Nayax Ltd. — Investor Presentation 2021

Apr 28, 2021

Global Leader Powering Unattended Commerce

Company Presentation April 2021

Important Disclosure

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This Presentation was prepared solely based on information obtained from Nayax and public sources on or prior to the date hereof and has not been independently verified. This Presentation only contains summary information and no representation or warranty, express or implied, is or will be made in relation to and no reliance should be placed on the fairness, accuracy , correctness or completeness of the information or opinions contained in this Presentation.

This Presentation contains forward-looking statements, which are based on current expectations, projections and assumptions about future events and may differ materially from actual results due to variety of factors including, but not limited to: change in the overall economy; the duration and severity of the COVID-19 (coronavirus) pandemic and its impact on Nayax and on local and global economy and Nayax's ability to manage and develop its business. Statements contained in the Presentation, other than statements of historical fact, regarding future events or prospects, areforward-looking statements. These forward-looking statements can be identified by the use of words such as "aim," "anticipate," "believe," "continues," "could," "estimate," "expect," "intend," "goal," "may," "plan," "project," "projections," "should," "will" and other words that convey uncertainty of future events or outcome. Statements that Nayax makes in this Presentation that are not statements of historical fact also may be forward-looking statements. Forward-looking statements are not guarantees of future performance, and involve risks, uncertainties, and assumptions that may cause our actual results to differ materially from the expectations that Nayax describes in its forward-looking statements. There may be events in the future that Nayax is not accurately able to predict, or over which Nayax has no control. You should not place undue reliance on forward-looking statements. Although Nayax may elect to update forward-looking statements in the future, Nayax disclaims any obligation to do so, even if Nayax assumptions and projections change, except where applicable law may otherwise require Nayax to do so. These forward-looking statements should not be relied upon as representing Nayaxs views as of any date subsequent to the date of this Presentation.

Forward-looking statements speak as of the date of this Presentation and no one undertakes to publicly update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. Neither Nayax nor its subsidiaries or affiliates, or their respective directors, offices, employees, advisers or agents accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this Presentation.

Certain numbers in the information are unaudited and are based on internal company records. Some of these number may be subject to further review in due course, may be amended and the final numbers may differ from those set out in the information. Until such time as that review is complete and any final numbers are published, no reliance shall be placed on, and Nayax or Jefferies International, shall not be liable in any way in respect of such numbers.

Further, this Presentation may include market and industry data obtained by Nayax from industry publications and surveys. Nayax may not have access to the facts and assumptions underlying the numerical data, market data and other information extracted from public sources and as a result neither Nayax nor any of Nayax's advisors or representatives are able to verify such information, and assume no responsibility for the correctness of any such information.

Any information contained or views expressed in this Presentation do not purport to be comprehensive and are based on financial, economic, market and other conditions prevailing as of the date of this Presentation and are subject to change without notice. Neither Nayax nor any other person undertakes any obligation to update or revise any information or statement contained in the Presentation, whether as a result of new information, future events or otherwise, except to the extent required by law. The information contained in the Presentation may not be relied upon for any purpose. Neither Nayax nor Jefferies International or any other person, legal or natural, accepts any responsibility, obligation or liability in any manner whatsoever for any information contained in this Presentation.

Important Disclosure (Cont'd)

This Presentation does not constitute and is not intended to form part of any offer, or the solicitation of any offer, to buy , subscribe for or sell any shares (or any other security) in Nayax or any subsidiary of Nayax and nothing in this Presentation shall in any way constitute or form part of any legal agreement or be relied on in connection with, any contract, commitment or inv estment decision. Each recipient of the information contained in this Presentation is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of Nayax. No person shall have any right of action against Nayax or Jefferies International or any other person in relation to the accuracy or completeness of the information contained in the Presentation.

