Date: November 21, 2016 |
EVOGENE LTD.
(Registrant) By: /s/ Eyal Leibovitz —————————————— Eyal Leibovitz Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
|
99.1
|
Press Release: Evogene Reports Third Quarter 2016 Financial Results.
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
As of September 30,
|
As of December 31,
|
|||||||||||
2016
|
2015
|
2015
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
$
|
5,439
|
$
|
11,847
|
$
|
10,221
|
||||||
Restricted cash
|
47
|
47
|
47
|
|||||||||
Marketable securities
|
72,520
|
79,867
|
71,807
|
|||||||||
Short-term bank deposits
|
15,058
|
14,591
|
18,603
|
|||||||||
Trade receivables
|
100
|
963
|
2,675
|
|||||||||
Other receivables
|
1,778
|
1,083
|
1,023
|
|||||||||
94,942
|
108,398
|
104,376
|
||||||||||
LONG-TERM ASSETS:
|
||||||||||||
Long-term deposits
|
14
|
25
|
22
|
|||||||||
Property, plant and equipment, net
|
6,829
|
7,943
|
8,197
|
|||||||||
6,843
|
7,968
|
8,219
|
||||||||||
$
|
101,785
|
$
|
116,366
|
$
|
112,595
|
|||||||
CURRENT LIABILITIES:
|
||||||||||||
Trade payables
|
$
|
1,071
|
$
|
1,021
|
$
|
1,771
|
||||||
Other payables
|
2,695
|
2,428
|
3,049
|
|||||||||
Liabilities in respect of government grants
|
680
|
470
|
259
|
|||||||||
Deferred revenues and other advances
|
1,126
|
824
|
560
|
|||||||||
5,572
|
4,743
|
5,639
|
||||||||||
LONG-TERM LIABILITIES:
|
||||||||||||
Liabilities in respect of government grants
|
2,747
|
3,054
|
2,880
|
|||||||||
Deferred revenues and other advances
|
154
|
447
|
298
|
|||||||||
Severance pay liability, net
|
30
|
31
|
26
|
|||||||||
2,931
|
3,532
|
3,204
|
||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||
Ordinary shares of NIS 0.02 par value:
Authorized - 150,000,000 ordinary shares; Issued
and outstanding – 25,459,809, 25,394,388 and 25,404,362
shares at September 30, 2016 and 2015 and December 31, 2015, respectively
|
140
|
140
|
140
|
|||||||||
Share premium and other capital reserve
|
182,693
|
179,081
|
180,214
|
|||||||||
Accumulated deficit
|
(89,551
|
)
|
(71,130
|
)
|
(76,602
|
)
|
||||||
93,282
|
108,091
|
103,752
|
||||||||||
$
|
101,785
|
$
|
116,366
|
$
|
112,595
|
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
5,360
|
$
|
8,666
|
$
|
1,536
|
$
|
3,309
|
$
|
11,129
|
||||||||||
Cost of revenues
|
4,508
|
6,249
|
1,418
|
2,487
|
8,255
|
|||||||||||||||
Gross profit
|
852
|
2,417
|
118
|
822
|
2,874
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
11,670
|
10,326
|
3,905
|
3,097
|
14,449
|
|||||||||||||||
Business development
|
1,225
|
1,505
|
435
|
506
|
1,964
|
|||||||||||||||
General and administrative
|
2,894
|
3,138
|
950
|
1,001
|
4,382
|
|||||||||||||||
Total operating expenses
|
15,789
|
14,969
|
5,290
|
4,604
|
20,795
|
|||||||||||||||
Operating loss
|
(14,937
|
)
|
(12,552
|
)
|
(5,172
|
)
|
(3,782
|
)
|
(17,921
|
)
|
||||||||||
Financing income
|
2,286
|
2,045
|
191
|
768
|
2,571
|
|||||||||||||||
Financing expenses
|
(277
|
)
|
(1,234
|
)
|
(112
|
)
|
(368
|
)
|
(1,863
|
)
|
||||||||||
Loss before taxes on income
|
(12,928
|
)
|
(11,741
|
)
|
(5,093
|
)
|
(3,382
|
)
|
(17,213
|
)
|
||||||||||
Taxes on income
|
21
|
-
|
21
|
-
|
-
|
|||||||||||||||
Net loss
|
$
|
(12,949
|
)
|
$
|
(11,741
|
)
|
$
|
(5,114
|
)
|
$
|
(3,382
|
)
|
$
|
(17,213
|
)
|
|||||
Other comprehensive income (loss):
|
||||||||||||||||||||
Loss from cash flow hedges
|
$
|
-
|
$
|
(45
|
)
|
$
|
-
|
$
|
-
|
$
|
(45
|
)
|
||||||||
