Final Results -2 -8-


+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |    Hungary |  |    Poland |  |    Consolidated | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Income statement      | |            |  |           |  |                 | 
|            data:                 | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Revenues              | |     21,203 |  |    10,666 |  |          31,869 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Segment results -     | |      2,500 |  |     2,448 |  |           4,948 | 
|            operating profit      | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Unallocated general   | |            |  |           |  |           1,957 | 
|            corporate expenses    | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Operating profit      | |            |  |           |  |           2,991 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Finance costs         | |            |  |           |  |         (3,602) | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Finance income        | |            |  |           |  |           5,835 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Other income          | |            |  |           |  |           4,216 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|                                  | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
|            Profit before taxes   | |            |  |           |  |           9,440 | 
|            on income             | |            |  |           |  |                 | 
+----------------------------------+-+------------+--+-----------+--+-----------------+ 
 
 
 
 
NOTE 26:-EVENTS SUBSEQUENT TO BALANCE SHEET DATE 
 
 
a.    Subsequent to the balance sheet date, the Company purchased its own 
debentures (series B and series C) on the Tel-Aviv Stock Exchange, at par value 
of NIS 2,416,577 and NIS 10.1 million, respectively (approximately EUR 2.4 
million), for a total consideration of NIS 0.8 million and NIS 5.2 million 
(approximately EUR 1.1 million), respectively. The profit from these purchases was 
recognized in the income statement in the first quarter of 2009. 
 
 
b.    During February 2009, the Company (through a wholly-owned subsidiary) 
completed the purchase of an additional 15% of the issued and outstanding share 
capital of Osnova-C (see Note 8d), for a nominal consideration of approximately 
$ 1 (EUR 1). The Company also granted loans to Osnova-C, in the total amount of $ 
6,350 thousand (EUR 4,536) includes $ 350 which were required by the Osnova-C as 
an additional Investment from the Shareholders, at an annual interest rate of 
LIBOR, with a margin of 5%. Subsequent to this purchase, the Company holds 30% 
of the share capital of Osnova-C. 
 
 
c.    On March 25, 2009, Midrug Ltd. downgraded credit rating of the debentures 
(series B and C) to local rating of Baa1. 
 
 
 
 
LIST OF SUBSIDIARIES, PROPORTIONATELY CONSOLIDATED COMPANIES 
AND ASSOCIATES 
 
 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|                                      | |                        |  |      Shareholding and control        | 
+--------------------------------------+-+------------------------+--+--------------------------------------+ 
|                                      | |                        |  |            December 31,              | 
+--------------------------------------+-+------------------------+--+--------------------------------------+ 
|           Name of company            | |        Country         |  |   2008    |  |   2007    |  |  2006  | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|                                      | |                        |  |                  %                   | 
+--------------------------------------+-+------------------------+--+--------------------------------------+ 
|  Subsidiaries:                       | |                        |  |           |  |           |  |        | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Robyg Investment          | |            Poland      |  |     70.10 |  |     70.10 |  |  70.10 | 
|            Sp.z.o.o.                 | |                        |  |           |  |           |  |        | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Thokoly Udvar Kft.        | |            Hungary     |  |    100.00 |  |    100.00 |  |  89.33 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Zold Park Haz Kft.        | |            Hungary     |  |     77.50 |  |     77.50 |  |  77.50 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Foodex 2003 Kft.          | |            Hungary     |  |    100.00 |  |    100.00 |  |  57.50 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Karolina Udvar Kft.       | |            Hungary     |  |    100.00 |  |    100.00 |  |  57.50 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            MZM Properties Sp.z.o.o.  | |            Poland      |  |         - |  |         - |  |  90.00 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Robyg B.V.                | |            Netherlands |  |    100.00 |  |    100.00 |  |  89.33 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Robyg Orgod Sp.z.o.o.     | |            Poland      |  |    100.00 |  |    100.00 |  |  46.00 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Robyg Galicia Sp.z.o.o.   | |            Poland      |  |    100.00 |  |     80.00 |  |  80.00 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Robyg Morena Sp.z.o.o.    | |            Poland      |  |         - |  |         - |  |  80.00 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            IMMO Prop. Kft.           | |            Hungary     |  |    100.00 |  |    100.00 |  |  57.00 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Kamaraerdo Kft.           | |            Hungary     |  |    100.00 |  |    100.00 |  | 100.00 | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Nanette Construction      | |            Hungary     |  |    100.00 |  |    100.00 |  | 100.00 | 
|            Kft.                      | |                        |  |           |  |           |  |        | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Star Development          | |            Poland      |  |    100.00 |  |    100.00 |  |      - | 
|            Sp.z.o.o.                 | |                        |  |           |  |           |  |        | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Nanette Real Estate       | |            Romania     |  |    100.00 |  |    100.00 |  |      - | 
|            Development Srl.          | |                        |  |           |  |           |  |        | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            Nanette North Star        | |            Romania     |  |    100.00 |  |    100.00 |  |      - | 
|            Properties Srl.           | |                        |  |           |  |           |  |        | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+ 
|            California Group Srl.     | |            Romania     |  |    100.00 |  |    100.00 |  |      - | 
+--------------------------------------+-+------------------------+--+-----------+--+-----------+--+--------+
Nanette Real Estate N.V (LSE:NAT)
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