Neither this Presentation nor any part or copy of it may be taken or transmitted into the United States or Israel, or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the United States Securities Act of 1933, as amended (the "US Securities Act"), or in Israel, to the investors of one or more of the categories listed on the first addendum to the Israeli Securities Law of 1968, except to a limited number of qualified institutional buyers ("QIBs"), as defined in Rule 144A under the US Securities Act. Neither this Presentation nor any part or copy of it may be published, released, distributed or disclosed in Israel, Australia, Canada, Hong Kong, Japan, New Zealand or South Africa. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, Hong Kong, Japanese, New Zealand or South African securities laws. The publication, release, distribution or disclosure of this Presentation in other jurisdictions may also be restricted by law and persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions.

This Presentation and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in Israel, the United States, or in any other jurisdiction (within the meaning of Regulation S under the US Securities Act). Nayax has not and does not expect to register any securities that it may offer under the US Securities Act, or the securities laws of any state of the United States or any other jurisdiction thereof, and any such securities may not be offered or sold in the United States absent registration under the US Securities Act or an available exemption from it.

This Presentation does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (the "EU Prospectus Regulation"). This Presentation is only addressed to and directed at persons in member states of the European Economic Area (the "EEA") who are "qualified investors" within the meaning of Article 2(e) of the EU Prospectus Regulation ("Qualified Investors"). In addition, in the United Kingdom, this Presentation is only being distributed to and is directed only at Qualified Investors who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) are high net worth entities and fall within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This Presentation and its contents must not be acted on or relied upon (i) in the United Kingdom, by persons who are not Relevant Persons or (ii) in any member state of the EEA (other than the United Kingdom), by persons who are not Qualified Investors. The communication of this Presentation (i) in the United Kingdom to persons who are not Relevant Persons or (ii) in any member state of the EEA (other than the United Kingdom) to persons who are not Qualified Investors is unauthorized and may contravene applicable law. Nothing in this Presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. If you have received this Presentation and you are (i) in the EEA (other than the United Kingdom) and are not a Qualified Investor or (ii) in the United Kingdom and are not a Relevant Person, you must return it immediately to Nayax.

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Key Terms Of The Offering

Issuer	− Nayax Ltd.
Listing Venue	− Tel-Aviv Stock Exchange
Primary / Secondary	− Size of Primary: c.\$150m − Size of Secondary: expected to be c.19.5m shares
Overallotment	− Up to 15% of the offering size
Lock-ups	− Expected to be in line with market standard
	− Sole Global Coordinator: Jefferies
Syndicate	− Lead International Manager: Oppenheimer
	− Lead Israeli Manager: Leader Capital Markets

Today's Presenters

CEO and Co-Founder Yair Nechmad

CTO and Co-Founder David Ben Avi

CFO Liron Grosman

CMO Keren Sharir

Retail Today Faces Multi-Dimensional Challenges

Tech Platforms Approaching Retailers From Different Angles

Nayax Empowers Retailers To Accelerate Their Trajectory

Leading global operating system and payments platform for unattended commerce and beyond

Nayax Is Powering The Evolution Of Retail

Nayax In Action

Nayax Today

Proven Track Record Of International Growth And Innovation

Powerful Global Trends Are Driving Unattended Commerce

• (2) Mordor Intelligence, Research and Markets.
• (3) PYMNTS, The Future of Unattended Retail Report (February 2020).
• (4) Market data is based on estimations and could materially change.

Global Cashless Unattended Transaction Value Expected To Triple Over Next Five Years

Source: Company research. Market data is based on estimations and could materially change. (1) Others include public toilets, air / vac machines, car washes, kiddie rides, and photo booths.

Leader In A Market With High Barriers To Entry

End-to-end 360 Platform For Any Retailer's Needs

• Marketing suite with loyalty and discounts
• Driving enhanced consumer engagement and conversion(1)
• Cross retail rewards

• Business optimization and monitoring tools • Flexible API connection to other software

• Deep customer insights

platforms

• • Seamless deployment on new and existing machines
  • Optimized monitoring and customer service
  • Drives customer lock-in
• Global localized cashless acceptance
• Any form of cashless payment
• Certified payment facilitator

(1) Based on customer testimonials.