Amounts transferred to the statement of profit or loss for cash flow hedges
|
-
|
267
|
-
|
-
|
267
|
|||||||||||||||
Total comprehensive loss
|
$
|
(12,949
|
)
|
$
|
(11,519
|
)
|
$
|
(5,114
|
)
|
$
|
(3,382
|
)
|
$
|
(16,991
|
)
|
|||||
Basic and diluted loss per share
|
$
|
(0.51
|
)
|
$
|
(0.46
|
)
|
$
|
(0.20
|
)
|
$
|
(0.13
|
)
|
$
|
(0.68
|
)
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|
Share
capital
|
Share
premium
and other
capital reserve
|
Accumulated
deficit
|
Total
|
|||||||||||||
Unaudited
|
||||||||||||||||
Balance as of January 1, 2016 (audited)
|
$
|
140
|
$
|
180,214
|
$
|
(76,602
|
)
|
$
|
103,752
|
|||||||
Net and comprehensive loss
|
-
|
-
|
(12,949
|
)
|
(12,949
|
)
|
||||||||||
Exercise of options
|
*) -
|
|
143
|
-
|
143
|
|||||||||||
Share-based compensation
|
-
|
2,336
|
-
|
2,336
|
||||||||||||
Balance as of September 30, 2016
|
$
|
140
|
$
|
182,693
|
$
|
(89,551
|
)
|
$
|
93,282
|
Share
capital
|
Share
premium
and other
capital reserve
|
Accumulated
other
comprehensive
loss
|
Accumulated
deficit
|
Total
|
||||||||||||||||
Unaudited
|
||||||||||||||||||||
Balance as of January 1, 2015 (audited)
|
$
|
140
|
$
|
175,553
|
$
|
(222
|
)
|
$
|
(59,389
|
)
|
$
|
116,082
|
||||||||
Net loss
|
-
|
-
|
-
|
(11,741
|
)
|
(11,741
|
)
|
|||||||||||||
Other comprehensive income
|
-
|
-
|
222
|
-
|
222
|
|||||||||||||||
Exercise of options
|
*) -
|
|
237
|
-
|
-
|
237
|
||||||||||||||
Share-based compensation
|
-
|
3,291
|
-
|
-
|
3,291
|
|||||||||||||||
Balance as of September 30, 2015
|
$
|
140
|
$
|
179,081
|
$
|
-
|
$
|
(71,130
|
)
|
$
|
108,091
|
Share
capital
|
Share
premium and
other
capital reserve
|
Accumulated
deficit
|
Total
|
|||||||||||||
Unaudited
|
||||||||||||||||
Balance as of July 1, 2016
|
$
|
140
|
$
|
181,985
|
$
|
(84,437
|
)
|
$
|
97,688
|
|||||||
Net and comprehensive loss
|
-
|
-
|
(5,114
|
)
|
(5,114
|
)
|
||||||||||
Exercise of options
|
*) -
|
|
29
|
-
|
29
|
|||||||||||
Share-based compensation
|
-
|
679
|
-
|
679
|
||||||||||||
Balance as of September 30, 2016
|
$
|
140
|
$
|
182,693
|
$
|
(89,551
|
)
|
$
|
93,282
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|
Share
Capital
|
Share
premium and
other
capital reserve
|
Accumulated
Deficit
|
Total
|
|||||||||||||
Unaudited
|
||||||||||||||||
Balance as of July 1, 2015
|
$
|
140
|
$
|
177,962
|
$
|
(67,748
|
)
|
$
|
110,354
|
|||||||
Net and comprehensive loss
|
-
|
-
|
(3,382
|
)
|
(3,382
|
)
|
||||||||||
Exercise of options
|
*) -
|
|
29
|
-
|
29
|
|||||||||||
Share-based compensation
|
-
|
1,090
|
-
|
1,090
|
||||||||||||
Balance as of September 30, 2015
|
$
|
140
|
$
|
179,081
|
$
|
(71,130
|
)
|
$
|
108,091
|
Share
capital
|
Share
premium and
other
capital reserve
|
Accumulated
other
comprehensive
loss
|
Accumulated deficit
|
Total
|
||||||||||||||||
Audited
|
||||||||||||||||||||
Balance as of January 1, 2015
|
$
|
140
|
$
|
175,553
|
$
|
(222
|
)
|
$
|
(59,389
|
)
|
$
|
116,082
|
||||||||
Net loss
|
-
|
-
|
-
|
(17,213
|
)
|
(17,213
|
)
|
|||||||||||||
Other comprehensive income
|
-
|
-
|
222
|
-
|
222
|
|||||||||||||||
Exercise of options
|
*) -
|
|
296
|
-
|
-
|
296
|
||||||||||||||
Share-based compensation
|
-
|
4,365
|
-
|
-
|
4,365
|
|||||||||||||||
Balance as of December 31, 2015
|
$
|
140
|
$
|
180,214
|
$
|
-
|
$
|
(76,602
|
)
|
$
|
103,752
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Net loss
|
$
|
(12,949
|
)
|
$
|
(11,741
