DGRE Delek Glbl

|            (d) |            Items included in cash flows from          | |          |  |          | 
|                |            operating activities:                      | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                                                       | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |            Cash paid during the year for:             | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                             Interest                  | |   96,061 |  |   60,501 | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                                                       | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                             Dividend                  | |   33,139 |  |   10,605 | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                                                       | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                             Income taxes              | |        - |  |        - | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                                                       | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                     Cash received during the year     | |          |  |          | 
|                |                     for:                              | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                                                       | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
|                |                             Dividend from available   | |    1,913 |  |    5,469 | 
|                |                             for sale investments      | |          |  |          | 
+----------------+-------------------------------------------------------+-+----------+--+----------+ 
 
 
The accompanying notes are an integral part of the consolidated financial 
statements. 
 
 
 
 
 
 
NOTE 1:-    GENERAL 
 
 
a.    Delek Global Real Estate plc (the Company) (formerly: Oxenford Holdings 
Limited), through its subsidiaries (together - the Group) and associates, 
invests in income-producing real estate properties in the United Kingdom (U.K.), 
Canada, Germany, Sweden, Switzerland and Finland. The Company was incorporated 
in Jersey in 1999 and is a majority-owned subsidiary of Delek Belron 
International Ltd. (DBI), an Israeli private company. The ultimate parent 
company is Delek Group Ltd., a company incorporated in Israel whose shares are 
traded on the Tel-Aviv Stock Exchange. The ultimate controlling party is Itzak 
Tshuva. 
 
 
In April 2007, the Company issued 50,000,000 Ordinary shares of GBP 0.50 each 
and all of its Ordinary shares were admitted for trading on the Alternative 
Investment Market (AIM), a market operated by the London Stock Exchange, in 
consideration of GBP 100 million. 
 
 
Effective 27 October 2008 the Company changed its name from Delek 
 Global 
Real Estate Ltd to Delek Global Real Estate plc. 
 
 
b.    Acquisition of investments from DBI and consolidated financial statements. 
 
 
Prior to the placement of Ordinary shares of the Company and the admission of 
the Company's shares to trading on AIM, as described in Note 14, the Company 
acquired several investments in real estate companies that were controlled by 
DBI (the Acquisition). In consideration for the Acquisition, the Company issued 
Ordinary shares to DBI. 
 
 
Since the Company acquired these investments from its controlling shareholder, 
the Acquisition is not a business combination within the scope of International 
Financial Reporting Standard 3. The Company is accounting for the Acquisition 
under the pooling of interests method of accounting. Accordingly, the Company 
has prepared consolidated financial statements to reflect the Acquisition as if 
it had occurred at the beginning of the earliest period presented. Thus, the 
consolidated financial statements comprise the consolidated financial position, 
results of operations and cash flows of the Company and of the companies 
acquired from DBI. 
 
 
 
 
NOTE 2:-    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
 
2.1    Basis of preparation 
 
 
The consolidated financial statements have been prepared on a historical cost 
basis, except for investment properties, derivative financial instruments and 
available-for-sale investments which have been measured at fair value, and have 
been prepared in accordance with the Companies (Jersey) Law 1991. The 
consolidated financial statements are presented in British Pounds and all values 
are rounded to the nearest thousand (GBP000) except when otherwise indicated and 
per share values. 
 
 
 
NOTE 2:-    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.) 
 
 
Statement of compliance 
 
 
The consolidated financial statements of Delek Global Real Estate plc have been 
prepared in accordance with International Financial Reporting Standards (IFRS), 
as issued by the International Accounting Standards Board (IASB). 
 
 
    Basis of consolidation 
 
 
The consolidated financial statements comprise the financial statements of the 
Delek Global Real Estate plc and its subsidiaries. The subsidiaries are entities 
over which the Company has the power to govern their financial and operating 
policies and generally have a shareholding of more than one half of the voting 
rights. The existence and effect of potential voting rights that are currently 
exercisable or convertible are taken into account when assessing whether the 
Company controls another entity. The financial statements of the subsidiaries 
are prepared for the same reporting dates as the parent company, using 
consistent accounting policies. All intra-group balances, income and expenses 
and unrealised gains and losses from intra-group transactions are eliminated in 
full. 
 
 
Subsidiaries are fully consolidated from the date of acquisition, being the date 
on which the Group obtains control, and continue to be consolidated until the 
date that such control ceases. 
 
 
As set out in Note 1b, the consolidated financial statements includes the 
financial position, results of operations and cash flows of the companies of DBI 
that DGRE has obtained control of as part of the IPO. 
 
 
Otherwise, the purchase method of accounting is used to account for the 
acquisition of subsidiaries that are considered to be businesses when the 
transaction can be identified as a business combination. The cost of an 
acquisition is measured as the fair value of the assets given, equity 
instruments issued and liabilities incurred or assumed at the date of exchange, 
plus costs directly attributable to the acquisition. 
 
 
On acquisition, the identifiable assets, liabilities and contingent liabilities 
of a subsidiary are measured at their fair values at the date of acquisition. 
Any excess of the cost of acquisition over the fair values of the identifiable 
net assets acquired is recognised as goodwill. Any excess of the fair values of 
the identifiable net assets acquired over the cost of acquisition (i.e. discount 
on acquisition) is credited to the income statement in the period of 
acquisition. 
 
 
Upon acquisition of a subsidiary, the interest of minority shareholders is 
initially recognised at the minority's proportion of the fair value of the 
identifiable assets, liabilities and contingent liabilities recognised. Minority 
interest does not include a portion of any goodwill recognised in the 
acquisition. Subsequently, any profits or losses applicable to the minority 
shareholders are attributed to the minority interests in the income statement 
and equity. 
 
 
Acquisitions of subsidiaries which own properties that are not a business as 
defined by IFRS 3 are accounted for as an acquisition of individual assets and 
liabilities at their relative fair values where the actual purchase 
consideration is allocated to the separable assets and liabilities acquired. 
 
 
NOTE 2:-    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.) 
 
 
2.2    Changes in accounting policy and disclosures 
 
 
The accounting policies adopted are consistent with those of the previous 
financial year. 
 
 
 
 
 
 
2.3    Judgments 
 
 
The preparation of the Group's financial statements requires management to make 
judgments, estimates and assumptions that affect the reported amounts of 
revenues, expenses, assets and liabilities, and the disclosure of contingent 
liabilities, at the reporting date. However, uncertainty about these assumptions 
and estimates could result in outcomes that could require a material adjustment 
to the carrying amount of the asset or liability affected in the future. 
 
 
In the process of applying the Group's accounting policies, management has made 
the following judgments, apart from those involving estimations, which has the 
most significant effect on the amounts recognised in the financial statements: 
 
 
Operating lease commitments-Group as lessor 
 
 
The Group has entered into commercial property leases on its investment property 
portfolio. The Group has determined, based on an evaluation of the terms and 
conditions of the arrangements, that it retains all the significant risks and 

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