Final Results -19-
March 31 2009 - 2:00AM
UK Regulatory
| | | 2008 | | 2008 | | 2007 |
+--------------------------+--+--------------+--+-----------+--+-----------+
| | | % | | | | |
+--------------------------+--+--------------+--+-----------+--+-----------+
| | | | | | | |
+--------------------------+--+--------------+--+-----------+--+-----------+
| Hungarian | | 8.08 | | 29,006 | | 21,714 |
| Forint (1) | | | | | | |
+--------------------------+--+--------------+--+-----------+--+-----------+
| Euro (2) | | 5.14 | | 11,450 | | 11,311 |
+--------------------------+--+--------------+--+-----------+--+-----------+
| Polish Zloty | | 7.38 | | 1,147 | | 28,674 |
| (3) | | | | | | |
+--------------------------+--+--------------+--+-----------+--+-----------+
| U.S. dollars | | | | - | | 2,223 |
+--------------------------+--+--------------+--+-----------+--+-----------+
| | | | | | | |
+--------------------------+--+--------------+--+-----------+--+-----------+
| | | | | 41,603 | | 63,922 |
+--------------------------+--+--------------+--+-----------+--+-----------+
(1) Interest in respect of these loans is based on BUBOR with a margin of 3%
or linked to the 3-month average yields of the government bonds with a margin of
1.5-1.65% (2007 - fixed at 1.6% or linked to the 3-months average yield of the
government bonds with a margin of 1.5% - 1.65%). The rate of the BUBOR as of
December 31, 2008 is 10% (2007 - 7.5%).
(2) Interest in respect of these loans is based on EURIBOR with a margin of
2.2%-2.5% (2007 - EURIBOR with a margin of 1.5% - 3.5%). The rate of the EURIBOR
as of December 31, 2008 is 2.89% (2007 - 4.29%).
(3) Interest in respect of these loans is based on WIBOR with a margin of
1.5%. The rate of the WIBOR as of December 31, 2008 is 5.88% (2007 - 5.1%).
7. As for collateral, see Note 15b.
NOTE 13:- TAXES ON INCOME
a. Tax rates applicable to income:
The Company and its subsidiary in the Netherlands are assessed for tax purposes
under Dutch tax laws and are liable to corporate income tax at the rate of 25.5%
(2007 - 25.5%, 2006 - 29.6%).
Subsidiaries that are incorporated outside the Netherlands are assessed for tax
purposes under the tax laws in their countries of residence. The principal tax
rates applicable to subsidiaries outside the Netherlands are as follows:
Poland - corporate income tax rate of 19% (2007 and 2006 - 19%).
Hungary - corporate income tax rate of 16% (2007 and 2006 - 16%). In 2006, the
law in Hungary was changed such that from September 1, 2006, companies are
subject to a special tax at the rate of 4% of the profit for financial reporting
purposes, adjusted for dividends received and contributions made. Commencing in
2007, capital gains can be income tax exempt provided that certain criteria are
fulfilled.
Romania - corporate income tax rate of 16%.
b. Losses for tax purposes carried forward to future years:
Carryforward tax losses, for which no deferred tax asset has not been
recognized, amounted to EUR 7,555 at December 31, 2008 (2007 - EUR 9,861).
Deferred income tax assets are recognized for carryforward tax losses to the
extent that the realization of the related tax benefit through future taxable
profits is probable. The Group did not recognize deferred income tax assets of EUR
1.814 (2007 - EUR 2,515) in respect of losses and other temporary differences that
can be carried forward against future taxable income.
c. Deferred income tax:
1. Composition:
+-----------------------------+--+----------+-+-----------+-+------------+
| | | | | December 31, |
+-----------------------------+--+----------+-+--------------------------+
| | | | | 2008 | | 2007 |
+-----------------------------+--+----------+-+-----------+-+------------+
| | | | | | | |
+-----------------------------+--+----------+-+-----------+-+------------+
| Deferred tax | | | | (96) | | (2,874) |
| liability | | | | | | |
+-----------------------------+--+----------+-+-----------+-+------------+
| Deferred tax assets | | | | 357 | | 708 |
+-----------------------------+--+----------+-+-----------+-+------------+
| | | | | | | |
+-----------------------------+--+----------+-+-----------+-+------------+
| | | | | 261 | | (2,166) |
+-----------------------------+--+----------+-+-----------+-+------------+
2. The movement in deferred tax assets and (liabilities) during the year is
as follows:
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| | | Inventory | | Foreign | |Investment | | Tax | | Other | | Total |
| | | of land | | exchange | | property | | losses | | | | |
| | | and | |differences | | | | | | | | |
| | | housing | | on loans | | | | | | | | |
| | | units | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| Balance | | (137) | | (99) | | - | | 200 | | 129 | | 93 |
| at | | | | | | | | | | | | |
| January | | | | | | | | | | | | |
| 1, 2006 | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| Credited | | (789) | | (219) | | - | | 81 | | (29) | | (956) |
| (charged) | | | | | | | | | | | | |
| to the | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
| statement | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| Disposal | | - | | 103 | | - | | (64) | | (73) | | (34) |
| of | | | | | | | | | | | | |
| subsidiaries | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| Increase | | (1,289) | | (9) | | - | | - | | (193) | | (1,491) |
| to | | | | | | | | | | | | |
| jointly | | | | | | | | | | | | |
| controlled | | | | | | | | | | | | |
| entity | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| Acquisition | | (116) | | - | | - | | - | | - | | (116) |
| of | | | | | | | | | | | | |
| subsidiary | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| Exchange | | 38 | | 28 | | - | | (56) | | (35) | | (25) |
| differences | | | | | | | | | | | | |
+----------------------------+-+------------+-+-------------+-+------------+-+----------+-+----------+-+------------+
| | | | | | | | | | | | | |
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