x
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Form 20-F
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o
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Form 40-F
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o
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Yes
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x
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No
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ELBIT SYSTEMS LTD.
(Registrant)
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|||
By:
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/s/ Ronit Zmiri
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Name:
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Ronit Zmiri
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Title:
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Corporate Secretary
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Exhibit No.
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Description
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1.
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Press Release dated May 15, 2012
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Three Months Ended
March 31
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Year Ended
December 31
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|||||||||||
2012
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2011
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2011
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||||||||||
GAAP gross profit
|
195.8 | 185.6 | 732.0 | |||||||||
Adjustments:
|
||||||||||||
Amortization of intangible assets
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5.1 | 7.6 | 30.9 | |||||||||
Cessation of program (*)
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- | - | 72.8 | |||||||||
Non-GAAP gross profit
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200.9 | 193.2 | 835.7 | |||||||||
Percent of revenues
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29.1% | 31.1% | 29.7% | |||||||||
GAAP operating income
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41.7 | 40.9 | 115.7 | |||||||||
Adjustments:
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||||||||||||
Amortization of intangible assets
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12.2 | 14.0 | 57.3 | |||||||||
Cessation of program
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- | - | 72.8 | |||||||||
Non-GAAP operating income
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53.9 | 54.9 | 245.8 | |||||||||
Percent of revenues
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7.8% | 8.9% | 8.7% | |||||||||
GAAP net income attributable to Elbit Systems’ shareholders
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32.9 | 27.9 | 90.3 | |||||||||
Adjustments:
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||||||||||||
Amortization of intangible assets
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12.2 | 14.0 | 57.3 | |||||||||
Cessation of program
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- | - | 72.8 | |||||||||
Impairment of investment
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- | - | 0.5 | |||||||||
Gain from change in holdings
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(2.3) | - | - | |||||||||
Loss from discontiued operations
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0.1 | - | 9.4 | |||||||||
Related tax benefits
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(2.1) | (3.3) | (23.7) | |||||||||
Non-GAAP net income attributable to Elbit Systems’ shareholders
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40.8 | 38.6 | 206.6 | |||||||||
Percent of revenues
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5.9% | 6.2% | 7.3% | |||||||||
Non-GAAP diluted net EPS
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0.96 | 0.90 | 4.79 |
Company Contact:
Joseph Gaspar, Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen, VP, Head of Corporate Communications
Tel: +972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems Ltd.
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IR Contact:
Ehud Helft
Kenny Green
CCG Investor Relations
Tel: 1-646-201-9246
elbitsystems@ccgisrael.com
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March 31,
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December 31,
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|||||||
2012
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2011
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|||||||
Unaudited
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Audited
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|||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 173,873 | $ | 202,577 | ||||
Short-term bank deposits
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284,103 | 21,693 | ||||||
Trade and unbilled receivables, net
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652,877 | 669,524 | ||||||
Other receivables and prepaid expenses
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143,591 | 180,024 | ||||||
Inventories, net of customers advances
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819,679 | 761,269 | ||||||
Total current assets
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2,074,123 | 1,835,087 | ||||||
Investments in affiliated companies, partnership and other companies
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113,078 | 110,159 | ||||||
Long-term trade and unbilled receivables
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197,376 | 162,762 | ||||||
Long-term bank deposits and other receivables
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13,908 | 12,215 | ||||||
Deferred income taxes, net
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34,478 | 36,130 | ||||||
Severance pay fund
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293,969 | 283,477 | ||||||
652,809 | 604,743 | |||||||
Property, plant and equipment, net
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513,037 | 517,608 | ||||||
Goodwill and other intangible assets, net
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752,420 | 763,072 | ||||||
Total assets
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$ | 3,992,389 | $ | 3,720,510 | ||||
Liabilities and Equity
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||||||||
Short-term bank credit and loans
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$ | 2,851 | $ | 2,998 | ||||
Current maturities of long-term loans and Series A Notes
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138,270 | 127,627 | ||||||
Trade payables
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272,110 | 316,264 | ||||||
Other payables and accrued expenses
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772,961 | 743,866 | ||||||
Customer advances in excess of costs incurred on contracts in progress
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436,419 | 407,222 | ||||||
1,622,611 | 1,597,977 | |||||||
Long-term loans, net of current maturities
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306,303 | 302,255 | ||||||
Series A Notes, net of current maturities
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431,037 | 235,319 | ||||||
Employee benefit liabilities
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403,535 | 394,115 | ||||||
Deferred income taxes and tax liabilities, net
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50,150 | 48,467 | ||||||