Nayax's Platform Increases Revenue And Decreases Costs

Nayax's Connected POS Is A Key Competitive Advantage

• Nayax's connected point of sale ("POS") devices enable the acceptance of digital payments
• Devices are designed and developed (hardware and software) in-house with Nayax's own specifications
• Nayax manages the entire value chain of the manufacturing process and is able to dictate the production specification with its manufacturing partners

Global Payments Acceptance Network Maximising Conversion For Customers

• Nayax's global payments platform has the connections and capabilities to deliver enterprise payments across all of its markets
• Nayax has built an international payment network with direct connections to 85 payment methods and acquirers that enable Nayax to collect payments in 40 currencies
• Payments platform helps its merchants maximize payment conversion and acceptance across different countries

Software Suite Providing Full Visibility To Unattended Retail and Deep Insights To Retailers of All Sizes

• Nayax's proprietary software management suite serves as a central intelligence hub for its customers
• Customers can remotely control their machines for more efficient operations
• Customer support is offered in 20 languages

Accessible and easy to use telemetry and management solutions Key features

Operational management with different reports and customizable dashboard

Inventory management

API suite to a

Array of APIs to 3rd party partner systems or ERP system

Live signals and access to real time data to

continuously monitor connectivity

Track visits, inventory refill and cash collection to reduce fraud

Employee management

Access to accurate information about machine status, inventory and sales transactions

3rd party system Reports and BI

Store management Customers manage their business the way they want, global offices, regions and more with multiple permissions and roles

hierarchy

Managing machine health, attributes and consumer interaction to form one business view and machine matrix

Higher machine availability generates increased sales by sending real time notable operational issues

Customized alert suite

Location monitoring

Solving Our Customers' Pain Points At Scale

• Machine downtime
• Loss of revenue

Nayax's solutions:

• ✓ Decrease in costs and employee management through Nayax management suite
• ✓ Improved payment conversion through payment platform
• ✓ Improved maintenance costs using dynamic alerts
• ✓ High machine availability using real time data

"Nayax […] helps us grow and use technology to improve our operations […] we've been pleased with the results." Matt Sheehan, Primo Water CEO

Challenges Faced:

• Sophisticated multi-country hierarchy that needed to manage operations
• Looking for a partner to grow internationally
• Need to accept the most advanced payment options
• Offering a consumer interaction

Nayax's solutions:

• ✓ Consolidated dashboard of different stakeholders
• ✓ Payment acceptance across countries / currencies
• ✓ SDK and API to transfer data and capabilities to their systems and wallet solutions

"Nayax meets all of our needs […] We look forward to working with Nayax over the years." Fritz Kaltenegger, Café+Co International CEO

Our Platform Delivers Differentiated In-Store Solutions

• The Nayax platform also delivers attended retail POS and payments systems leveraging its differentiated software platform and global payment infrastructure
• Nayax acquired retail POS capabilities through the acquisition of Upitech in 2019
• Major growth since its launch while deployment today is limited to 2 countries
• Developing a complete management suite for attended market with marketing capabilities, loyalty and inventory management thatlinks to an online store

Multichannel Go-to-market Strategy Effectively Canvassing The Large Market Opportunity

• Sell across customers categories
• Distributors undergo annual certification process with Nayax
• Distributors account for ~23% of Nayax's recurring revenues
• Comprehensive training programs to create uniform messaging and customer engagement
• Access to Nayax hub to provide detailed business information for the distributor

23

Deeply Embedded Global Tier 1 Customer Base

• (1) Based on service and clearing fee.
• (2) For direct customer, revenue from platform service and processing fee.
• (3) Based on 2020 revenue split.

