ELRON ELECTRONIC INDUSTRIES LTD.
(Registrant)
|
|||
|
By:
|
/s/ Yaron Elad | |
Yaron Elad
|
|||
VP & CFO
|
|||
·
|
TWO SUCCESSFUL EXITS COMPLETED:
|
|
o
|
MEDINGO SOLD TO F. HOFFMAN-LA ROCHE FOR AN IMMEDIATE CONSIDERATION OF APPROXIMATELY $160 MILLION AND AN ADDITIONAL CONTINGENT CONSIDERATION OF UP TO $40 MILLION;
|
|
o
|
TELEDATA SOLD TO CANADIAN COMPANY ENABLENCE INC. FOR APPROXIMATELY $50 MILLION.
|
·
|
CONTINUING TO INVEST IN GROUP COMPANIES:
|
|
o
|
ELRON PARTICIPATED IN APPROXIMATELY $17 MILLION FINANCING ROUND IN POCARED, WHICH IS DEVELOPING A LABORATORY SYSTEM FOR REAL-TIME DIAGNOSTICS, AND INCREASED ITS HOLDING IN THE COMPANY TO APPROXIMATELY 37%;
|
|
o
|
ELRON INVESTED $5 MILLION IN KYMA, WHICH IS DEVELOPING A MINIATURE RADAR-BASED DEVICE FOR THE CONTINUOUS HOME-MONITORING OF CHRONIC HEART FAILURE PATIENTS AND IS NOW HELD APPROXIMATELY 65% BY THE GROUP;
|
|
o
|
ELRON PARTICIPATED IN FINANCING ROUND IN NULENS, WHICH IS DEVELOPING ACCOMMODATIVE INTRACOCULAR LENSES, AND INCREASED ITS HOLDING TO APPROXIMATELY 35%.
|
|
o
|
ELRON AND RDC'S INVESTMENTS IN GROUP COMPANIES AMOUNTED TO APPROXIMATELY $37 MILLION IN 2010.
|
·
|
ELRON SIGNIFICANTLY FOCUSED ITS INVESTMENT ACTIVITIES, WHILE REDUCING G&A COSTS BY APPROXIMATELY 20% COMPARED TO 2009, AND BY APPROXIMATELY 40% COMPARED TO 2008.
|
·
|
ALL OF ELRON'S AND RDC'S BANK AND SHAREHOLDER LOANS AMOUNTING TO APPROXIMATELY $57 MILLION REPAID DURING 2010.
|
December 31
|
December 31
|
|||||||
2010
|
2009
|
|||||||
$ thousands
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
56,539 | 64,747 | ||||||
Restricted cash
|
365 | 60 | ||||||
Trade receivables
|
3,061 | 2,084 | ||||||
Other current assets
|
4,324 | 3,391 | ||||||
Inventories
|
5,356 | 3,582 | ||||||
69,645 | 73,864 | |||||||
Assets held for sale
|
17,211 | - | ||||||
Non-current assets
|
||||||||
Investments in associates
|
109,369 | 113,237 | ||||||
Other investments (accounted as available for sale)
|
20,221 | 14,527 | ||||||
Other long-term receivables
|
28,218 | 940 | ||||||
Property, plant and equipment, net
|
2,079 | 2,991 | ||||||
Intangible assets, net
|
3,595 | 7,521 | ||||||
163,482 | 139,216 | |||||||
Total assets
|
250,338 | 213,080 |
December 31
|
December 31
|
|||||||
2010
|
2009
|
|||||||
$ thousands
|
||||||||
Current liabilities
|
||||||||
Short term credit and loans from banks and others
|
850 | 10,865 | ||||||
Trade payables
|
3,856 | 4,273 | ||||||
Other current liabilities
|
8,801 | 9,627 | ||||||
Current maturities of convertible debentures
|
1,275 | 1,172 | ||||||
14,782 | 25,937 | |||||||
Long-term liabilities
|
||||||||
Long term loans from banks and others
|
535 | 36,981 | ||||||
Loans from shareholders
|
- | 16,737 | ||||||
Convertible debentures
|
2,110 | 2,211 | ||||||
Royalty bearing government grants
|
8,385 | 8,685 | ||||||
Employee benefits
|
134 | 194 | ||||||
Other long term liabilities
|
153 | 242 | ||||||
Deferred taxes
|
4,746 | - | ||||||
16,063 | 65,050 | |||||||
Equity attributable to the Company's shareholders
|
||||||||
Issued capital
|
9,573 | 9,573 | ||||||
Share premium
|
190,378 | 190,328 | ||||||
Capital reserves
|
14,855 | 10,067 | ||||||
Accumulated Deficit
|
(18,885 | ) | (83,499 | ) | ||||
195,921 | 126,469 | |||||||
Non-controlling interests
|
