EX-99.4 5 ea026353901ex99-4_magic.htm FINANCIAL STATEMENTS OF MAGIC SOFTWARE ENTERPRISES AS OF JUNE 30, 2025

Exhibit 99.4

MAGIC SOFTWARE ENTERPRISES LTD

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2025

U.S. DOLLARS IN THOUSANDS

UNAUDITED

INDEX

Page

Condensed Interim Consolidated Statements of Financial Position F-2 - F-3

Condensed Interim Consolidated Statements of Profit or Loss F-4

Condensed Interim Consolidated Statements of Comprehensive Income F-5

Condensed Interim Statements of Changes in Equity F-6 - F-7

Condensed Interim Consolidated Statements of Cash Flows F-8 - F-9

Notes to Condensed Interim Consolidated Financial Statements F-10 - F-13

F-1

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

U.S. dollars in thousands

	June 30,		December 31,
	2025		2024
	Unaudited

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	89,957	$	112,779
Short-term bank deposits		-		51
Trade receivables (net of allowance for doubtful accounts of$8,387 and $7,906 as of June 30, 2025 and December 31, 2024, respectively)		133,039		123,133
Unbilled receivables and contract assets		19,900		16,683
Other accounts receivable and prepaid expenses		22,856		23,553
Total current assets		265,752		276,199

LONG-TERM ASSETS:
Deferred tax assets		5,735		4,895
Right-of-use assets		25,490		24,707
Other long-term receivables		10,179		9,261
Property and equipment, net		8,303		7,467
Intangible assets, net		44,042		45,287
Goodwill		182,151		172,515
Total long-term assets		275,900		264,132
TOTAL ASSETS	$	541,652	$	540,331

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

F-2

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

U.S. dollars in thousands

	June 30,			December 31,
	2025			2024
	Unaudited

LIABILITIES AND EQUITY

CURRENT LIABILITIES:
Short-term debt	$	28,531		$	23,187
Trade payables		25,358			28,753
Dividend payable to Magic Software shareholders		-			11,587
Accrued expenses and other accounts payable		55,973			58,209
Current maturities of lease liabilities		4,537			4,818
Put options for non-controlling interests		22,846			20,066
Liability in respect of business combinations		4,249			2,654
Deferred revenues and customer advances		23,802			21,031
Total current liabilities		165,296			170,305

LONG TERM LIABILITIES:
Long-term debt		41,573			36,107
Long-term lease liabilities		23,326			22,040
Liability in respect of business combinations		-			1,781
Deferred tax liabilities		7,847			7,848
Employee benefit liabilities		1,313			1,181
Total long-term liabilities		74,059			68,957

EQUITY:
Magic Software Enterprises Ltd shareholders’ equity:
Share capital:
Ordinary shares of NIS 1 par value - Authorized: 50,000,000 shares as of, June 30, 2025 and December 31, 2024; Issued and Outstanding: 49,099,305 shares as of June 30, 2025 and December 31, 2024		1,166			1,166
Additional paid-in capital		169,722			180,336
Accumulated other comprehensive loss		(3,194	)		(12,114	)
Retained earnings		111,143			107,802

Total equity attributable to Magic Software Enterprises Ltd shareholders		278,837			277,190
Non-controlling interests		23,460			23,879
Total equity		302,297			301,069

Total liabilities and equity		541,652			540,331

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

F-3

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

U.S. dollars in thousands (except share and per share data)

	Six months ended June 30,						Three months ended June 30,						Year ended December 31,
	2025			2024			2025			2024			2024
	Unaudited						Unaudited
Revenues:
Software solutions	$	23,325		$	18,360		$	12,122		$	9,238		$	38,166
Maintenance and technical support		17,957			17,263			9,184			8,002			34,774
Consulting services		257,696			231,347			130,336			119,010			479,580

Total revenues		298,978			266,970			151,642			136,250			552,520

Cost of revenues:
Software solutions		5,362			5,231			2,513			2,359			10,903
Maintenance and technical support		1,727			1,652			887			802			3,235
Consulting services		208,884			184,545			105,868			94,246			380,555

Total cost of revenues		215,973			191,428			109,268			97,407			394,693

Gross profit		83,005			75,542			42,374			38,843			157,827

Research and development expenses, net		6,672			5,640			3,425			2,847			13,310
Selling and marketing expenses		23,168			20,547			12,376			10,678			42,100
General and administrative expenses		21,778			19,462			10,929			10,157			42,009
Change in valuation of contingent consideration related to acquisitions		-			427			-			121			(829	)