Powerful Business Model With Strong Recurring Foundations

Consistent Track Record Of Expanding Footprint

Net new POS

Strong Long-term Growth With Proven Underlying Profitability

Defined Strategy For Sustained Long-Term Growth

Growth With Existing Customers

• o Growing the # of transactions that come through Nayax
• o Cross-selling in-store retail payments

Winning New Customers

1 2 3

• o Momentum in high profile enterprise wins
• o Proven ability to acquire high volumes of SME customers

Develop A Digital Platform To Address Global Opportunity

o Digital platform to address countries where Nayaxdoes not have a direct or distributor presence

New Emerging Verticals 4 5 6

o Leverage Nayax's core competencies to deliver localized SMB payments at Global scale

Develop Omni-channel Solution

• o Build online gateway capabilities
• o Unify proposition across channels (unattended, instore, online)

M&A

• o Opportunistically consolidate distributors
• o Make targeted acquisitions to extend platform capabilities

Migration To Cashless Will Further Accelerate The Growth For Nayax

Dedicated Founding Team Supported By A Strong Group Of Highly Experienced Executives

Intended Use Of Proceeds

IPO represents the ideal next step in Nayax's development

• Capital to invest in growth to capture the market opportunity
• Flexibility to pursue further strategic M&A
• Enhances Nayax's profile as a global payments institution
• Provides new long-term partners to Nayax's committed existing shareholders

Expected IPO Uses Of Funds(1)

1.	Growth and related OPEX	\$65m
2.	New Product Development	\$45m
3.	M&A	\$40m
Total		\$150m

Financial Forecast Goals(1)

Revenues	Gross Margin	EBITDA
o Targeting c.\$200m in annual revenues in the long term through organic growth and M&A o Targeting to accelerate organic growth to 30% in the medium term, fueled by increased customer and market penetration,	o Gross margin levels to increase longer term driven by introduction of a leasing option for terminals and growing contribution of software and payments revenues as a % of total	o Prioritizing revenue and growth in the medium term o Building on historically profitable foundations and targeting 10%+ margin in the medium term

o Long-term aspirational EBITDA margin target for the group is c.30%+

investments in go-to-market initiatives, and continued expansion of the platform

o Targeting 50%+ gross margin in the medium term

(1) The forecast is prepared by the Company's management using its best estimate and judgment based on past experience and actual knowledge and progress of the Company's performance as of the date of this presentation, and have been based on several assumptions, many of which are outside the influence of the Company's management. Any deviation of certain of these assumptions could materially change the outcome of the forecast. For a discussion of some of the important factors that could cause these variations, please see the "Risk Factors" section of the prospectus. Nothing in this presentation should be regarded as a representation by any person that these targets will be achieved and the Company undertakes no duty to update its targets.

Framing Nayax's Commerce Enablement Qualities

Revenue		\$78.8m	\$175.6m(1)	\$150.9m(4)
Market Cap		n.a.	\$8.8bn(2)	\$0.9bn(2)
Revenue Growth	2017-19 CAGR	42%	41%(1)	19%(4)
	2020	24%	66%(1)	(8%)(4)
Revenue Model	Software and Hardware Payments 45% 55%		Hardware Software and and other Payments 11% 89%	License and Equipment Transaction Fees Sales 82% 18%
Gross Profit (2020)	Software and Payments % Margin Hardware % Margin	\$26.6m 61% \$10.6m 30%	\$103.0m(1) 65% \$2.1m(1) 12%	\$50.9m(4) 34% (\$2.3m)(4) (10%)
Net Retention (2019/20)		124% / 102%	>100% / >100%(1)	n/a
EBITDA		\$6.6m	(\$17.8m)(1)	(\$5.5m)(4)
Products	Unattended In-store retail	✓ ✓	Х ✓	✓ Х
Countries of operation		53+	100+(1)	US, Canada(5)
TAM		€123bn(6)	\$542bn(3)	€17bn(6)
year. (1)		Note: All financials calendarized to December YE. EBITDA refers to Adjusted (3) EBITDA as publicly reported and is based on sum of the 4 quarters in the calendar (4) Prospectus, 2019 and 2020 Annual Report and Quarterly Reports.	Lightspeed 2019 Investor Presentation. USAT 2020 and 2021 Annual Report and Quarterly Reports. Software and payments gross profit for USAT refers to gross profit from license and transaction fees.	(6) Source: Company Research, 2025 estimates. Nayax TAM comprises of only the global unattended market and does not include in-store retail; USAT TAM comprises North America unattended market. Market data is based on estimations and could materially change.

