EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2
Exhibit 99.2


SATIXFY COMMUNICATIONS LTD.

UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023


SATIXFY COMMUNICATIONS LTD.

UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023

TABLE OF CONTENTS

   
   
2-3
4
5
   

The amounts are stated in thousands of USD

SATIXFY COMMUNICATIONS LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of USD)

   
September 30,
    
September 30,
    
December 31,
  
   
2023
    
2022
    
2022
  
                   
ASSETS:
                  
CURRENT ASSETS:
                  
Cash and cash equivalents
    
6,190
      
18,807
      
11,934
  
Trade accounts receivable
    
1,138
      
2,226
      
1,295
  
Contract assets
    
5,362
      
4,059
      
5,035
  
Prepaid expenses and other
    
1,740
      
1,853
      
3,648
  
Government departments and agencies receivables
    
6,495
      
3,778
      
6,156
  
Related parties
    
90
      
93
      
157
  
Derivatives FPA
    
-
      
-
      
12,775
  
Inventory
    
1,008
      
989
      
831
  
Total current assets
    
22,023
      
31,805
      
41,831
  
                         
NON-CURRENT ASSETS:
                        
Right-of-use assets, net
    
2,221
      
2,896
      
2,794
  
Property, plant and equipment, net
    
1,543
      
1,372
      
1,643
  
Investment in Jet Talk
    
1,585
      
2,058
      
1,777
  
Long term deposits
    
198
      
275
      
203
  
Derivatives FPA
    
-
      
-
      
28,077
  
Total non-current assets
    
5,547
      
6,601
      
34,494
  
                         
TOTAL ASSETS
    
27,570
      
38,406
      
76,325
  

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
 
2
 
SATIXFY COMMUNICATIONS LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of USD)

   
September 30,
    
September 30,
    
December 31,
  
   
2023
    
2022
    
2022
  
 
                  
LIABILITIES AND SHAREHOLDERS’ DEFICIT:
                  
CURRENT LIABILITIES:
                  
Trade payables
    
1,951
      
1,247
      
1,459
  
Short term loans from financial institutions
    
-
      
-
      
-
  
Contract liabilities
    
104
      
300
      
622
  
ESA advance payments
    
4,819
      
5,966
      
5,800
  
Prepayment from customer
    
25,071
      
11,448
      
12,176
  
Lease liabilities
    
715
      
1,017
      
1,021
  
Other accounts payable and accrued expenses
    
5,041
      
7,649
      
7,843
  
FPA Derivative ST
    
1,504
      
-
      
-
  
Related parties
    
336
      
208
      
408
  
 Total current liabilities
    
39,541
      
27,835
      
29,329
  
                         
NON-CURRENT LIABILITIES:
                        
Long term loans from financial institutions
    
61,933
      
50,740
      
54,926
  
Lease liabilities
    
1,859
      
2,354
      
2,280
  
Derivatives instruments liabilities
    
312
      
866
      
20,305
  
Liability for royalties payable
    
1,138
      
1,506
      
1,107
  
Derivatives FPA
    
12,100
      
-
      
-
  
 Total non-current liabilities
    
77,342
      
55,466
      
78,618
  
                         
SHAREHOLDERS’ DEFICIT:
                        
Share Capital
    
-
      
-
      
-
  
Share Premium
    
448,481
      
53,973
      
446,488
  
Capital reserves
    
3,845
      
5,800
      
3,498
  
Accumulated deficit
    
(541,639
)
    
(104,668
)
    
(481,608
)
 Total shareholders’ deficit
    
(89,313
)
    
(44,895
)
    
(31,622
)
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
    
27,570
      
38,406
      
76,325
  
 
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

3
 
SATIXFY COMMUNICATIONS LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands of USD)

   
Nine months ended
  
   
September 31,
  
   
2023
    
2022
  
             
Revenues:
            
Development services and preproduction
    
6,357
      
6,478
  
Sale of products
    
2,529
      
328
  
      Total revenues
    
8,886
      
6,806
  
                 
Cost of sales and services:
                
Development services and preproduction
    
3,213
      
2,862
  
Sale of products
    
1,154
      
202
  
      Total cost of sales and services
    
4,367
      
3,064
  
                 
Gross profit
    
4,519
      
3,742
  
                 
Research and development expenses, net
    
25,114
      
13,346
  
Selling and marketing expenses
    
1,847
      
1,699
  
General and administrative expenses
    
5,614
      
5,537
  
Loss from operations
    
(28,056
)
    
(16,840
)
                 
Finance income
    
53
      
-
  
Finance expenses
    
(31,804
)
    
(9,796
)
Other income
    
-
      
5,865
  
Company's share in the loss of a company accounted by equity method, net
    
(193
)
    
(79
)
Loss before income taxes
    
(60,000
)
    
(20,850
)
Income taxes
    
-
      
-
  
Loss for the period
    
(60,000
)
    
(20,850
)
                 
Other comprehensive income (loss) net of tax:
                
Items that will or may be reclassified to profit or loss:
                
Exchange gain (loss) arising on translation of foreign operations
    
317
      
4,744
  
Total comprehensive loss for the period
    
(59,683
)
    
(16,106
)

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

4
 
SATIXFY COMMUNICATIONS LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of USD)

   
Nine months ended
  
   
September 30,
  
   
2023
    
2022
  
Cash flows from operating activities:
            
Loss for the year
    
(60,000
)
    
(20,850
)
Adjustments to reconcile net profit to net cash provided by operating activities:
                
Depreciation and amortization
    
901
      
1,084
  
Company's share in the loss of a company accounted by equity method, net
    
193
      
79
  
Finance expenses on loans
    
6,593
      
341
  
Change in the fair value of derivatives
    
24,437
      
(192
)
Share based payments
    
1.966
      
398
  
Decrease (Increase) in trade accounts receivable
    
186
      
(1,746
)
Decrease (Increase) in contract assets
    
(304
)
    
1,131
  
Increase in inventory
    
(177
)
    
(304
)
Increase (Decrease) in other current assets
    
1,750
      
(3,386
)
Increase in trade payables
    
464
      
(6.656
)
Increase in ESA prepayments
    
(1,092
)
    
(8,267
)
Increase in other accounts payable and accrued expenses
    
(3,458
)
    
676
  
Increase in prepayments from customers
    
12,995
      
10,307
  
Increase (decrease) in liability for royalties payable
    
32
      
325
  
Net cash used in operating activities
    
(15,514
)
    
(27,060
)
                 
Cash flows from investing activities
                
Decrease (Increase) in long-term bank deposit
    
3
      
(8
)
Purchase of property and equipment
    
(86
)
    
(515
)
Net cash used in investing activities
    
(83
)
    
(523
)
                 
Cash flows from financing activities
                
Receipt of long-term loans from a financial institution
    
-
      
52,837
  
Repayment of loan to shareholder
    
-
      
(5,000
)
Repayment of loans from banks
    
-
      
(13,818
)
Repayment of royalty liability
    
-
      
(188
)
Payments of lease liabilities
    
(454
)
    
(816
)
Issuance of shares (FPA)
    
10,026
      
5,056
  
Option exercises to shares by employees
    
26
      
-
  
Net cash provided by financing activities
    
9,598
      
38,071
  
Increase (decrease) in cash and cash equivalents
    
(5,999
)
    
10,488
  
Cash and cash equivalents balance at the beginning of the year
    
11,934
      
3,854
  
Effect of changes in foreign exchange rates on cash and cash equivalents
    
255
      
4,465
  
Cash and cash equivalents balance at the end of the year
    
6,190
      
18,807
  

5