Operating income		31,387			29,466			15,644			15,040			61,237

Financial expenses		(9,671	)		(5,729	)		(5,622	)		(3,730	)		(9,103	)
Financial income		7,982			3,016			4,931			2,547			3,163
Increase in valuation of contingent consideration related to acquisitions		(101	)		(166	)		(34	)		(52	)		(302	)
Company’s share of losses of a company accounted for at equity, net		(292	)		(149	)		(166	)		(85	)		(376	)

Income before taxes on income		29,305			26,438			14,753			13,720			54,619

Taxes on income		6,236			5,769			3,324			3,040			11,328

Net income	$	23,069		$	20,669		$	11,429		$	10,680		$	43,291

Attributable to:
Equity holders of the Company		19,396			17,830			9,918			9,033			36,883
Non-controlling interests		3,673			2,839			1,511			1,647			6,408
	$	23,069		$	20,669		$	11,429		$	10,680		$	43,291
Net earnings per share attributable to equity holders of the Company

Basic and diluted earnings per share	$	0.40		$	0.36		$	0.20		$	0.18		$	0.75

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

F-4

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

U.S. dollars in thousands (except share and per share data)

	Six months ended June 30,					Three months ended June 30,					Year ended December 31,
	2025		2024			2025		2024			2024
	Unaudited					Unaudited

Net income	$	23,069	$	20,669		$	11,429	$	10,680		$	43,291

Other comprehensive income (loss) net of tax effect:

Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:

Foreign exchange differences on translation of foreign operations		11,220		(5,448	)		12,713		(2,770	)		(1,923	)

Total other comprehensive income (loss), net of tax		11,220		(5,448	)		12,713		(2,770	)		(1,923	)

Total comprehensive income		34,289		15,221			24,142		7,910			41,368

Total comprehensive income attributable to:
Equity holders of the Company		28,316		13,557			19,686		6,953			35,083
Non-controlling interests		5,973		1,664			4,456		957			6,285

	$	34,289	$	15,221		$	24,142	$	7,910		$	41,368

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

F-5

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

U.S. dollars in thousands (except per share data)

											Accumulated
					Additional						Other			Non-
	Share Capital				paid-in			Retained			Comprehensive			controlling			Total
	Number		Amount		capital			earnings			Income (loss)			interests			Equity

Balance as of January 1, 2025		49,099,305	$	1,166	$	180,336		$	107,802		$	(12,114	)	$	23,879		$	301,069

Net income		-		-		-			19,396			-			3,673			23,069
Other comprehensive loss		-		-		-			-			8,920			2,300			11,220

Total comprehensive income		-		-		-			19,396			8,920			5,973			34,289

Dividend to Magic Software shareholders		-		-		-			(16,055	)		-			-			(16,055	)
Dividend to non-controlling interests in subsidiaries		-		-		-			-			-			(2,446	)		(2,446	)
Cost of share-based payment		-		-		-			-			-			37			37
Excess tax benefit from share-based payment recognized in equity		-		-		787			-			-			179			966
Acquisition of non-controlling interests		-		-		(10,627	)		-			-			(3,195	)		(13,822	)
Settlement of put options over non-controlling interest		-		-		(774	)		-			-			(967	)		(1,741	)

Balance as of June 30, 2025		49,099,305	$	1,166	$	169,722		$	111,143		$	(3,194	)	$	23,460		$	302,297

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

F-6

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

U.S. dollars in thousands (except per share data)

											Accumulated
					Additional						Other			Non-
	Share Capital				paid-in			Retained			Comprehensive			controlling			Total
	Number		Amount		capital			earnings			Income (loss)			interests			Equity

Balance as of January 1, 2024		49,099,305	$	1,166	$	182,607		$	92,522		$	(10,314	)	$	24,963		$	290,944

Net income		-		-		-			36,883			-			6,408			43,291
Other comprehensive loss		-		-		-			-			(1,800	)		(123	)		(1,923	)

Total comprehensive income		-		-		-			36,883			(1,800	)		6,285			41,368

Dividend to Magic Software shareholders		-		-		-			(21,603	)		-			-			(21,603	)
Dividend to non-controlling interests in subsidiaries		-		-		-			-			-			(9,988	)		(9,988	)
Cost of share-based payment		-		-		-			-			-			1,607			1,607
Non-controlling interests arising from initially consolidated companies		-		-		-			-			-			80			80
Initial recognition of non-controlling interests		-		-		81			-			-			90			171
Acquisition of non-controlling interests		-		-		-			-			-			(314	)		(314	)
Settlement of put options over non-controlling interest		-		-		(2,352	)		-			-			1,156			(1,196	)

