Final Results -15-
March 31 2009 - 2:00AM
UK Regulatory
| Hungary | | Thokoly | | 8,158 | | Residential project in |
| | | | | | | Budapest |
+---------+--+-------------------+--+----------+--+----------------------------+
| Romania | | Nanette City Gate | | 4,236 | | Residential project in |
| | | | | | | Timisoara |
+---------+--+-------------------+--+----------+--+----------------------------+
| Romania | | Nanette Bucharest | | 4,110 | | Residential project in |
| | | | | | | Bucharest |
+---------+--+-------------------+--+----------+--+----------------------------+
| Romania | | Savinesti | | 4,416 | | Residential project in |
| | | | | | | Bucharest |
+---------+--+-------------------+--+----------+--+----------------------------+
| Romania | | Nanette Heights | | 1,284 | | Residential project in |
| | | | | | | Timisoara |
+---------+--+-------------------+--+----------+--+----------------------------+
| Poland | | Gilianki | | 4,246 | | Residential project in |
| | | | | | | Warsaw |
+---------+--+-------------------+--+----------+--+----------------------------+
| Croatia | | Nanette Borovje | | 13,365 | | Residential project in |
| | | | | | | Zagreb |
+---------+--+-------------------+--+----------+--+----------------------------+
As of December 31, 2008, advances from customers amounted to EUR 9,484 (2007 - EUR
22,194). The advances are presented as short-term, since they will be utilized
during the Company's operating cycle.
e. As for pledges, see Note 15b.
NOTE 7:- INVESTMENT PROPERTY
+------------------------------------------------+--+-------------+--+------------+
| | | December 31, |
+------------------------------------------------+--+-----------------------------+
| | | 2008 | | 2007 |
+------------------------------------------------+--+-------------+--+------------+
| | | | | |
+------------------------------------------------+--+-------------+--+------------+
| Opening balance at January 1, | | 18,402 | | 6,749 |
+------------------------------------------------+--+-------------+--+------------+
| Additions: | | | | |
+------------------------------------------------+--+-------------+--+------------+
| Land and other costs (2) | | 33,568 | | 5,744 |
+------------------------------------------------+--+-------------+--+------------+
| Decrease in the Group's share in | | (26,812) | | - |
| proportionately consolidated entity | | | | |
| (2) | | | | |
+------------------------------------------------+--+-------------+--+------------+
| Fair value adjustment | | 1,969 | | 5,122 |
+------------------------------------------------+--+-------------+--+------------+
| Currency translation differences | | 424 | | 787 |
+------------------------------------------------+--+-------------+--+------------+
| Deconsolidation of proportionately | | (10,515) | | - |
| consolidated company (Note 8e) | | | | |
+------------------------------------------------+--+-------------+--+------------+
| | | | | |
+------------------------------------------------+--+-------------+--+------------+
| Closing balance at December 31, | | 17,036 | | 18,402 |
+------------------------------------------------+--+-------------+--+------------+
(1) The balance as of December 31, 2008 is comprised of two properties
(primarily vacant land) located in Budapest, Hungary. Investment properties are
stated at fair value, which has been determined based on valuations preformed by
King Sturge Ltd., an independent external valuator who has expertise in valuing
these types of properties.
In determining the fair value of the investment properties, the valuator relied
on comparable arm's length market transactions for similar properties.
(2) In April 2008, the Company acquired 90% of the issued and outstanding
share capital, including loans, of Taltoring, for a consideration of
approximately EUR 30,000. Taltoring is a Hungarian company, which owns a 153,000
sq.m. plot of land in Budapest, Hungary. The Company also signed an agreement
with the municipality, the owner of the remaining 10% interest in Taltoring,
according to which the municipality has an option (put) to sell to the Company
its entire interest in Taltoring upon the approval of a new zoning plan for the
plot, for a consideration of approximately EUR 2,200. The agreement also provides
the Company with a (call) option to buy the municipality's interest at the same
price. The put option may be exercised at any time during a three-year period
beginning upon the completion of the first stage of the change in zoning. The
call option may be exercised at any time during the period ending in April 2011.
The Company recorded a liability for the full amount of the consideration of EUR
2,200.
In June 2008, the Company signed an agreement to sell to AI Property Holdings LP
(Hungary) 50% of its interest (90%) in Taltoring (including the put/call options
discussed above) for a consideration of EUR 16,950, of which EUR 12,000 is for
outstanding loans and the balance is for the shares. The sale was subject to a
right of first refusal by the municipality. In July 2008, the municipality
notified the Company that it did not intend to exercise its right of first
refusal.
Following this transaction, the Company assigned its share (45%) in the issued
and outstanding share capital of Taltoring and shareholders loans (including its
share in the call option) to a wholly-owned subsidiary, EDR Construction Brasov
B.V. ("EDR").
During the second quarter of 2008, following the above transaction, the Company
signed an agreement to sell to Rothschild Group Unit E&R Real Estate 45% of its
interest in EDR for EUR 7,500, of which EUR 7,160 is for outstanding loans and the
balance is for the shares.
In the third quarter of 2008, the above sales were completed and in the fourth
quarter the option discussed above was exercised by the Municipality, the
Company presently owns, indirectly through a jointly-controlled company, 27.5%
of Taltoring. As a result of the sales, the Company recorded a gain of EUR 1,200.
NOTE 8:- INVESTMENT IN ASSOCIATES
a. Composition:
+------------------------------------------+--+------------+--+------------+
| | | December 31, |
+------------------------------------------+--+----------------------------+
| | | 2008 | | 2007 |
+------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------+--+------------+--+------------+
| Investment in associates | | 11,101 | | - |
+------------------------------------------+--+------------+--+------------+
| Loans to associates (f) | | 41,013 | | - |
+------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------+--+------------+--+------------+
| | | 52,114 | | - |
+------------------------------------------+--+------------+--+------------+
b. Share in the associates' balance sheets:
+-------------------------------------------+--+------------+--+------------+
| | | December 31, |
+-------------------------------------------+--+----------------------------+
| | | 2008 | | 2007 |
+-------------------------------------------+--+------------+--+------------+
| | | | | |
+-------------------------------------------+--+------------+--+------------+
| Current assets | | 67,281 | | - |
+-------------------------------------------+--+------------+--+------------+
| Non-current assets | | 38,568 | | - |
+-------------------------------------------+--+------------+--+------------+
| Current liabilities | | (18,774) | | - |
+-------------------------------------------+--+------------+--+------------+
| Non-current liabilities | | (75,974) | | - |
+-------------------------------------------+--+------------+--+------------+
| | | | | |
+-------------------------------------------+--+------------+--+------------+
| Net assets | | 11,101 | | - |
+-------------------------------------------+--+------------+--+------------+
c. Share in the associates' revenues and profits:
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