|
)
|
$
|
(5,114
|
)
|
$
|
(3,382
|
)
|
$
|
(17,213
|
)
|
|||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation and amortization
|
1,763
|
1,849
|
587
|
583
|
2,433
|
|||||||||||||||
Share-based compensation
|
2,336
|
3,291
|
679
|
1,090
|
4,365
|
|||||||||||||||
Net financing income
|
(2,168
|
)
|
(896
|
)
|
(151
|
)
|
(445
|
)
|
(845
|
)
|
||||||||||
Loss from sale of property, plant and equipment
|
17
|
-
|
-
|
-
|
-
|
|||||||||||||||
Taxes on income
|
21
|
-
|
21
|
-
|
-
|
|||||||||||||||
1,969
|
4,244
|
1,136
|
1,228
|
5,953
|
||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Decrease (increase) in trade receivables
|
2,575
|
220
|
(20
|
)
|
(213
|
)
|
(1,492
|
)
|
||||||||||||
Increase in other receivables
|
(667
|
)
|
(335
|
)
|
(190
|
)
|
(23
|
)
|
(293
|
)
|
||||||||||
Decrease (increase) in long-term deposits
|
8
|
(4
|
)
|
2
|
(1
|
)
|
(1
|
)
|
||||||||||||
Decrease in trade payables
|
(359
|
)
|
(546
|
)
|
(118
|
)
|
(146
|
)
|
(68
|
)
|
||||||||||
Increase (decrease) in other payables
|
(415
|
)
|
(1,303
|
)
|
181
|
(57
|
)
|
(640
|
)
|
|||||||||||
Increase (decrease) in severance pay liability, net
|
4
|
2
|
-
|
3
|
(3
|
)
|
||||||||||||||
Increase (decrease) in deferred revenues and other advances
|
422
|
(642
|
)
|
303
|
(771
|
)
|
(1,055
|
)
|
||||||||||||
Increase (decrease) in liabilities in respect of government grants
|
115
|
-
|
-
|
-
|
(284
|
)
|
||||||||||||||
1,683
|
(2,608
|
)
|
158
|
(1,208
|
)
|
(3,836
|
)
|
|||||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||||||
Interest received
|
1,838
|
2,119
|
684
|
747
|
2,689
|
|||||||||||||||
Taxes paid
|
(2
|
)
|
-
|
(2
|
)
|
-
|
-
|
|||||||||||||
Net cash used in operating activities
|
(7,461
|
)
|
(7,986
|
)
|
(3,138
|
)
|
(2,615
|
)
|
(12,407
|
)
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(711
|
)
|
$
|
(1,397
|
)
|
$
|
(237
|
)
|
$
|
(548
|
)
|
$
|
(2,005
|
)
|
|||||
Proceeds from sale of marketable securities
|
17,192
|
22,128
|
5,568
|
7,274
|
38,164
|
|||||||||||||||
Purchase of marketable securities
|
(17,576
|
)
|
(22,533
|
)
|
(3,826
|
)
|
(8,628
|
)
|
(31,168
|
)
|
||||||||||
Proceeds from bank deposits, net
|
3,545
|
15,455
|
1,503
|
8,637
|
11,443
|
|||||||||||||||
Decrease (increase) in restricted cash
|
-
|
953
|
-
|
(47
|
)
|
953
|
||||||||||||||
Net cash provided by investing activities
|
2,450
|
14,606
|
3,008
|
6,688
|
17,387
|
|||||||||||||||
Cash Flows from Financing Activities
|
||||||||||||||||||||
Proceeds from exercise of options
|
143
|
237
|
29
|
29
|
296
|
|||||||||||||||
Proceeds from government grants
|
404
|
188
|
146
|
-
|
167
|
|||||||||||||||
Repayment of government grants
|
(333
|
)
|
(418
|
)
|
(134
|
)
|
(185
|
)
|
(418
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
214
|
7
|
41
|
(156
|
)
|
45
|
||||||||||||||
Exchange rate differences - cash and cash equivalent balances
|
15
|
7
|
(5
|
)
|
(19
|
)
|
(17
|
)
|
||||||||||||
Increase (decrease) in cash and cash equivalents
|
(4,782
|
)
|
6,634
|
(94
|
)
|
3,898
|
5,008
|
|||||||||||||
Cash and cash equivalents, beginning of the period
|
10,221
|
5,213
|
5,533
|
7,949
|
5,213
|
|||||||||||||||
Cash and cash equivalents, end of the period
|
$
|
5,439
|
$
|
11,847
|
$
|
5,439
|
$
|
11,847
|
$
|
10,221
|
||||||||||
Significant non-cash transactions
|
||||||||||||||||||||
Acquisition of property, plant and equipment
|
$
|
50
|
$
|
119
|
$
|
50
|
$
|
119
|
$
|
349
|