Customer advances in excess of costs incurred on contracts in progress
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161.605 | 154,696 | ||||||
Other long-term liabilities
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64,852 | 59,961 | ||||||
1,417,482 | 1,194,813 | |||||||
Elbit Systems Ltd.'s equity
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922,444 | 898,337 | ||||||
Non-controlling interests
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29,852 | 29,383 | ||||||
Total equity
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952,296 | 927,720 | ||||||
Total liabilities and equity
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$ | 3,992,389 | $ | 3,720,510 |
Three Months Ended
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Year Ended
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|||||||||||
March 31,
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December 31,
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|||||||||||
2012
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2011
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2011
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||||||||||
Unaudited
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Audited
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|||||||||||
Revenues
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690,788 | 620,258 | 2,817,465 | |||||||||
Cost of revenues
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495,037 | 434,613 | 2,085,451 | |||||||||
Gross profit
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195,751 | 185,645 | 732,014 | |||||||||
Operating expenses:
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||||||||||||
Research and development, net
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58,766 | 54,214 | 241,092 | |||||||||
Marketing and selling
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61,361 | 54,987 | 235,909 | |||||||||
General and administrative
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33,941 | 35,510 | 139,349 | |||||||||
154,068 | 144,711 | 616,350 | ||||||||||
Operating income
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41,683 | 40,934 | 115,664 | |||||||||
Financial expenses, net
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(7,815 | ) | (10,662 | ) | (13,569 | ) | ||||||
Other income, net
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930 | 194 | 1,909 | |||||||||
Income before income taxes
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34,798 | 30,466 | 104,004 | |||||||||
Taxes on income
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(6,560 | ) | (5,300 | ) | (13,624 | ) | ||||||
28,238 | 25,166 | 90,380 | ||||||||||
Equity in net earnings of affiliated companies and partnership
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4,038 | 3,751 | 15,377 | |||||||||
Income from continuing operations
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32,276 | 28,917 | 105,757 | |||||||||
Loss from discontinued operations, net
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(156 | ) | - | (15,977 | ) | |||||||
Net income
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32,120 | 28,917 | 89,780 | |||||||||
Less: net loss (income) attributable to non-controlling interests
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761 | (988 | ) | 508 | ||||||||
Net income attributable to Elbit Systems Ltd.'s shareholders
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32,881 | 27,929 | 90,288 | |||||||||
Earnings per share attributable to Elbit Systems Ltd.'s shareholders:
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||||||||||||
Basic net earnings (losses) per share
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||||||||||||
Continuing operations
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0.77 | 0.65 | 2.33 | |||||||||
Discontinued operations
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- | - | (0.22 | ) | ||||||||
Total
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0.77 | 0.65 | 2.11 | |||||||||
Diluted net earnings (losses) per share
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||||||||||||
Continuing operations
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0.77 | 0.65 | 2.31 | |||||||||
Discontinued operations
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- | - | (0.22 | ) | ||||||||
Total
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0.77 | 0.65 | 2.09 | |||||||||
Weighted average number of shares used in computation of basic earnings per share (in thousands)
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42,489 | 42,732 | 42,764 | |||||||||
Weighted average number of shares used in computation of diluted earnings per share (in thousands)
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42,663 | 43,223 | 43,131 | |||||||||
Amounts attributable to Elbit Systems Ltd.'s common shareholders
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||||||||||||
Income from continuing operations, net of income tax
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32,974 | 27,929 | 99,778 | |||||||||
Discontinued operations, net of income tax
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(93 | ) | - | (9,490 | ) | |||||||
Net income attributable to Elbit Systems Ltd.'s shareholders
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32,881 | 27,929 | 90,288 |
Three Months Ended
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Year Ended
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|||||||||||
March 31,
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December 31,
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|||||||||||
2012
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2011
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2011
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||||||||||
Unaudited
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Audited
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|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||||||
Net income
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$ | 32,120 | $ | 28,917 | $ | 89,780 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||||||
Depreciation and amortization
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35,485 | 37,155 | 150,618 | |||||||||
Write-off impairment and discontinued operations, net
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156 | - | 15,977 | |||||||||
Stock based compensation
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216 | 356 | 1,996 | |||||||||
Amortization of Series A Notes discount and related issuance costs
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87 | (152 | ) | 422 | ||||||||
Deferred income taxes and reserve, net
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(738 | ) | 622 | (8,777 | ) | |||||||
Loss (gain) on sale of property, plant and equipment
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115 | (502 | ) | (1,645 | ) | |||||||
Loss (gain) on sale of investment
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(791 | ) | 67 | 2,189 | ||||||||
Equity in net loss (earnings) of affiliated companies and partnership, net of dividend received(*)
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(1,468 | ) | 7,812 | (270 | ) | |||||||
Changes in operating assets and liabilities, net of amounts acquired:
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||||||||||||