(5) USAT 2020 10K.

(2) Capital IQ as of 16 April 2021.

(1) Prospectus, 2019 and 2020 Annual Report and Quarterly Reports.

Investment Highlights

Leading global commerce enablement platform for unattended retail environments

Ideally positioned to capture the large, global and fast growing unattended and SME payments market opportunity

Robust end-to-end own technology platform delivering the maximum flexibility and improving value for customers

Large tier-1 enterprise customer base with substantial lock-in and high retention rate

Global multi-channel Go-To-Market strategy positioned to deliver the maximum opportunity

Robust business model underpinned by substantial recurring subscription and processing revenues

Delivering visible revenue growth with proven underlying profitability and well-defined long-term growth pillars

Committed founder culture complemented by a highly experienced executive team

Substantial Growth In Connected Machines Expected In The Next 5 Years

Source: Company research. Market data is based on estimations and could materially change. (1) Others include public toilets, air / vac machines, car washes, kiddie rides, and photo booths.

Merchant Of Record Model Driving Competitive Offering For SMEs

• Being the merchant of record allows Nayax to aggregate the transaction and offer cheaper processing fee for its customers
• By doing so, even a smaller merchant can be a merchant of record using Nayax's dynamic description
• The dynamic descriptor allows Nayax to avoid consumer complaints on problems with the machine
• Using its special instant refund solution, Nayax helps the merchant generate a speedy service seamlessly and create a great customer service

Dynamic Receipt
Best Vending
Best Vending
Erez Vending
Bing Vend
Best Vending

Loyalty Suite Driving Incremental Revenue And Conversion

• Proprietary consumer engagement marketing and loyalty platform
• On the front end: Monyx Wallet an e-wallet that allows its customers' consumers to make electronic payments with their phone
• On the back end: the Nayax platform enables customers to manage multiple marketing and loyalty campaigns

Acquisition Of Weezmo – Building Omni-Channel Marketing Solution

ROPO – Research Online, Purchase Offline Interactive E-receipt

• Measure every customer interaction offline to online, from any channel
• High return on investment for marketing activities across online and offline channels

Case study:

Channel	Source/ Medium	Campaign	Spend	ROPO Revenue ▼	Total Revenue	RORO Revenue % V	ROI (online + ROPO) ▼
Paid Search	google / cpc	Campaign Gc1	30150	114,519	371,952	30.8%	1133.67%
Email	email	Campaign E1	9700	104,027	232,905	44.7%	2301.09%
Organic Search	google / organic	(not set)		86,590	284,594	30.4%
Facebook	facebook	Campaign FB1	27000	64,128	205,866	31.2%	662.47%
Direct	direct/none	(not set)		60,819	205,002	29.7%
Paid Search	google / video	Campaign GV1	17300	59,762	202,226	29.6%	1068.93%
Email	email	Campaign E2	6000	36,764	120,520	30.5%	1908.67%
Facebook	facebook	Campaign FB2	10150	31,001	88,772	34.9%	774.60%
Paid Search	google / cpc	Campaign Gc2	7025	28,586	87,762	32.6%	1149.28%
Email	Campaign	Campaign E3	5100	27,302	81,360	33.6%	1495.30%
Email	email	Campaign E4	3700	24,175	71,602	33.8%	1835.19%

each person to increase sales • Generate smart loyalty with brand awareness in a seamless way