23,572 | (4,376 | ) | |||||
Total equity
|
219,493 | 122,093 | ||||||
Total liabilities and equity
|
250,338 | 213,080 |
For the
|
For the
|
For the
|
||||||||||
year ended
|
year ended
|
year ended
|
||||||||||
December 31
|
December 31
|
December 31
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
$ thousands
|
||||||||||||
(except for income (loss) per share data)
|
||||||||||||
Income
|
||||||||||||
Income from sales
|
9,608 | 9,904 | 6,237 | |||||||||
Gain from disposal of investee companies and changes in holdings, net
|
160,010 | 31,802 | 783 | |||||||||
Financial income
|
2,739 | 1,413 | 6,259 | |||||||||
172,357 | 43,119 | 13,279 | ||||||||||
Cost and Expenses
|
||||||||||||
Cost of sales
|
3,948 | 4,824 | 3,200 | |||||||||
Research and development expenses, net
|
18,209 | 25,699 | 29,911 | |||||||||
Selling and marketing expenses
|
6,551 | 8,985 | 7,525 | |||||||||
General and administrative expenses
|
13,577 | 15,865 | 19,065 | |||||||||
Equity in losses of associates, net
|
10,863 | 10,514 | 40,146 | |||||||||
Amortization of intangible assets
|
1,484 | 1,416 | 1,061 | |||||||||
Financial expenses
|
3,031 | 5,434 | 4,800 | |||||||||
Other expenses, net
|
3,136 | 2,230 | 257 | |||||||||
60,799 | 74,967 | 105,965 | ||||||||||
Income (loss) before taxes on income
|
111,558 | (31,848 | ) | (92,686 | ) | |||||||
Taxes on income (tax benefit)
|
6,112 | (2,453 | ) | (32 | ) | |||||||
Net income (loss)
|
105,446 | (29,395 | ) | (92,654 | ) | |||||||
Attributable to:
|
||||||||||||
The Company's shareholders
|
60,678 | (14,304 | ) | (71,834 | ) | |||||||
Non-controlling interests
|
44,768 | (15,091 | ) | (20,820 | ) | |||||||
105,446 | (29,395 | ) | (92,654 | ) | ||||||||
Net income (loss) per share attributable to the Company's shareholders
|
||||||||||||
|
||||||||||||
Basic net income (loss) per share
|
1.98 | (0.48 | ) | (2.43 | ) | |||||||
Diluted net income (loss) per share
|
1.98 | (0.49 | ) | (2.44 | ) |
|
Furthermore, the payment of bonuses to officers and other employees were also approved at the meeting.
|
|
For the details of the employment terms of the chairman of the board of directors and details regarding his aggregate compensation paid to chairman of the board of directors, see the description item 6 of the Company's 20F filed with the SEC earlier today.
|
|
The Bonus was approved by the audit committee and the board of directors, after a discussion on the matter. The audit committee and the board of directors were presented, inter alia, with amounts on Mr. Mientkavich’s overall terms of employment, as well as a document prepared by an external expert on the reasonableness of the amount of the annual compensation (including the proposed bonus), in which a comparison of the overall terms of employment and the annual bonus was made with similar officers in public companies similar to the Company and its scope of business. Details regarding the Company's financial results for 2010 were presented to the audit committee and the board of directors.
|
1.
|
The Bonus, which is equivalent to approximately. 9.2 monthly salaries of the chairman of the board in 2010, reflects Mr. Mientkavich’s contribution to the Company and is fair and reasonable, inter alia in view of the Company’s business performance in 2010.
|
2.
