arrFiles=new Array();arrFiles[0]=new Array("index.html","BSR Group | Home page","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[1]=new Array("projects.html","BSR Group | Projects","Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	Print Format	Projects	BSR Projects	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[2]=new Array("search.html","BSR Europe | Search Results","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Profile	Management	Vision	--	Search Results	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[3]=new Array("test.html","BSR Group | Home page","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[4]=new Array("about/chairman.html","BSR Group | About the Group | From the Chairman","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	From the Chairman	2006: An Important Year for The B.S.R. Group	Over the past few years the B.S.R. Group has expanded its range of activities and increased its growth rate on an annual basis. We were able to do so thanks to the Group \'s integrity and professional entrepreneurial capabilities in developing and managing high-quality projects, thereby turning the B.S.R. name into a brand and leader in its field.	2006 proved to be a significant year for the B.S.R. Group as we identified new opportunities in Europe and the United States, leading to the development of large-scale projects. Simultaneously, the Group continued to implement and complete projects already in progress.	During 2006 the B.S.R. Group also strengthened and expanded its relations in the business world. In addition to forming new partnerships with local European and American companies we developed new alliances with international investment houses, raising the necessary capital for the development of its large-scale projects.	All of these achievements are the result of the B.S.R. Group \'s human capital - a team of experienced and dedicated professionals faithfully representing the B.S.R. vision of building on the trust, experience and engineering capabilities for yielding top quality construction projects. These same team members also value the B.S.R. philosophy of forming strong partnerships with the company \'s thousands of customers.	We are a company that always looks ahead, always strives for excellence. We will continue to broaden our horizons by seeking new business opportunities and establishing new partnerships in order to steer the Group to new heights of achievement.	Kalman Sufrin	Chairman of the B.S.R. Group	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[5]=new Array("about/chairman_test.html","BSR Group | About the Group | From the Chairman","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	The Group	From the Chairman	2005: An Important Year for The B.S.R. Group	Over the past few years the B.S.R. Group has expanded its range of activities and increased its growth rate on an annual basis. We were able to do so thanks to the Group \'s integrity and professional entrepreneurial capabilities in developing and managing high-quality projects, thereby turning the B.S.R. name into a brand and leader in its field.	2005 proved to be a significant year for the B.S.R. Group as we identified new opportunities in Europe and the United States, leading to the development of large-scale projects. Simultaneously, the Group continued to implement and complete projects already in progress.	During 2005 the B.S.R. Group also strengthened and expanded its relations in the business world. In addition to forming new partnerships with local European and American companies we developed new alliances with international investment houses, raising the necessary capital for the development of its large-scale projects.	All of these achievements are the result of the B.S.R. Group \'s human capital - a team of experienced and dedicated professionals faithfully representing the B.S.R. vision of building on the trust, experience and engineering capabilities for yielding top quality construction projects. These same team members also value the B.S.R. philosophy of forming strong partnerships with the company \'s thousands of customers.	We are a company that always looks ahead, always strives for excellence. We will continue to broaden our horizons by seeking new business opportunities and establishing new partnerships in order to steer the Group to new heights of achievement.	Kalman Sufrin	Chairman of the B.S.R. Group	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[6]=new Array("about/management.html","BSR Group | About the Group | Group Management","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	Group Management	Mr. Kalman SufrinChairman of the board	Mr. Nachshon KivityPresident	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[7]=new Array("about/PrintStructure.html","BSR Group | The Group | Structure | Print Format","The Group	Structure	Print","null","null","");arrFiles[8]=new Array("about/profile.html","BSR Group | The Group | Group Profile","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	Group Profile	The B.S.R Group was founded over 40 years ago. It comprises entrepreneurial companies with longstanding experience and is active in real estate development and project management in the international market. The Group is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	Mr. Kalman Sufrin	Mr. Nachshon Kivity	The B.S.R. Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers. It works with private investors, investment funds and private individuals investing in public companies owned by B.S.R. and traded on the Tel Aviv stock exchange.	Over the last 9 years, the B.S.R. Group has seen a 25%-30% annual increase in volume of activity.	The Group is currently involved in various projects representing a total investment of over $ 4 billion.	The B.S.R. Group \'s geographic expansion is equally remarkable. Nearly every year it enters a new market either in Europe or in North America.	Today, the Group \'s global activity covers 10 countries in Europe and 4 states in the United States.	The Group operates through two private companies and two publicly traded companies:	B.S.R. Engineering & Development Ltd.	B.S.R. Europe Ltd. (active in Central and Eastern Europe)	B.S.R. Projects Ltd. (active in the United States and in Israel)	B.S.R. Philadelphia L.P	Awards	Kaplan Prize (1987): A prestigious award presented by the President of the State of Israel. Awarded for project management in the development of 12,000 apartments for Jerusalem \'s Pisgat Ze \'ev suburb.	Outstanding Entrepreneur of Krakow (2004): An honor given by the Krakow (Poland) Builder \'s Association under the auspices of the City President, for the planning and development of 2,100 apartments in the Osiedle Europejskie, a modern neighborhood in Krakow.	William Penn Award of Excellence for Best Architectural Design (2005): An important annual award given by the Building Industry Association of Philadelphia (BIA). Awarded to the B.S.R. Group \'s Philadelphia project \"Waterfront Square Condominiums and Spa \", for the meticulous planning and design of the luxury, gated community with 950 apartments.	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[9]=new Array("about/structure.html","BSR Group | About the Group | Group Structure","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	Group Structure	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[10]=new Array("about/engineering/management.html","BSR Group | About the Group | BSR Engineering & Development Ltd. | Management","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Engineering & Development Ltd. / Management	Mr. Kalman SufrinChairman of the board	Mr. Nachshon KivityPresident	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[11]=new Array("about/engineering/PrintManagement.html","BSR Group | The Group | BSR Engineering & Development Ltd. | Management | Print Format","The Group	BSR Engineering & Development Ltd. / Management	Print	Shachar Lemkin - CEO, B.S.R. Europe Ltd.	Mr. Lemkin, 35, joined B.S.R Europe Ltd. as its CEO in 2000. Prior to his current position Mr. Lemkin ran a private law practice, that specialized in real-estate, for four years. Mr. Lemkin holds a L.L.B degree from the Tel-Aviv College of Management, and a L.L.M degree from the University of Buckingham in England.	Guy Shaya - Business Development Manager	Mr. Shaya, 35, joined BSR Group Ltd. as its Business Development Manager in July 2002. Prior to his current position, Mr. Shaya practiced law with one of the leading commercial law offices in Israel. Mr. Shaya holds a L.L.B. degree from Bar-Ilan University, Ramat-Gan, Israel.	Assaf Raz - Chief Financial Officer	Mr. Raz, 35, joined BSR Group Ltd. as CFO at the beginning of 2004. Prior to his current position, Mr. Raz was a senior manager with Ernst & Young, Israel. Mr. Raz has a degree in Economics and Accounting from Tel Aviv University, Israel.	Avi Schwartz - Chief Engineer	Mr. Schwartz, 38, joined BSR Group Ltd. as Chief Engineer in 2001. Prior to his current position, Mr. Schwartz was the Deputy Manager of the Engineering Dept. of Paz Oil Company, the largest energy company in Israel. Mr. Schwartz has a first Degree in Civil Engineering, with specialty in Project Management from the Technion, Haifa, Israel.	Idan Margolin - Senior Personal Assistant to the CEO & legal Counsel	Mr. Margolin, 30, joined BSR Group Ltd. as Personal assistant to the CEO & Legal Counsel in 2005. Prior to his current position, Mr. Margolin practiced real estate law in one of the leading commercial law offices in Israel. Mr. Margolin holds a LL.B degree and a B.A. in Business Administration with a major in real estate, both from the Interdisciplinary Center (IDC), Herzliya, Israel.	Amir Stern - Controller	Mr. Stern, 30, joined BSR Group Ltd as its Controller in mid 2004. Prior to his current position, Mr. Stern worked for year and a half in KPMG as a senior manager in AABS Department. Mr. Stern has a degree in accounting and economics from the University of Tel Aviv, Israel.	Manou Van Moorsel - General Manager of Gibor - B.S.R Europe B.V.	Ms. Van Moorsel, 31, joined Gibor - B.S.R Europe BV as general-manager in 2001. Prior to her current position, Ms. Van Moorsel worked in Adecco as a project coordinator for two years, during which she was in charge of new client acquisition and controlling contracts. Prior to that, Ms. Van Moorsel was assistant to the HR manager of RET for 3 years. Ms Van Moorsel holds a L.L.B degree from the University of Utrecht, The Netherlands.	Michael Saidov - General Manager, Hungary	Micky Saidov, 37, joined BSR in 2004 as general manager of the Hungarian activity of BSR. Prior to his current position, between 1997 and 2004, Mr. Saidov was a financial manager of CEE \'s International activities in Africa Israel Investments Ltd. Mr. Saidov is a CPA (Isr.) and holds a bachelor degree in Accounting and Economics from the Tel-Aviv University, Israel.	Adam Pozner - General Manager, Poland	Mr. Pozner, 56, joined BSR as general manager of the Polish subsidiary in 2001. Prior to his current position, between 1999 and 2001, Mr. Pozner was the founder and vice-president of the Polish subsidiary of Ituran, a global company engaged in theft prevention and personal security. Prior to that he was a general partner and vice-president of Callsec Ltd. for three years. Mr. Pozner holds a civil engineering degree from Ort college, Israel.	Yoram Kedem - General Manager, Latvia	Mr. Kedem, 34, joined B.S.R. Group in 2005. He was previously legal counsel for El Al Airlines (since 2001), responsible for Corporate Secretary duties and the entire portfolio of El Al \'s real estate assets in over 20 countries. Mr. Kedem holds an LLB degree from UWCC, England.	Edward Quitt - General Manager, Czech Republic and Slovakia	Mr. Quitt, 58, joined BSR in 2002 as CEO of the Czech Republic and Slovak activities of BSR. Mr. Quitt was born in Czechoslovakia, and has M.Sc. in Civil Engineering from London University, Imperial College, London, England.","null","null","");arrFiles[12]=new Array("about/engineering/PrintProfile.html","BSR Group | The Group | BSR Engineering & Development Ltd. | Company Profile | Print Format","The Group	BSR Engineering & Development Ltd. / Profile	Print	B.S.R. Engineering & Development Ltd. is the parent company of the B.S.R. Group.	The company is a private company and is responsible for the execution of all B.S.R. Group projects during the 1980 \'s and 1990 \'s.	Owned by Mr. Kalman Sufrin, Mr. Nachshon Kivity and Gibor Sport Holdings Ltd.	The company controls two publicly traded companies operating in Israel, the United States and Europe, as well as a company active in Philadelphia.	B.S.R. Engineering & Development Ltd. is the parent company of the B.S.R. Group.	B.S.R. Engineering & Development Ltd. is a private company and is responsible for the execution of all B.S.R. Group projects during the 1980 \'s and 1990 \'s.	B.S.R. Engineering & Development Ltd. is owned by Mr. Kalman Sufrin, Mr. Nachshon Kivity and Gibor Sport Holdings Ltd.	B.S.R. Engineering & Development Ltd. controls two publicly traded companies operating in Israel, the United States and Europe, as well as a company active in Philadelphia.	--	Award	William Penn Award of Excellence for Best Architectural Design (2005): An important	annual award given by the Building Industry Association of Philadelphia (BIA).	Awarded to the B.S.R. Group \'s Philadelphia project \"Waterfront Square Condominiums	and Spa \", for the meticulous planning and design of the luxury, gated community with	950 apartments facing the riverfront landscape.	--","null","null","");arrFiles[13]=new Array("about/engineering/PrintStructure.html","BSR Group | The Group | BSR Engineering & Development Ltd. | Structure | Print Format","The Group	BSR Engineering & Development Ltd. / Structure	Print","null","null","");arrFiles[14]=new Array("about/engineering/profile.html","BSR Group | About the Group | BSR Engineering & Development Ltd. | Company Profile","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Engineering & Development Ltd. / Profile	B.S.R. Engineering & Development Ltd. is the parent company of the B.S.R. Group.	The company is a private company and is responsible for the execution of all B.S.R. Group projects during the 1980 \'s and 1990 \'s.	Owned by Mr. Kalman Sufrin, Mr. Nachshon Kivity and Gibor Sport Holdings Ltd.	The company controls two publicly traded companies operating in Israel, the United States and Europe, as well as a company active in Philadelphia.	B.S.R. Engineering & Development Ltd. is the parent company of the B.S.R. Group.	B.S.R. Engineering & Development Ltd. is a private company and is responsible for the execution of all B.S.R. Group projects during the 1980 \'s and 1990 \'s.	B.S.R. Engineering & Development Ltd. is owned by Mr. Kalman Sufrin, Mr. Nachshon Kivity and Gibor Sport Holdings Ltd.	B.S.R. Engineering & Development Ltd. controls two publicly traded companies operating in Israel, the United States and Europe, as well as a company active in Philadelphia.	--	Award	William Penn Award of Excellence for Best Architectural Design (2005): An important	annual award given by the Building Industry Association of Philadelphia (BIA).	Awarded to the B.S.R. Group \'s Philadelphia project \"Waterfront Square Condominiums	and Spa \", for the meticulous planning and design of the luxury, gated community with	950 apartments facing the riverfront landscape.	--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[15]=new Array("about/engineering/structure.html","BSR Group | About the Group | BSR Engineering & Development Ltd. | Structure","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Engineering & Development Ltd. / Structure	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[16]=new Array("about/europe/32007.pdf","NO TITLE","B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF MARCH 31, 2007  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 8 9 - 11 12  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  B.S.R Europe Ltd.  The accompanying condensed interim consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of March 31, 2007, and the related condensed interim consolidated statements of income, changes in shareholders \' equity and cash flows for the three months then ended are derived from the unaudited financial statements of the Company.  We have been furnished with reports of other accountants in respect of the review of the interim financial statements of certain subsidiaries, whose assets constitute approximately 71.2% of total consolidated assets as of March 31, 2007, and whose revenues constitute approximately 86.9% of total consolidated revenues for the three months then ended. In addition, we have been furnished with reports of other accountants in respect of the review of the interim financial statements of certain affiliates, the investment in which, at equity, amounted to NIS 130,728 thousand as of March 31, 2007, and the Company \'s equity in their losses amounted to NIS 1,566 thousand for the three months then ended.  Based on our review and the reports of other accountants dated May 29, 2007, we are not aware of any material modifications that should be made to the interim consolidated financial statements.  The accompanying financial statements which are derived from the abovementioned financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user \'s conclusions about the financial position, results of operations, and cash flows of the Company and subsidiaries. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel May 29, 2007 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2006 Audited  March 31, Unaudited Reported NIS 2006  2007  Convenience translation (Note 1) March 31, 2007 Unaudited Euro  (In thousands)  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of previously consolidated companies Inventories of contracts in progress and buildings for construction, net  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Investments in affiliates and other companies Investment property, net  187,524 6,667 19,226 28,188 445 118,748 360,798 249,057 192,441 21,362 *) 8,023 13,918 11,154 81,030 327,928 217,393 205,457 4,919 17,297 20,749 141,701 44,742 434,865 155,277 37,124 889 3,125 3,749 25,604 8,084 78,575 28,057  41,214 125,944 39,084 206,242 23,265 1,573 33,984 45,075 103,897 3,428 130,728 39,228 173,384 619 23,621 7,088 31,328  FIXED ASSETS: Cost Less - accumulated depreciation  *) 20,774  *)  753 20,021 2,517  DEFERRED TAXES  838,635  *) 53,957 *) 2,086 51,871 2,206 703,295 21,724 814 20,910 2,469 786,905 3,928 147 3,781 446 142,187  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2006 Audited  March 31, Unaudited Reported NIS 2006  2007  Convenience translation (Note 1) March 31, 2007 Unaudited Euro  (In thousands)  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables Other accounts payable  128,365 23,911 45,939 198,215 87,457 23,347 42,752 153,556 50,336 20,545 51,415 122,296 9,095 3,712 9,291 22,098  LONG-TERM LIABILITIES: Convertible debentures Debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  1,406 145,455 185,412 154 8,981 341,408 2,667 296,345 838,635 *) 80,741 *) 95,077 181,934 43 137 4,241 362,173 484 187,082 703,295 1,232 146,266 136,123 118 3,557 287,296 3,725 373,588 786,905 223 26,429 24,596 21 643 51,912 673 67,504 142,187  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  May 29, 2007 Date of approval of the financial statements  Kalman Sufrian Chairman of the Board Nachshon Kivity CEO and Director Assaf Raz CFO  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2006 Audited  Three months ended March 31, Unaudited (In thousands, except per share amounts)  2007  2006 Reported NIS  Convenience translation (Note 1) Three months ended March 31, 2007 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other expenses Income before taxes on income Taxes on income Income after taxes on income Equity in losses of affiliates Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per Ordinary share: Basic net earnings Diluted net earnings  198,371 126,740 71,631 21,617 50,014 5,581 4,201 40,232 7,518 32,714 (529) 240 32,425 33,832 26,308 7,524 4,724 2,800 532 2,268 1,309 959 (153) 145 951 175,034 68,607 106,427 9,492 96,935 4,479 92,456 10,725 81,731 (1,566) (1,103) 79,062 31,627 12,397 19,230 1,715 17,515 809 16,706 1,938 14,768 (283) (199) 14,286  2.44 1.83 0.09 0.08 4.35 4.18 0.79 0.75  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Year ended December 31, 2006 (audited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the year Cost of share-based payment Split of beneficial conversion feature in convertible debentures, net of issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the year 241 19 52 312 137,232 10,924 88,133 236,289 273 (267) 6 2,751 (1,084) 1,667  Capital reserve, share-based payment Reported NIS (In thousands) 21 594 (297) 318  Retained earnings  Less - shares held by the Company and by subsidiary  Total  20,408 4,323 24,731 24,262 (23,000) 32,425 33,687 (8,438) 1,179 6,594 (665) 176,477 594 273 10,741 94,512 4,323 (23,000) 32,425 296,345  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Three months ended March 31, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options Capital reserve, share-based payment adjustments for autonomous entities  Retained earnings  Dividend declared subsequent to the balance sheet date  Less - shares held by the Company and by subsidiary  Total  Reported NIS (In thousands) 21 20,408  Balance at the beginning of the period (audited) Split of beneficial conversion feature in convertible debentures, net of issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared subsequent to the balance sheet date Cost of share-based payment Net income Balance at the end of the period  241 137,232 2,751 24,262 (8,438) 176,477  1 1 243 178 (637) 136,773 273 273 (14) 2,737 147 168 7,026 27,434 (23,000) 951 2,213 23,000 23,000 2,679 (5,759) 273 165 2,043 7,026 147 951 187,082  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Three months ended March 31, 2007 (unaudited) Foreign currency translation  Receipts on account of stock options Capital reserve, share-based payment adjustments for autonomous entities  Retained earnings  Dividend declared subsequent to the balance sheet date  Less - shares held by the Company and by subsidiary  Total  Reported NIS (In thousands)  318 76 394 24,731 (2,147) 22,584 Balance at the beginning of the period (audited) Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared subsequent to the balance sheet date Cost of share-based payment Net income Balance at the end of the period 312 *) 312 236,289 252 236,541 6 6 1,667 1,667 33,687 (32,000) 79,062 80,749 32,000 32,000  (665) -  (665)  296,345 252 (2,147) 76 79,062 373,588  Convenience translation into Euro (Note 1) (In thousands)  301 301 57 14 71 4,469 (388) 4,081 6,087 (5,782) 14,286 14,591 Balance at the beginning of the period (audited) Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared subsequent to the balance sheet date Cost of share-based payment Net income Balance at the end of the period 56 *) 56 42,695 46 42,741 1 1 5,782 5,782  (120) -  (120)  53,546 46 (388) 14 14,286 67,504  *) Represents an amount lower than reported NIS 1 thousand ($ 1 thousand).  