• Providing the customer access to opt in for ads and company offers

• Feedback, videos, social,

build customer post

smarter data-based

• Choosing the right ad for

interaction

loyalty, and 40+ features to

purchase engagement in a

• Ability to change the promotion to fit new products and company

Statement Of Financial Position

Assets	Year ended December 31
	2020	2019
	US Dollars in Thousands
Current Assets
Cash and cash equivalents	8,195	4,412
Restricted cash to be transferred to customers in respect of processing activity	18,166	6,236
Short-term bank deposits	87	-
Receivables in respect of processing activity	7,213	12,216
Accounts receivable
Trade	13,840	9,665
Other	1,976	3,164
Inventory	5,041	4,519
Total current assets	54,518	40,212

Non-Current Assets Long-term bank deposits 798 474 Long-term receivables - 151 Property and equipment 5,047 3,448 Right-of-use assets 4,761 4,329 Goodwill and intangible assets 27,388 20,737 Deferred income tax 241 135 Total non-current assets 38,235 29,274 Total Assets 92,753 69,486

Equity and Liabilities	Year ended December 31
	2020	2019
		US Dollars in Thousands
Current Liabilities
Short-term bank credit	11,589	8,030
Short-term bank loans and current maturities of long-term bank loans	1,938	3,253
Current maturities of loans from others	3,041	1,243
Current maturities of other long-term liabilities	686	327
Current maturities of leases	1,320	1,196
Payables in respect of porcessing activity	27,181	19,978
Accounts payable:
Trade	10,998	7,619
Other	5,498	3,575
Total current liabilities	62,251	45,221
Non-current Liabilities
Long-term bank loans	5,391	-
Long-term loans from others	2,662	1,085
Retirement benefit obligation severance pay - net	894	617
Other long-term liabilities	3,374	1,804
Lease liabilities	5,154	4,709
Deffered income tax	526	381
Total non-current liabilities	18,001	8,596
Total liabilities	80,252	53,817
Equity
Share capital	7	7
Share premium	16,689	16,689
Put option to purchase subsidiary's shares	-	(493)
Capital reserves	9,238	9,477
Accumulated deficit	(13,433)	(11,026)
Equity attributed to parent company's shareholders:	12,501	14,654
Non-controlling interest	-	1,015
Total Equity	12,501	15,669

Total Liabilities and Equity 92,753 69,486

88%

Income Statement

		Year ended December 31
	2020	2019	2018
			US Dollars in Thousands
Sale of POS and other	35,414	28,288	24,310
Processing and services	43,369	35,338	24,401
Total Revenue	78,783	63,626	48,711
Cost of POS and other	24,825	22,785	18,930
Cost of processing and services	16,778	14,287	8,503
Cost of Revenues	41,603	37,072	27,433
Gross Profit	37,180	26,554	21,278
Payroll and related expenses	6,189	5,108	3,664
Suppliers and subcontractors	976	572	629
Rent, office and maintenance	259	310	330
Share-based payment	1,133	700	-
Depreciation and amortization	743	635	167
Research and development expenses	9,300	7,325	4,790
Payroll and related expenses	15,951	11,155	7,873
Share-based payment	1,831	700	-
Rent, office and maintenance	1,274	1,096	1,173
Travel abroad and entertainment	612	1,001	711
Advertising and sales promotion	990	936	914
Depreciation and amortization	1,563	1,509	630
Computers and systems maintenance	1,286	1,067	571
Professional fees	1,775	1,054	606
Provision for credit losses and bad debts	636	711	270
Other expenses	627	416	249
Selling, general and administrative expenses	26,545	19,645	12,997
Depreciation and amortization in respect of capitalized development costs and technology	3,559	2,673	2,152
Income (loss) from ordinary operations	(2,224)	(3,089)	1,339
Finance expenses	4,277	2,554	3,403
Finance income	403	9	413
Loss from early repayment of loans from others	-	-	2,028
Loss before taxes on income	(6,098)	(5,634)	(3,679)
Tax benefit	15	143	47
Loss for the year	(6,083)	(5,491)	(3,632)