|
The Bonus is granted in light of the activity and special contribution of the chairman of the board to the Company’s business in the context of performance of his duties in 2010, particularly for leading the Company in the processes for the sale of Medingo and Teledata, in addition to his continuous leadership, since taking office, of the Company’s cost-saving efforts, focusing of managerial input and the investment in some of the Group’s companies.
|
3.
|
Based on figures that were presented to the board of directors, the cost of the chairman of the board’s terms of employment, including the annual bonus, on the whole, relative to the Company’s business and results is reasonable and acceptable for officers in his position, in a public company of the Company’s type and of its scope of business and does not exceed the range of companies examined. In addition, the overall cost of employment meets market standards relative to the accepted norm and is fair and reasonable in a public company of the Company’s type and scope of business.
|
4.
|
The grant of the bonus is in the ordinary course of business and should not have a material effect on the Company’s profitability, assets or liabilities.
|
5.
|
The grant of an annual bonus to the chairman of the board is made in the framework of his terms of employment, which were approved, inter alia, by the general meeting of the shareholders in May 2007, whereby the board of directors shall consider the grant of an annual bonus to the chairman of the board, in such amount as the board of directors shall determine, and all subject to the approval of the Company’s shareholders meeting.
|
6.
|
In determining the scope of the bonus, the board of directors considered, inter alia, the following parameters: The contribution of the chairman of the board to investments made by the Company and to the realization of investments made; the Company’s business performance during the year; the contribution of the chairman of the board to the Company’s business, profits, strength and stability; the Company’s need to retain a chairman of the board having unique skills, knowledge, experience and expertise; the extent of the responsibility imposed on the chairman of the board; the satisfaction with the functioning of the chairman of the board; the chairman of the board’s contribution to proper corporate governance, control environment and ethics.
|
Elron Electronic Industries Ltd.
English Translation of Financial Data from the
Annual Consolidated Financial Statements
Attributable to the Company's shareholders
As of
December 31, 2010
US dollars in thousands
|
Page | |
2
|
|
4-5
|
|
6
|
|
7
|
|
8-9
|
|
10
|
Re:
|
Auditor's Special Report on the Separate Financial Information
in accordance with Regulation 9C to the Securities Regulations
(Immediate and Periodic Reports), 1970
|
Tel-Aviv, Israel
|
KOST FORER GABBAY & KASIERER
|
March 10, 2011
|
A Member of Ernst & Young Global
|
■
|
Financial position data attributable to the Company include balances in respect of the Company's subsidiaries which were eliminated in the annual consolidated financial statements.
|
■
|
Income and loss data attributable to the Company include income and expenses of the Company resulting from transactions with its subsidiaries, which were eliminated in the annual consolidated financial statements.
|
■
|
Cash flow data attributable to the Company include cash flows between the Company and its subsidiaries which were eliminated in the annual consolidated financial statements.
|
December 31,
|
||||||||
2010
|
2009
|
|||||||
$ thousands
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
40,714 | 59,915 | ||||||
Other current assets
|
1,025 | 1,384 | ||||||
