Formula systems (1985) ltd (FORTY)
Balance Sheet / Quarterly
Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10
ASSETS
CURRENT ASSETS:
Cash and cash equivalents

245,936

238,161

-

-

-

-

-

-

Short-term deposits

735

13

-

-

-

-

-

-

Marketable securities

14,138

37,516

-

-

-

-

-

-

Trade receivables (net of allowances for doubtful accounts of $4,676 and $6,051 as of December 31, 2016 and December 31, 2017, respectively)

385,778

308,338

-

-

-

-

-

-

Other accounts receivable and prepaid expenses

44,915

45,678

-

-

-

-

-

-

Inventories

3,299

3,953

-

-

-

-

-

-

Total current assets

694,801

633,659

-

-

-

-

-

-

LONG-TERM ASSETS:
Marketable Securities

0

17,228

-

-

-

-

-

-

Deferred taxes

15,878

15,227

-

-

-

-

-

-

Prepaid expenses and other accounts receivable

16,581

14,410

-

-

-

-

-

-

Total long-term assets

32,459

46,865

-

-

-

-

-

-

INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD

25,315

24,060

-

-

-

-

-

-

PROPERTY, PLANTS AND EQUIPMENT, NET

29,807

26,130

-

-

-

-

-

-

INTANGIBLE ASSETS, NET

163,983

128,446

-

-

-

-

-

-

Cash and cash equivalents

-

-

132,603

107,416

82,123

111,238

88,172

110,508

Short-term deposits

-

-

11

6,454

672

0

5,170

24

Marketable securities (Note 4)

-

-

11,011

15,784

17,956

14,866

14,347

38,170

Trade receivables (net of allowances for doubtful accounts of $ 2,316 and $ 1,739 as of December 31, 2014 and 2015, respectively)

-

-

176,665

195,287

193,582

201,886

163,219

154,366

Other accounts receivable and prepaid expenses (Note 18a)

-

-

32,584

31,297

36,488

38,863

33,635

23,140

Inventories

-

-

4,610

2,259

2,407

2,149

2,450

5,601

Total current assets

-

-

357,484

358,497

333,228

369,002

306,993

331,809

Marketable Securities (Note 4)

-

-

0

33,748

520

331

2,746

2,828

Deferred taxes (Note 17e)

-

-

13,164

17,901

13,152

13,618

11,630

13,135

Prepaid expenses and other accounts receivable

-

-

8,945

10,287

8,761

5,285

3,885

5,493

Total long-term receivables

-

-

22,109

61,936

22,433

19,234

95,368

24,665

INVESTMENTS IN AFFILIATED COMPANIES (Note 6)

-

-

451,433

169,143

161,501

3,022

77,107

3,209

SEVERANCE PAY FUND

-

-

54,631

65,322

68,148

66,799

49,507

55,286

PROPERTY, AND EQUIPMENT, NET (Note 7)

-

-

14,199

20,126

19,408

21,459

19,165

12,411

INTANGIBLE ASSETS, NET (Note 9)

-

-

4,920

76,870

39,643

-

-

33,101

CAPITALIZED SOFTWARE DEVELOPMENT COSTS (Note 9a)

-

-

-

-

-

-

12,387

-

INTANGIBLE ASSETS, NET (Note 9)

-

-

-

-

-

75,260

20,710

-

GOODWILL

617,272

495,362

162,173

149,559

227,434

326,860

167,007

166,495

Total assets

1,563,637

1,354,522

1,066,949

1,125,124

871,795

881,636

671,137

623,767

LIABILITIES AND EQUITY
Liabilities [abstract]
CURRENT LIABILITIES:
Liabilities to banks and others

70,819

84,760

-

-

-

-

-

-

Debentures

4,826

3,274

-

-

-

-

-

-

Trade payables

95,339

80,114

-

-

-

-

-

-

Deferred revenue and customer advances

58,905

37,647

-

-

-

-

-

-

Dividend payable

0

7,070

-

-

-

-

-

-

Employees and payroll accrual

111,707

90,709

-

-

-

-

-

-

Other accounts payable

53,145

41,272

-

-

-

-

-

-

Liabilities in respect of business combinations

6,811

8,119

-

-

-

-

-

-

Redeemable non-controlling interests

31,395

6,073

-

-

-

-

-

-

Total current liabilities

432,947

359,038

-

-

-

-

-

-

LONG-TERM LIABILITIES:
Liabilities to banks and others

135,616

115,529

-

-

-

-

-

-

Debentures, net of current maturities

133,739

55,441

-

-

-

-

-

-

Other long term liabilities

7,244

9,384

-

-

-

-

-

-

Deferred taxes

36,605

31,029

-

-

-

-

-

-

Deferred revenues

9,340

4,697

-

-

-

-

-

-

Liability in respect of business combinations

4,711

8,869

-

-

-

-

-

-

Liability in respect of capital lease

-

108

-

-

-

-

-

-

Redeemable non-controlling interests

21,481

40,411

-

-

-

-

-

-

Employee benefit liabilities

9,032

6,174

-

-

-

-

-

-

Total long-term liabilities

357,768

271,642

-

-

-

-

-

-

COMMITMENTS AND CONTINGENCIES

0

0

-

-

-

-

-

-

EQUITY
Formula Systems (1985) equity:
Share capital:
Ordinary shares of NIS 1 par value - Authorized: 25,000,000 shares at December 31, 2016 and 2017; Issued: 15,297,402 and 15,307,402 at December 31, 2016 and 2017, respectively; Outstanding: 14,728,782 and 14,738,782 at December 31, 2016 and 2017, respectively

