Final Results -13-


Removal of the reference to "total interest income" as a component of finance 
costs. 
 
 
2.    IAS 8 Accounting Policies, Change in Accounting Estimates and Errors: 
 
 
Clarification that only implementation guidance that is an integral part of an 
IFRS is mandatory when selecting accounting policies. 
 
 
3.    IAS 10 Events after the Reporting Period: 
 
 
Clarification that dividends declared after the end of the reporting period are 
not obligations. 
 
 
4.    IAS 16 Property, Plant and Equipment: 
 
 
Items of property, plant and equipment held for rental that are routinely sold 
in the ordinary course of business after rental, are transferred to inventory 
when rental ceases and they are held for sale. 
 
 
5.    IAS 18 Revenues: 
 
 
Replacement of the term "direct costs" with "transaction costs" as defined in 
IAS 39. 
 
 
6.    IAS 19 Employee Benefits: 
 
 
Revised the definition of "past service costs" return on plan assets" and 
"short-term" and "other long-term" employee benefits. Amendments to plans that 
result in a reduction in benefits related to future services are accounted for 
as curtailment. Deleted the reference to the recognition of contingent 
liabilities to ensure consistency with IAS 37. 
 
 
7.    IAS 20 Accounting for Government Grants and Disclosures of Government 
Assistance: 
    Loans granted in the future with no or low interest rates will not be exempt 
from the requirement to impute interest. The difference between the amount 
received and the discounted amount is accounted for as government grant. Also, 
revised various terms used to be consistent with other IFRS. 
 
 
8.    IAS 27 Consolidated and Separate Financial Statements: 
 
 
When a parent entity accounts for a subsidiary at fair value in accordance with 
IAS 39 in its separate financial statements, this treatment continues when the 
subsidiary is subsequently classified as held for sale. 
 
 
9.    IAS 29 Financial Reporting in Hyperinflationary Economies: 
 
 
Revised the reference to the exception to measure assets and liabilities at 
historical cost, such that it notes property, plant and equipment as being an 
example, rather than implying that it is a definitive list. Also, revised 
various terms used to be consistent with other IFRS. 
 
 
10.    IAS 34 Interim Reporting: 
 
 
Earnings per share are disclosed in interim financial reports if an entity is 
within the scope of IAS 33. 
 
 
11.    IAS 39 Financial Instruments: Recognition and Measurement: 
 
 
Changes in circumstances relating to derivatives are not reclassifications and 
therefore may be either removed from, or included in, the "fair value through 
profit or loss" classification after initial recognition. Removed the reference 
in IAS 39 to a "segment" when determining whether an instrument qualifies as a 
hedge. Requires the use of the revised effective interest rate when remeasuring 
a debt instrument on the cessation of fair value hedge accounting. 
 
 
12.    IAS 40 Investment Property: 
 
 
Revision of the scope such that property under construction or development for 
future use as an investment property is classified as investment property. If 
fair value can not be reliably determined, the investment under construction 
will be measured at cost until such time as fair value can be determined or 
construction is complete. Also, revised the conditions for a voluntary change in 
accounting policy to be consistent with IAS 8 and clarified that the carrying 
amount of investment property held under lease is the valuation obtained 
increased by any recognized liability. 
 
 
IFRIC 15 Agreement for the Construction of Real Estate 
 
 
IFRIC 15 was issued in July 2008 and becomes effective for financial years 
beginning on or after January 1, 2009. The interpretation is to be applied 
retrospectively. It clarifies when and how revenue and related expenses from the 
sale of a real estate unit should be recognized if an agreement between a 
developer and a buyer is reached before the construction of the real estate is 
completed. Furthermore, the interpretation provides guidance on how to determine 
whether an agreement is within the scope of IAS 11 or IAS 18. The Group has 
concluded that the interpretation will have no impact on the consolidated 
financial statements as the Group already applies the guidance. 
 
 
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 
 
 
IFRIC 16 was issued in July 2008 and becomes effective for financial years 
beginning on or after October 1, 2008. The interpretation is to be applied 
prospectively. IFRIC 16 provides guidance on the accounting for a hedge of a net 
investment. As such it provides guidance on identifying the foreign currency 
risks that qualify for hedge of a net investment, where within the Group the 
hedging instruments can be held in the hedge of a net investment and how an 
entity should determine the amount of foreign currency gain or loss, relating to 
both the net investment and the hedging instrument, to be recycled on disposal 
of the net investment. The Group is currently assessing which accounting policy 
to adopt for the recycling on disposal of the net investment. 
 
 
 
 
NOTE 3:-CASH AND CASH EQUIVALENTS 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                     |  |           |  |      December 31,        | 
+-------------------------------------+--+-----------+--+--------------------------+ 
|                                     |  |           |  |   2008    |  |   2007    | 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                     |  |           |  |           |  |           | 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Cash at banks and        |  |           |  |     6,825 |  |    37,650 | 
|            in-hand                  |  |           |  |           |  |           | 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
|            Short-term deposits      |  |           |  |    15,231 |  |    33,255 | 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                     |  |           |  |           |  |           | 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                     |  |           |  |    22,056 |  |    70,905 | 
+-------------------------------------+--+-----------+--+-----------+--+-----------+ 
 
 
The short-term deposits may be classified by currency, linkage terms and 
interest rates, as follows: 
 
 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |  Weighted   |  |                          | 
|                                    |  |  average    |  |                          | 
|                                    |  |  effective  |  |                          | 
|                                    |  |  interest   |  |                          | 
+------------------------------------+--+-------------+--+--------------------------+ 
|                                    |  |  December   |  |      December 31,        | 
|                                    |  |    31,      |  |                          | 
+------------------------------------+--+-------------+--+--------------------------+ 
|                                    |  |    2008     |  |   2008    |  |   2007    | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |       %     |  |           |  |           | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |             |  |           |  |           | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            U.S. dollars            |  |           - |  |         - |  |     1,482 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            Euro                    |  |        3.79 |  |     6,502 |  |    10,429 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            Polish Zloty            |  |        6.84 |  |     8,317 |  |    21,344 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|            Ron                     |  |       12.00 |  |       412 |  |         - | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |             |  |           |  |           | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |             |  |    15,231 |  |    33,255 | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
 
 
 
 
NOTE 4:-    DEPOSITS 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |  Weighted   |  |                          | 
|                                    |  |  average    |  |                          | 
|                                    |  |  effective  |  |                          | 
|                                    |  |  interest   |  |                          | 
+------------------------------------+--+-------------+--+--------------------------+ 
|                                    |  |  December   |  |      December 31,        | 
|                                    |  |    31,      |  |                          | 
+------------------------------------+--+-------------+--+--------------------------+ 
|                                    |  |    2008     |  |   2008    |  |   2007    | 
+------------------------------------+--+-------------+--+-----------+--+-----------+ 
|                                    |  |       %     |  |           |  |           |
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