41,739 | 61,299 | |||||||
Assets held for sale
|
17,211 | - | ||||||
Non-current assets
|
||||||||
Investments in subsidiaries and associates, net
|
213,338 | 166,006 | ||||||
Other investments (accounted as available for sale)
|
18,438 | 12,667 | ||||||
Property, plant and equipment, net
|
121 | 214 | ||||||
Other long-term receivables (Note 2)
|
6,792 | 12,904 | ||||||
238,689 | 191,791 | |||||||
Total assets
|
297,639 | 253,090 |
December 31,
|
||||||||
2010
|
2009
|
|||||||
$ thousands
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
234 | 156 | ||||||
Other current liabilities (Note 7)
|
20,600 | 3,687 | ||||||
20,834 | 3,843 | |||||||
Long-term liabilities
|
||||||||
Loans from banks
|
- | 30,000 | ||||||
Loans from shareholders
|
- | 16,737 | ||||||
Other long term liabilities (Note 4)
|
80,884 | 76,041 | ||||||
80,884 | 122,778 | |||||||
Total Liabilities
|
101,718 | 126,621 | ||||||
Equity attributable to the Company's shareholders
|
||||||||
Issued capital
|
9,573 | 9,573 | ||||||
Share premium
|
190,378 | 190,328 | ||||||
Capital reserves
|
14,855 | 10,067 | ||||||
Accumulated deficit
|
(18,885 | ) | (83,499 | ) | ||||
Total equity
|
195,921 | 126,469 | ||||||
297,639 | 253,090 |
Arie Mientkavich
|
Ari Bronshtein
|
Yaron Elad
|
||
Chairman of the Board of Directors
|
Chief Executive Officer
|
Vice President &
Chief Financial Officer
|
Year ended
December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
$ thousands
|
||||||||||||
Income
|
||||||||||||
Financial income
|
1,593 | 1,342 | 1,562 | |||||||||
Cost and Expenses
|
||||||||||||
General and administrative expenses
|
5,470 | 6,932 | 9,638 | |||||||||
Financial expenses
|
6,671 | 3,322 | 1,309 | |||||||||
Other expenses (income), net
|
1,191 | 1,660 | (978 | ) | ||||||||
13,332 | 11,914 | 9,969 | ||||||||||
(11,739 | ) | (10,572 | ) | (8,407 | ) | |||||||
Gain from disposal of investment companies and changes in holdings , net
|
41,197 | 26,873 | 768 | |||||||||
Company’s share of income (loss) of subsidiaries and associates
|
31,220 | (30,605 | ) | (64,163 | ) | |||||||
Income (loss) before tax attributable to the Company's shareholders
|
60,678 | (14,304 | ) | (71,802 | ) | |||||||
Taxes on income
|
- | - | 32 | |||||||||
Net income (loss) attributable to the Company's shareholders
|
60,678 | (14,304 | ) | (71,834 | ) |
Year ended
December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
$ thousands
|
||||||||||||
Net income (loss) attributable to the Company's shareholders
|
60,678 | (14,304 | ) | (71,834 | ) | |||||||
Other comprehensive income (loss):
|
||||||||||||
Gain from revaluation of investment following consolidation
|
- | - | 5,219 | |||||||||
Actuarial gains from defined benefit plan
|
- | - | 80 | |||||||||
Gain (loss) from available-for-sale financial assets
|
9,520 | 5,001 | (131 | ) | ||||||||
Available-for-sale financial assets classified to the statement of income
|
- | (84 | ) | (2,674 | ) | |||||||
Foreign currency translation differences for foreign operations
|
(591 | ) | (64 | ) | 939 | |||||||
Foreign currency translation differences charged to the statement of income upon disposal of foreign operations
|
- | (4,330 | ) | - | ||||||||
Total other comprehensive income attributable to the Company
|
8,929 | 523 | 3,433 | |||||||||
Other comprehensive income (loss) attributable to the Company's subsidiaries and associates
|
(507 | ) | 400 | (2,084 | ) | |||||||
Total comprehensive income (loss) attributable to the Company's shareholders
|
69,100 | (13,381 | ) | (70,485 | ) |
Year ended
December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
$ thousands
|
||||||||||||
Cash flows from operating activities
|
||||||||||||