Increase (decrease) in short and long-term trade receivables, and prepaid expenses
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14,726 | 29,328 | (65,062 | ) | ||||||||
Increase in inventories, net
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(58,410 | ) | (58,248 | ) | (95,363 | ) | ||||||
Decrease (increase) in trade payables, other payables and accrued expenses
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(3,492 | ) | (27,386 | ) | 17,225 | |||||||
Severance, pension and termination indemnities, net
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(2,280 | ) | 3,145 | 1,879 | ||||||||
Increase in advances received from customers
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36,107 | 18,949 | 81,946 | |||||||||
Net cash provided by operating activities
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$ | 51,834 | $ | 40,063 | $ | 190,915 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
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||||||||||||
Purchase of property, plant and equipment
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(19,768 | ) | (37,830 | ) | (121,977 | ) | ||||||
Acquisition of subsidiaries and business operations
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- | - | (12,173 | ) | ||||||||
Investments in affiliated companies and other companies
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(507 | ) | (6,786 | ) | (13,555 | ) | ||||||
Proceeds from sale of property, plant and equipment
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1,557 | 2,417 | 15,059 | |||||||||
Proceeds from sale of investments
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705 | - | 329 | |||||||||
Investment in long-term deposits
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(192 | ) | 1,616 | (609 | ) | |||||||
Proceeds from sale of long-term deposits
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283 | - | 40,396 | |||||||||
Investment in short-term deposits and available for sale securities
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(275,181 | ) | - | (88,842 | ) | |||||||
Proceeds from sale of short-term deposits and available for sale securities
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14,237 | (37,104 | ) | 126,306 | ||||||||
Net cash used in investing activities
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$ | (278,866 | ) | $ | (77,687 | ) | $ | (55,066 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||||||
Proceeds from exercise of options
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554 | 1,496 | 3,833 | |||||||||
Purchase of non-controlling interests
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- | (73,455 | ) | (71,000 | ) | |||||||
Repayment of long-term bank loans
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(136,638 | ) | (2,680 | ) | (73,666 | ) | ||||||
Proceeds from long-term bank loans
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125,254 | 24,252 | 172,303 | |||||||||
Proceeds from issuance of Series A Notes
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217,420 | - | - | |||||||||
Series A Notes issuance costs
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1,889 | - | - | |||||||||
Purchase of treasury shares
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(10,004 | ) | - | (10,101 | ) | |||||||
Repayment of Series A Notes and convertible debentures
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- | (2,121 | ) | (29,998 | ) | |||||||
Purchase of convertible debentures of a subsidiary
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- | - | (2,121 | ) | ||||||||
Dividends paid
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- | - | (61,633 | ) | ||||||||
Tax benefit in respect of options exercised
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- | - | 169 | |||||||||
Change in short-term bank credit and loans, net
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(147 | ) | 77,714 | (12,117 | ) | |||||||
Net cash provided by (used in) financing activities
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$ | 198,328 | $ | 25,206 | $ | (84,331 | ) | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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(28,704 | ) | (12,418 | ) | 51,518 | |||||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
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202,577 | 151,059 | 151,059 | |||||||||
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
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173,873 | 138,641 | 202,577 | |||||||||
* Dividend received from affiliated companies and partnership
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$ | 2,570 | $ | 11,563 | $ | 15,107 |
Three Months Ended
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Year Ended
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|||||||||||||||||||||||
March 31
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December 31
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|||||||||||||||||||||||
2012
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2011
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2011
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||||||||||||||||||||||
$ millions
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%
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$ millions
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%
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$ millions
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%
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|||||||||||||||||||
Airborne systems
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281.5 | 40.8 | 251.1 | 40.5 | 969.4 | 34.4 | ||||||||||||||||||
Land systems
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91.6 | 13.3 | 83.4 | 13.4 | 405.3 | 14.3 | ||||||||||||||||||
C4ISR systems
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218.8 | 31.7 | 193.7 | 31.2 | 996.4 | 35.4 | ||||||||||||||||||
Electro-optics
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68.5 | 9.8 | 64.8 | 10.5 | 300.2 | 10.7 | ||||||||||||||||||
Other (mainly non-defense engineering and production services)
|
30.4 | 4.4 | 27.3 | 4.4 | 146.2 | 5.2 | ||||||||||||||||||
Total
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690.8 | 100.0 | 620.3 | 100.0 | 2,817.5 | 100.0 |
Three Months Ended
|
Year Ended
|
|||||||||||||||||||||||
March 31
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December 31
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|||||||||||||||||||||||
2012
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2011
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2011
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||||||||||||||||||||||
$ millions
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%
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$ millions
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%
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$ millions
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%
|
|||||||||||||||||||
Israel
|
139.8 | 20.2 | 170.1 | 27.4 | 697.8 | 24.8 | ||||||||||||||||||
United States
|
213.3 | 30.9 | 209.1 | 33.7 | 890.4 | 31.6 | ||||||||||||||||||
Europe
|
114.1 | 16.5 | 111.2 | 17.9 | 545.5 | 19.3 | ||||||||||||||||||
Other countries
|
223.6 | 32.4 | 129.9 | 21.0 | 683.8 | 24.3 | ||||||||||||||||||
Total
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690.8 | 100.0 | 620.3 | 100.0 | 2,817.5 | 100.0 |