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended March 31,  2006 Reported NIS Unaudited (In thousands) 2007  Convenience translation (Note 1) Three months ended March 31, 2007 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investments in fully and proportionately companies that were deconsolidated (b) Acquisition of fully and proportionately consolidated companies (c) Debt collection for realization of investment in subsidiary Grant of loans and deposit of long-term deposits Collection of loans and withdrawal of long-term deposits Investment in affiliates Investment in fixed assets and real estate Withdrawal (deposit) of short-term deposits, net Net cash used in investing activities Cash flows from financing activities: Exercise of stock options into shares Issuance expenses in subsidiary Dividend paid Redemption of debentures Issuance of debentures and convertible debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Refund of deposits from tenants, net Net cash provided by financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  32,425 (22,100) 10,325 951 5,578 6,529 79,062 (53,523) 25,539 14,286 (9,671) 4,615  111,696 (58,371) 31,809 (41,788) 8,452 (79,247) (234,772) (4,184) (266,405) (40) (9,738) 24,986 (828) 452 (1,379) (29,884) (20,087) (36,518) 62,286 (23,453) 921 (7,018) (54,427) 1,721 (19,970) 11,255 (4,238) 166 (1,268) (9,834) 311 (3,608)  9,584 (4,201) (23,000) (2,458) 51,637 278,579 (56,141) (554) 253,446 165 38,151 (6,841) (517) 30,958 47,742 (34,946) 12,796 8,627 (6,314) 2,313  957 (1,677) 189,201 187,524 2,271 3,240 189,201 192,441 (432) 17,933 187,524 205,457 (78) 3,242 33,882 37,124  The accompanying note is an integral part of the interim consolidated financial statements. - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended March 31,  2006 Reported NIS Unaudited (In thousands) 2007  Convenience translation (Note 1) Three months ended March 31, 2007 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Equity in losses of affiliates Depreciation and amortization Gain from sale of real estate and deconsolidated companies Cost of share-based payment Increase (decrease) in accrued severance pay Revaluation (erosion) of loans granted and shortterm deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  (240) 529 1,862 (48,811) 594 60 (1,031) (3,098) (941) (51,076) (145) 153 875 (2,836) 147 43 137 1,377 69 (180) 1,103 1,566 548 (96,438) 76 (36) (963) 1,961 (1,451) (93,634) 199 283 99 (17,425) 14 (7) (174) 354 (262) (16,919)  Changes in asset and liability items: Decrease (increase) in trade receivables Increase in other accounts receivable Decrease (increase) in inventories of contracts in progress and building under construction Increase in trade payables and other accounts payable  (7,530) (6,158) 3,252 39,412 28,976 (22,100) 3,833 (495) (806) 3,226 5,758 5,578 (178) (4,863) 12,436 32,716 40,111 (53,523) (32) (879) 2,247 5,912 7,248 (9,671)  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended March 31,  2006 Reported NIS Unaudited (In thousands) 2007  Convenience translation (Note 1) Three months ended March 31, 2007 Unaudited Euro  (b)  Proceeds from realization of investments in fully and proportionately companies that were deconsolidated *): Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets and real estate, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Deferred taxes Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries and sale of activity, net  (1,239) 208,773 (142,700) 11,059 1,740 (13,468) (1,280) 48,811 111,696 (1,036) 17,512 (15,763) (849) (2,740) 2,836 (40) (15,322) 203,978 (138,718) 61,049 (3,880) (141,259) 96,438 62,286 (2,768) 36,857 (25,065) 11,031 (701) (25,524) 17,425 11,255  (c)  Acquisition of fully and proportionately consolidated companies **): Working capital (excluding cash and cash equivalents) Fixed assets and real estate, net Long-term loans Investments in affiliates Minority interest Long-term liabilities Deferred taxes  4,958 (83,576) 1,563 (153) 14,041 4,796 (58,371) 4,527 (30,200) 136 1,563 (153) 14,041 348 (9,738) -  (d)  Significant non-cash activities: Conversion of debentures into shares Purchase of fixed assets and real estate by credit Exercise of stock options into shares  94,512 3,795 1,157 2,043 5,620 252 766 46 138 -  *) **) In 2006 includes sale of activity and assets. In 2006 includes full consolidation of an affiliate.  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of March 31, 2007 and for the three months then ended have been translated into Euro using the representative exchange rate as of that date ( 1 = NIS 5.5343). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\07 \\EC3-SHORT.DOC  - 12 -   ","null","null","");arrFiles[17]=new Array("about/europe/62007.pdf","NO TITLE","B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF JUNE 30, 2007  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 10 11 - 13 14  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of June 30, 2007 and 2006, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the six and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2006 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  We have been furnished with reports of other accountants in respect of the review of the interim financial statements of certain subsidiaries, whose assets constitute approximately 85.7% of total consolidated assets as of June 30, 2007, and whose revenues constitute approximately 63.9% and 80.1% of total consolidated revenues for the six and three months then ended, respectively. In addition, we have been furnished with reports of other accountants in respect of the review of the interim financial statements of certain affiliates, the investment in which, at equity, amounted to NIS 109,975 thousand as of June 30, 2007, and the Company \'s equity in their losses amounted to NIS 2,337 thousand and NIS 771 thousand for the six and three months then ended, respectively.  Based on our review and the reports of other accountants dated August 24, 2007, we are not aware of any material modifications that should be made to the interim consolidated financial statements.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel August 28, 2007 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2006 Audited  June 30, Unaudited Reported NIS 2006  2007  Convenience translation (Note 1) June 30, 2007 Unaudited Euro  (In thousands)  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of companies Inventories of contracts in progress and buildings under construction, net  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Investments in affiliates and other companies Investment property, net  187,524 6,667 19,226 28,188 445 118,748 360,798 249,057 122,881 22,076 10,862 45,370 1,129 83,172 285,490 347,169 558,585 5,171 8,845 17,549 68,213 30,613 688,976 83,882 97,771 905 1,548 3,072 11,940 5,358 120,594 14,682  41,214 125,944 *) 39,084 206,242 35,779 1,495 73 *) 36,218 73,565 3,304 109,975 26,445 139,724 578 19,249 4,629 24,456  FIXED ASSETS: Cost Less - accumulated depreciation  *) 20,774  *)  753 20,021 2,517  *) 102,894  *)  4,003 98,891 1,239  DEFERRED TAXES MINORITY INTEREST IN LOSSES OF SUBSIDIARIES  26,143 866 25,277 2,282 4,577 152 4,425 399  838,635 806,354 799 940,940 140 164,696  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2006 Audited  June 30, Unaudited Reported NIS 2006  2007  Convenience translation (Note 1) June 30, 2007 Unaudited Euro  (In thousands)  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables Other accounts payable  128,365 23,911 45,939 198,215 125,570 19,318 39,244 184,132 24,481 15,759 86,418 126,658 4,285 2,758 15,127 22,170  LONG-TERM LIABILITIES: Convertible debentures Debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  1,406 145,455 185,412 154 8,981 341,408 2,667 296,345 838,635 *) 68,185 *) 96,535 273,098 46 133 4,339 442,336 179,886 806,354 295 146,402 97,941 138 1,971 246,747 567,535 940,940 52 25,625 17,143 24 345 43,189 99,337 164,696  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  August 28, 2007 Date of approval of the financial statements  Shachar Brickman Director and Acting Chairman of the Board of Directors *) Nachshon Kivity CEO and Director Assaf Raz CFO  *)  On August 28, 2007, the Company \'s Board authorized Mr. Shachar Brickman, a director, to sign the financial statements as of June 30, 2007 in lieu of Mr. Kalman Sofrin, the chairman, due to the latter \'s absence from the Board \'s meeting.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2006 Audited  Three months ended June 30, 2006 2007 Six months ended June 30, 2006 2007  Unaudited Reported NIS (In thousands, except per share amounts)  Convenience translation (Note 1) Six months ended June 30, 2007 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income (expenses) Income before taxes on income Taxes on income Income (loss) after taxes on income Equity in losses of affiliates, net Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per share: Basic net earnings Diluted net earnings (loss)  198,371 38,510 189,050 72,342 364,084 63,727  126,740 71,631 21,617 50,014 5,581 (4,201) 40,232 7,518 32,714 (529) 240 32,425 31,269 7,241 4,548 2,693 2,436 257 525 (268) (24) 636 344 42,968 146,082 17,885 128,197 9,692 113,632 232,137 15,028 217,109 (771) (17,248) 199,090 57,577 14,765 9,272 5,493 2,968 2,525 1,834 691 (177) 781 1,295 111,575 252,509 27,377 225,132 14,171 113,632 324,593 25,753 298,840 (2,337) (18,351) 278,152 19,529 44,198 4,792 39,406 2,480 19,889 56,815 4,508 52,307 (409) (3,212) 48,686  2.44 1.83 0.03 (0.02) 10.87 10.47 0.12 0.10 15.24 14.65 2.67 2.56  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Year ended December 31, 2006 (audited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the year Cost of share-based payment Split of beneficial conversion feature in convertible debentures, net of issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the year 241 19 52 312 137,232 10,924 88,133 236,289 273 (267) 6 2,751 (1,084) 1,667  Capital reserve, share-based payment Reported NIS (In thousands) 21 594 (297) 318  Retained earnings  Less - shares held by the Company and by subsidiary  Total  20,408 4,323 24,731 24,262 (23,000) 32,425 33,687 (8,438) 1,179 6,594 (665) 176,477 594 273 10,741 94,512 4,323 (23,000) 32,425 296,345  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Three months ended June 30, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period 243 1 7 251 136,773 2,380 12,172 151,325 273 273 2,737 (349) 2,388  Capital reserve, share-based payment Reported NIS (In thousands) 168 148 316  Retained earnings  Less - shares held by the Company and by subsidiary  Total  27,434 (229) 27,205 25,213 (23,000) 344 2,557 (5,759) 1,179 151 (4,429) 187,082 3,211 12,330 (229) (23,000) 148 344 179,886  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Three months ended June 30, 2007 (unaudited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period 312 2 1 315 236,541 2,213 1,256 240,010 6 (5) 1 1,667 (355) 1,312  Capital reserve, share-based payment Reported NIS (In thousands) 394 77 471  Retained earnings  Less - shares held by the Company and by subsidiary  Total  22,584 23,668 46,252 112,749 (32,000) 199,090 279,839 (665) (665) 373,588 1,860 1,252 23,668 (32,000) 77 199,090 567,535  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Six months ended June 30, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the period (audited) Split of beneficial conversion feature in convertible debentures, net of issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period  241 137,232 2,751  Capital reserve, share-based payment Reported NIS (In thousands) 21  Retained earnings  Less - shares held by the Company and by subsidiary  Total  20,408 24,262 (8,438) 176,477  2 8 251 2,558 11,535 151,325 273 273 (363) 2,388 295 316 6,797 27,205 (23,000) 1,295 2,557 1,179 2,830 (4,429) 273 3,376 14,373 6,797 (23,000) 295 1,295 179,886  The accompanying note is an integral part of the interim consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Six months ended June 30, 2007 (unaudited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period 312 2 1 315 236,289 2,213 1,508 240,010 6 (5) 1 1,667 (355) 1,312  Capital reserve, share-based payment Reported NIS (In thousands) 318 153 471  Retained earnings  Less - shares held by the Company and by subsidiary  Total  24,731 21,521 46,252 33,687 (32,000) 278,152 279,839 (665) (665) 296,345 1,860 1,504 21,521 (32,000) 153 278,152 567,535  Convenience translation into Euro (Note 1) (In thousands)  292 (62) 230 55 27 82 4,329 3,767 8,096 Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period  55  55  41,358 388 264 42,010 2 (1) 1 5,894 (5,601) 48,686 48,979 (116) (116) 51,869 326 263 3,767 (5,601) 27 48,686 99,337  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended June 30, 2006 2007 Six months ended June 30, 2006 2007  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2007 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investments in fully and proportionately companies that were deconsolidated (b) Acquisition of fully and proportionately consolidated companies (c) Debt collection for realization of investment in subsidiaries Grant of loans and deposit of long-term deposits Collection of loans and withdrawal of long-term deposits Proceeds from sale of affiliates Investment in affiliates Investment in fixed assets and real estate Payment of VAT on purchase of real estate Withdrawal (deposit) of short-term deposits, net Net cash provided by (used in) investing activities Cash flows from financing activities: Exercise of stock options into shares Issuance expenses in subsidiary Dividend paid Dividend to minority in sub-subsidiary Redemption of debentures Issuance of debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Refund of deposits from tenants, net Net cash provided by (used in) financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  32,425 (22,100) 10,325 344 2,175 2,519 199,090 (176,614) 22,476 1,295 7,753 9,048 278,152 (230,137) 48,015 48,686 (40,282) 8,404  111,696 (58,371) 31,809 (41,788) 8,452 (79,247) (234,772) (4,184) (266,405) 2,734 6,823 (12,954) 480 (2,308) (151,173) (25,249) (771) (182,418) 259,270 (80) 2,499 146,115 (12,611) (2,799) (92) 392,302 2,694 (9,738) 31,809 (13,782) 932 (3,687) (181,057) (25,249) (20,858) (218,936) 321,556 (23,533) 3,420 146,115 (19,629) (57,226) 1,629 372,332 56,283 (4,119) 599 25,575 (3,436) (10,016) 285 65,171  9,584 (4,201) (23,000) (2,458) 51,637 278,579 (56,141) (554) 253,446 3,211 (3,516) (23,000) 143,899 (9,590) 9 111,013 1,860 (32,000) (17,527) 4,661 (22,462) (65,468) 3,376 (3,516) (23,000) 182,050 (16,431) (508) 141,971 1,860 (32,000) (17,527) 52,403 (57,408) (52,672) 326 (5,601) (3,068) 9,172 (10,048) (9,219)  957 (1,677) 189,201 187,524 (674) (69,560) 192,441 122,881 3,818 353,128 205,457 558,585 1,597 (66,320) 189,201 122,881 3,386 371,061 187,524 558,585 593 64,949 32,822 97,771  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended June 30, 2006 2007 Six months ended June 30, 2006 2007  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2007 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Equity in losses of affiliates, net Depreciation and amortization Gain from sale of affiliates Gain from sale of real estate and deconsolidated companies Cost of share-based payment Increase (decrease) in accrued severance pay Erosion (revaluation) of loans granted and shortterm deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  (240) 529 1,862 (48,811) 594 60 (1,031) (3,098) (941) (51,076) (636) 24 345 148 (4) (80) 1,170 250 1,217 17,248 771 600 (113,632) (144,296) 77 20 (133) 624 67 (238,654) (781) 177 935 (2,836) 295 39 57 2,547 319 752 18,351 2,337 1,148 (113,632) (240,734) 153 (16) (1,096) 2,585 (1,384) (332,288) 3,212 409 201 (19,889) (42,136) 27 (3) (192) 452 (242) (58,161)  Changes in asset and liability items: Decrease (increase) in trade receivables Decrease (increase) in other accounts receivable Decrease (increase) in inventories of contracts in progress and building under construction Increase (decrease) in trade payables and other accounts payable  (7,530) (6,158) 3,252 39,412 28,976 (22,100) (2,959) (505) 7,412 (2,990) 958 2,175 9,070 5,058 10,211 37,701 62,040 (176,614) 874 (1,000) 6,891 236 7,001 7,753 8,892 195 22,647 70,417 102,151 (230,137) 1,556 34 3,964 12,325 17,879 (40,282)  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended June 30, 2006 2007 Six months ended June 30, 2006 2007  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2007 Unaudited Euro  (b)  Proceeds from realization of investments in fully and proportionately companies that were deconsolidated *): Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets and real estate, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Deferred taxes Receivables for realization of investments in subsidiaries Payables for realization of investments Capital gain from sale of investments in subsidiaries and sale of activity, net  (1,239) 208,773 (142,700) 11,059 1,740 (13,468) (1,280) 48,811 111,696 2,734 2,734 (19,867) 95,869 (48,915) (1,034) 83,164 5,757 144,296 259,270 (1,042) 17,512 (15,763) (849) 2,836 2,694 (35,189) 299,847 (187,633) 61,049 (4,914) (58,095) 5,757 240,734 321,556 (6,159) 52,483 (32,842) 10,686 (860) (10,169) 1,008 42,136 56,283  (c)  Acquisition of fully and proportionately consolidated companies **): Working capital (excluding cash and cash equivalents) Fixed assets and real estate, net Long-term loans Investments in affiliates Minority interest Long-term liabilities Deferred taxes  4,958 (83,576) 1,563 (153) 14,041 4,796 (58,371) 4,527 (30,200) 136 1,563 (153) 14,041 348 (9,738) -  (d)  Significant non-cash activities: Conversion of debentures into shares Receivables for realization of affiliates Purchase of fixed assets and real estate by credit Exercise of stock options into shares  *)  94,512 3,795 1,157 12,330 15,644 1,252 6,333 347 14,373 21,264 1,504 6,333 1,113 263 1,108 195 -  In 2006 includes sale of activity and assets.  **) In 2006 includes full consolidation of an affiliate. The accompanying note is an integral part of the interim consolidated financial statements.  - 13 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of June 30, 2007 and for the six months then ended have been translated into Euro using the representative exchange rate as of that date ( 1 = NIS 5.7132). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\07 \\EC6-SHORT.DOC  - 14 -   ","null","null","");arrFiles[18]=new Array("about/europe/92007.pdf","NO TITLE","B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF SEPTEMBER 30, 2007  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 10 11 - 13 14  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of September 30, 2007 and 2006, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the nine and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2006 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  We have been furnished with reports of other accountants in respect of the review of the interim financial statements of certain subsidiaries, whose assets constitute approximately 61.8% of total consolidated assets as of September 30, 2007, and whose revenues constitute approximately 68.2% and 100% of total consolidated revenues for the nine and three months then ended, respectively. In addition, we have been furnished with reports of other accountants in respect of the review of the interim financial statements of certain affiliates, the investment in which, at equity, amounted to NIS 117,067 thousand as of September 30, 2007, and the Company \'s equity in their losses amounted to NIS 3,453 thousand and NIS 1,116 thousand for the nine and three months then ended, respectively.  Based on our review and the reports of other accountants dated November 28, 2007, we are not aware of any material modifications that should be made to the interim consolidated financial statements. The Hebrew version of the financial statements includes interim pro forma statements of income.  The accompanying financial statements are condensed financial statements and do not include disclosures regarding the interim pro forma statements of income and other disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel November 28, 2007 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2006 Audited  September 30,  2006 Reported NIS Unaudited (In thousands) 2007  Convenience translation (Note 1) September 30, 2007 Unaudited Euro  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of companies Inventories of contracts in progress and buildings under construction, net  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term trade receivables and receivables Investments in affiliates and other companies Investment property, net  187,524 6,667 19,226 28,188 445 118,748 360,798 249,057 152,313 42,566 23,804 26,958 818 96,871 343,330 381,381 577,519 6,612 384 11,267 69,600 29,432 694,814 36,329 101,501 1,162 67 1,980 12,232 5,173 122,115 6,385  41,214 125,944 *) 39,084 206,242 43,547 276 33 35,566 *) 34,984 114,406 9,110 117,067 25,133 151,310 1,601 20,575 4,417 26,593  FIXED ASSETS: Cost Less - accumulated depreciation  *) 20,774  *)  753 20,021 2,517 838,635  DEFERRED TAXES  *) 24,118 *) 3,072 21,046 1,630 861,793 31,172 694 30,478 912,931 5,479 122 5,357 160,450  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2006 Audited  September 30,  2006 Reported NIS Unaudited (In thousands) 2007  Convenience translation (Note 1) September 30, 2007 Unaudited Euro  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables Other accounts payable Dividend declared  128,365 23,911 45,939 198,215 69,287 28,048 53,163 150,498 29,602 8,620 89,556 236,000 363,778 5,203 1,515 15,739 41,478 63,935  LONG-TERM LIABILITIES: Convertible debentures Debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  1,406 145,455 185,412 154 8,981 341,408 2,667 296,345 838,635 15,306 146,283 294,687 44 147 4,717 461,184 1,914 248,197 861,793 69 149,496 66,288 125 1,833 217,811 441 330,901 912,931 12 26,274 11,650 22 322 38,280 78 58,157 160,450  The accompanying note is an integral part of the interim consolidated financial statements.  November 28, 2007 Date of approval of the financial statements  Shachar Brickman Director and Acting Chairman of the Board of Directors *) Nachshon Kivity CEO and Director Assaf Raz CFO  *)  On November 28, 2007, the Company \'s Board authorized Mr. Shachar Brickman, a director, to sign the financial statements as of September 30, 2007 in lieu of Mr. Kalman Sofrin, the chairman, due to the latter \'s absence from the Board \'s meeting.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2006 Audited  Three months ended September 30, 2006 2007 Nine months ended September 30, 2006 2007  Unaudited Reported NIS (In thousands, except per share amounts)  Convenience translation (Note 1) Nine months ended September 30, 2007 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses (income), net Other income (expenses) Income before taxes on income Taxes on income Income after taxes on income Equity in losses of affiliates, net Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per share: Basic net earnings Diluted net earnings  198,371 42,302 56,242 114,644 420,326 73,874  126,740 71,631 21,617 50,014 5,581 (4,201) 40,232 7,518 32,714 (529) 240 32,425 28,598 13,704 5,821 7,883 1,561 6,322 726 5,596 (112) (435) 5,049 25,850 30,392 6,578 23,814 (36,375) 60,189 7,703 52,486 (1,116) (168) 51,202 86,175 28,469 15,093 13,376 4,529 8,847 2,560 6,287 (289) 346 6,344 137,425 282,901 33,955 248,946 (22,204) 113,632 384,782 33,456 351,326 (3,453) (18,519) 329,354 24,153 49,721 5,968 43,753 (3,903) 19,971 67,627 5,880 61,747 (607) (3,255) 57,885  2.44 1.83 0.46 0.39 2.81 2.78 0.61 0.53 18.05 17.62 3.17 3.10  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Year ended December 31, 2006 (audited) Foreign currency translation  Receipts on account of stock options adjustments for autonomous entities  Balance at the beginning of the year Cost of share-based payment Split of beneficial conversion feature in convertible debentures, net of issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the year 241 19 52 312 137,232 10,924 88,133 236,289 273 (267) 6 2,751 (1,084) 1,667  Capital reserve, share-based payment Reported NIS (In thousands) 21 594 (297) 318  Retained earnings  Less - shares held by the Company and by subsidiary  Total  20,408 4,323 24,731 24,262 (23,000) 32,425 33,687 (8,438) 1,179 6,594 (665) 176,477 594 273 10,741 94,512 4,323 (23,000) 32,425 296,345  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended September 30, 2006 (unaudited) Foreign currency  Beneficial conversion feature in convertible debentures  Receipts on account of stock options  translation adjustments for autonomous entities  Share capital Share premium  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Cost of share-based payment Net income Balance at the end of the period 251 14 42 307 151,325 6,913 66,237 224,475 273 (253) 20 2,388 (721) 1,667  Capital reserve, share-based payment Reported NIS (In thousands) 316 150 466  Retained earnings  Less - shares held by the Company and by subsidiary  Total  27,205 (9,120) 18,085 2,557 5,049 7,606 (4,429) (4,429) 179,886 6,206 66,026 (9,120) 150 5,049 248,197  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended September 30, 2007 (unaudited) Foreign currency  Beneficial conversion feature in convertible debentures  Receipts on account of stock options  translation adjustments for autonomous entities  Share capital Share premium  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared Cost of share-based payment Issue of stock options Repurchase of shares Net income Balance at the end of the period 315 2 *) 317 240,010 3,241 246 243,497 1 (1) 1,312 (510) 756 1,558  Capital reserve, share-based payment Reported NIS (In thousands) 471 285 (756) -  Retained earnings  Less - shares held by the Company and by subsidiary  Total  46,252 (39,704) 6,548 279,839 (236,000) 51,202 95,041 (665) (15,395) (16,060) 567,535 2,733 245 (39,704) (236,000) 285 (15,395) 51,202 330,901  *) Represents an amount lower than NIS 1 thousand.  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Nine months ended September 30, 2006 (unaudited) Foreign currency  Beneficial conversion feature in convertible debentures  Receipts on account of stock options  translation adjustments for autonomous entities  Share capital Share premium  Balance at the beginning of the period (audited) Split of beneficial conversion feature in convertible debentures, net of issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period  241 137,232 2,751  Capital reserve, share-based payment Reported NIS (In thousands) 21  Retained earnings  Less - shares held by the Company and by subsidiary  Total  20,408 24,262 (8,438) 176,477  16 50 307 9,471 77,772 224,475 273 (253) 20 (1,084) 1,667 445 466 (2,323) 18,085 (23,000) 6,344 7,606 1,179 2,830 (4,429) 273 9,582 80,399 (2,323) (23,000) 445 6,344 248,197  The accompanying note is an integral part of the interim consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Nine months ended September 30, 2007 (unaudited) Foreign currency  Beneficial conversion feature in convertible debentures  Receipts on account of stock options  translation adjustments for autonomous entities  Share capital Share premium  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Issue of stock options Dividend declared Repurchase of shares Net income Balance at the end of the period 312 4 1 317 236,289 5,454 1,754 243,497 6 (6) 1,667 (865) 756 1,558  Capital reserve, share-based payment Reported NIS (In thousands) 318 438 (756) -  Retained earnings  Less - shares held by the Company and by subsidiary  Total  24,731 (18,183) 6,548 33,687 (32,000) (236,000) 329,354 95,041 (665) (15,395) (16,060) 296,345 4,593 1,749 (18,183) (32,000) 438 (236,000) (15,395) 329,354 330,901  Convenience translation into Euro (Note 1) (In thousands)  293 (152) 133 274 56 77 (133) 4,347 (3,196) 1,151 Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Issue of stock options Dividend declared Repurchase of shares Net income Balance at the end of the period 55 1 56 41,529 958 308 42,795 1 (1) 5,921 (5,624) (41,478) 57,885 16,704 (117) (2,706) (2,823) 52,085 807 307 (3,196) (5,624) 77 (41,478) (2,706) 57,885 58,157  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended September 30, 2006 2007 Nine months ended September 30, 2006 2007  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2007 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investments in fully and proportionately consolidated companies that were deconsolidated (b) Additional consideration relating to a company sold in previous years Acquisition of fully and proportionately consolidated companies (c) Debt collection for realization of investment in subsidiaries Grant of loans and deposit of long-term deposits Collection of loans and withdrawal of long-term deposits Proceeds from sale of affiliates Investment in affiliates Investment in fixed assets and real estate Payment of VAT on purchase of real estate Withdrawal (deposit) of short-term deposits, net Net cash provided by (used in) investing activities Cash flows from financing activities: Exercise of stock options into shares Issuance expenses in subsidiary Repurchase of shares Dividend paid Dividend to minority in sub-subsidiary Redemption of debentures Issue of debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Receipt (refund) of deposits from tenants, net Net cash provided by (used in) financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  32,425 (22,100) 10,325 5,049 (170) 4,879 51,202 (39,406) 11,796 6,344 7,583 13,927 329,354 (270,700) 58,654 57,885 (47,576) 10,309  111,696 (58,371) 31,809 (41,788) 8,452 (79,247) (234,772) (4,184) (266,405) 27,167 (30,184) (15,150) 3,324 (658) (23,607) 25,249 (18,820) (32,679) 46,247 6,756 (6,250) (9,580) (10,947) (1,462) 24,764 29,861 (39,922) 31,809 (28,932) 4,256 (4,345) (204,664) (39,678) (251,615) 367,803 6,756 (29,783) 3,420 146,115 (29,209) (68,173) 167 397,096 64,642 1,187 (5,234) 601 25,680 (5,134) (11,982) 29 69,789  9,584 (4,201) (23,000) (2,458) 51,637 278,579 (56,141) (554) 253,446 6,206 (685) (2,458) 51,637 38,370 (33,969) 13 59,114 2,733 (15,395) (6,301) (67) 5,646 (2,306) (15,690) 9,582 (4,201) (23,000) (2,458) 51,637 220,420 (50,400) (495) 201,085 5,750 (15,395) (32,000) (23,828) (67) 58,049 (59,714) (67,205) 1,011 (2,706) (5,624) (4,188) (12) 10,202 (10,495) (11,812)  957 (1,677) 189,201 187,524 (1,882) 29,432 122,881 152,313 (1,936) 18,934 558,585 577,519 (285) (36,888) 189,201 152,313 1,450 389,995 187,524 577,519 255 68,541 32,960 101,501  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended September 30, 2006 2007 Nine months ended September 30, 2006 2007  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2007 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Equity in losses of affiliates, net Depreciation Gain from sale of affiliates Gain from sale of real estate, deconsolidated companies and recognition of capital reserves Cost of share-based payment Increase (decrease) in accrued severance pay Revaluation of loans granted and short-term deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  (240) 529 1,862 (48,811) 594 60 (1,031) (3,098) (941) (51,076) 435 112 467 (5,368) 150 14 (1,900) (2,179) 1,192 (7,077) 168 1,116 451 (66,272) 285 (13) (1,403) 3,690 2,165 (59,813) (346) 289 1,402 (8,204) 445 53 (1,843) 368 1,511 (6,325) 18,519 3,453 1,599 (113,632) (307,006) 438 (29) (2,499) 6,275 781 (392,101) 3,255 607 281 (19,971) (53,957) 77 (5) (439) 1,103 137 (68,912)  Changes in asset and liability items: Decrease (increase) in trade receivables Decrease (increase) in other accounts receivable Decrease (increase) in inventories of contracts in progress and building under construction Increase in trade payables and other accounts payable  (7,530) (6,158) 3,252 39,412 28,976 (22,100) (13,222) (3,052) (7,748) 30,929 6,907 (170) 8,335 4,567 1,248 6,257 20,407 (39,406) (12,348) (4,052) (857) 31,165 13,908 7,583 17,227 3,605 23,895 76,674 121,401 (270,700) 3,028 634 4,200 13,474 21,336 (47,576)  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2006 Audited  Three months ended September 30, 2006 2007 Nine months ended September 30, 2006 2007  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2007 Unaudited Euro  (b)  Proceeds from realization of investments in fully and proportionately consolidated companies that were deconsolidated *): Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets and real estate, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Deferred taxes Receivables for realization of investments in subsidiaries Payables for realization of investments Capital gain from sale of investments in subsidiaries and sale of activity, net  (1,239) 208,773 (142,700) 11,059 1,740 (13,468) (1,280) 48,811 111,696 (431) 43,025 (22,104) 1,740 (431) 5,368 27,167 (1,311) 54,491 (33,131) 1,322 922 23,954 46,247 (1,473) 60,537 (37,867) 1,740 (1,280) 8,204 29,861 (36,500) 354,338 (220,764) 61,049 1,322 (4,914) (58,095) 6,679 264,688 367,803 (6,416) 62,276 (38,800) 10,730 232 (864) (10,210) 1,174 46,520 64,642  (c)  Acquisition of fully and proportionately consolidated companies **): Working capital (excluding cash and cash equivalents) Fixed assets and real estate, net Long-term loans Investments in affiliates Minority interest Long-term liabilities Deferred taxes Payables for acquisition  4,958 (83,576) 1,563 (153) 14,041 4,796 (58,371) 295 (48,633) (295) 18,449 (30,184) 4,958 (78,833) 1,563 (153) 14,041 53 18,449 (39,922) -  (d)  Significant non-cash activities: Conversion of debentures into shares Receivables for realization of affiliates Purchase of fixed assets and real estate by credit Exercise of stock options into shares Dividend declared  *)  94,512 3,795 1,157 -  66,026 -  -  245 282 236,000 80,399 1,749 6,333 282 236,000 307 1,113 50 41,478  In 2006 includes sale of activity and assets.  **) In 2006 includes full consolidation of an affiliate. The accompanying note is an integral part of the interim consolidated financial statements.  - 13 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of September 30, 2007 and for the nine months then ended have been translated into Euro using the representative exchange rate as of that date ( 1 = NIS 5.6898). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\07 \\EC9-SHORT.DOC  - 14 -   ","null","null","");arrFiles[19]=new Array("about/europe/FinancialReport0306.doc","FinancialReport0306.doc","  B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2006 UNAUDITED   INDEX PageAuditors \' Letter2Consolidated Balance Sheets3 - 4Consolidated Statements of Income5Statements of Changes in Shareholders \' Equity6 - 8Consolidated Statements of Cash Flows 9 - 12Note to Interim Consolidated Financial Statements13  - - - - - - -  * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax:   972-3-5622555   The Board of Directors B.S.R Europe Ltd.  Dear Sirs, The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of March 31, 2006 and 2005, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2005 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company. The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERERMay 30, 2006A Member of Ernst & Young Global CONSOLIDATED BALANCE SHEETS  Conveniencetranslation(Note 1)December 31,March 31,March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) ASSETSCURRENT ASSETS:Cash and cash equivalents189,20143,794192,44133,989Short-term deposits 1,3471,62621,3623,773Trade receivables9,5245,3427,9151,398Other accounts receivable 12,82013,51913,9182,458Receivable for sale of previously consolidated companies33,27630,06311,1541,970Inventories of contracts in progress and buildings for construction, net57,86018,04181,03014,311304,028112,385327,82057,899INVENTORIES OF REAL ESTATE164,979119,342217,39338,396LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 22,28351,52323,2654,109Long-term deposits 1,6931,3731,573278Long-term receivables and trade receivables13624010819Investments in affiliates and other companies33,0628,97533,9846,00257,17462,11158,93010,408FIXED ASSETS:Cost116,872277,902100,87817,817Less - accumulated depreciation5,24317,1353,932695111,629260,76796,94617,122OTHER ASSETS 10,0256,7902,206390647,835561,395703,295124,215  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED BALANCE SHEETS  Conveniencetranslation(Note 1)December 31,March 31,March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Credit from banks and others50,58919,36987,45715,447Trade payables 21,55216,59323,3474,123Other accounts payable28,78938,33742,7527,551Dividend declared-16,600--100,93090,899153,55627,121LONG-TERM LIABILITIES:Debentures and convertible debentures 182,13393,816175,81831,053Long-term loans181,762208,841181,93432,133Deposits from tenants 5412,776438Accrued severance pay948513724Deferred taxes5,2053,5954,241749369,735309,113362,17363,967CONVERTIBLE DEBENTURES-5,834--MINORITY INTEREST69394048485SHAREHOLDERS \' EQUITY*) 176,477154,609187,08233,042647,835561,395703,295124,215 *) Restated. The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF INCOME  Conveniencetranslation(Note 1)Year ended December 31,Three months ended March 31,Three months ended March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands, except per share amounts) Revenues from lease, sales, construction of buildings and apartments and services 177,77926,81333,8325,975Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services121,62318,44226,3084,646Gross profit56,1568,3717,5241,329General and administrative expenses*) 17,872 3,6644,724834Operating income38,2844,7072,800495Financial expenses, net17,2415,07153294Other income8773--Income (loss) before taxes on income21,130(291)2,268401Taxes on income1,301(1,700)1,309232Income after taxes on income19,8291,409959169Equity in losses of affiliates--(153)(27)Minority interest in losses (earnings) of subsidiaries, net230(112)14526Net income 20,0591,297951168Net earnings per NIS 1 par value of Ordinary shares (in reported NIS):Basic net earnings **) 1.80  **) 0.180.090.02Diluted net earnings **) 1.54 **) 0.150.080.01  The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY   Year ended December 31, 2005 (audited)Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the year234138,3453,250-39,12620,803(46,042)155,716Exercise of stock options into shares 75,581(499)---1,0196,108Conversion of convertible debentures-(6,694)----37,25030,556Purchase of Company shares by the Company------(665)(665)Foreign currency translation adjustments for autonomous entities----(18,718)--(18,718)Dividend paid-----(16,600)-(16,600)Stock-based payment cost (*---*)  21---21Net income-----*) 20,059  -20,059Balance at the end of the year241137,2322,7512120,40824,262(8,438)176,477  *)  Restated.  