Net income (loss) attributable to the Company
|
60,678 | (14,304 | ) | (71,834 | ) | |||||||
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:
|
||||||||||||
Adjustment to the profit or loss items:
|
||||||||||||
Company’s share of loss (income) of subsidiaries and associates
|
(31,220 | ) | 30,605 | 64,163 | ||||||||
Depreciation
|
52 | 101 | 64 | |||||||||
Financial (income) expenses, net
|
(1,006 | ) | (287 | ) | 475 | |||||||
Stock based compensation and changes in liability in respect of call options
|
92 | 127 | 259 | |||||||||
Accrued interest on loans from shareholders
|
742 | 1,561 | 176 | |||||||||
Impairment of investments
|
3,189 | 1,455 | 413 | |||||||||
Loss (gain) from sale of property and equipment
|
(7 | ) | 55 | - | ||||||||
Gain from disposal of investment companies and changes in holdings in associates, net
|
(41,197 | ) | (26,873 | ) | (768 | ) | ||||||
Other
|
(584 | ) | (1,037 | ) | 297 | |||||||
(69,939 | ) | 5,707 | 65,079 | |||||||||
Changes in assets and liabilities of the Company:
|
||||||||||||
Decrease (increase) in other current assets
|
673 | (151 | ) | 5 | ||||||||
Increase in long term receivables
|
(355 | ) | (358 | ) | (739 | ) | ||||||
Increase (decrease) in trade payables
|
78 | (120 | ) | (125 | ) | |||||||
Increase in other long term liabilities
|
4,843 | 624 | 996 | |||||||||
Increase in other current liabilities*
|
16,909 | 1,161 | 2,542 | |||||||||
22,148 | 1,156 | 2,679 | ||||||||||
Cash paid and received during the year for:
|
||||||||||||
Interest paid
|
(1,565 | ) | (727 | ) | (559 | ) | ||||||
Interest received
|
2,571 | 1,014 | 84 | |||||||||
1,006 | 287 | (475 | ) | |||||||||
Net cash provided by (used in) operating activities
|
13,893 | (7,154 | ) | (4,551 | ) |
Year ended
December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
$ thousands
|
||||||||||||
Cash flows from investment activities
|
||||||||||||
Purchase of property and equipment
|
(4 | ) | (2 | ) | (115 | ) | ||||||
Investment in associates and subsidiaries
|
(16,110 | ) | (13,974 | ) | (79,596 | ) | ||||||
Proceeds from sale of property and equipment
|
51 | 76 | 37 | |||||||||
Proceeds from sale of associates and subsidiaries
|
17,564 | 63,206 | - | |||||||||
Loans to subsidiary
|
(6,000 | ) | (3,343 | ) | - | |||||||
Repayment of loans by subsidiary
|
17,500 | - | - | |||||||||
Dividend received from associates and subsidiaries
|
- | 8,117 | - | |||||||||
Proceeds from sale of available for sale securities
|
- | - | 29,452 | |||||||||
Proceeds from long term deposits
|
- | - | 14,227 | |||||||||
Net cash provided by (used in) investment activities
|
13,001 | 54,080 | (35,995 | ) | ||||||||
Cash flows from financing activities
|
||||||||||||
Receipt of long-terms loans from shareholders
|
- | 9,000 | 6,000 | |||||||||
Receipt of long-terms loans from banks
|
- | - | 30,000 | |||||||||
Repayment of loans to banks
|
(30,000 | ) | - | - | ||||||||
Repayment of loans to shareholders
|
(16,279 | ) | - | - | ||||||||
Proceeds from exercise of options
|
50 | - | - | |||||||||
Award paid to CEO by controlling shareholders
|
134 | - | - | |||||||||
Net cash provided by (used in) financing activities
|
(46,095 | ) | 9,000 | 36,000 | ||||||||
Increase (decrease) in cash and cash equivalents
|
(19,201 | ) | 55,926 | (4,546 | ) | |||||||
Cash and cash equivalents as of beginning of the year
|
59,915 | 3,989 | 8,535 | |||||||||
Cash and cash equivalents as of end of the year
|
40,714 | 59,915 | 3,989 |
5.
|
Cash and Cash equivalents attributed to the Company (excluding amounts attributed to associates)
|
December 31
|
||||||||
2010
|
2009
|
|||||||
$ thousands
|
||||||||
In U.S. dollar
|
40,263 | 59,500 | ||||||
In NIS
|
451 | 415 | ||||||
40,714 | 59,915 |
6.