Cash Flow Statement

	Year ended December 31
	2020	2019	2018
		US Dollars in Thousands
Cash Flows From Operating Activities
Net loss for the year	(6,083)	(5,491)	(3,632)
Depreciation and amortization	5,908	4,817	2,949
Retirement benefit obligation, net	106	82	(13)
Deferred taxes	(230)	(220)	(64)
Financing expenses, net	3,428	1,728	1,325
Loss from early repayment of loans from others	-	-	2,028
Expenses in respect of long-term employee benefits	5	215	151
Revaluation of liability for adjustment mechanism	-	-	2,146
Expenses in respect of share-based payment	2,965	1,400	-
Adjustments in respect of the above items	12,182	8,022	8,522
Increase in restricted funds in respect of processing activity	(11,930)	(6,236)	-
Decrease (increase) in receivables in respect of processing activity	5,003	(4,912)	(4,969)
Increase in trade receivable	(3,894)	(248)	(5,001)
Decrease (increase) in other receivables	(389)	302	(758)
Increase in inventory	(511)	(466)	(2,451)
Increase in payables in respect of processing activity	7,203	8,705	5,330
Increase (decrease) in trade payables	3,154	(2,626)	6,143
Increase (decrease) in other payables	1,753	1,515	(1,349)
Changes in Operating asset and liability items	389	(3,966)	(3,055)
Adjustments required to reflect the cash flow from operating activities	12,571	4,056	5,467
Net cash provided by (used in) operating activities	6,488	(1,435)	1,835

	Year ended December 31
	2020	2019	2018
		US Dollars in Thousands
Cash Flows From Investing Activities
Capitalized development costs	(5,731)	(4,197)	(3,880)
Acquisition of property, plant and equipment	(2,125)	(2,492)	(606)
Loans extended to others	(141)	(364)	(295)
Loans extended to shareholders	-	(826)	-
Loans repaid by shareholders	786	-	-
Purchase of an intangible asset	-	-	(202)
Decrease (increase) in bank deposits	(411)	(383)	68
Purchase of Subsidiary net of purchased cash	(686)	(137)	-
Repayment of liability to pay deferred consideration in respect to business
combinations	(580)	-	-
Interest received	14	9	-
Proceeds from sub-lessee	302	65	-
Net cash used in investing activities	(8,572)	(8,325)	(4,915)
Cash Flows from Financing Activities
Interest paid	(1,065)	(802)	(3,492)
Receipt of short-term bank credit, net	2,976	4,676	1,907
Support in respect of government institutions' support plans	16	267	257
Proceeds from issuance of shares and related instruments	-	-	17,484
Exercise of option to buy shares of subsidiary and increase in equity interest
therein	(1,049)	-	(500)
Receipt of long-term bank loans	4,734	-	4,161
Repayment of long-term bank loans	(1,003)	(975)	(75)
Receipt of long-term loans from others	3,804	2,500	-
Repayment of long-term loans from others	(920)	(1,446)	(8,881)
Repayment of loans from shareholders	-	-	(3,836)
Decrease in other long-term liabilities	(280)	(85)	(79)
Lease incentive received from lessor	-	865	-
Repayment of lease liability principal	(1,167)	(823)	-
Repayment of long-term loans from related company	-	-	(266)
Net cash provided by financing activities	6,046	4,177	6,680
Increase (Decrease) in Cash and Cash Equivalents	3,962	(5,583)	3,600
Balance of Cash and Cash Equivalents at Beginning of Year	4,412	10,000	6,862
Losses from Exchange Differences on Cash and Cash Equivalents	(222)	(5)	(462)
Impact of change in exchange rates on cash balance held in foreign activities	43	-	-
Balance of Cash and Cash Equivalents at End of Year	8,195	4,412	10,000

88%

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