4,187

4,184

-

-

-

-

-

-

Additional paid-in capital

97,657

100,571

-

-

-

-

-

-

Accumulated earnings

239,534

234,268

-

-

-

-

-

-

Accumulated other comprehensive income (loss)

18,083

-2,377

-

-

-

-

-

-

Treasury shares (568,620 shares as of December 31, 2016 and 2017)

259

259

-

-

-

-

-

-

Total equity attributable to Formula Systems (1985) shareholders'

359,202

336,387

-

-

-

-

-

-

Non-controlling interests

413,720

387,455

-

-

-

-

-

-

Total equity

772,922

723,842

-

-

-

-

-

-

Total liabilities, redeemable non-controlling interest and equity

1,563,637

1,354,522

-

-

-

-

-

-

Liabilities to banks and other financial institutions (Note 18b)

-

-

59,069

43,190

35,636

23,607

16,642

6,684

Debentures (Note 11)

-

-

-

-

-

15,735

31,472

15,927

Trade payables

-

-

58,105

52,693

52,645

51,943

40,344

53,177

Deferred revenue

-

-

25,335

34,556

-

33,998

24,001

26,845

Dividend payable

-

-

4

7,876

4,565

0

-

-

Employees and payroll accrual

-

-

51,390

63,172

54,365

62,089

41,005

40,704

Other accounts payable (Note 18c)

-

-

16,715

23,325

22,853

30,830

25,482

30,693

Liabilities in respect of business combinations

-

-

1,193

1,782

12,452

5,808

-

-

Liability in respect of business combinations

-

-

-

-

-

-

3,717

3,963

Total current liabilities

-

-

211,811

226,594

210,970

224,010

182,663

177,993

Liabilities to banks and other financial institutions (Note 10)

-

-

102,845

108,203

62,447

64,659

34,459

3,154

Debentures, net of current maturities (Note 11)

-

-

58,284

0

-

-

15,246

31,854

Other long term liabilities

-

-

0

6,204

0

-

-

-

Deferred taxes (Note 17e)

-

-

67,010

32,605

8,157

7,984

5,275

2,654

Deferred revenues

-

-

4,396

4,838

28,454

-

-

-

Deferred revenue

-

-

-

-

4,990

1,346

2,094

3,520

Liability in respect of business combinations

-

-

2,405

825

2,871

9,293

-

-

Liability in respect of business combinations

-

-

-

-

-

-

2,502

4,758

Liability in respect of capital lease

-

-

494

903

1,418

1,733

1,920

0

Accrued severance pay

-

-

67,409

77,975

81,258

81,832

63,321

65,450

Total long-term liabilities

-

-

302,843

231,553

161,141

166,847

124,817

111,390

TOTAL LIABILITIES

-

-

-

-

-

-

-

289,383

COMMITMENTS AND CONTINGENCIES (Note 15)

-

-

0

0

0

0

0

0

REDEEMABLE NON-CONTROLLING INTEREST (Note 2d)

-

-

10,029

10,313

23,529

22,117

11,469

0

Formula Systems (1985) equity: Share capital: Ordinary shares of NIS 1 par value -Authorized: 25,000,000 shares at December 31, 2014 and 2015 Issued: 15,287,402 at December 31, 2014 and 2015 Outstanding: 14,728,782 at December 31, 2014 and 2015

-

-

4,184

4,184

4,181

3,876

3,876

3,807

Additional paid-in capital

-

-

130,520

137,090

132,325

132,767

135,674

136,222

Accumulated earnings

-

-

318,688

249,998

184,105

115,778

91,672

58,441

Accumulated other comprehensive loss

-

-

-1,576

-1,305

-1,011

-7,095

-12,295

-596

Treasury shares (568,620 shares as of December 31, 2014 and 2015)

-

-

259

259

259

259

259

259

Total equity attributable to Formula Systems (1985) shareholders'

-

-

451,557

389,708

319,341

245,067

218,668

197,615

Non-controlling interests

-

-

90,709

266,956

156,814

223,595

133,520

136,769

Total equity

-

-

542,266

656,664

476,155

468,662

352,188

334,384

Total liabilities, redeemable non-controlling interest and equity

-

-

1,066,949

1,125,124

871,795

881,636

671,137

623,767