|
Disclosure for financial assets attributed to the Company (excluding amounts attributed to associates)
|
|
Following are the balances and expected maturity dates of the Company's significant investments according to groups of financial instruments pursuant to IAS 39:
|
Less than
one year
|
1 to 2 years
|
2 to 3
years
|
> 3 years
|
Un-determined
|
Total
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||
Other investments (accounted for as available-for-sale)
|
- | - | - | - | 18,438 | 18,438 | ||||||||||||||||||
Available-for-sale financial assets classified as held-for-sale
|
17,211 | - | - | - | - | 17,211 | ||||||||||||||||||
Loans and receivables *)
|
910 | 12,967 | - | - | - | 13,877 | ||||||||||||||||||
Other long term liabilities
|
- | 6,980 | 30 | 76 | - | 7,086 | ||||||||||||||||||
18,121 | 19,947 | 30 | 76 | 18,438 | 56,612 |
Less than
one year
|
1 to 2 years
|
2 to 3
years
|
> 3 years
|
Un-determined
|
Total
|
|||||||||||||||||||
$ thousands
|
||||||||||||||||||||||||
Other investments (accounted for as available-for-sale)
|
- | - | - | - | 12,667 | 12,667 | ||||||||||||||||||
Loans and receivables *)
|
16,974 | - | - | - | - | 16,974 | ||||||||||||||||||
16,974 | - | - | - | 12,667 | 29,641 |
|
*)
|
Including a loan to Starling Advanced Communications Ltd. ("Starling", a subsidiary), in the amount of approximately $ 11,882 as of December 31, 2010 (approximately $ 2,753 as of December 31, 2009) which is presented in the Company's statement of financial position as part of Investments in subsidiaries and associates, net.
|
7.
|
Disclosure for financialliabilities attributed to the Company (excluding amounts attributed to associates)
|
|
A.
|
Other current liabilities attributed to the Company
|
December 31
|
||||||||
2010
|
2009
|
|||||||
$ thousand
|
||||||||
Liabilities to employees and other payroll related expenses
|
1,183 | 1,257 | ||||||
Related parties (see Note 3 above)
|
18,814 | 1,811 | ||||||
Accrued expenses
|
449 | 445 | ||||||
Other payables
|
154 | 174 | ||||||
20,600 | 3,687 |
|
B.
|
Liquidity risk attributed to the Company
|
Less than one year
|
1 to 2 years
|
2 to 3
years
|
> 3 years
|
Un-determined
|
Total
|
|||||||||||||||||||
Trade payables
|
234 | - | - | - | - | 234 | ||||||||||||||||||
Other current financial liabilities
|
1,786 | - | - | - | - | 1,786 | ||||||||||||||||||
Related parties
|
18,814 | - | - | - | 80,884 | 99,698 | ||||||||||||||||||
20,834 | - | - | - | 80,884 | 101,718 |
Less than one year
|
1 to 2 years
|
2 to 3
years
|
> 3 years
|
Un-determined
|
Total
|
|||||||||||||||||||
Loans from banks
|
465 | 30,271 | - | - | - | 30,736 | ||||||||||||||||||
Trade payables
|
156 | - | - | - | - | 156 | ||||||||||||||||||
Other current financial liabilities
|
1,876 | - | - | - | - | 1,876 | ||||||||||||||||||
Loans from Shareholders
|
- | 17,185 | - | - | - | 17,185 | ||||||||||||||||||
Related parties
|
1,811 | - | - | - | 76,041 | 77,852 | ||||||||||||||||||
4,308 | 47,456 | - | - | 76,041 | 127,805 |
8.
|
Linkage terms of financial assets and liabilities attributed to the Companyaccording to groups of financial instruments pursuant to IAS 39
|
USD
(or USD
linked)
|
NIS
|
Non-
monetary
item
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Available-for-sale financial assets
|
- | - | 18,438 | 18,438 | ||||||||||||
Available-for-sale financial assets classified as held for sale
|
- | - | 17,211 | 17,211 | ||||||||||||
Other long term liabilities
|
6,792 | - | - | 6,792 | ||||||||||||
Loans and receivables
|
11,882 | 910 | - | 12,792 | ||||||||||||
Total assets
|
18,674 | 910 | 35,649 | 55,233 | ||||||||||||
Liabilities
|
||||||||||||||||
Financial liabilities measured at amortized cost
|
222 | 101,496 | - | 101,718 |
USD
(or USD
linked)
|
NIS
|
NIS
(CPI
linked)
|
Non-
monetary
item
|
Total
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Available-for-sale financial assets
|
- | - | - | 12,667 | 12,667 | |||||||||||||||
Loans and receivables
|
15,598 | 62 | - | 848 | 16,508 | |||||||||||||||
Total assets
|
15,598 | 62 | - | 13,515 | 29,175 | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Financial liabilities measured at amortized cost
|
30,237 | 80,936 | 16,737 | 46 | 127,956 |
9.
|
Taxes on income
|
|
A.
|
Tax laws applicable to the Company
For information about the tax laws applicable to the Company see Note 21 to the annual consolidated financial statements.
|
|
B.
|
Tax assessments attributed to the Company
The Company received final tax assessments through 2004.
|
9.
|
Taxes on income (Cont.)
|
|
C.
|
Carryforward tax losses and other temporary differences attributed to the Company
As of December 31, 2010, the Company has operating carryforward tax losses and capital losses which total approximately $188,000.