The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY   Three months ended March 31, 2005 (unaudited)Share capitalShare premiumReceipts  on account of stock optionsForeign currency translation adjustments for autonomous entitiesRetained earningsLess - shares held by the Company and subsidiaryTotalReported NIS(In thousands)Balance at the beginning of the period (audited)234138,3453,25039,12620,803(46,042)155,716Exercise of stock options into shares1408(42)--156523Conversion of convertible debentures-(4,493)---27,49122,998Foreign currency translation adjustments for autonomous entities---(9,325)--(9,325)Dividend declared----(16,600)-(16,600)Net income----1,297-1,297Balance at the end of the period235134,2603,20829,8015,500(18,395)154,609   The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended March 31, 2006 (unaudited)Share capitalShare premiumBeneficial conversion featureReceipts  on account of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Dividend declared subsequent to balance sheet dateLess - shares held by the Company and subsidiaryTotalReported NIS(In thousands)Balance at the beginning of the period (audited)241137,232-2,751*)  2120,408*)  24,262  -(8,438)176,477Split of beneficial conversion feature of convertible debentures less issuance expenses-- 273---- --273Exercise of stock options into shares1178-(14)----165Conversion of convertible debentures1(637)-----2,6792,043Foreign currency translation adjustments for autonomous entities-- ---7,026--7,026Dividend declared------(23,000)23,000--Stock-based payment cost----147----147Net income------951--951Balance at the end of the period243136,7732732,73716827,4342,21323,000(5,759)187,082 Convenience translation into Euro (Note 1)(In thousands)Balance at the beginning of the period (audited)4324,238-486*)  43,604*)  4,285  -(1,490)31,170Split of beneficial conversion feature of convertible debentures less issuance expenses-- 48---- --48Exercise of stock options into shares31-(2)----29Conversion of convertible debentures(113)-----473360Foreign currency translation adjustments for autonomous entities-- ---1,241--1,241Dividend declared------(4,062)4,062--Stock-based payment cost----26----26Net income------168--168Balance at the end of the period4324,15648484304,8453914,062(1,017)33,042*) Restated. The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Three months ended March 31,Three months ended March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands)Cash flows from operating activities:Net income20,0591,297951168Adjustments to reconcile net income to net cash provided by operating activities (a)(9,888)(1,044)5,578985Net cash provided by operating activities10,1712536,5291,153Cash flows from investing activities:Proceeds from realization of investment in fully and proportionately subsidiaries that were deconsolidated (b)40,516-(40)(7)Tax payment for investment that was sold last year(15,580)---Acquisition of fully and proportionately consolidated subsidiaries(c)(28,690)(22,074)(9,738)(1,720)Full consolidation of previously consolidated companies by the proportionate method while realizing real  estate (d)23,969---Debt collection for realizing an investment in subsidiaries58,55237,82124,9864,413Loans granted and deposit of long-term deposits(18,120)(3,707)(828)(146)Collection of loans and withdrawal of long-term deposits51,1621,26445280Investment in affiliates(15,243)-(1,379)(244)Investment in fixed assets and real estate (76,081)(14,367)(29,884)(5,278)Proceeds from sale of fixed assets73---Deposit of short-term deposits, net(218)(525)(20,087)(3,548)Net cash provided by (used in) investing activities20,340(1,588)(36,518)(6,450)Cash flows from financing activities:Purchase of Company shares by the Company(665)---Exercise of stock options into shares6,10852316529Dividend paid(16,600)---Issuance of debentures and convertible debentures (net of issuance expenses)94,661---Receipt of long-term loans and other liabilities114,54515,21138,1516,738Repayment of long-term loans and other liabilities (73,450)(5,981)(6,841)(1,208)Refund of advances from tenants, net111(15)(517)(91)Net cash provided by financing activities124,7109,73830,9585,468Effect of exchange rate differences from cash balances of autonomous entities(1,923)(512)2,271401Increase in cash and cash equivalents153,2987,8913,240572Cash and cash equivalents at beginning of period35,90335,903189,20133,417Cash and cash equivalents at end of period189,20143,794192,44133,989 *) Reclassified. The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Three months ended March 31,Three months ended March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (a)Adjustments to reconcile net income to net cash provided by operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net(230)112(145)(26)Equity in losses of affiliates--15327Stock-based payment cost21  *)-14726Depreciation and amortization5,9351,733875155Gain from sale of real estate, deconsolidated subsidiaries and realization of capital surplus(25,241)(1,028)(2,836)(501)Capital gain from sale of fixed assets, net(10)---Increase in accrued severance pay2920438Erosion of loans granted and short-term deposits(1,495)(361)13724Accrued interest and revaluation of debentures and long-term loans, net10,8103,0961,377243Deferred taxes, net637(1,800)6912(9,544)1,772(180)(32)Changes in asset and liability items:Decrease (increase) in trade receivables (including long-term)(6,599)(3,586)3,833676Increase in other accounts receivable(5,318)(1,237)(495)(87)Decrease (increase) in inventories of contracts in progress9,8436,072(806)(142)Increase (decrease) in trade payables and other accounts payable1,730(4,065)3,226570(344)(2,816)5,7581,017(9,888)(1,044)5,578985  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Three months ended March 31,Three months ended March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (b)Proceeds from realization of investments in fully and proportionately subsidiaries that were deconsolidated :Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents)1,676-(1,036)(183)Fixed assets, net (net of payables for fixed assets)137,893-17,5123,093Long-term liabilities(75,492)-(15,763)(2,784)Long-term loans granted(18,360)---Tenants \' deposits(2,302)--Deferred taxes(554)-(849)(150)Receivables for realization of investments in subsidiaries(21,336)-(2,740)(484)Capital gain from sale of investments in subsidiaries, realization of capital surplus and sale of activity, net18,991-2,83650140,516-(40)(7)(c)Acquisition of fully and proportionately consolidated subsidiaries (1):Working capital (excluding cash and cash equivalents)3,8363,8724,527800Fixed assets, net (82,289)(62,678)(30,200)(5,334)Long-term loans1,425-13624Long-term liabilities47,97533,92714,0412,480Investment in affiliate--1,563276Payables for acquisition3632,827--Minority interest-(219)(153)(27)Deferred taxes-19734861(28,690)(22,074)(9,738)(1,720)(1)  In 2006, includes full consolidation of affiliate. The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Three months ended March 31,Three months ended March 31,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (d)Full consolidation of previously consolidated companies by the proportionate method while realizing real estate:Working capital (excluding cash and cash equivalents)17,842---Investment in affiliate(9,551)---Real estate and fixed assets5,402---Long-term liabilities6,686---Capital gain3,590---23,969---(e)Significant non-cash activities: Conversion of debentures into shares30,55622,9982,043361Purchase of fixed assets and real estate by credit19,1109,7995,620993Dividend declared-16,600-- The accompanying note is an integral part of the interim consolidated financial statements.   NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of March 31, 2006 and for the three months then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.6619). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.   - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\06 \\EC3.DOC 1   1 -  2  -  B.S.R EUROPE LTD.  B.S.R EUROPE LTD.  B.S.R EUROPE LTD.  B.S.R EUROPE LTD. NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[20]=new Array("about/europe/FinancialReport0306.pdf","(Microsoft Word - \343\345\347 \341\340\360\342\354\351\372 31 3 2006 _2_.DOC)","B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF MARCH 31, 2006  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 ­ 8 9 - 12 13  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of March 31, 2006 and 2005, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2005 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel May 30, 2006 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2005 Audited  March 31, Unaudited Reported NIS 2005  2006  Convenience translation (Note 1) March 31, 2006 Unaudited Euro  (In thousands)  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of previously consolidated companies Inventories of contracts in progress and buildings for construction, net  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables and trade receivables Investments in affiliates and other companies  189,201 1,347 9,524 12,820 33,276 57,860 304,028 164,979 43,794 1,626 5,342 13,519 30,063 18,041 112,385 119,342 192,441 21,362 7,915 13,918 11,154 81,030 327,820 217,393 33,989 3,773 1,398 2,458 1,970 14,311 57,899 38,396  22,283 1,693 136 33,062 57,174 51,523 1,373 240 8,975 62,111 23,265 1,573 108 33,984 58,930 4,109 278 19 6,002 10,408  FIXED ASSETS: Cost Less - accumulated depreciation  OTHER ASSETS  116,872 5,243 111,629 10,025 647,835 277,902 17,135 260,767 6,790 561,395 100,878 3,932 96,946 2,206 703,295 17,817 695 17,122 390 124,215  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2005 Audited  March 31, Unaudited Reported NIS 2005  2006  Convenience translation (Note 1) March 31, 2006 Unaudited Euro  (In thousands)  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables Other accounts payable Dividend declared  50,589 21,552 28,789 100,930 19,369 16,593 38,337 16,600 90,899 87,457 23,347 42,752 153,556 15,447 4,123 7,551 27,121  LONG-TERM LIABILITIES: Debentures and convertible debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  CONVERTIBLE DEBENTURES MINORITY INTEREST SHAREHOLDERS \' EQUITY  182,133 181,762 541 94 5,205 369,735 693 *) 176,477 647,835 93,816 208,841 2,776 85 3,595 309,113 5,834 940 154,609 561,395 175,818 181,934 43 137 4,241 362,173 484 187,082 703,295 31,053 32,133 8 24 749 63,967 85 33,042 124,215  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2005 Audited  Three months ended March 31, Unaudited (In thousands, except per share amounts)  2006  2005 Reported NIS  Convenience translation (Note 1) Three months ended March 31, 2006 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income Income (loss) before taxes on income Taxes on income Income after taxes on income Equity in losses of affiliates Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per NIS 1 par value of Ordinary shares (in reported NIS): Basic net earnings Diluted net earnings  177,779 121,623 56,156 *) 17,872 38,284 17,241 87 21,130 1,301 19,829 230 20,059 26,813 18,442 8,371 3,664 4,707 5,071 73 (291) (1,700) 1,409 (112) 1,297 33,832 26,308 7,524 4,724 2,800 532 2,268 1,309 959 (153) 145 951 5,975 4,646 1,329 834 495 94 401 232 169 (27) 26 168  **) 1.80 **) 1.54 **) 0.18 **) 0.15 0.09 0.08 0.02 0.01  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Year ended December 31, 2005 (audited) Foreign currency translation adjustments for  Capital surplus Retained earnings  Balance at the beginning of the year Exercise of stock options into shares Conversion of convertible debentures Purchase of Company shares by the Company Foreign currency translation adjustments for autonomous entities Dividend paid Stock-based payment cost (* Net income Balance at the end of the year 234 7 241 138,345 5,581 (6,694) 137,232 3,250 (499) 2,751 *) 21 21  autonomous entities Reported NIS (In thousands) 39,126 (18,718) 20,408  Less - shares held by the Company and subsidiary  Total  20,803 (16,600) *) 20,059 24,262 (46,042) 1,019 37,250 (665) (8,438) 155,716 6,108 30,556 (665) (18,718) (16,600) 21 20,059 176,477  *) Restated. The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended March 31, 2005 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared Net income Balance at the end of the period 234 1 235 138,345 408 (4,493) 134,260 3,250 (42) 3,208  adjustments for autonomous entities Reported NIS (In thousands) 39,126 (9,325) 29,801  Retained earnings  Less - shares held by the Company and subsidiary  Total  20,803 (16,600) 1,297 5,500 (46,042) 156 27,491 (18,395) 155,716 523 22,998 (9,325) (16,600) 1,297 154,609  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended March 31, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium  Beneficial conversion feature  Capital surplus  adjustments for autonomous entities  Retained earnings  Dividend declared subsequent to balance sheet date Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands) *) 21 20,408  Balance at the beginning of the period (audited) Split of beneficial conversion feature of convertible debentures less issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared Stock-based payment cost Net income Balance at the end of the period  241 137,232 2,751 *) 24,262 (8,438) 176,477  1 1 243 178 (637) 136,773 273 273 (14) 2,737 147 168 7,026 27,434 (23,000) 951 2,213  -  23,000 23,000  2,679 (5,759) 273 165 2,043 7,026 147 951 187,082  Convenience translation into Euro (Note 1) (In thousands) *) 4 3,604 *) 4,285  Balance at the beginning of the period (audited) Split of beneficial conversion feature of convertible debentures less issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared Stock-based payment cost Net income Balance at the end of the period *) Restated.  43 24,238 486 (1,490) 31,170  -  43  31 (113) 24,156 48 48 (2) 484 26 30 1,241 4,845 (4,062) 168 391  -  4,062 4,062  473 (1,017) 48 29 360 1,241 26 168 33,042  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended March 31,  2005 Reported NIS Unaudited (In thousands) 2006  Convenience translation (Note 1) Three months ended March 31, 2006 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investment in fully and proportionately subsidiaries that were deconsolidated (b) Tax payment for investment that was sold last year Acquisition of fully and proportionately consolidated subsidiaries(c) Full consolidation of previously consolidated companies by the proportionate method while realizing real estate (d) Debt collection for realizing an investment in subsidiaries Loans granted and deposit of long-term deposits Collection of loans and withdrawal of long-term deposits Investment in affiliates Investment in fixed assets and real estate Proceeds from sale of fixed assets Deposit of short-term deposits, net Net cash provided by (used in) investing activities Cash flows from financing activities: Purchase of Company shares by the Company Exercise of stock options into shares Dividend paid Issuance of debentures and convertible debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Refund of advances from tenants, net Net cash provided by financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period *) Reclassified.  20,059 (9,888) 10,171 1,297 (1,044) 253 951 5,578 6,529 168 985 1,153  40,516 (15,580) (28,690) (22,074) (40) (9,738) (7) (1,720)  23,969 58,552 (18,120) 51,162 (15,243) (76,081) 73 (218) 20,340 37,821 (3,707) 1,264 (14,367) (525) (1,588) 24,986 (828) 452 (1,379) (29,884) (20,087) (36,518) 4,413 (146) 80 (244) (5,278) (3,548) (6,450)  (665) 6,108 (16,600) 94,661 114,545 (73,450) 111 124,710 523 15,211 (5,981) (15) 9,738 165 38,151 (6,841) (517) 30,958 29 6,738 (1,208) (91) 5,468  (1,923) 153,298 35,903 189,201 (512) 7,891 35,903 43,794 2,271 3,240 189,201 192,441 401 572 33,417 33,989  The accompanying note is an integral part of the interim consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended March 31,  2005 Reported NIS Unaudited (In thousands) 2006  Convenience translation (Note 1) Three months ended March 31, 2006 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Equity in losses of affiliates Stock-based payment cost Depreciation and amortization Gain from sale of real estate, deconsolidated subsidiaries and realization of capital surplus Capital gain from sale of fixed assets, net Increase in accrued severance pay Erosion of loans granted and short-term deposits Accrued interest and revaluation of debentures and long-term loans, net Deferred taxes, net  (230) 21 5,935 (25,241) (10) 29 (1,495) 10,810 637 (9,544)  *)  112 1,733 (1,028) 20 (361) 3,096 (1,800) 1,772 (145) 153 147 875 (2,836) 43 137 1,377 69 (180) (26) 27 26 155 (501) 8 24 243 12 (32)  Changes in asset and liability items: Decrease (increase) in trade receivables (including long-term) Increase in other accounts receivable Decrease (increase) in inventories of contracts in progress Increase (decrease) in trade payables and other accounts payable  (6,599) (5,318) 9,843 1,730 (344) (9,888) (3,586) (1,237) 6,072 (4,065) (2,816) (1,044) 3,833 (495) (806) 3,226 5,758 5,578 676 (87) (142) 570 1,017 985  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended March 31,  2005 Reported NIS Unaudited (In thousands) 2006  Convenience translation (Note 1) Three months ended March 31, 2006 Unaudited Euro  (b)  Proceeds from realization of investments in fully and proportionately subsidiaries that were deconsolidated : Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Tenants \' deposits Deferred taxes Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries, realization of capital surplus and sale of activity, net  1,676 137,893 (75,492) (18,360) (2,302) (554) (21,336) (1,036) 17,512 (15,763) (849) (2,740) (183) 3,093 (2,784) (150) (484)  18,991 40,516 2,836 (40) 501 (7)  (c)  Acquisition of fully and proportionately consolidated subsidiaries (1): Working capital (excluding cash and cash equivalents) Fixed assets, net Long-term loans Long-term liabilities Investment in affiliate Payables for acquisition Minority interest Deferred taxes  3,836 (82,289) 1,425 47,975 363 (28,690) 3,872 (62,678) 33,927 2,827 (219) 197 (22,074) 4,527 (30,200) 136 14,041 1,563 (153) 348 (9,738) 800 (5,334) 24 2,480 276 (27) 61 (1,720)  (1) In 2006, includes full consolidation of affiliate.  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended March 31,  2005 Reported NIS Unaudited (In thousands) 2006  Convenience translation (Note 1) Three months ended March 31, 2006 Unaudited Euro  (d)  Full consolidation of previously consolidated companies by the proportionate method while realizing real estate: Working capital (excluding cash and cash equivalents) Investment in affiliate Real estate and fixed assets Long-term liabilities Capital gain  17,842 (9,551) 5,402 6,686 3,590 23,969 -  (e)  Significant non-cash activities: Conversion of debentures into shares Purchase of fixed assets and real estate by credit Dividend declared  30,556 19,110 22,998 9,799 16,600 2,043 5,620 361 993 -  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of March 31, 2006 and for the three months then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.6619). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\06 \\EC3.DOC  - 13 -   ","null","null","");arrFiles[21]=new Array("about/europe/FinancialReport0605.doc","FinancialReport0605.doc","DRAFT: 6.9.05   B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2005 UNAUDITED   INDEX PageAuditors \' Letter2Consolidated Balance Sheets3 - 4Consolidated Statements of Income5Statements of Changes in Shareholders \' Equity6 - 9Consolidated Statements of Cash Flows 10 - 14Note to Interim Consolidated Financial Statements15  - - - - - - -  * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax:   972-3-5622555   The Board of Directors B.S.R Europe Ltd.  