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(formerly Caesarstone Sdot-Yam Ltd.), incorporated under the laws of the State of Israel, was founded in 1987. On June 9, 2016, the Company changed its name from Caesarstone Sdot-Yam Ltd. to Caesarstone Ltd.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Caesarstone Ltd. and its subsidiaries (collectively, the "Company" or "Caesarstone") manufacture high quality engineered quartz surfaces sold under the Company's premium Caesarstone brand. The Company's products consist of engineered quartz slabs that are currently sold in approximately 45 countries through a combination of direct sales in certain markets and indirectly through a network of independent distributors in other markets. The Company's products are primarily used as kitchen countertops in the renovation and remodeling end markets and in the new buildings construction market. Other applications include vanity tops, wall panels, back splashes, floor tiles, stairs and other interior surfaces that are used in a variety of residential and non-residential applications.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company has subsidiaries in Australia, Singapore, Canada and the United States which are engaged in the marketing and selling of the Company's products in different geographic areas. In January 2017, the Company commenced direct marketing and sales operations in the United Kingdom through its fully owned subsidiary Caesarstone (UK) Ltd. In addition, the Company has a subsidiary in the United States, Caesarstone Technologies USA, Inc., which is engaged in the manufacturing of the Company's products.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="zc8ef16355e3c482f813866d220634586" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">b.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Major suppliers:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt"><font style="font: 10pt Times New Roman, Times, serif">In 2018, the Company acquired approximately 65% of its quartz consumption from Turkey, of which approximately 38% was supplied by Mikroman Madencilik San ve TIC.LTD.STI ("Mikroman"), constituting approximately 24% of Company's total quartz, and approximately 34</font><font style="font: 10pt Times New Roman, Times, serif">% was supplied by Polat Maden Sanayi ve Ticaret A.&#350;. </font><font style="font: 10pt Times New Roman, Times, serif">(&#8220;Polat&#8221;),</font>&#160;<font style="font: 10pt Times New Roman, Times, serif">constituting approximately 22% of Company&#8217;s total quartz. If Mikroman or Polat cease supplying the Company with quartz or if the Company's supply of quartz generally from Turkey is adversely impacted, the Company's other suppliers may be unable to meet the Company's quartz requirements. In that case, the Company would need to locate and qualify alternate suppliers, which could take time, increase costs and require adjustments to the appearance of the Company's products. As a result, the Company may experience a delay in manufacturing, which could materially and adversely impact the Company's results of operations.</font></div> <div style="line-height: 1.25">&#160;</div> <div style="text-align: justify; line-height: 1.25"> <table id="z1d853287810048d1b10becf6e69db04c" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">c.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Caesarstone Canada, Inc.:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">In connection with the formation of Caesarstone Canada Inc. in 2010 with the Company&#8217;s former distributor, Canadian Quartz Holdings Inc. 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The Company recorded the purchase price against the non-controlling interest balance and the access of the amounts paid over the non-controlling balance to a capital fund in its shareholders&#8217; equity (see also Note 2v).</div> <div style="text-align: justify; line-height: 1.25"> <table id="z849cb86f2d754befbc5842207559a232" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="font: bold 10pt Times New Roman, Times, serif; vertical-align: top; width: 56.7pt">NOTE 2:-</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: bold 10pt Times New Roman, Times, serif">SIGNIFICANT ACCOUNTING POLICIES</div> </td> </tr> </table> </div> <div style="line-height: 1.25">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 56.7pt">The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="z485f7803427e433da9eb89cc2f051ae2" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">a.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Use of estimates:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. 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The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they were made.</div> <div style="text-align: justify; line-height: 1.25">&#160;</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="zd8b7ac051e59460485aa25edb5f98e4f" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">b.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Financial statements in U.S. dollars:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company's revenues are generated in various currencies including in U.S. dollars (USD), Australian dollars (AUD), Canadian dollars (CAD), Euros (EUR), Singapore dollars (SGD), British pounds (GBP) and New Israeli Shekels (NIS). 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Commencing 2017, the tax rate on preferred income from a Preferred Enterprise will be 16%&#160; and in development area A &#8211; 7.5% (relates to Company's manufacturing plant in Bar-Lev industrial zone).</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Amendment No. 68 also prescribes that any dividends distributed to individuals or foreign residents from the preferred enterprise's earnings as above will be subject to tax at a rate of 20% from 2014 and onwards (or a reduced rate under an applicable double tax treaty). Upon a distribution of a dividend to an Israeli company, no withholding tax is remitted.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Since the Company chose to apply the provisions of Amendment No. 68, by submitting the waiver form before June 30, 2015, the Company is eligible to distribute taxed earnings derived from a Beneficiary Enterprise and/or Approved Enterprise to an Israeli company without being subject to withholding tax.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">In development area A, in addition to the tax benefits, as mentioned above, some of the Company's facilities are eligible for grants at rate of 20% and/or loans, subject to an approval of the Israeli Investment Center.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Accelerated depreciation:</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company is eligible for a deduction of accelerated depreciation on machinery and equipment used by the Approved Enterprise or the Beneficiary Enterprise or the Preferred Enterprise at a rate of 200% (or 400% for buildings) from the first year of the asset's operation.