Final Results -18-
March 31 2009 - 2:00AM
UK Regulatory
| Related | | 24 | | - | | 7,128 |
| parties | | | | | | |
+-----------------------------------+-+--------+-+-------------+-+-------------+
| Debentures | | d | | 1,423 | | 5,431 |
+-----------------------------------+-+--------+-+-------------+-+-------------+
| Others | | | | - | | 279 |
+-----------------------------------+-+--------+-+-------------+-+-------------+
| | | | | | | |
+-----------------------------------+-+--------+-+-------------+-+-------------+
| | | | | 23,173 | | 24,383 |
+-----------------------------------+-+--------+-+-------------+-+-------------+
| | | | | | | |
+-----------------------------------+-+--------+-+-------------+-+-------------+
| | | | | 32,929 | | 29,844 |
+-----------------------------------+-+--------+-+-------------+-+-------------+
b. Non-current:
+-----------------------------------+-+--------+-+------------+-+------------+
| | | | | December 31, |
+-----------------------------------+-+--------+-+---------------------------+
| | | Note | | 2008 | | 2007 |
+-----------------------------------+-+--------+-+------------+-+------------+
| | | | | | | |
+-----------------------------------+-+--------+-+------------+-+------------+
| Banks | | | | 34,323 | | 50,321 |
+-----------------------------------+-+--------+-+------------+-+------------+
| Global Europe | | | | - | | 2,223 |
| Investment ("the | | | | | | |
| Fund") | | | | | | |
+-----------------------------------+-+--------+-+------------+-+------------+
| Related parties | | 24 | | - | | 10,603 |
+-----------------------------------+-+--------+-+------------+-+------------+
| Shareholders in | | | | 7,280 | | - |
| proportionately | | | | | | |
| consolidated entities | | | | | | |
+-----------------------------------+-+--------+-+------------+-+------------+
| Others | | | | - | | 775 |
+-----------------------------------+-+--------+-+------------+-+------------+
| Debentures | | d | | 56,776 | | 52,007 |
+-----------------------------------+-+--------+-+------------+-+------------+
| | | | | | | |
+-----------------------------------+-+--------+-+------------+-+------------+
| | | | | 98,379 | | 115,929 |
+-----------------------------------+-+--------+-+------------+-+------------+
| Less - current | | | | 23,173 | | 24,383 |
| maturities | | | | | | |
+-----------------------------------+-+--------+-+------------+-+------------+
| | | | | | | |
+-----------------------------------+-+--------+-+------------+-+------------+
| | | | | 75,206 | | 91,546 |
+-----------------------------------+-+--------+-+------------+-+------------+
c. Repayment dates subsequent to the balance sheet date:
+---------------------------------------------+--+-----------+
| | | |
+---------------------------------------------+--+-----------+
| 2009 First year - current maturities | | 23,173 |
+---------------------------------------------+--+-----------+
| 2010 Second year | | 13,792 |
+---------------------------------------------+--+-----------+
| 2011 Third year | | 11,301 |
+---------------------------------------------+--+-----------+
| 2012 Fourth year | | 13,668 |
+---------------------------------------------+--+-----------+
| 2013 Fifth year | | 13,668 |
+---------------------------------------------+--+-----------+
| 2014 Sixth year and thereafter | | 22,777 |
+---------------------------------------------+--+-----------+
| | | |
+---------------------------------------------+--+-----------+
| | | 98,379 |
+---------------------------------------------+--+-----------+
d. Additional details:
1. On August 15, 2006, the Company issued to institutional investors
debentures (series A) with a par value in NIS equivalent in amount to $
12,478,997 (EUR 9,846 on the date of issue). This issue is an extension of series
A which the Company issued in July 2005 and is under the same conditions as the
original issue. The debentures were issued at a discount of EUR 98.
2. In June 2007, the Company issued to institutional investors debentures
(series B) with a par value in NIS of approximately NIS 214 million (EUR 38,000).
Directly attributable transaction costs amounted to EUR 290. The debentures bear
interest at an annual rate of 5.5% and are linked (principal and interest) to
the Israeli Consumer Price Index. In June 2008, the Company registered those
debentures for trading on the Tel-Aviv Stock Exchange. The annual interest rate
decreased by 0.65% to 4.85% on the date of registration.
The interest on the debentures is payable every six months, commencing in
December 2007, and the principal will be paid in four equal annual installments
commencing in June 2012.
During 2008, the debentures were rated by Maalot, an Israeli rating agency which
is affiliated with Standard and Poor's, at a local rating of BBB/NEGATIVE. An
Israeli affiliate of Moody's, Midrug Ltd., rated the debentures as at A2. See
also Note 26.
3. In June 2008, the Company issued on the Tel-Aviv Stock Exchange debentures
(series C), with a par value of approximately NIS 130 million (EUR 25,095).
Directly attributable transaction costs amounted to approximately EUR 693. The
debentures bear interest at an annual rate of 8% and are linked (principal and
interest) to the Israeli Consumer Price Index. The debentures mature in four
equal annual installments commencing in June 2011 and ending in June 2014. The
interest on the debentures is payable every nine months.
During 2008, the debentures were rated by Midrug Ltd., an Israeli rating agency
which is affiliated with Moody's, at a local rating of at A2.
4. During the fourth quarter of 2008, the Company purchased debentures
(series B and C) on the Tel-Aviv Stock Exchange, at a par value of NIS 62,500
thousand (EUR 11,500), for a total consideration of NIS 22,000 thousand (EUR 4,000).
The excess of the carrying amount of the debentures acquired over the
consideration paid in the amount of EUR 7,937 was recorded as a gain in finance
income.
5. The Company has made various undertakings to the trustee of the debentures
("the trustee"), including a commitment to comply with the following covenants:
a) In the event of the delisting of the debentures, in accordance with the
Stock Exchange's capital maintenance rules, the holders of the debentures shall
be entitled to early redemption at the par value of the debentures with the
addition of linkage differences and interest on the principal.
b) In the event of a dividend distribution, the Company shall be obligated to
make a purchase offer for the redemption of the outstanding debentures (series
A), up to an amount equal to the amount of the dividend distribution, such that
the value of the remaining outstanding debentures at such date shall not be less
than NIS 3,2000 thousand (EUR 588).
Following the dividend distribution on Augsut 18, 2008 (see Note 16), purchase
offers were made and the Company received acceptance notices through October 6,
2008, for the carrying amount of NIS 47,600 thousand (EUR 9,530).
c) The trustee shall be entitled to call for the immediate redemption of all
the unpaid balance of the debentures in the event that the Company's equity
falls below EUR 4,800, according to the most recent audited or reviewed financial
statements of the Company, unless the Company and/or the shareholders supplement
or exceed said amount within 60 days of the trustee's notification of his
intention to call for the immediate redemption of the debentures.
6. The long-term borrowings, excluding debentures, may be classified by
currency of repayment, linkage terms and interest rates, as follows:
+--------------------------+--+--------------+--+-----------+--+-----------+
| | | Weighted | | |
| | | average | | |
| | | effective | | |
| | | interest | | |
+--------------------------+--+--------------+--+--------------------------+
| | | December | | December 31, |
| | | 31, | | |
+--------------------------+--+--------------+--+--------------------------+
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