Dear Sirs, The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of June 30, 2005 and 2004, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the six and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2004 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company. The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERERAugust 18, 2005A Member of Ernst & Young Global CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,June 30,June 30,2004200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands)ASSETSCURRENT ASSETS:Cash and cash equivalents35,90320,58726,2964,758Short-term deposits 1,181-2,047370Trade receivables1,7791,4767,6661,387Other accounts receivable 11,58763,57413,3282,411Receivable for sale of a previously consolidated company and property59,026-59,05610,686Inventories of contracts in progress and buildings for construction13,9903,82116,7483,030123,46689,458125,14122,642INVENTORY OF LAND58,47638,356116,25221,033LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 49,34651,60234,8866,312Long-term deposits 1,694-1,520275Long-term receivables9,86133,21010419Investments in affiliates and other companies9,2537,25821,4993,89070,15492,07058,00910,496FIXED ASSETS:Cost285,287237,199265,60648,056Less - accumulated depreciation17,05512,46617,7233,207268,232224,733247,88344,849OTHER ASSETS AND DEFERRED CHARGES, NET7,5966,9466,7161,215527,924451,563554,001100,235  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,June 30,June 30,2004200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Credit from banks and others17,37819,36841,1807,451Trade payables and other accounts payable48,75355,24335,4686,41766,13174,61176,64813,868LONG-TERM LIABILITIES:Convertible debentures - related parties29,27428,978--Convertible debentures95,69573,02698,49117,820Long-term loans171,745137,164204,52737,004Deposits from tenants 2,8971,9312,755498Accrued severance pay65-10820Deferred taxes5,2961,1925,226946304,972242,291311,10756,288MINORITY INTEREST1,105381,602290SHAREHOLDERS \' EQUITY155,716134,623164,64429,789527,924451,563554,001100,235  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF INCOME Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands, except per share amounts) Revenues from lease, sales, construction of buildings and apartments and services 305,537246,11142,457257,89769,27012,533Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services193,890170,55328,997174,01247,4398,583Gross profit111,64775,55813,46083,88521,8313,950General and administrative expenses23,14510,2244,17913,5177,8431,419Operating income88,50265,3349,28170,36813,9882,531Financial expenses, net7,9025,1915,6319,84810,7021,937Other income (expenses)54(56)(3)(56)7013Income before taxes on income80,65460,0873,64760,4643,356607Taxes on income28,41125,23228126,587(1,419)(257)Income after taxes on income52,24334,8553,36633,8774,775864Minority interest in losses (earnings) of subsidiaries, net(475)(630)(644)380(756)(137)Net income 51,76834,2252,72234,2574,019727Net earnings per NIS 1 par value of Ordinary shares:Basic net earnings 598566255895410Diluted net earnings 37825521286529  The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Year ended December 31, 2004 (audited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings (accumulated deficit)Less - shares held by the  Company  and  subsidiaryLess - loans to employees  and former employees  for acquisition of Company sharesTotalReported NIS (In thousands)Balance at the beginning of the year22,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769Exercise of stock options into shares 7439,329(2,066)---1,147-9,153Conversion of convertible debentures-400----3,377-3,777Foreign currency translation adjustments for autonomous entities----18,601---18,601Public issuance of stock options (1)--2,224-----2,224Sale of Company shares held by the Company and by subsidiary-2,366----358-2,724Interest accrued on loans to employees-27-----(27)-Abandonment of loans to employees for acquisition of Company shares -(3,994)-----3,994-Dividend paid-----(22,300)--(22,300)Net income-----51,768--51,768Capital split and reduction(23,182)23,182-------Balance at the end of the year234137,5873,25075839,12620,803(46,042)-155,716  (1) Net of issuance expenses. The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Three months ended June 30, 2004 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings (accumulated deficit)Less - shares held by subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period22,952109,1574,04975820,438(8,633)(50,566)98,155Exercise of stock options into shares 1241,611(624)---1,1472,258Conversion of convertible debentures-21----642663Foreign currency translation adjustments for autonomous entities----(678)--(678)Net income-----34,225-34,225Balance at the end of the period23,076110,7893,42575819,76025,592(48,777)134,623 Three months ended June 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the  Company  and  subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period235133,5023,20875829,8015,500(18,395)154,609Exercise of stock options into shares 43,543(331)---8634,079Conversion of convertible debentures-(2,201)----9,7597,558Foreign currency translation adjustments for autonomous entities----(4,324)--(4,324)Net income-----2,722-2,722Balance at the end of the period239134,8442,87775825,4778,222(7,773)164,644 The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Six months ended June 30, 2004 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings (accumulated deficit)Less - shares held by the  Company  and  subsidiaryLess - loans to employees  and former employees  for acquisition of Company sharesTotalReported NIS (In thousands)Balance at the beginning of the period (audited)22,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769Exercise of stock options into shares 4036,092(1,891)---1,147-5,751Conversion of convertible debentures-21----642-663Foreign currency translation adjustments for autonomous entities----(765)---(765)Public issuance of stock options (1)--2,224-----2,224Sale of Company shares held by subsidiary-2,366----358-2,724Interest accrued on loans to employees-27-----(27)-Abandonment of loans to employees for acquisition of Company shares -(3,994)-----3,994-Net income-----34,257--34,257Balance at the end of the period23,076110,7893,42575819,76025,592(48,777)-134,623  (1) Net of issuance expenses. The accompanying note is an integral part of the interim consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Six months ended June 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the  Company  and  subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period (audited)234137,5873,25075839,12620,803(46,042)155,716-Exercise of stock options into shares 53,951(373)---1,0194,602Conversion of convertible debentures-(6,694)----37,25030,556Foreign currency translation adjustments for autonomous entities----(13,649)--(13,649)Dividend declared-----(16,600)-(16,600)Net income-----4,019-4,019Balance at the end of the period239134,8442,87775825,4778,222(7,773)164,644 Convenience translation into Euro (Note 1)(In thousands)Balance at the beginning of the period (audited)4224,8945881377,0793,764(8,330)28,174-Exercise of stock options into shares 1715(67)---184833Conversion of convertible debentures-(1,212)----6,7405,528Foreign currency translation adjustments for autonomous entities----(2,470)--(2,470)Dividend declared-----(3,003)-(3,003)Net income-----727-727Balance at the end of the period4324,3975211374,6091,488(1,406)29,789  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from operating activities:Net income51,76834,2252,72234,2574,019727Adjustments to reconcile net income to net cash provided by (used in) operating activities (a)(44,699)(35,686)531(31,357)(513)(93)Net cash provided by (used in) operating activities7,069(1,461)3,2532,9003,506634Cash flows from investing activities:Proceeds from realization of investment in deconsolidated subsidiaries (b)42,210(760)-(760)--Repayment of debt in respect of sale of investment in previous year- - (15,580)-(15,580)(2,819)Collection of debt in respect of realization of investment in the previous year----37,8216,843Acquisition of companies initially consolidated (c)(3,034)-(2,827)-(24,901)(4,505)Full consolidation of company previously included by the proportionate method and sale of property (d)--547-54799Loans granted and investment in long-term deposits(20,721)*) (10,814)  (2,482)(7,376)(6,189)(1,120)Collection of loans and withdrawal of long-term deposits11,074*)  2,719  10,197-11,4612,074Investment in affiliates(4,986)(1,765)(3,879)(1,765)(3,879)(702)Investment in fixed assets and real estate (136,918)(67,965)(5,337)(95,544)(19,704)(3,565)Proceeds from sale of fixed assets87-----Withdrawal of (investment in) short-term deposits, net31,64132,812(590)32,812(1,115)(202)Net cash used in investing activities(80,647)(45,773)(19,951)(72,633)(21,539)(3,897)  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from financing activities:Issuance of stock options into convertible debentures1,325--1,325--Issuance of stock options into shares, net2,224--2,224--Exercise of stock options into shares9,5682,2584,0796,1664,602833Conversion of stock options into convertible debentures and their sale by subsidiary, net27,07834-34--Dividend paid(22,300)-(16,600)-(16,600)(3,003)Redemption of debentures to related parties(1,257)-----Issuance of convertible debentures (net of issuance expenses)52,044--52,044--Receipt of long-term loans and other liabilities88,51052,31632,96059,67848,1718,716Repayment of long-term loans and other liabilities (39,845)(15,035)(21,000) (24,774)(26,981)(4,882)Receipt of advances from tenants, net2,9671,767403,427255Sale of Company shares held by the Company and by subsidiary, net2,724--2,724--Short-term credit from banks and others, net(39,081)(38,569)-(36,310)--Net cash provided by (used in) financing activities83,9572,771(521)66,5389,2171,669Effect of exchange rate differences from cash balances of autonomous entities1,925134(279)183(791)(144)Increase (decrease) in cash and cash equivalents12,304(44,329)(17,498)(3,012)(9,607)(1,738)Cash and cash equivalents at beginning of period23,59964,91643,79423,59935,9036,496Cash and cash equivalents at end of period35,90320,58726,29620,58726,2964,758  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) (a)Adjustments to reconcile net income to net cash provided by (used in) operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net475630644(380)756137Depreciation and amortization*)11,537  *) 4,882 1,583*) 6,664  3,316600Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus(77,878)(58,793)(5,008)(58,793)(6,036)(1,092)Capital gain from sale of fixed assets, net(11)-----Increase in accrued severance pay19-23-438Erosion of loans granted and short-term deposits(4,890)(1,741)(527)(3,290)(888)(161)Accrued interest and revaluation (erosion) of debentures and long-term loans, net(5,092)4874,0281,5107,1241,289Deferred taxes, net690(4,781)1,270(4,317)(530)(96)(75,150)(59,316)2,013(58,606)3,785685Changes in asset and liability items:Increase in trade receivables (including long-term)(6,361)(5,628)(2,225)(6,179)(5,811)(1,051)Increase in other accounts receivable(3,085)(5,503)(1,758)(2,494)(2,995)(542)Decrease (increase) in inventories of contracts in progress*) (3,338) *)  (514)  2,705*)  (456)  8,7771,587Increase (decrease) in trade payables and other accounts payable43,23535,275(204)36,378(4,269)(772)30,45123,630(1,482)27,249(4,298)(778)(44,699)(35,686)531(31,357)(513)(93) *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) (b)Proceeds from realization of investments in deconsolidated subsidiaries:Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents)(10,616)(10,616)-(10,616)--Fixed assets, net (net of payables for fixed assets)370,598370,598-370,598--Long-term liabilities(323,431)(323,431)-(323,431)--Long-term loans granted(13,357)(13,357)-(13,357)--Minority interest(981)(981)-(981)--Investment in affiliate(5,493)(5,493)-(5,493)--Receivables for realization of investments in subsidiaries(54,195)(77,787)-(77,787)--Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net79,68560,307-60,307--42,210(760)-(760)--(c)Acquisition of companies initially consolidated by the proportionate consolidation method:Working capital (excluding cash and cash equivalents)430---3,872701Fixed assets, net (16,584)---(62,678)(11,340)Investments in affiliates(38)-----Deferred charges(470)-----Long-term liabilities12,548---33,9276,138Payables for acquisition--(2,827)---Minority interest----(219)(40)Deferred taxes1,080---19736(3,034)-(2,827)-(24,901)(4,505)  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) (d)Acquisition of subsidiary previously included by the proportionate method and sale of property:Working capital (excluding cash and cash equivalents)--19,306-19,3063,493Receivables fro sale of property--(28,055)-(28,055)(5,075)Investment in affiliate--(8,892)-(8,892)(1,609)Property--15,257-15,2572,760Capital gain--2,931-2,931530--547-54799(e)Significant non-cash activities: Sale of activity54,19577,787-77,787--Conversion of debentures into shares3,7776637,55866330,5565,528Purchase of fixed assets and real estate on credit6,8032,6906,3262,6906,3261,145Sale of property for credit--28,055-28,0555,076  The accompanying note is an integral part of the interim consolidated financial statements.   NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of June 30, 2005 and for the six months then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.527). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.   - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\05 \\EC6-short.DOC 1   1 -  15  -  B.S.R EUROPE LTD.  B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[22]=new Array("about/europe/FinancialReport0605.pdf","Microsoft Word - FinancialReport0605.DOC","DRAFT: 6.9.05  B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF JUNE 30, 2005  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 9 10 - 14 15  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of June 30, 2005 and 2004, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the six and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2004 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel August 18, 2005 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2004 Audited  June 30, Unaudited Reported NIS 2004  2005  Convenience translation (Note 1) June 30, 2005 Unaudited Euro  (In thousands)  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of a previously consolidated company and property Inventories of contracts in progress and buildings for construction  INVENTORY OF LAND LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables Investments in affiliates and other companies  35,903 1,181 1,779 11,587 59,026 13,990 123,466 58,476 20,587 1,476 63,574 3,821 89,458 38,356 26,296 2,047 7,666 13,328 59,056 16,748 125,141 116,252 4,758 370 1,387 2,411 10,686 3,030 22,642 21,033  49,346 1,694 9,861 9,253 70,154 51,602 33,210 7,258 92,070 34,886 1,520 104 21,499 58,009 6,312 275 19 3,890 10,496  FIXED ASSETS: Cost Less - accumulated depreciation  OTHER ASSETS AND DEFERRED CHARGES, NET  285,287 17,055 268,232 7,596 527,924 237,199 12,466 224,733 6,946 451,563 265,606 17,723 247,883 6,716 554,001 48,056 3,207 44,849 1,215 100,235  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2004 Audited  June 30, Unaudited Reported NIS 2004  2005  Convenience translation (Note 1) June 30, 2005 Unaudited Euro  (In thousands)  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables and other accounts payable  17,378 48,753 66,131 19,368 55,243 74,611 41,180 35,468 76,648 7,451 6,417 13,868  LONG-TERM LIABILITIES: Convertible debentures - related parties Convertible debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  29,274 95,695 171,745 2,897 65 5,296 304,972 1,105 155,716 527,924 28,978 73,026 137,164 1,931 1,192 242,291 38 134,623 451,563 98,491 204,527 2,755 108 5,226 311,107 1,602 164,644 554,001 17,820 37,004 498 20 946 56,288 290 29,789 100,235  The accompanying note is an integral part of the interim consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2004 Audited  Three months ended June 30, 2004 2005 Six months ended June 30, 2004 2005  Unaudited Reported NIS (In thousands, except per share amounts)  Convenience translation (Note 1) Six months ended June 30, 2005 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income (expenses) Income before taxes on income Taxes on income Income after taxes on income Minority interest in losses (earnings) of subsidiaries, net Net income  305,537 246,111 42,457 257,897 69,270 12,533  193,890 111,647 23,145 88,502 7,902 54 80,654 28,411 52,243 (475) 51,768 170,553 75,558 10,224 65,334 5,191 (56) 60,087 25,232 34,855 (630) 34,225 28,997 13,460 4,179 9,281 5,631 (3) 3,647 281 3,366 (644) 2,722 174,012 83,885 13,517 70,368 9,848 (56) 60,464 26,587 33,877 380 34,257 47,439 21,831 7,843 13,988 10,702 70 3,356 (1,419) 4,775 (756) 4,019 8,583 3,950 1,419 2,531 1,937 13 607 (257) 864 (137) 727  Net earnings per NIS 1 par value of Ordinary shares: Basic net earnings  598 566 25 589 54 10  Diluted net earnings 378 255 21 286 52 9  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Year ended December 31, 2004 (audited) Foreign currency translation  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at the beginning of the year Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Public issuance of stock options (1) Sale of Company shares held by the Company and by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Dividend paid Net income Capital split and reduction Balance at the end of the year 22,673 743 (23,182) 234 106,277 9,329 400 2,366 27 (3,994) 23,182 137,587 3,092 (2,066) 2,224 3,250 758 758  adjustments for autonomous entities Reported NIS (In thousands) 20,525 18,601 39,126  Retained earnings (accumulated deficit)  Less - shares held by the Company and subsidiary  Less - loans to employees and former employees for acquisition of Company shares  Total  (8,665) (22,300) 51,768 20,803 (50,924) 1,147 3,377 358 (46,042) (3,967) (27) 3,994 89,769 9,153 3,777 18,601 2,224 2,724 (22,300) 51,768 155,716  (1) Net of issuance expenses.  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended June 30, 2004 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium Capital surplus  adjustments for autonomous entities Retained earnings (accumulated deficit)  Less - shares held by subsidiary  Total  Reported NIS (In thousands)  758 758 20,438 (678) 19,760 Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Net income Balance at the end of the period 22,952 124 23,076 109,157 1,611 21 110,789 4,049 (624) 3,425 (8,633) 34,225 25,592 (50,566) 1,147 642 (48,777) 98,155 2,258 663 (678) 34,225 134,623  Three months ended June 30, 2005 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium Capital surplus  adjustments for autonomous entities  Retained earnings  Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands)  758 758 29,801 (4,324) 25,477 Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Net income Balance at the end of the period 235 4 239 133,502 3,543 (2,201) 134,844 3,208 (331) 2,877 5,500 2,722 8,222 (18,395) 863 9,759 (7,773) 154,609 4,079 7,558 (4,324) 2,722 164,644  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Six months ended June 30, 2004 (unaudited) Foreign currency translation  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Public issuance of stock options (1) Sale of Company shares held by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Net income Balance at the end of the period 22,673 403 23,076 106,277 6,092 21 2,366 27 (3,994) 110,789 3,092 (1,891) 2,224 3,425 758 758  adjustments for autonomous entities Reported NIS (In thousands) 20,525 (765) 19,760  Retained earnings (accumulated deficit)  Less - shares held by the Company and subsidiary  Less - loans to employees and former employees for acquisition of Company shares  Total  (8,665) 34,257 25,592 (50,924) 1,147 642 358 (48,777) (3,967) (27) 3,994 89,769 5,751 663 (765) 2,224 2,724 34,257 134,623  (1) Net of issuance expenses.  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Six months ended June 30, 2005 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium Capital surplus  adjustments for autonomous entities  Retained earnings  Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands)  758 758 39,126 (13,649) 25,477 Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared Net income Balance at the end of the period 234 5 239 137,587 3,951 (6,694) 134,844 3,250 (373) 2,877 20,803 (16,600) 4,019 8,222  -  (46,042) 1,019 37,250 (7,773) 155,716 4,602 30,556 (13,649) (16,600) 4,019 164,644  Convenience translation into Euro (Note 1) (In thousands)  588 (67) 521 137 137 7,079 (2,470) 4,609 3,764 (3,003) 727 1,488 Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend declared Net income Balance at the end of the period 42 1 43 24,894 715 (1,212) 24,397  -  (8,330) 184 6,740 (1,406) 28,174 833 5,528 (2,470) (3,003) 727 29,789  The accompanying note is an integral part of the interim consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended June 30, 2004 2005 Six months ended June 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2005 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used in) operating activities (a) Net cash provided by (used in) operating activities Cash flows from investing activities: Proceeds from realization of investment in deconsolidated subsidiaries (b) Repayment of debt in respect of sale of investment in previous year Collection of debt in respect of realization of investment in the previous year Acquisition of companies initially consolidated (c) Full consolidation of company previously included by the proportionate method and sale of property (d) Loans granted and investment in long-term deposits Collection of loans and withdrawal of longterm deposits Investment in affiliates Investment in fixed assets and real estate Proceeds from sale of fixed assets Withdrawal of (investment in) short-term deposits, net Net cash used in investing activities  51,768 34,225 2,722 34,257 4,019 727  (44,699) (35,686) 531 (31,357) (513) (93)  7,069 (1,461) 3,253 2,900 3,506 634  42,210 (3,034) (760) (15,580) (2,827) (760) (15,580) 37,821 (24,901) (2,819) 6,843 (4,505)  (20,721) 11,074 (4,986) (136,918) 87 31,641 (80,647)  *) (10,814)  *)  2,719 (1,765) (67,965) 32,812 (45,773)  547 (2,482) 10,197 (3,879) (5,337) (590) (19,951) (7,376) (1,765) (95,544) 32,812 (72,633) 547 (6,189) 11,461 (3,879) (19,704) (1,115) (21,539) 99 (1,120) 2,074 (702) (3,565) (202) (3,897)  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended June 30, 2004 2005 Six months ended June 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2005 Unaudited Euro  Cash flows from financing activities: Issuance of stock options into convertible debentures Issuance of stock options into shares, net Exercise of stock options into shares Conversion of stock options into convertible debentures and their sale by subsidiary, net Dividend paid Redemption of debentures to related parties Issuance of convertible debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Receipt of advances from tenants, net Sale of Company shares held by the Company and by subsidiary, net Short-term credit from banks and others, net Net cash provided by (used in) financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  1,325 2,224 9,568 27,078 (22,300) (1,257) 52,044 88,510 (39,845) 2,967 2,724 (39,081) 2,258 34 52,316 (15,035) 1,767 (38,569) 4,079 (16,600) 32,960 (21,000) 40 1,325 2,224 6,166 34 52,044 59,678 (24,774) 3,427 2,724 (36,310) 4,602 (16,600) 48,171 (26,981) 25 833 (3,003) 8,716 (4,882) 5 -  83,957 2,771 (521) 66,538 9,217 1,669  1,925 134 (279) 183 (791) (144)  12,304 23,599 35,903 (44,329) 64,916 20,587 (17,498) 43,794 26,296 (3,012) 23,599 20,587 (9,607) 35,903 26,296 (1,738) 6,496 4,758  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended June 30, 2004 2005 Six months ended June 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2005 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by (used in) operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Depreciation and amortization Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus Capital gain from sale of fixed assets, net Increase in accrued severance pay Erosion of loans granted and short-term deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  475 *)11,537 630 *) 4,882 644 1,583 (380) *) 6,664 756 3,316 137 600  (77,878) (11) 19 (4,890) (58,793) (1,741) (5,008) 23 (527) (58,793) (3,290) (6,036) 43 (888) (1,092) 8 (161)  (5,092) 690 (75,150) 487 (4,781) (59,316) 4,028 1,270 2,013 1,510 (4,317) (58,606) 7,124 (530) 3,785 1,289 (96) 685  Changes in asset and liability items: Increase in trade receivables (including long-term) Increase in other accounts receivable Decrease (increase) in inventories of contracts in progress Increase (decrease) in trade payables and other accounts payable  (6,361) (3,085) *) (3,338) 43,235 30,451 (44,699) (5,628) (5,503) *) (514) 35,275 23,630 (35,686) (2,225) (1,758) 2,705 (204) (1,482) 531 (6,179) (2,494) *) (456) 36,378 27,249 (31,357) (5,811) (2,995) 8,777 (4,269) (4,298) (513) (1,051) (542) 1,587 (772) (778) (93)  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended June 30, 2004 2005 Six months ended June 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2005 Unaudited Euro  (b)  Proceeds from realization of investments in deconsolidated subsidiaries: Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net  (10,616) 370,598 (323,431) (13,357) (981) (5,493) (54,195) (10,616) 370,598 (323,431) (13,357) (981) (5,493) (77,787) (10,616) 370,598 (323,431) (13,357) (981) (5,493) (77,787) -  79,685 42,210 60,307 (760) 60,307 (760) -  (c)  Acquisition of companies initially consolidated by the proportionate consolidation method: Working capital (excluding cash and cash equivalents) Fixed assets, net Investments in affiliates Deferred charges Long-term liabilities Payables for acquisition Minority interest Deferred taxes  430 (16,584) (38) (470) 12,548 1,080 (3,034) (2,827) (2,827) 3,872 (62,678) 33,927 (219) 197 (24,901) 701 (11,340) 6,138 (40) 36 (4,505)  The accompanying note is an integral part of the interim consolidated financial statements.  - 13 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended June 30, 2004 2005 Six months ended June 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2005 Unaudited Euro  (d)  Acquisition of subsidiary previously included by the proportionate method and sale of property: Working capital (excluding cash and cash equivalents) Receivables fro sale of property Investment in affiliate Property Capital gain  19,306 (28,055) (8,892) 15,257 2,931 547 19,306 (28,055) (8,892) 15,257 2,931 547 3,493 (5,075) (1,609) 2,760 530 99  (e)  Significant non-cash activities: Sale of activity  54,195 77,787 77,787 -  Conversion of debentures into shares 3,777 663 7,558 663 30,556 5,528  Purchase of fixed assets and real estate on credit Sale of property for credit  6,803 2,690 6,326 2,690 6,326 1,145  28,055 28,055 5,076  The accompanying note is an integral part of the interim consolidated financial statements.  - 14 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of June 30, 2005 and for the six months then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.527). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\05 \\EC6-short.DOC  - 15 -   ","null","null","");arrFiles[23]=new Array("about/europe/FinancialReport0606.doc","FinancialReport0606.doc","  B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2006 UNAUDITED   INDEX PageAuditors \' Letter2Consolidated Balance Sheets3 - 4Consolidated Statements of Income5Statements of Changes in Shareholders \' Equity6 - 9Consolidated Statements of Cash Flows 10 - 14Note to Interim Consolidated Financial Statements15  - - - - - - -  * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax:   972-3-5622555   The Board of Directors B.S.R Europe Ltd.  Dear Sirs, The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of June 30, 2006 and 2005, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the six and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2005 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company. The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERER30 August, 2006A Member of Ernst & Young Global CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,June 30,June 30,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands)ASSETSCURRENT ASSETS:Cash and cash equivalents189,20126,296122,88121,774Short-term deposits 1,3472,04722,0763,912Trade receivables9,5247,66610,8621,925Other accounts receivable 12,82011,917 45,3708,039Receivable for sale of a previously consolidated companies33,27659,0561,129200Inventories of contracts in progress and buildings for construction, net57,86016,74883,17214,738304,028123,730285,49050,588INVENTORIES OF REAL ESTATE164,979131,145  347,16961,517LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 22,28334,88635,7796,340Long-term deposits 1,6931,5201,495265Long-term receivables and trade receivables1361047313Investments in affiliates and other companies33,06221,49936,2186,41857,17458,00973,56513,036FIXED ASSETS:Cost116,872251,489 102,89418,232Less - accumulated depreciation5,24317,7234,003711111,629233,76698,89117,521OTHER ASSETS10,0256,7161,239220647,835553,366806,354142,882  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,June 30,June 30,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Credit from banks and others50,58941,180125,57022,250Trade payables 21,5529,84419,3183,423Other accounts payable28,78924,989 39,2446,953100,93076,013184,13232,626LONG-TERM LIABILITIES:Debentures and convertible debentures182,13398,491164,72029,188Loans from banks and others181,762204,527273,09848,392Deposits from tenants 5412,755468Accrued severance pay9410813324Deferred taxes5,2055,2264,339769369,735311,107442,33678,381MINORITY INTEREST6931,602--SHAREHOLDERS \' EQUITY*) 176,477164,644179,88631,875647,835553,366806,354142,882  *) Restated. The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF INCOME Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands, except per share amounts) Revenues from lease, sales, construction of buildings and apartments and services 177,77942,45738,51069,27072,34212,818Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services121,62328,99731,26947,43957,57710,202Gross profit56,15613,4607,24121,83114,7652,616General and administrative expenses*) 17,8724,1794,5487,8439,2721,643Operating income38,2849,2812,69313,9885,493973Financial expenses, net17,2415,6312,43610,7022,968526Other income (expenses)87(3)-70--Income before taxes on income*) 21,1303,6472573,3562,525447Taxes on income1,301281525(1,419)1,834325Income (loss) after taxes on income19,8293,366(268)4,775691122Equity in losses of affiliates--(24)-(177)(31)Minority interest in losses (earnings) of subsidiaries, net230(644)636(756)781138Net income *) 20,0592,7223444,0191,295229Net earnings per share:Basic net earnings *)   1.80*) 0.290.03*) 0.410.120.02Diluted net earnings *)   1.54 *) 0.25(0.02)*) 0.38  0.100.01  *) Restated. The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Year ended December 31, 2005 (audited)Share capitalShare premiumReceipts  on account of stock optionsCapital surplus,  share-based paymentForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the year234138,3453,250-39,12620,803(46,042)155,716Exercise of stock options into shares 75,581(499)---1,0196,108Conversion of convertible debentures-(6,694)----37,25030,556Purchase of Company shares by the Company------(665)(665)Foreign currency translation adjustments for autonomous entities----(18,718)--(18,718)Dividend paid-----(16,600)-(16,600)Share-based payment cost *)---*) 21---21Net income-----*) 20,059-20,059Balance at the end of the year241137,2322,7512120,40824,262(8,438)176,477  *) Restated. The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended June 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account of stock optionsForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period235134,2603,20829,8015,500(18,395)154,609Exercise of stock options into shares 43,543(331)--8634,079Conversion of convertible debentures-(2,201)---9,7597,558Foreign currency translation adjustments for autonomous entities---(4,324)--(4,324)Net income----2,722-2,722Balance at the end of the period239135,6022,87725,4778,222(7,773)164,644  Three months ended June 30, 2005 (unaudited)Share capitalShare premiumBeneficial conversion featureReceipts  on account of stock optionsCapital surplus,  share-based paymentForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period243136,7732732,73716827,43425,213(5,759)187,082Exercise of stock options into shares 12,380-(349)---1,1793,211Conversion of convertible debentures712,172-----15112,330Foreign currency translation adjustments for autonomous entities-----(229)--(229)Dividend paid------(23,000)-(23,000)Share-based payment cost----148---148Net income------344-344Balance at the end of the period251151,3252732,38831627,2052,557(4,429)179,886 The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Six months ended June 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account of stock optionsForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period (audited)234138,3453,25039,12620,803(46,042)155,716-Exercise of stock options into shares 53,951(373)--1,0194,602Conversion of convertible debentures-(6,694)---37,25030,556Foreign currency translation adjustments for autonomous entities---(13,649)--(13,649)Dividend paid----(16,600)-(16,600)Net income----4,019-4,019Balance at the end of the period239135,6022,87725,4778,222(7,773)164,644  The accompanying note is an integral part of the interim consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Six months ended June 30, 2006 (unaudited)Share capitalShare premiumBeneficial conversion featureReceipts  on account of stock optionsCapital surplus,  share-based paymentForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period241137,232-2,751*) 2120,408  *) 24,262(8,438)176,477Split of beneficial conversion feature of convertible debentures less issuance expenses--273-----273Exercise of stock options into shares 22,558-(363)---1,1793,376Conversion of convertible debentures811,535-----2,83014,373Foreign currency translation adjustments for autonomous entities-----6,797-- 6,797Dividend paid------(23,000)-(23,000)Share-based payment cost----295---295Net income------1,295-1,295Balance at the end of the period251151,3252732,38831627,2052,557(4,429)179,886 Convenience translation into Euro (Note 1)(In thousands)Balance at the beginning of the period4324,317-487*) 43,617*) 4,300(1,496)31,272Split of beneficial conversion feature of convertible debentures less issuance expenses--48-----48Exercise of stock options into shares 453-(64)---209598Conversion of convertible debentures12,044-----5022,547Foreign currency translation adjustments for autonomous entities-----1,204-- 1,204Dividend paid------(4,075)-(4,075)Share-based payment cost----52---52Net income------229-229Balance at the end of the period4426,81448423564,821454(785)31,875 *) Restated. The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from operating activities:Net income20,0592,7223444,0191,295229Adjustments to reconcile net income to net cash provided by operating activities (a)(9,888)6282,175(382)7,7531,374Net cash provided by operating activities10,1713,3502,5193,6379,0481,603Cash flows from investing activities:Proceeds from realization of investment in fully and proportionately consolidated companies that were deconsolidated (b)40,516-2,734-2,694477Tax payment for investment that was sold last year(15,580)(15,580)-(15,580)--Acquisition of fully and proportionately consolidated companies (c)(28,690)(2,827)-(24,901)(9,738)(1,726)Full consolidation of previously consolidated companies by the proportionate method while realizing real estate (d)23,969547-547--Debt collection for realization of investment in subsidiaries58,552-6,82337,82131,8095,636Grant of loans and deposit of long-term deposits(18,120)(2,482)(12,954)(6,189)(13,782)(2,442)Collection of loans and withdrawal of long-term deposits51,16210,19748011,461932165Investment in affiliates(15,243)(3,879)(2,308)(3,879)(3,687)(653)Investment in fixed assets and real estate (76,081)(5,434)(151,173)(19,835)(181,057)(32,082)Payment of VAT for purchase of real estate --(25,249)-(25,249)(4,474)Proceeds from sale of fixed assets73-----Deposit of short-term deposits, net(218)(590)(771)(1,115)(20,858)(3,696)Net cash provided by (used in) investing activities20,340(20,048)(182,418)(21,670)(218,936)(38,795)  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from financing activities:Purchase of Company shares by the Company(665)-----Exercise of stock options into shares6,1084,0793,2114,6023,376598Dividend paid(16,600)(16,600)(23,000)(16,600)(23,000)(4,075)Issuance of debentures and convertible debentures (net of issuance expenses)94,661-----Prepaid issuance expenses in subsidiary--(3,516)-(3,516)(623)Receipt of long-term loans and other liabilities114,54532,960143,89948,171182,05032,258Repayment of long-term loans and other liabilities (73,450)(21,000)(9,590)(26,981)(16,431)(2,911)Receipt (refund) of advances from tenants, net11140925(508)(90)Net cash provided by (used in) financing activities124,710(521)111,0139,217141,97125,157Effect of exchange rate differences from cash balances of autonomous entities(1,923)(279)(674)(791)1,597283Increase (decrease) in cash and cash equivalents153,298(17,498)(69,560)(9,607)(66,320)(11,752)Cash and cash equivalents at beginning of period35,90343,794192,44135,903189,20133,526Cash and cash equivalents at end of period189,20126,296122,88126,296122,88121,774  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (a)Adjustments to reconcile net income to net cash provided by operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net(230)644(636)756(781)(138)Equity in losses of affiliates--24-17731Share-based payment cost*) 21-148-29552Depreciation and amortization5,9351,5833453,316935166Gain from sale of real estate, deconsolidated companies and realization of capital surplus(25,241)(5,008)-(6,036)(2,836)(503)Capital gain from sale of fixed assets, net(10)-----Increase (decrease) in accrued severance pay2923(4)43397Erosion (revaluation) of loans granted and short-term deposits(1,495)(527)(80)(888)5710Accrued interest and revaluation of debentures and long-term loans, net10,8104,0281,1707,1242,547451Deferred taxes, net6371,270250(530)31957(9,544)2,0131,2173,785752133Changes in asset and liability items:Decrease (increase) in trade receivables (including long-term)(6,599)(2,225)(2,959)(5,811)874155Increase in other accounts receivable(5,318)(2,296)  (505)(3,499)  (1,000)(177)Decrease in inventories of contracts in progress and buildings for construction9,8432,7057,4128,7776,8911,221Increase (decrease) in trade payables and other accounts payable1,730431  (2,990)(3,634)  23642(344)(1,385)958(4,167)7,0011,241(9,888)6282,175(382)7,7531,374  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (b)Proceeds from realization of investments in fully and proportionately subsidiaries that were deconsolidated:Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents)1,676---(1,042)(186)Fixed assets, net (net of payables for fixed assets)137,893---17,5123,103Long-term liabilities(75,492)---(15,763)(2,793)Long-term loans granted(18,360)-----Deposits from tenants (2,302)-----Deferred taxes(554)---(849)(150)Receivables for realization of investments in subsidiaries(21,336)-2,734---Capital gain from sale of investments in consolidated companies, realization of capital surplus and sale of activity, net18,991---2,83650340,516-2,734-2,694477(c)Acquisition of fully and proportionately consolidated companies (1):Working capital (excluding cash and cash equivalents)3,836--3,8724,527801Fixed assets, net (82,289)--(62,678)(30,200)(5,351)Long-term loans1,425---13624Long-term liabilities47,975--33,92714,0412,488Investment in affiliate----1,563277Payables for acquisition363(2,827)----Minority interest---(219)(153)(27)Deferred taxes---19734862(28,690)(2,827)-(24,901)(9,738)(1,726)  (1) In 2006, includes full consolidation of affiliate.  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended June 30, Six months ended June 30, Six months  ended June 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (d)Full consolidation of previously consolidated companies by the proportionate method while realizing real estate:Working capital (excluding cash and cash equivalents)17,84219,306-19,306--Investment in affiliate(9,551)(8,892)-(8,892)--Real estate and fixed assets5,40215,257-15,257--Long-term liabilities6,686-----Capital gain 3,5902,931-2,931--Receivables for sale of property-(28,055)-(28,055)--23,969547-547--(e)Significant non-cash activities: Conversion of debentures into shares30,5567,55812,33030,55614,3732,547Purchase of fixed assets and real estate by credit19,1106,32615,6446,32621,2643,768  The accompanying note is an integral part of the interim consolidated financial statements.   NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of June 30, 2006 and for the six months then ended have been translated into Euro using the representative exchange rate as of that date (€ 1 = NIS 5.6435). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.   - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\06 \\EC6-SHORT.DOC 1   1 -  2  -  B.S.R EUROPE LTD.  