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Conditions for entitlement to benefits:</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The above mentioned benefits are contingent upon the fulfillment of the conditions stipulated by the Encouragement Law, regulations published thereunder and the letters of approval for the investments in the Preferred Enterprises, as discussed above. Non-compliance with the conditions may cancel all or part of the benefits and require a refund of the amount of the benefits, including interest. The Company's management believes that the Company is meeting the aforementioned conditions.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Of the Company's retained earnings as of December 31, 2018, approximately $20,643 is tax-exempt earnings attributable to its Approved Enterprise programs and $16,131 is tax-exempt earnings attributable to its Beneficiary Enterprise program. The tax-exempt income attributable to the Approved and Beneficiary Enterprises cannot be distributed to shareholders without subjecting the Company to taxes. If dividends are distributed out of tax-exempt profits, the Company will then become liable for tax at the rate applicable to its profits from the Approved Enterprise in the year in which the income was earned, as if it was not under the "Alternative benefits track" (taxed at the rate of no more than 23% as of December 31, 2018). Under the Encouragement Law, tax-exempt income generated under the Beneficiary Enterprise status or the Approved Enterprise status will be taxed, among other things, upon a dividend distribution or complete liquidation in accordance with the Encouragement Law. 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The consideration to be paid for each Kibbutz Appointee will be based on the Company's total cost of employment for a non-Kibbutz Appointee employee performing a similar role. The number of Kibbutz Appointees may change in accordance with the Company's needs. Under the manpower agreement, the Company will notify Kibbutz Sdot-Yam of any roles that require staffing, and if the Kibbutz offers candidates with skills similar to other candidates, the Company will give preference to hiring of the relevant Kibbutz members. Kibbutz Sdot-Yam is entitled under this agreement, at its sole discretion, to discontinue the engagement of any Kibbutz Appointee of manpower services through his or her employment by Kibbutz Sdot-Yam and require such appointee to become employed directly by the Company.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company will contribute monetarily to assist with the implementation of a professional reserve plan to encourage young Kibbutz members to obtain the necessary education for future employment with the Company. The Company will provide up to NIS 250,000 ($67) per annum for this plan linked to changes in the Israeli consumer price index plus VAT. The Company will also implement a policy that prioritizes the hiring of such young Kibbutz members as the Company's employees upon their graduation. The manpower agreement and addendum also includes Kibbutz Sdot-Yam&#8217;s obligation to customary liability, insurance, indemnification and confidentiality and intellectual property provisions. Office holders who are Kibbutz Appointees shall have all benefits applicable to Company's other office holders, including without limitation, directors&#8217; and officers&#8217; liability insurance, and Company's indemnification and exemption undertaking.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Manpower service net fees paid were $2,548, $2,896 and $3,145 for the years ended December 31, 2018, 2017 and 2016, respectively.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="zc6f31933d9cf472cbe47a301b8d566de" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">b.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Services from the Kibbutz:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">On July 20, 2011 the Company entered into a services agreement with the Kibbutz that was further amended on February 13, 2012 (the &#8220;Original Services Agreement&#8221;). Pursuant to the Original Services Agreement, the Kibbutz provided various services related to Company&#8217;s operational needs. The Original Services Agreement also outlined the distribution mechanism between the Company and Kibbutz Sdot-Yam, for certain expenses and payments due to local authorities, such as taxes and fees in connection with Company&#8217;s business facilities. 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See also Note 12. Less than $1. Accumulated other comprehensive income (loss), net, comprised of foreign currency translation and hedging transactions. Presented net of investment grants received in the total amount of $7,223. Until 2012, the Company leased land from the Israel Lands Administration ("ILA") for its Bar-Lev manufacturing facility. The lease term started on February 6, 2005. The lease is for an initial non-cancellable term of 49 years, with a renewal option of an additional 49 years. The Company analyzed the conditions set forth in ASC 840-10 and classified the land as an operating lease (since the land is not transferred to the Company at the end of the lease nor is there any option to buy the land from the ILA at any point). All payments on account of the initial term were paid in advance (based on discounted values) at the beginning of the lease, and included in the minimum lease payments to be amortized. The prepaid expenses are amortized through the term of the lease, based on the straight-line method (including the bargain renewal option term). See also note 13(d). Deriving mainly from provision for labor related and warranty provision. The increase mainly related to provision for loss contingencies. Deriving mainly from the provision for slow moving inventory and IRS section 263(a). Certain subsidiaries have tax loss carry-forwards totaling approximately $2,491 which can be carried forward and offset against taxable income, these carry-forward tax losses have no expiration date. On January 17, 2011 a loan of 4 million Canadian dollars was made to Caesarstone Canada Inc. by its shareholders at that time CIOT and the Company, on a pro rata basis. Although the Company acquired CIOT ownership interest in Caesarstone Canada Inc. during December, 2018, the loan continues to bear interest until repayment at a per annum rate equal to Bank of Canada's prime business rate plus 0.25% (See also note 1c). The interest accrued on the loan is payable on a quarterly basis. In September, 2012, a financing leaseback of $10,900 related to Bar-Lev transaction was granted to the Company by Kibbutz Sdot-Yam. The financing leaseback bears interest until repayment at a per annum rate equal to 6.07% and is subject to adjustment for increases in the Israeli consumer price index. In 2018 and 2016 dividend payment was made by Company's subsidiary Caesarstone Canada Inc. and reflects the amount paid to the non-controlling interest holders. See also Note 1c In 2018 and 2016, dividend payment made by Company's subsidiary Caesarstone Canada Inc. and reflects the amount paid to the non-controlling interest holders. Not including the legal proceedings in Australia and in Spain. Representing 99 injured persons out of which 3 claims yet to be paid.