Balance as of December 31, 2024		49,099,305	$	1,166	$	180,336		$	107,802		$	(12,114	)	$	23,879		$	301,069

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

F-7

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

	Six months ended June 30,			Six months ended June 30,			Year ended December 31,
	2025			2024			2024
	Unaudited			Unaudited
Cash flows from operating activities:

Net income	$	23,069		$	20,669		$	43,291
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,996			10,106			20,762
Cost of share-based payment		37			1,195			1,607
Change in deferred taxes, net		(1,244	)		(1,559	)		(1,564	)
Payments of contingent consideration related to acquisitions		-			-			(922	)
Capital loss on sale of fixed assets		19			-			7
Change in value of financial assets measured at fair value through profit or loss		67			-			(27	)
Effect of exchange rate on of cash and cash equivalents held in currencies other than the functional currency		(1,318	)		389			(82	)
Changes in value of short-term and long-term loans from banks and others and deposits, net		(591	)		(1,089	)		(676	)
Working capital adjustments:
Trade receivables		(3,980	)		100			(4,583	)
Accrued expenses and other accounts payable		(3,504	)		3,794			13,647
Other current and long-term accounts receivable		1,368			(2,071	)		(4,746	)
Trade payables		(4,961	)		1,941			510
Deferred revenues		1,297			7,904			7,609
Net cash provided by operating activities		21,255			41,379			74,833

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

F-8

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

	Six months ended June 30,			Six months ended June 30,			Year ended December 31,
	2025			2024			2024
	Unaudited			Unaudited
Cash flows from investing activities:
Capitalized software development costs		(988	)		(1,483	)		(2,650	)
Purchase of property and equipment		(827	)		(618	)		(1,535	)
Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations		(1,828	)		(7,238	)		(6,852	)
Payments for business acquisitions, net of cash acquired		(3,614	)		(10,248	)		(12,489	)
Proceeds from sale of property and equipment		47			-			45
Proceeds from sale (purchase) of financial assets, net		(532	)		968			585
Change in short-term and long-term deposits		44			521			482
Investment in a company accounted for at equity		-			(123	)		(198	)
Net cash used in investing activities		(7,698	)		(18,221	)		(22,612	)

Cash flows from financing activities:
Proceeds from sale of non-controlling interest		-			174			-
Dividend paid to Magic Software shareholders		(27,642	)		-			(10,016	)
Dividend paid to non-controlling interests		(5,232	)		(2,210	)		(7,870	)
Repayment of lease liabilities		(3,109	)		(2,956	)		(6,029	)
Purchase of non-controlling interest		(13,822	)		(314	)		(314	)
Receipt of short-term and long-term loans from banks and others		26,376			10,707			12,603
Repayment of short-term and long-term loans		(18,624	)		(25,018	)		(33,695	)
Cash paid due to exercise of put option by non-controlling interests		-			-			176
Net cash used in financing activities		(42,053	)		(19,617	)		(45,145	)

Effect of exchange rate changes on cash and cash equivalents		5,674			(1,842	)		(240	)

Increase (decrease) in cash and cash equivalents		(22,822	)		1,699			6,836
Cash and cash equivalents at the beginning of the period		112,779			105,943			105,943

Cash and cash equivalents at end of the period	$	89,957		$	107,642		$	112,779

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

F-9

MAGIC SOFTWARE ENTERPRISES LTD.

NOTES TO UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 1: GENERAL

Magic Software Enterprises Ltd., an Israeli company (“the Company” or “Magic”), is a leading global provider of: (i) proprietary application development and business process integration platforms that accelerate the planning, development, deployment and integration of on-premise, mobile and cloud business applications (“the Magic Technology”); (ii) selected packaged vertical software solutions; and (iii) software services and IT outsourcing services.

Magic’s software solutions and software services enable enterprises to accelerate the process of delivering business solutions that meet current and future needs and allow customers to dramatically improve their business performance and return on investment. To complement its software products and to increase its traction with customers, the Company also offers a complete portfolio of software services in the areas of infrastructure design and delivery, application development, technology planning and implementation services, communications services and solutions, and supplemental IT professional outsourcing services. The Company reports its results on the basis of two reportable business segments: software solutions (which include proprietary and non-proprietary software solutions, maintenance and support and related services) and IT professional services (see Note 3 for further details).

The Company’s principal markets are in the United States, Israel, Europe and Japan.