B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[24]=new Array("about/europe/FinancialReport0606.pdf","Microsoft Word - FinancialReport0606.doc","B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF JUNE 30, 2006  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 9 10 - 14 15  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of June 30, 2006 and 2005, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the six and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2005 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel 30 August, 2006 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2005 Audited  June 30, Unaudited Reported NIS 2005  2006  Convenience translation (Note 1) June 30, 2006 Unaudited Euro  (In thousands)  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of a previously consolidated companies Inventories of contracts in progress and buildings for construction, net  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables and trade receivables Investments in affiliates and other companies  189,201 1,347 9,524 12,820 33,276 57,860 304,028 164,979 26,296 2,047 7,666 11,917 59,056 16,748 123,730 131,145 122,881 22,076 10,862 45,370 1,129 83,172 285,490 347,169 21,774 3,912 1,925 8,039 200 14,738 50,588 61,517  22,283 1,693 136 33,062 57,174 34,886 1,520 104 21,499 58,009 35,779 1,495 73 36,218 73,565 6,340 265 13 6,418 13,036  FIXED ASSETS: Cost Less - accumulated depreciation  OTHER ASSETS  116,872 5,243 111,629 10,025 647,835 251,489 17,723 233,766 6,716 553,366 102,894 4,003 98,891 1,239 806,354 18,232 711 17,521 220 142,882  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2005 Audited  June 30, Unaudited Reported NIS 2005  2006  Convenience translation (Note 1) June 30, 2006 Unaudited Euro  (In thousands)  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables Other accounts payable  50,589 21,552 28,789 100,930 41,180 9,844 24,989 76,013 125,570 19,318 39,244 184,132 22,250 3,423 6,953 32,626  LONG-TERM LIABILITIES: Debentures and convertible debentures Loans from banks and others Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  182,133 181,762 541 94 5,205 369,735 693 *) 176,477 647,835 98,491 204,527 2,755 108 5,226 311,107 1,602 164,644 553,366 164,720 273,098 46 133 4,339 442,336 179,886 806,354 29,188 48,392 8 24 769 78,381 31,875 142,882  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2005 Audited  Three months ended June 30, 2005 2006 Six months ended June 30, 2005 2006  Unaudited Reported NIS (In thousands, except per share amounts)  Convenience translation (Note 1) Six months ended June 30, 2006 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income (expenses) Income before taxes on income Taxes on income Income (loss) after taxes on income Equity in losses of affiliates Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per share: Basic net earnings Diluted net earnings  177,779 42,457 38,510 69,270 72,342 12,818  121,623 56,156 *) 17,872 38,284 17,241 87 *) 21,130 1,301 19,829 230 *) 20,059 28,997 13,460 4,179 9,281 5,631 (3) 3,647 281 3,366 (644) 2,722 31,269 7,241 4,548 2,693 2,436 257 525 (268) (24) 636 344 47,439 21,831 7,843 13,988 10,702 70 3,356 (1,419) 4,775 (756) 4,019 57,577 14,765 9,272 5,493 2,968 2,525 1,834 691 (177) 781 1,295 10,202 2,616 1,643 973 526 447 325 122 (31) 138 229  *) *) 1.80 1.54 *) 0.29 *) 0.25 0.03 (0.02) *) 0.41 *) 0.38 0.12 0.10 0.02 0.01  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Year ended December 31, 2005 (audited) Foreign currency translation  Receipts on account of stock options  Capital surplus, share-based payment adjustments for autonomous entities  Share capital Share premium Retained earnings  Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands)  *) 21 21 39,126 (18,718) 20,408 Balance at the beginning of the year Exercise of stock options into shares Conversion of convertible debentures Purchase of Company shares by the Company Foreign currency translation adjustments for autonomous entities Dividend paid Share-based payment cost *) Net income Balance at the end of the year 234 7 241 138,345 5,581 (6,694) 137,232 3,250 (499) 2,751 20,803 (16,600) *) 20,059 24,262 (46,042) 1,019 37,250 (665) (8,438) 155,716 6,108 30,556 (665) (18,718) (16,600) 21 20,059 176,477  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended June 30, 2005 (unaudited) Foreign currency translation adjustments  Receipts on account of stock options  Retained earnings Share capital Share premium  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Net income Balance at the end of the period 235 4 239 134,260 3,543 (2,201) 135,602 3,208 (331) 2,877  for autonomous entities Reported NIS (In thousands) 29,801 (4,324) 25,477  Less - shares held by the Company and subsidiary  Total  5,500 2,722 8,222 (18,395) 863 9,759 (7,773) 154,609 4,079 7,558 (4,324) 2,722 164,644  Three months ended June 30, 2005 (unaudited) Foreign currency translation  Receipts on account of stock options  adjustments for autonomous entities  Share capital Share premium  Beneficial conversion feature  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Share-based payment cost Net income Balance at the end of the period 243 1 7 251 136,773 2,380 12,172 151,325 273 273 2,737 (349) 2,388  Capital surplus, share-based payment Reported NIS (In thousands) 168 148 316  Retained earnings  Less - shares held by the Company and subsidiary  Total  27,434 (229) 27,205 25,213 (23,000) 344 2,557 (5,759) 1,179 151 (4,429) 187,082 3,211 12,330 (229) (23,000) 148 344 179,886  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Six months ended June 30, 2005 (unaudited) Foreign currency translation adjustments  Receipts on account of stock options  Retained earnings Share capital Share premium  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the period 234 5 239 138,345 3,951 (6,694) 135,602 3,250 (373) 2,877  for autonomous entities Reported NIS (In thousands) 39,126 (13,649) 25,477  Less - shares held by the Company and subsidiary  Total  20,803 (16,600) 4,019 8,222  -  (46,042) 1,019 37,250 (7,773) 155,716 4,602 30,556 (13,649) (16,600) 4,019 164,644  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Six months ended June 30, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options  adjustments for autonomous entities  Share capital Share premium  Beneficial conversion feature  Balance at the beginning of the period Split of beneficial conversion feature of convertible debentures less issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Share-based payment cost Net income Balance at the end of the period  241 137,232 2,751  Capital surplus, share-based payment Reported NIS (In thousands) *) 21  Retained earnings  Less - shares held by the Company and subsidiary  Total  20,408 *) 24,262 (8,438) 176,477  2 8 251 2,558 11,535 151,325 273 273 (363) 2,388 295 316 6,797 27,205 (23,000) 1,295 2,557 1,179 2,830 (4,429) 273 3,376 14,373 6,797 (23,000) 295 1,295 179,886  Convenience translation into Euro (Note 1) (In thousands) 487 *) 4 3,617  Balance at the beginning of the period Split of beneficial conversion feature of convertible debentures less issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Share-based payment cost Net income Balance at the end of the period *) Restated.  43 24,317 *) 4,300 (1,496) 31,272  1 44 453 2,044 26,814 48 48 (64) 423 52 56 1,204 4,821 (4,075) 229 454 209 502 (785) 48 598 2,547 1,204 (4,075) 52 229 31,875  The accompanying note is an integral part of the interim consolidated financial statements. - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended June 30, 2005 2006 Six months ended June 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2006 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investment in fully and proportionately consolidated companies that were deconsolidated (b) Tax payment for investment that was sold last year Acquisition of fully and proportionately consolidated companies (c) Full consolidation of previously consolidated companies by the proportionate method while realizing real estate (d) Debt collection for realization of investment in subsidiaries Grant of loans and deposit of long-term deposits Collection of loans and withdrawal of longterm deposits Investment in affiliates Investment in fixed assets and real estate Payment of VAT for purchase of real estate Proceeds from sale of fixed assets Deposit of short-term deposits, net Net cash provided by (used in) investing activities  20,059 (9,888) 10,171 2,722 628 3,350 344 2,175 2,519 4,019 (382) 3,637 1,295 7,753 9,048 229 1,374 1,603  40,516 (15,580) (28,690) (15,580) (2,827) 2,734 (15,580) (24,901) 2,694 (9,738) 477 (1,726)  23,969 58,552 (18,120) 51,162 (15,243) (76,081) 73 (218) 547 (2,482) 10,197 (3,879) (5,434) (590) 6,823 (12,954) 480 (2,308) (151,173) (25,249) (771) 547 37,821 (6,189) 11,461 (3,879) (19,835) (1,115) 31,809 (13,782) 932 (3,687) (181,057) (25,249) (20,858) 5,636 (2,442) 165 (653) (32,082) (4,474) (3,696)  20,340 (20,048) (182,418) (21,670) (218,936) (38,795)  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended June 30, 2005 2006 Six months ended June 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2006 Unaudited Euro  Cash flows from financing activities: Purchase of Company shares by the Company Exercise of stock options into shares Dividend paid Issuance of debentures and convertible debentures (net of issuance expenses) Prepaid issuance expenses in subsidiary Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Receipt (refund) of advances from tenants, net Net cash provided by (used in) financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  (665) 6,108 (16,600) 94,661 114,545 (73,450) 111 4,079 (16,600) 32,960 (21,000) 40 3,211 (23,000) (3,516) 143,899 (9,590) 9 4,602 (16,600) 48,171 (26,981) 25 3,376 (23,000) (3,516) 182,050 (16,431) (508) 598 (4,075) (623) 32,258 (2,911) (90)  124,710 (521) 111,013 9,217 141,971 25,157  (1,923) (279) (674) (791) 1,597 283  153,298 35,903 189,201 (17,498) 43,794 26,296 (69,560) 192,441 122,881 (9,607) 35,903 26,296 (66,320) 189,201 122,881 (11,752) 33,526 21,774  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended June 30, 2005 2006 Six months ended June 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2006 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Equity in losses of affiliates Share-based payment cost Depreciation and amortization Gain from sale of real estate, deconsolidated companies and realization of capital surplus Capital gain from sale of fixed assets, net Increase (decrease) in accrued severance pay Erosion (revaluation) of loans granted and short-term deposits Accrued interest and revaluation of debentures and long-term loans, net Deferred taxes, net  (230) *) 21 5,935 644 1,583 (636) 24 148 345 756 3,316 (781) 177 295 935 (138) 31 52 166  (25,241) (10) 29 (1,495) 10,810 637 (9,544) (5,008) 23 (527) 4,028 1,270 2,013 (4) (80) 1,170 250 1,217 (6,036) 43 (888) 7,124 (530) 3,785 (2,836) 39 57 2,547 319 752 (503) 7 10 451 57 133  Changes in asset and liability items: Decrease (increase) in trade receivables (including long-term) Increase in other accounts receivable Decrease in inventories of contracts in progress and buildings for construction Increase (decrease) in trade payables and other accounts payable  (6,599) (5,318) 9,843 1,730 (344) (9,888) (2,225) (2,296) 2,705 431 (1,385) 628 (2,959) (505) 7,412 (2,990) 958 2,175 (5,811) (3,499) 8,777 (3,634) (4,167) (382) 874 (1,000) 6,891 236 7,001 7,753 155 (177) 1,221 42 1,241 1,374  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended June 30, 2005 2006 Six months ended June 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2006 Unaudited Euro  (b)  Proceeds from realization of investments in fully and proportionately subsidiaries that were deconsolidated: Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Deposits from tenants Deferred taxes Receivables for realization of investments in subsidiaries Capital gain from sale of investments in consolidated companies, realization of capital surplus and sale of activity, net  1,676 137,893 (75,492) (18,360) (2,302) (554) (21,336) 2,734 (1,042) 17,512 (15,763) (849) (186) 3,103 (2,793) (150) -  18,991 40,516 2,734 2,836 2,694 503 477  (c)  Acquisition of fully and proportionately consolidated companies (1): Working capital (excluding cash and cash equivalents) Fixed assets, net Long-term loans Long-term liabilities Investment in affiliate Payables for acquisition Minority interest Deferred taxes  3,836 (82,289) 1,425 47,975 363 (28,690) (2,827) (2,827) 3,872 (62,678) 33,927 (219) 197 (24,901) 4,527 (30,200) 136 14,041 1,563 (153) 348 (9,738) 801 (5,351) 24 2,488 277 (27) 62 (1,726)  (1) In 2006, includes full consolidation of affiliate.  The accompanying note is an integral part of the interim consolidated financial statements.  - 13 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended June 30, 2005 2006 Six months ended June 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Six months ended June 30, 2006 Unaudited Euro  (d)  Full consolidation of previously consolidated companies by the proportionate method while realizing real estate: Working capital (excluding cash and cash equivalents) Investment in affiliate Real estate and fixed assets Long-term liabilities Capital gain Receivables for sale of property  17,842 (9,551) 5,402 6,686 3,590 23,969 19,306 (8,892) 15,257 2,931 (28,055) 547 19,306 (8,892) 15,257 2,931 (28,055) 547 -  (e)  Significant non-cash activities: Conversion of debentures into shares Purchase of fixed assets and real estate by credit  30,556 7,558 12,330 30,556 14,373 2,547  19,110 6,326 15,644 6,326 21,264 3,768  The accompanying note is an integral part of the interim consolidated financial statements.  - 14 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of June 30, 2006 and for the six months then ended have been translated into Euro using the representative exchange rate as of that date ( 1 = NIS 5.6435). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\06 \\EC6-SHORT.DOC  - 15 -   ","null","null","");arrFiles[25]=new Array("about/europe/FinancialReport0905.doc","FinancialReport0905.doc","DRAFT: 1.12.05   B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2005 UNAUDITED   INDEX PageAuditors \' Letter2Consolidated Balance Sheets3 - 4Consolidated Statements of Income5Statements of Changes in Shareholders \' Equity6 - 9Consolidated Statements of Cash Flows 10 - 14Note to Interim Consolidated Financial Statements15  - - - - - - -  * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax:   972-3-5622555   The Board of Directors B.S.R Europe Ltd.  Dear Sirs, The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of September 30, 2005 and 2004, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the nine and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2004 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company. The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERERNovember 27, 2005A Member of Ernst & Young Global CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,September 30,September 30,2004200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands)ASSETSCURRENT ASSETS:Cash and cash equivalents35,90382,76550,5859,152Short-term deposits 1,181-5,173936Trade receivables1,7792,0148,7111,576Other accounts receivable 10,942*) 28,84513,1232,374Receivable for sale of a previously consolidated company 59,02612,33111,1992,026Inventories of contracts in progress and buildings for construction13,99013,98343,6677,900122,821139,938132,45823,964INVENTORY OF LAND70,602*) 51,291113,75120,579LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 49,346 50,24531,8885,769Long-term deposits 1,694-1,564283Long-term receivables9,86135,4529517Investments in affiliates and other companies9,2537,28730,0365,43470,15492,98463,58311,503FIXED ASSETS:Cost273,806  *)  234,759258,99646,856Less - accumulated depreciation17,05513,28818,8353,408256,751221,471240,16143,448OTHER ASSETS AND DEFERRED CHARGES, NET7,5966,2505,7071,032527,924511,934555,660100,526  *) Reclassified. The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,September 30,September 30,2004200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Current maturities of debentures-1,24419,2163,476Credit from banks and others17,37816,17932,9035,953Trade payables and other accounts payable48,753*)  49,52141,2257,456Dividend declared-22,291--66,13189,23593,34416,885LONG-TERM LIABILITIES:Convertible debentures - related parties29,27429,141--Convertible debentures95,69598,65281,69314,779Long-term loans171,745159,069204,91437,072Deposits from tenants 2,8971,9542,750498Accrued severance pay65*)   609317Deferred taxes5,2961,5404,270773304,972290,416293,72053,139MINORITY INTEREST1,105991,325240SHAREHOLDERS \' EQUITY155,716132,184167,27130,262527,924511,934555,660100,526  *) Reclassified. The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF INCOME Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands, except per share amounts)Revenues from lease, sales, construction of buildings and apartments and services 305,53728,70818,848286,60588,11815,943Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services193,89012,55810,868186,57058,30710,549Gross profit111,64716,1507,980100,03529,8115,394General and administrative expenses23,1454,1774,12717,69411,9702,166Operating income88,50211,9733,85382,34117,8413,228Financial expenses, net(7,902)(2,238)(1,980)(12,086)(12,682)(2,295)Other income (expenses)5471(20)15509Income before taxes on income80,6549,8061,85370,2705,209942Taxes on income28,411(84)13126,503(1,288)(233)Income after taxes on income52,2439,8901,72243,7676,4971,175Minority interest in losses (earnings) of subsidiaries, net(475)(31)386349(370)(67)Net income 51,7689,8592,10844,1166,1271,108Net earnings per NIS 1 par value of Ordinary shares:Basic net earnings 598156227076011Diluted net earnings 37880213565710  The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Year ended December 31, 2004 (audited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings (deficit)Less - shares held by the  Company  and  subsidiaryLess - loans to employees  and former employees  for acquisition of Company sharesTotalReported NIS (In thousands)Balance at the beginning of the year22,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769Exercise of stock options into shares 7439,329(2,066)---1,147-9,153Conversion of convertible debentures-400----3,377-3,777Foreign currency translation adjustments for autonomous entities----18,601---18,601Public issuance of stock options (1)--2,224-----2,224Sale of Company shares held by the Company and by subsidiary-2,366----358-2,724Interest accrued on loans to employees-27-----(27)-Abandonment of loans to employees for acquisition of Company shares -(3,994)-----3,994-Dividend paid-----(22,300)--(22,300)Net income-----51,768--51,768Capital split and reduction(23,182)23,182-------Balance at the end of the year234137,5873,25075839,12620,803(46,042)-155,716  (1) Net of issuance expenses. The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Three months ended September 30, 2004 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period23,076110,7893,42575819,76025,592(48,777)134,623Exercise of stock options into shares 3403,237(175)----3,402Conversion of convertible debentures-379----2,6833,062Foreign currency translation adjustments for autonomous entities----3,529--3,529Net income-----9,859-9,859Dividend proposed for payment-----(22,291)-(22,291)Balance at the end of the period23,416114,4053,25075823,28913,160(46,094)132,184 Three months ended September 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the  Company  and  subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period239134,8442,87775825,4778,222(7,773)164,644Exercise of stock options into shares -134(10)----124Repurchase of shares------(357)(357)Foreign currency translation adjustments for autonomous entities----752--752Net income-----2,108-2,108Balance at the end of the period239134,9782,86775826,22910,330(8,130)167,271  The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Nine months ended September 30, 2004 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings (deficit)Less - shares held by  subsidiaryLess - loans to employees  and former employees  for acquisition of Company sharesTotalReported NIS (In thousands)Balance at the beginning of the period (audited)22,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769Exercise of stock options into shares 7439,329(2,066)---1,147-9,153Conversion of convertible debentures-400----3,325-3,725Foreign currency translation adjustments for autonomous entities----2,764---2,764Public issuance of stock options (1)--2,224-----2,224Sale of Company shares held by subsidiary-2,366----358-2,724Interest accrued on loans to employees-27-----(27)-Abandonment of loans to employees for acquisition of Company shares -(3,994)-----3,994-Net income-----44,116--44,116Dividend proposed for payment-----(22,291)--(22,291)Balance at the end of the period23,416114,4053,25075823,28913,160(46,094)-132,184  (1) Net of issuance expenses. The accompanying note is an integral part of the interim consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Nine months ended September 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account  of stock optionsCapital surplusForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the  Company  and  subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period (audited)234137,5873,25075839,12620,803(46,042)155,716Exercise of stock options into shares 54,085(383)---1,0194,726Conversion of convertible debentures-(6,694)----37,25030,556Repurchase of shares------(357)(357)Foreign currency translation adjustments for autonomous entities----(12,897)--(12,897)Dividend paid-----(16,600)-(16,600)Net income-----6,127-6,127Balance at the end of the period239134,9782,86775826,22910,330(8,130)167,271 Convenience translation into Euro (Note 1)(In thousands)Balance at the beginning of the period (audited)4224,8915881377,0783,765(8,329)28,172Exercise of stock options into shares 1739(69)---184855Conversion of convertible debentures-(1,211)----6,7395,528Repurchase of shares------(65)(65)Foreign currency translation adjustments for autonomous entities----(2,333)--(2,333)Dividend paid-----(3,003)-(3,003)Net income-----1,108-1,108Balance at the end of the period4324,4195191374,7451,870(1,471)30,262  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from operating activities:Net income51,7689,8592,10844,1166,1271,108Adjustments to reconcile net income to net cash provided by operating activities (a)(44,635)(8,095)1,990(39,180)1,608291Net cash provided by operating activities7,1331,7644,0984,9367,7351,399Cash flows from investing activities:Proceeds from realization of investments in deconsolidated subsidiaries (b)42,21042,970-42,210--Payment of tax in respect of investment realized in previous year----(15,580)(2,819)Collection of debt in respect of realization of investment in subsidiary--20,346-58,16710,523Acquisition of companies initially included by the proportionate consolidation method (c)(3,034)---(24,901)(4,505)Full consolidation of company previously included by the proportionate method and sale of property (d)--28,055-28,6025,174Loans granted and investment in long-term deposits(20,721)*) (10,102)(550)*) (21,011)(6,739)(1,219)Collection of loans and withdrawal of long-term deposits11,074*)   2441,907*)  3,77713,3682,418Investment in affiliates(4,986)-(8,210)(1,765)(12,089)(2,187)Investment in fixed assets and property*) (136,982)*) (20,937)(9,358)*) (116,753)(29,193)(5,281)Proceeds from sale of fixed assets87-----Withdrawal of (investment in) short-term deposits, net31,641-(2,958)32,812(4,073)(737)Net cash provided by (used in) investing activities(80,711)12,17529,232(60,730)7,5621,367  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from financing activities:Issuance of stock options into convertible debentures1,325--1,325--Issuance of stock options into shares, net2,224--2,224--Exercise of stock options into shares9,5683,4021249,5684,726855Conversion