Deferred tax assets relating to the aforesaid carryforward operating losses and to other temporary differences of approximately $31,500 were not recognized because their utilization in the foreseeable future is not probable.
|
10.
|
Balances and transaction with related parties and interested parties
|
|
A.
|
Balances with related parties and interested parties
|
December 31,
|
||||||||
2010
|
2009
|
|||||||
Other current assets
|
802 | 786 | ||||||
Long-term loans (including current maturities)
|
- | 12,904 | ||||||
Othr current liabilities
|
18,814 | 1,811 | ||||||
Capital note (see also Note 4 above)
|
80,884 | 76,041 |
|
B.
|
Loans
The Company granted certain of its subsidiaries and associates loans which are presented in the Company's statement of financial position as part of Investments in subsidiaries and associates, net. The Company recorded interest income in respect of these aforesaid loans in the amount of $ 896 in its statement of income for 2010, (approximately $ 1,217 in 2009 and $ 863 in 2008).
For more information about loans which the Company granted its subsidiaries and associates as well as to details about guarantees and obligations to grant guarantees which were granted by Elron to Teledata, see Note 3 to the annual consolidated financial statements.
|
Report as of December 31, 2010
|
||
Following are the liabilities of the Company by repayment date:
|
||
The following data are presented in NIS and were translated from USD to NIS using the exchange rate as of December 31, 2010 (1 USD = 3.549 NIS)
|
A. Debentures issued to the public by the reporting Entity and held by the public, excluding debentures held by the Company's parent ,controlling shareholder, companies controlled by one of the parties mentioned above or by companies controlled by the company - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 0 | 0 | 0 |
B. Private debentures and non-bank credit, excluding debentures or credit granted by the Comapny's parent, controlling shareholder, companies controlled by one of the parties mentioned above or by companies controlled by the company - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 0 | 0 | 0 |
C. Bank credit from Israeli banks - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 0 | 0 | 0 |
D. Bank credit from non-Israeli banks - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 0 | 0 | 0 |
E. Summary of tables A-D, totals of: bank credit, non-bank credit and debentures - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 0 | 0 | 0 |
F. Off-balance credit exposure - based on separate financial data of the Entity ("Solo" reports) (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 0 | 0 |
G. Off-balance credit exposure of all consolidated companies, excluding companies that are considered as reporting companies, and excluding the reporting Company's data described above in Table F (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
H. Totals of: bank credit, non-bank credit, and debentures of all consolidated companies, excluding companies that are considered as reporting companies and excluding the data of the reporting Entity described above in Tables A-D (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 887 | 0 | 148 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 1,065 | 0 | 82 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 710 | 0 | 17 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 18,302 | 0 | ||||||||||||||||||
Total
|
0 | 0 | 0 | 2,662 | 18,302 | 247 |
I. Total credit granted to the reporting Entity by the parent company or controlling shareholder, and total amounts of debentures issued by the reporting Entity that are held by the parent company or controlling shareholder (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
J. Credit granted to the reporting Entity by companies controlled by the parent company or by the controlling shareholder, and are not controlled by the reporting Entity, and debentures issued by the reporting Entity held by companies controlled by the parent company or by controlling shareholder and are not controlled by the reporting Entity (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|
K. Credit granted to the reporting Entity by consolidated companies and debentures issued by the reporting Entity held by consolidated companies (NIS in thousands)
|
Principle repayment
|
Gross interest payments (excluding deduction of tax)
|
|||||||||||||||||||||||
NIS
(CPI linked)
|
NIS
(Not linked)
|
Euro
|
USD
|
Other
|
||||||||||||||||||||
First year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Second year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Third year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fourth Year
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Fifth year and thereafter
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total
|