These financial statements have been prepared in a condensed format as of June 30, 2025, and for the three-month and six-month periods then ended (“the interim consolidated financial statements”). The interim condensed consolidated financial statements as of June 30, 2025, include those of the Company and its subsidiaries (“the Group”). These condensed interim consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements as of December 31, 2024, and for the year then ended, including the accompanying notes (“the annual consolidated financial statements”).

Our controlling shareholder, Formula Systems (1985) Ltd., (“Formula Systems”) beneficially owns approximately 46.71% of our outstanding ordinary shares. Asseco Poland S.A., (“Asseco”), a Polish company listed on Warsaw Stock Exchange, beneficially owns 25.82% of the outstanding shares of Formula Systems.

NOTE 2: Material ACCOUNTING POLICIES

The following accounting policies have been applied consistently in the condensed interim consolidated financial statements for all periods presented, unless otherwise stated.

Basis of presentation of the interim consolidated financial statements

The interim consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

The accounting policies applied in the preparation of the interim consolidated financial statements are consistent with those applied in the preparation of the annual consolidated financial statements.

Accounting pronouncements adopted in the current period or not yet adopted:

●

In August 2023, the IASB issued “Amendments to IAS 21: Lack of Exchangeability (Amendments to IAS 21, “The Effects of Changes in Foreign Exchange Rates”)” (“the Amendments”) to clarify how an entity should assess whether a currency is exchangeable and how it should measure and determine a spot exchange rate when exchangeability is lacking.

The Amendments set out the requirements for determining the spot exchange rate when a currency lacks exchangeability. The Amendments require disclosure of information that will enable users of financial statements to understand how a currency not being exchangeable affects or is expected to affect the entity’s financial performance, financial position and cash flows.

The Amendments apply for annual reporting periods beginning on or after January 1, 2025.

F-10

MAGIC SOFTWARE ENTERPRISES LTD.

NOTES TO UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 2: Material ACCOUNTING POLICIES (Cont.)

The Amendments did not have a material impact on the interim consolidated financial statements.

●

IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 18 (IFRS 18), Presentation and Disclosure in Financial Statements (hereinafter: “the new standard”), which replaces International Accounting Standard 1 (IAS 1), Presentation of Financial Statements.

The objective of the new standard is to enhance comparability and transparency in financial statements.

IFRS 18 incorporates existing requirements from IAS 1 as well as introduces new requirements for the presentation in the statement of profit or loss, including presentation of specified line items and subtotals as required by the new standard, disclosures regarding management-defined performance measures (MPMs), and new requirements for the aggregation and disaggregation of financial information.

The new standard does not change the recognition and measurement principles of items in the financial statements. However, since items in the statement of profit or loss will need to be classified into one of five categories (operating, investing, financing, income taxes, and discontinued operations), it may affect the entity’s reported operating profit.

In addition, the issuance of IFRS 18 has resulted in limited amendments to other accounting standards, including IAS 7 – Statement of Cash Flows, and IAS 34 – Interim Financial Reporting.

The new standard is to be applied retrospectively for annual reporting periods beginning on or after January 1, 2027. Early adoption is permitted, with appropriate disclosure, for periods beginning on or after January 1, 2025.

The Company is currently evaluating the impact of the new standard, including the effect of the related amendments to other accounting standards, on its consolidated financial statements.

NOTE 3: Reportable segments

The Company reports its results on the basis of two reportable business segments: software solutions (which include proprietary and non-proprietary software technology) and IT professional services. The Company’s chief operating decision maker is the Chief Executive Officer who makes operating decisions, assesses performance and allocates resources on a consolidated basis.

The Company evaluates segment performance based on revenues and operating income of each segment. The accounting policies of the reportable segments are the same as those described in the summary of material accounting policies.

Headquarters’ general and administrative costs have not been allocated between the two segments.

Software solutions

The Company develops, markets, sells and supports both proprietary and non-proprietary application platforms, software applications, business and process integration solutions and related services.

IT professional services

The Company offers advanced and flexible IT services in the areas of infrastructure design and delivery, application development, technology planning and implementation services, communications services and solutions, as well as supplemental outsourcing services.

There are no significant transactions between the two segments.

F-11

MAGIC SOFTWARE ENTERPRISES LTD.

NOTES TO UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 3: Reportable segments (Cont.)

