NAT Nanette

+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |             |  |           |  |           | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            In Euro (1)             |  |         1.6 |  |     1,605 |  |       441 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            In Hungarian Forint (2) |  |       10.61 |  |    21,052 |  |     9,985 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            In Polish Zloty         |  |             |  |         - |  |     4,625 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |             |  |           |  |           | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |             |  |    22,657 |  |    15,051 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
 
 
(1)    The deposit is pledged to secure a cross currency swap (see Note 19(2)). 
Interest in respect of these deposits for the year ended December 31, 2008 is 
1.6%. 
 
 
(2)    The deposits are pledged to secure credit facilities granted to the Group 
and construction cost financing of the Group. Interest in respect of these 
deposits for the year ended December 31, 2008 is based on BUBOR per month with a 
margin of 0.5%-0.65%. The rate of the BUBOR as of December 31, 2008 is 10%. 
 
 
 
 
NOTE 5:-    TRADE AND OTHER RECEIVABLES 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                    |  |           |  |      December 31,        | 
+------------------------------------+--+-----------+--+--------------------------+ 
|                                    |  |           |  |   2008    |  |   2007    | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                    |  |           |  |           |  |           | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Trade receivables       |  |           |  |       276 |  |     1,537 | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Prepaid expenses        |  |           |  |       368 |  |       745 | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Related parties (Note   |  |           |  |       898 |  |         - | 
|            24b)                    |  |           |  |           |  |           | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Government authorities  |  |           |  |     5,356 |  |     8,337 | 
|            (principally VAT)       |  |           |  |           |  |           | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Payment on account of   |  |           |  |         - |  |     1,750 | 
|            purchase of land        |  |           |  |           |  |           | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Advances to suppliers   |  |           |  |       354 |  |       818 | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Other                   |  |           |  |        99 |  |       149 | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                    |  |           |  |           |  |           | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                    |  |           |  |     7,351 |  |    13,336 | 
+------------------------------------+--+-----------+--+-----------+--+-----------+ 
 
 
 
 
NOTE 6:-    INVENTORY OF LAND AND HOUSING UNITS 
 
 
+-------------------------------+--+-----------+--+-----------+--+-----------+ 
|                               |  |           |  |      December 31,        | 
+-------------------------------+--+-----------+--+--------------------------+ 
|                               |  |           |  |   2008    |  |   2007    | 
+-------------------------------+--+-----------+--+-----------+--+-----------+ 
a.    Composition: 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|            Land and            |  |           |  |    64,628 |  |     97,756 | 
|            construction costs  |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|            Capitalized         |  |           |  |     2,832 |  |      4,746 | 
|            borrowing costs     |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |    67,460 |  |    102,502 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
b.    Presentation: 
+-------------------------------+--+-----------+--+-----------+--+------------+ 
|                               |  |           |  |           |  |            | 
+-------------------------------+--+-----------+--+-----------+--+------------+ 
|            Current            |  |           |  |    24,330 |  |     85,868 | 
+-------------------------------+--+-----------+--+-----------+--+------------+ 
|            Non-current (*)    |  |           |  |    43,130 |  |     16,634 | 
+-------------------------------+--+-----------+--+-----------+--+------------+ 
|                               |  |           |  |           |  |            | 
+-------------------------------+--+-----------+--+-----------+--+------------+ 
|                               |  |           |  |    67,460 |  |    102,502 | 
+-------------------------------+--+-----------+--+-----------+--+------------+ 
 
 
(*)    Land on which construction is not intended to begin before the end of the 
Company's current operating cycle. 
 
 
c.    The movement during the year: 
+------------------------------------------+--+-------------+--+-------------+ 
|                                          |  |        December 31,          | 
+------------------------------------------+--+------------------------------+ 
|                                          |  |    2008     |  |    2007     | 
+------------------------------------------+--+-------------+--+-------------+ 
|                                          |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
|            Opening balance at January 1, |  |     102,502 |  |      76,573 | 
+------------------------------------------+--+-------------+--+-------------+ 
| Additional costs incurred during the     |  |      52,765 |  |      70,734 | 
| year                                     |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
|            Disposal of subsidiaries      |  |    (63,067) |  |    (27,330) | 
|            (Note 8e)                     |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
|            Acquisition of subsidiaries   |  |           - |  |       5,533 | 
+------------------------------------------+--+-------------+--+-------------+ 
|            Transfer to the income        |  |    (20,921) |  |    (25,936) | 
|            statement upon disposal       |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
|            Currency translation          |  |     (3,819) |  |       2,928 | 
|            differences                   |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
|                                          |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
|            Closing balance at December   |  |      67,460 |  |     102,502 | 
|            31,                           |  |             |  |             | 
+------------------------------------------+--+-------------+--+-------------+ 
 
 
 
 
d.    The main projects included in the inventories are as follows: 
 
 
+---------+--+-------------------+--+----------+--+----------------------------+ 
|Country  |  | Project           |  |  Costs   |  |          Details           | 
+---------+--+-------------------+--+----------+--+----------------------------+ 
|         |  |                   |  |          |  |                            | 
+---------+--+-------------------+--+----------+--+----------------------------+ 
| Hungry  |  | Paty Plot         |  |   17,308 |  | Residential project in     | 
|         |  |                   |  |          |  | Budapest                   | 
+---------+--+-------------------+--+----------+--+----------------------------+ 
| Hungary |  | Real prop         |  |    4,083 |  | Residential project in     | 
|         |  |                   |  |          |  | Budapest                   | 
+---------+--+-------------------+--+----------+--+----------------------------+ 
| Hungary |  | Foodex            |  |    3,183 |  | Residential project in     | 
|         |  |                   |  |          |  | Budapest                   | 
+---------+--+-------------------+--+----------+--+----------------------------+ 

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