||||||||
except per share data)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Location-based services
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127,683 | 133,692 | 32,088 | 32,955 | ||||||||||||
Wireless communications products
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47,945 | 48,435 | 11,703 | 10,592 | ||||||||||||
175,628 | 182,127 | 43,791 | 43,547 | |||||||||||||
Cost of revenues:
|
||||||||||||||||
Location-based services
|
46,823 | 46,852 | 11,897 | 11,325 | ||||||||||||
Wireless communications products
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38,924 | 38,142 | 9,616 | 8,531 | ||||||||||||
85,747 | 84,994 | 21,513 | 19,856 | |||||||||||||
Gross profit
|
89,881 | 97,133 | 22,278 | 23,691 | ||||||||||||
Research and development expenses
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2,401 | 2,526 | 702 | 631 | ||||||||||||
Selling and marketing expenses
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9,303 | 9,264 | 2,391 | 2,481 | ||||||||||||
General and administrative expenses
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37,801 | 38,617 | 9,126 | 9,667 | ||||||||||||
Other expenses, net
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(268 | ) | 856 | (251 | ) | 919 | ||||||||||
Operating income
|
40,644 | 45,870 | 10,310 | 9,993 | ||||||||||||
Financing income, net
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1,189 | 1,704 | 415 | 489 | ||||||||||||
Income before income taxes
|
41,833 | 47,574 | 10,725 | 10,482 | ||||||||||||
Income tax expenses
|
(12,822 | ) | (14,246 | ) | (3,165 | ) | (2,873 | ) | ||||||||
Share in losses of affiliated company, net
|
(2,439 | ) | (421 | ) | (957 | ) | (113 | ) | ||||||||
Net income for the period
|
26,572 | 32,907 | 6,603 | 7,496 | ||||||||||||
Less:Net income attributable to non-controlling interest
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(1,601 | ) | (2,478 | ) | (421 | ) | (482 | ) | ||||||||
Net income attributable to the company
|
24,971 | 30,429 | 6,182 | 7,014 | ||||||||||||
Basic and diluted earnings per Share of attributable to company’s Stockholders
|
1.19 | 1.45 | 0.29 | 0.33 | ||||||||||||
Basic and diluted weighted average Number of shares outstanding
|
20,968 | 20,968 | 20,968 | 20,968 |
US dollars
|
US dollars
|
|||||||||||||||
Year ended
December 31,
|
Three months period
ended December 31,
|
|||||||||||||||
(in thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Cash flows from operating activities
|
|
|
||||||||||||||
Net income for the period
|
26,572 | 32,907 | 6,603 | 7,496 | ||||||||||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||||||||||
Depreciation, amortization and impairment of goodwill
|
11,962 | 12,219 | 3,840 | 4,088 | ||||||||||||
Gain from sale of subsidiary, net (Appendix A)
|
(951 | ) | - | (951 | ) | - | ||||||||||
Exchange differences on principal of deposit and loans, net
|
- | (23 | ) | - | - | |||||||||||
Loss (gains) in respect of trading marketable securities
|
(666 | ) | (133 | ) | (238 | ) | 138 | |||||||||
Increase in liability for employee rights upon retirement
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717 | 1,655 | 215 | 361 | ||||||||||||
Share in losses of affiliated company, net
|
2,439 | 421 | 957 | 113 | ||||||||||||
Deferred income taxes
|
1,731 | (737 | ) | 791 | 472 | |||||||||||
Capital (gain) losses on sale of property and equipment, net
|
(31 | ) | (270 | ) | (21 | ) | (251 | ) | ||||||||
Decrease (increase) in accounts receivable
|
117 | (1,864 | ) | 201 | 1,004 | |||||||||||
Decrease (increase) in other current and non-current assets
|
(2,695 | ) | (4,749 | ) | (2,610 | ) | (3,979 | ) | ||||||||
Decrease (increase) in inventories
|
(658 | ) | 783 | (909 | ) | (1,454 | ) | |||||||||
Increase (decrease) in accounts payable
|
(1,176 | ) | 927 | (84 | ) | 1,839 | ||||||||||
Increase (decrease) in deferred revenues
|
(246 | ) | 749 | 618 | 961 | |||||||||||
Increase (decrease) in other current and non-current liabilities
|
(1,201 | ) | (4,154 | ) | (739 | ) | (3,601 | ) | ||||||||
Net cash provided by operating activities
|
35,914 | 37,731 | 7,673 | 7,187 | ||||||||||||
Cash flows from investment activities
|
||||||||||||||||
Increase in funds in respect of employee rights upon retirement
|
||||||||||||||||
Net of withdrawals
|
(804 | ) | (708 | ) | (229 | ) | (168 | ) | ||||||||
Capital expenditures
|
(18,724 | ) | (14,976 | ) | (3,986 | ) | (5,611 | ) | ||||||||
Investment in marketable securities
|
(11 | ) | (2,771 | ) | (11 | ) | - | |||||||||
Investments in affiliated company
|
(5,966 | ) | - | (1,327 | ) | - | ||||||||||
Subsidiary no longer consolidated (Appendix A)
|
(266 | ) | - | (266 | ) | - | ||||||||||
Deposit in escrow
|
- | 5,005 | - | - | ||||||||||||
Sale of (investment in) deposit
|
(341 | ) | (283 | ) | (20 | ) | (160 | ) | ||||||||
Proceeds from sale of property and equipment
|
406 | 489 | 117 | 363 | ||||||||||||
Net cash used in investment activities
|
(25,706 | ) | (13,244 | ) | (5,722 | ) | (5,576 | ) | ||||||||
Cash flows from financing activities
|
||||||||||||||||
Short term credit from banking institutions, net
|
160 | (38 | ) | (287 | ) | (2 | ) | |||||||||
Acquisition of non-controlling interests
|
- | (500 | ) | - | - | |||||||||||
Dividend payment
|
(17,590 | ) | (19,324 | ) | (2,861 | ) | (3,843 | ) | ||||||||
Dividend payment to non-controlling interest
|
(1,229 | ) | (2,564 | ) | - | (502 | ) | |||||||||
Net cash used in financing activities
|
(18,659 | ) | (22,426 | ) | (3,148 | ) | (4,347 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(2,951 | ) | (5,340 | ) | (1,221 | ) | (1,850 | ) | ||||||||
Net Increase(decrease) in cash and cash equivalents
|
(11,402 | ) | (3,279 | ) | (2,418 | ) | (4,586 | ) | ||||||||
Balance of cash and cash equivalents at beginning of period
|
38,418 | 41,697 | 29,434 | 43,004 | ||||||||||||
Balance of cash and cash equivalents at end of period
|
27,016 | 38,418 | 27,016 | 38,418 |
US dollars
|
||||
Year ended
December 31,
|
||||
(in thousands)
|
2015
|
|||
Working capital (excluding cash and cash equivalents), net
|
1,215 | |||
Funds in respect of employee rights upon retirement
|
(250 | ) | ||
Property and equipment , net
|
(23 | ) | ||
Liability for employee rights upon retirement
|
275 | |||
Gain from sale of subsidiary
|
(951 | ) | ||
266 |