The following is information about reportable segment results of operation:

	Software solutions		IT professional services		Unallocated expense			Total

Six months ended June 30, 2025
Total revenues	$	48,296	$	250,682	$	-		$	298,978
Expenses		35,759		229,057		2,775			267,591

Operating income (loss)	$	12,537	$	21,625	$	(2,775	)	$	31,387

Depreciation and amortization	$	3,851	$	6,471	$	674		$	10,996

Six months ended June 30, 2024
Total revenues	$	48,121	$	218,849	$	-		$	266,970
Expenses		34,196		200,462		2,846			237,504

Operating income (loss)	$	13,925	$	18,387	$	(2,846	)	$	29,466

Depreciation and amortization	$	3,968	$	5,587	$	551		$	10,106

Three months ended June 30, 2025
Total revenues	$	24,485	$	127,157	$	-		$	151,642
Expenses		17,831		116,665		1,502			135,998

Operating income	$	6,654	$	10,492	$	(1,502	)	$	15,644

Depreciation and amortization	$	1,882	$	3,492	$	345		$	5,719

Three months ended June 30, 2024
Total revenues	$	24,187	$	112,063	$	-		$	136,250
Expenses		17,028		102,828		1,354			121,210

Operating income	$	7,159	$	9,235	$	(1,354	)	$	15,040

Depreciation and amortization	$	2,089	$	2,855	$	273		$	5,217

The year ended December 31, 2024
Total revenues	$	94,903	$	457,617	$	-		$	552,520
Expenses		69,268		417,746		4,269			491,283

Operating income	$	25,635	$	39,871	$	(4,269	)	$	61,237

Depreciation and amortization	$	8,204	$	11,368	$	1,190		$	20,762

F-12

MAGIC SOFTWARE ENTERPRISES LTD.

NOTES TO UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 4: SIGNIFICANT EVENTS DURING THE REPORTING PERIOD

On March 11, 2025, the Company entered into a non-binding Memorandum of Understanding (“MOU”) with Matrix I.T Ltd., a related party and a leading Israeli IT services public company (whose shares are traded on the Tel Aviv Stock Exchange), regarding a potential merger. Under the proposed transaction, Matrix would acquire the entire share capital of the Company through a reverse triangular merger, resulting in Magic becoming a private company wholly owned by Matrix. Magic’s shareholders will receive merger consideration in Matrix shares. The relative valuations of both companies have been agreed upon at 31.125% for Magic and 68.875% for Matrix. Consequently, following the merger, Magic’s shareholders will hold 31.125% of the issued and outstanding share capital of Matrix, and the shareholders who held Matrix’s shares prior to the merger will hold 68.875%, both on a fully diluted basis. The transaction is subject to the completion of due diligence, execution of a definitive agreement, regulatory approvals, and shareholder approvals, including approval by a special majority of minority shareholders in accordance with Israeli law. As of the date of approval of these financial statements, the merger has not been completed and there is no certainty that it will be completed.

On March 11, 2025, in accordance with its dividend distribution policy, Magic’s board of directors declared a semi-annual cash dividend of $0.327 per ordinary share for a total amount of approximately $16,055. The total cash dividend was paid on May 7, 2025, which together with prior dividend distribution declared on November 18, 2024 and paid on January 8, 2025, amounted to $27,642, reflecting approximately 75% of the Company’s distributable profits for the year ended December 31, 2024.

In April 2025, the Company acquired additional ordinary shares of its Comm-IT subsidiary. Pursuant to the transaction, the Company’s ownership interest in CommIT increased from 68.15% to approximately 79.32% on a fully diluted basis. The aggregate cash consideration paid to the selling shareholders amounted to approximately NIS 50.4 million. Following the transaction, CommIT remains a consolidated subsidiary of the Company. The transaction was accounted for as an equity transaction with non-controlling interests in accordance with IFRS 10, and no gain or loss was recognized in profit or loss.

NOTE 5: SUBSEQUENT EVENTS

On August 13, 2025, in accordance with its dividend distribution policy, Magic’s board of directors declared a semi-annual cash dividend of $0.296 per ordinary share for a total amount of approximately $14,500, reflecting approximately 75% of the Company’s distributable profits for the six-month period ended June 30, 2025. The dividend will be paid on October 22, 2025.

F-13

		Page

Condensed Interim Consolidated Statements of Financial Position		F-2 - F-3

Condensed Interim Consolidated Statements of Profit or Loss		F-4

Condensed Interim Consolidated Statements of Comprehensive Income		F-5

Condensed Interim Statements of Changes in Equity		F-6 - F-7

Condensed Interim Consolidated Statements of Cash Flows		F-8 - F-9

Notes to Condensed Interim Consolidated Financial Statements		F-10 - F-13