DGRE Delek Glbl

statement of comprehensive income. Only the items carried to equity deriving 
from transactions with the shareholders in their capacity as shareholders (such 
as capital issuances, dividend distribution etc.) will be disclosed in the 
statement of changes in equity as will the summary line carried forward from the 
statement of comprehensive income, while properly allocated between the Company 
and the minority interests. 
 
 
IAS 1 (Revised) is effective for annual financial statements for periods 
commencing on January 1, 2009 with early adoption permitted. 
 
 
The effect of the adoption of IAS 1 (Revised) will require the Company to 
disclose the above items in the financial statements. 
 
 
 
 
    IFRS 8 Operating Segments 
 
 
This standard was issued in November 2006 and is effective for annual periods 
beginning on or after 1 January 2009. IFRS 8 requires entities to disclose 
segment information based on the information reviewed by the entity's chief 
operating decision maker. The Group has determined that the operating segments 
disclosed in IFRS 8 will be the same as the geographical segments disclosed 
under IAS 14. The impact of this standard on the other segment disclosures is 
still to be determined. As this is a disclosure standard, it will have no impact 
on the financial position or financial performance of the Group when implemented 
in 2009. 
 
 
 
NOTE 2:-    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.) 
 
 
IFRS 3R Business Combinations and IAS 27R Consolidated and Separate Financial 
Statements 
 
 
    The revised standards were issued on January 2008 and become effective for 
financial years beginning after 1 July 2009. IFRS 3R introduces a number of 
changes in the accounting for business combinations occurring after this date 
that will impact the amount of goodwill recognised, the reported results in the 
period that the acquisition occurs, and the future reported results. The 
standard may be early applied, however, the Group does not intend to take 
advantage of this possibility. 
 
 
 
 
IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial 
Statements - Puttable Financial Instruments and Obligations Arising on 
Liquidation 
These amendments to IAS 39 were issued in August 2008 and become effective for 
the financial years beginning on or after 1 January 2009. The revisions provide 
a limited scope exemption for puttable instruments to be classified as equity if 
they fulfil a number of specified features. The amendments to the standards will 
have no impact on the financial position or financial performance of the Group, 
as the Group has not issued such instruments. 
 
 
IAS 39 Financial Instruments: Recognition and Measurement - Eligible Hedged 
Items 
 
 
The amendments to IAS 39 were issued in August 2008 and become effective for 
financial years beginning on or after 1 July 2009. The amendment addresses the 
designation of a one-sided risk in a hedged item, and the designation of 
inflation as a hedged risk or portion in particular situations. It clarifies 
that an entity is permitted to designate a portion of the fair value changes or 
cash flow variability of a financial instrument as hedged item. The Group has 
concluded that amendment will have no effect on the financial position or 
financial performance of the Group, as the Group has not entered into any such 
hedges. 
 
 
 
NOTE 2:-    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.) 
 
 
IFRIC 15 Agreement for Construction Real Estate 
 
 
IFRIC 15 was issued in July 2008 and becomes effective for financial years 
beginning on or after 1 January 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 recognised 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 arrangement is within the scope of IAS 11 or IAS 18. IFRIC 15 will 
not have an impact on the consolidated financial statements because the Group 
does not conduct such activities. 
 
 
IFRIC 16 Hedge of a Net Investment in Foreign Operation 
 
 
IFRIC 16 was issued in July 2008 and becomes effective for financial years 
beginning on or after 1 October 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 indentifying the foreign currency 
risks that qualify for hedge accounting in the hedge of a net investment, where 
within the Group the hedging instruments can be held in the hedge of a net 
investment and how the 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 
the impact of this interpretation. 
 
 
 
 
NOTE 3: PROPERTY PLANT AND EQUIPMENT 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
|                  |    | Computer |     |    Office |      |    Leasehold |   |       Total | 
|                  |    |        & |     | equipment |      | improvements |   |             | 
|                  |    | Software |     |         & |      |              |   |             | 
|                  |    |          |     | furniture |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| Cost:            |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| At 1 January     |    |        - |     |         - |      |            - |   |           - | 
| 2008             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| Additions        |    |       30 |     |        90 |      |          101 |   |         221 | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| At 31 December   |    |       30 |     |        90 |      |          101 |   |         221 | 
| 2008             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
|                  |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| Depreciation:    |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
|                  |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| At 1 January     |    |        - |     |         - |      |            - |   |           - | 
| 2008             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| Charge for the   |    |        9 |     |        23 |      |           29 |   |          61 | 
| year             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| At 31 December   |    |        9 |     |        23 |      |           29 |   |          61 | 
| 2008             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
|                  |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| Net book value:  |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| At 31 December   |    |       21 |     |        67 |      |           72 |   |      160    | 
| 2008             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
| At 31 December   |    |    -     |     |         - |      |            - |   |           - | 
| 2007             |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
|                  |    |          |     |           |      |              |   |             | 
+------------------+----+----------+-----+-----------+------+--------------+---+-------------+ 
 
 
NOTE 4:-    INVESTMENTS IN ASSOCIATES 
 
 
(a)    Summary financial information of the Group's investments in associates: 
 
 
+-----------------------------------------+--+------------+--+------------+ 
|                                         |  |         31 December        | 
+-----------------------------------------+--+----------------------------+ 
|                                         |  |     2008   |  |     2007   | 
+-----------------------------------------+--+------------+--+------------+ 
|            Share of the associates'     |  |            |  |            | 
|            balance sheets:              |  |            |  |            | 
+-----------------------------------------+--+------------+--+------------+ 
|                     Current assets      |  |      9,541 |  |      9,235 | 
+-----------------------------------------+--+------------+--+------------+ 
|                     Non-current assets  |  |    235,125 |  |    263,753 | 

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