of stock options into convertible debentures and their sale by subsidiary, net27,07827,044-27,078--Repurchase of shares --(357)-(357)(65)Dividend paid(22,300)---(16,600)(3,003)Redemption of debentures to related parties(1,257)-----Issuance of convertible debentures (net of issuance expenses)52,044--52,044--Receipt of long-term loans and other liabilities88,51024,95315,85684,63164,02711,583Repayment of long-term loans and other liabilities (39,845)(7,293)(24,750)(32,067)(51,731)(9,359)Receipt of advances from tenants, net2,967(114)(34)3,313(9)(2)Sale of Company shares held by the Company and by subsidiary, net2,724--2,724--Short-term credit from banks and others, net(39,081)(391)-(36,701)--Net cash provided by (used in) financing activities83,95747,601(9,161)114,139569Effect of exchange rate differences from cash balances of autonomous entities1,925638120821(671)(121)Increase in cash and cash equivalents12,30462,17824,28959,16614,6822,654Cash and cash equivalents at beginning of period23,59920,58726,29623,59935,9036,498Cash and cash equivalents at end of period35,90382,76550,58582,76550,5859,152  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) (a)Adjustments to reconcile net income to net cash provided by operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net47531(386)(349)37067Depreciation and amortization*)  11,537*)  2,0561,313*)  8,7204,629837Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus(77,878)(11,499)(1,366)(70,292)(7,402)(1,339)Capital gain from sale of fixed assets, net(11)-----Increase (decrease) in accrued severance pay19*)    5(15)15285Revaluation of loans granted and short-term deposits(4,890)(2,236)(213)(5,536)(1,101)(199)Accrued interest and revaluation (erosion) of debentures and long-term loans, net(5,092)(3,683)981(2,173)8,1051,466Deferred taxes, net690(71)43(4,388)(487)(88)(75,150)(15,397)357(74,003)4,142749Changes in asset and liability items:Increase in trade receivables (including long-term receivables)(6,361)(464)(937)(6,643)(6,748)(1,221)Decrease (increase) in other accounts receivable*) (3,021)*) (3,961)1,615*) (6,183)(1,884)(341)Decrease (increase) in inventories of contracts in progress*) (3,338)*) (1,091)1,253*) (1,547)10,0301,815Increase (decrease) in trade payables and other accounts payable43,23512,818(298)49,196(3,932)(711)30,5157,3021,63334,823(2,534)(458)(44,635)(8,095)1,990(39,180)1,608291  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) (b)Proceeds from realization of investments in deconsolidated subsidiaries:Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents)(10,616)--(10,616)--Fixed assets, net (net of payables for fixed assets)370,598--370,598--Long-term liabilities(323,431)--(323,431)--Long-term loans granted(13,357)--(13,357)--Minority interest(981)--(981)--Investment in affiliate(5,493)--(5,493)--Receivables for realization of investments in subsidiaries(54,195)37,742-(40,045)--Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net79,6855,228-65,535--42,21042,970-42,210--(c)Acquisition of companies initially included by the proportionate consolidation method:Working capital (excluding cash and cash equivalents)430---3,872700Fixed assets, net (16,584)---(62,678)(11,339)Investments in affiliates(38)-----Deferred charges(470)-----Long-term liabilities12,548---33,9276,138Minority interest----(219)(40)Deferred taxes1,080---19736(3,034)---(24,901)(4,505)  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200420042005200420052005AuditedUnauditedUnauditedReported NISEuro(In thousands) (d)Full consolidation of company previously included by the proportionate method and sale of property:Working capital (excluding cash and cash equivalents)----19,3063,493Receivables for sale of property--28,055---Investment in affiliate----(9,551)(1,728)Property----15,2572,760Capital gain----3,590649--28,055-28,6025,174(e)Significant non-cash activities: Sale of activity54,195--38,250--Conversion of debentures into shares3,7773,062-3,72530,5565,528Purchase of fixed assets and property on credit6,8035,7917,8815,7917,8811,426  The accompanying note is an integral part of the interim consolidated financial statements.   NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of September 30, 2005 and for the nine months then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.5275). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.   - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\05 \\EC9-short.DOC 1   1 -  2  -  B.S.R EUROPE LTD.  B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[26]=new Array("about/europe/FinancialReport0905.pdf","Microsoft Word - 9.05.DOC","DRAFT: 1.12.05  B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF SEPTEMBER 30, 2005  UNAUDITED  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 9 10 - 14 15  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of September 30, 2005 and 2004, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the nine and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2004 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel November 27, 2005 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2004 Audited  September 30,  2004 Reported NIS Unaudited (In thousands) 2005  Convenience translation (Note 1) September 30, 2005 Unaudited Euro  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of a previously consolidated company Inventories of contracts in progress and buildings for construction  INVENTORY OF LAND LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables Investments in affiliates and other companies  35,903 1,181 1,779 10,942 59,026 13,990 122,821 70,602  *)  *)  82,765 2,014 28,845 12,331 13,983 139,938 51,291 50,585 5,173 8,711 13,123 11,199 43,667 132,458 113,751 9,152 936 1,576 2,374 2,026 7,900 23,964 20,579  49,346 1,694 9,861 9,253 70,154 50,245 35,452 7,287 92,984 31,888 1,564 95 30,036 63,583 5,769 283 17 5,434 11,503  FIXED ASSETS: Cost Less - accumulated depreciation  OTHER ASSETS AND DEFERRED CHARGES, NET  273,806 17,055 256,751 7,596 527,924 *) 234,759 13,288 221,471 6,250 511,934 258,996 18,835 240,161 5,707 555,660 46,856 3,408 43,448 1,032 100,526  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2004 Audited  September 30,  2004 Reported NIS Unaudited (In thousands) 2005  Convenience translation (Note 1) September 30, 2005 Unaudited Euro  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Current maturities of debentures Credit from banks and others Trade payables and other accounts payable Dividend declared  17,378 48,753 66,131 1,244 16,179 *) 49,521 22,291 89,235 19,216 32,903 41,225 93,344 3,476 5,953 7,456 16,885  LONG-TERM LIABILITIES: Convertible debentures - related parties Convertible debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  29,274 95,695 171,745 2,897 65 5,296 304,972 1,105 155,716 527,924  29,141 98,652 159,069 1,954  *)  60 1,540  290,416 99 132,184 511,934  81,693 204,914 2,750 93 4,270 293,720 1,325 167,271 555,660 14,779 37,072 498 17 773 53,139 240 30,262 100,526  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2004 Audited  Three months ended September 30, 2004 2005 Nine months ended September 30, 2004 2005  Unaudited Reported NIS (In thousands, except per share amounts)  Convenience translation (Note 1) Nine months ended September 30, 2005 Unaudited Euro  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income (expenses) Income before taxes on income Taxes on income Income after taxes on income Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per NIS 1 par value of Ordinary shares: Basic net earnings Diluted net earnings  305,537 28,708 18,848 286,605 88,118 15,943  193,890 111,647 23,145 88,502 (7,902) 54 80,654 28,411 52,243 (475) 51,768 12,558 16,150 4,177 11,973 (2,238) 71 9,806 (84) 9,890 (31) 9,859 10,868 7,980 4,127 3,853 (1,980) (20) 1,853 131 1,722 386 2,108 186,570 100,035 17,694 82,341 (12,086) 15 70,270 26,503 43,767 349 44,116 58,307 29,811 11,970 17,841 (12,682) 50 5,209 (1,288) 6,497 (370) 6,127 10,549 5,394 2,166 3,228 (2,295) 9 942 (233) 1,175 (67) 1,108  598 378 156 80 22 21 707 356 60 57 11 10  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Year ended December 31, 2004 (audited) Foreign currency translation adjustments  Capital surplus  Retained earnings (deficit)  Balance at the beginning of the year Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Public issuance of stock options (1) Sale of Company shares held by the Company and by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Dividend paid Net income Capital split and reduction Balance at the end of the year 22,673 743 (23,182) 234 106,277 9,329 400 2,366 27 (3,994) 23,182 137,587 3,092 (2,066) 2,224 3,250 758 758  for autonomous entities Reported NIS (In thousands) 20,525 18,601 39,126  Less - shares held by the Company and subsidiary  Less - loans to employees and former employees for acquisition of Company shares  Total  (8,665) (22,300) 51,768 20,803 (50,924) 1,147 3,377 358 (46,042) (3,967) (27) 3,994 89,769 9,153 3,777 18,601 2,224 2,724 (22,300) 51,768 155,716  (1) Net of issuance expenses.  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended September 30, 2004 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium Capital surplus  adjustments for autonomous entities  Retained earnings  Less - shares held by subsidiary  Total  Reported NIS (In thousands)  758 758 19,760 3,529 23,289 Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Net income Dividend proposed for payment Balance at the end of the period 23,076 340 23,416 110,789 3,237 379 114,405 3,425 (175) 3,250 25,592 9,859 (22,291) 13,160 (48,777) 2,683 (46,094) 134,623 3,402 3,062 3,529 9,859 (22,291) 132,184  Three months ended September 30, 2005 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium Capital surplus  adjustments for autonomous entities  Retained earnings  Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands)  758 758 25,477 752 26,229 Balance at the beginning of the period Exercise of stock options into shares Repurchase of shares Foreign currency translation adjustments for autonomous entities Net income Balance at the end of the period 239 239 134,844 134 134,978 2,877 (10) 2,867 8,222 2,108 10,330 (7,773) (357) (8,130) 164,644 124 (357) 752 2,108 167,271  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Nine months ended September 30, 2004 (unaudited) Foreign currency translation adjustments  Capital surplus  Retained earnings (deficit) Less - shares held by subsidiary  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Public issuance of stock options (1) Sale of Company shares held by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Net income Dividend proposed for payment Balance at the end of the period 22,673 743 23,416 106,277 9,329 400 2,366 27 (3,994) 114,405 3,092 (2,066) 2,224 3,250 758 758  for autonomous entities Reported NIS (In thousands) 20,525 2,764 23,289  Less - loans to employees and former employees for acquisition of Company shares  Total  (8,665) 44,116 (22,291) 13,160 (50,924) 1,147 3,325 358 (46,094) (3,967) (27) 3,994 89,769 9,153 3,725 2,764 2,224 2,724 44,116 (22,291) 132,184  (1) Net of issuance expenses.  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Nine months ended September 30, 2005 (unaudited) Foreign currency translation  Receipts on account of stock options  Share capital Share premium Capital surplus  adjustments for autonomous entities  Retained earnings  Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands)  758 758 39,126 (12,897) 26,229 Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Repurchase of shares Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the period 234 5 239 137,587 4,085 (6,694) 134,978 3,250 (383) 2,867 20,803 (16,600) 6,127 10,330 (46,042) 1,019 37,250 (357) (8,130) 155,716 4,726 30,556 (357) (12,897) (16,600) 6,127 167,271  Convenience translation into Euro (Note 1) (In thousands)  588 (69) 519 137 137 7,078 (2,333) 4,745 3,765 (3,003) 1,108 1,870 Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Repurchase of shares Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the period 42 1 43 24,891 739 (1,211) 24,419 (8,329) 184 6,739 (65) (1,471) 28,172 855 5,528 (65) (2,333) (3,003) 1,108 30,262  The accompanying note is an integral part of the interim consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended September 30, 2004 2005 Nine months ended September 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2005 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investments in deconsolidated subsidiaries (b) Payment of tax in respect of investment realized in previous year Collection of debt in respect of realization of investment in subsidiary Acquisition of companies initially included by the proportionate consolidation method (c) Full consolidation of company previously included by the proportionate method and sale of property (d) Loans granted and investment in long-term deposits Collection of loans and withdrawal of longterm deposits Investment in affiliates Investment in fixed assets and property Proceeds from sale of fixed assets Withdrawal of (investment in) short-term deposits, net Net cash provided by (used in) investing activities  51,768 (44,635) 7,133 9,859 (8,095) 1,764 2,108 1,990 4,098 44,116 (39,180) 4,936 6,127 1,608 7,735 1,108 291 1,399  42,210 (3,034) 42,970 20,346 42,210 (15,580) 58,167 (24,901) (2,819) 10,523 (4,505)  (20,721) 11,074 (4,986) *) (136,982) 87 31,641  *) (10,102)  *)  244 -  *) (20,937) -  28,055 (550) 1,907 (8,210) (9,358) (2,958)  *) *)  (21,011) 3,777 (1,765)  *) (116,753) 32,812  28,602 (6,739) 13,368 (12,089) (29,193) (4,073) 5,174 (1,219) 2,418 (2,187) (5,281) (737)  (80,711) 12,175 29,232 (60,730) 7,562 1,367  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended September 30, 2004 2005 Nine months ended September 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2005 Unaudited Euro  Cash flows from financing activities: Issuance of stock options into convertible debentures Issuance of stock options into shares, net Exercise of stock options into shares Conversion of stock options into convertible debentures and their sale by subsidiary, net Repurchase of shares Dividend paid Redemption of debentures to related parties Issuance of convertible debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Receipt of advances from tenants, net Sale of Company shares held by the Company and by subsidiary, net Short-term credit from banks and others, net Net cash provided by (used in) financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  1,325 2,224 9,568 27,078 (22,300) (1,257) 52,044 88,510 (39,845) 2,967 2,724 (39,081) 3,402 27,044 24,953 (7,293) (114) (391) 124 (357) 15,856 (24,750) (34) 1,325 2,224 9,568 27,078 52,044 84,631 (32,067) 3,313 2,724 (36,701) 4,726 (357) (16,600) 64,027 (51,731) (9) 855 (65) (3,003) 11,583 (9,359) (2) -  83,957 47,601 (9,161) 114,139 56 9  1,925 12,304 23,599 35,903 638 62,178 20,587 82,765 120 24,289 26,296 50,585 821 59,166 23,599 82,765 (671) 14,682 35,903 50,585 (121) 2,654 6,498 9,152  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended September 30, 2004 2005 Nine months ended September 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2005 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Depreciation and amortization Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus Capital gain from sale of fixed assets, net Increase (decrease) in accrued severance pay Revaluation of loans granted and shortterm deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  475 *) 11,537 31 *) 2,056 (386) 1,313 (349) *) 8,720 370 4,629 67 837  (77,878) (11) 19 (4,890) (11,499) *) 5 (2,236) (1,366) (15) (213) (70,292) 15 (5,536) (7,402) 28 (1,101) (1,339) 5 (199)  (5,092) 690 (75,150) (3,683) (71) (15,397) 981 43 357 (2,173) (4,388) (74,003) 8,105 (487) 4,142 1,466 (88) 749  Changes in asset and liability items: Increase in trade receivables (including long-term receivables) Decrease (increase) in other accounts receivable Decrease (increase) in inventories of contracts in progress Increase (decrease) in trade payables and other accounts payable  (6,361) *) (3,021) *) (3,338) 43,235 30,515 (44,635) (464) *) (3,961) *) (1,091) 12,818 7,302 (8,095) (937) 1,615 1,253 (298) 1,633 1,990 (6,643) *) (6,183) *) (1,547) 49,196 34,823 (39,180) (6,748) (1,884) 10,030 (3,932) (2,534) 1,608 (1,221) (341) 1,815 (711) (458) 291  *) Reclassified.  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended September 30, 2004 2005 Nine months ended September 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2005 Unaudited Euro  (b)  Proceeds from realization of investments in deconsolidated subsidiaries: Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net  (10,616) 370,598 (323,431) (13,357) (981) (5,493) (54,195) 37,742 (10,616) 370,598 (323,431) (13,357) (981) (5,493) (40,045) -  79,685 42,210 5,228 42,970 65,535 42,210 -  (c)  Acquisition of companies initially included by the proportionate consolidation method: Working capital (excluding cash and cash equivalents) Fixed assets, net Investments in affiliates Deferred charges Long-term liabilities Minority interest Deferred taxes  430 (16,584) (38) (470) 12,548 1,080 (3,034) 3,872 (62,678) 33,927 (219) 197 (24,901) 700 (11,339) 6,138 (40) 36 (4,505)  The accompanying note is an integral part of the interim consolidated financial statements.  - 13 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2004 Audited  Three months ended September 30, 2004 2005 Nine months ended September 30, 2004 2005  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2005 Unaudited Euro  (d)  Full consolidation of company previously included by the proportionate method and sale of property: Working capital (excluding cash and cash equivalents) Receivables for sale of property Investment in affiliate Property Capital gain  28,055 28,055 19,306 (9,551) 15,257 3,590 28,602 3,493 (1,728) 2,760 649 5,174  (e)  Significant non-cash activities: Sale of activity Conversion of debentures into shares Purchase of fixed assets and property on credit  54,195 3,777 3,062 38,250 3,725 30,556 5,528  6,803 5,791 7,881 5,791 7,881 1,426  The accompanying note is an integral part of the interim consolidated financial statements.  - 14 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of September 30, 2005 and for the nine months then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.5275). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\05 \\EC9-short.DOC  - 15 -   ","null","null","");arrFiles[27]=new Array("about/europe/FinancialReport0906.doc","FinancialReport0906.doc","  B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2006 UNAUDITED   INDEX PageAuditors \' Letter2Consolidated ghngh3 - 4Consolidated Statements of Income5Statements of Changes in Shareholders \' Equity6 - 9Consolidated Statements of Cash Flows 10 - 14Note to Interim Consolidated Financial Statements15  - - - - - - - * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax:   972-3-5622555   The Board of Directors B.S.R Europe Ltd.  Dear Sirs, The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of September 30, 2006 and 2005, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the nine and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2005 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company. The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERERNovember 27, 2006A Member of Ernst & Young Global CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,September 30,September 30,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands)ASSETSCURRENT ASSETS:Cash and cash equivalents189,20150,585152,31327,921Short-term deposits 1,3475,17342,5667,803Trade receivables9,5248,71123,8044,364Other accounts receivable 12,82013,12326,9584,942Receivable for sale of previously consolidated companies33,27611,199818150Inventories of contracts in progress and buildings under construction, net57,86043,66796,87117,758304,028132,458343,33062,938INVENTORIES OF REAL ESTATE164,979113,751381,38169,911LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 22,28331,88843,5477,983Long-term deposits 1,6931,56427651Long-term receivables and trade receivables13695336Investments in affiliates and other companies33,06230,03635,5666,52057,17463,58379,42214,560FIXED ASSETS:Cost116,872258,99659,10210,831Less - accumulated depreciation5,24318,8353,072563111,629240,16156,03010,268OTHER ASSETS10,0255,7071,630299647,835555,660861,793157,976  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED BALANCE SHEETS Conveniencetranslation(Note 1)December 31,September 30,September 30,2005200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Credit from banks and others50,589*) 52,11969,28712,701Trade payables *) 24,459*) 17,65528,0485,142Other accounts payable*) 25,882*) 23,57053,1639,745100,93093,344150,49827,588LONG-TERM LIABILITIES:Debentures and convertible debentures182,13381,693161,58929,621Loans from banks and others181,762204,914294,68754,019Deposits from tenants 5412,750448Accrued severance pay949314727Deferred taxes5,2054,2704,717865369,735293,720461,18484,540MINORITY INTEREST6931,3251,914351SHAREHOLDERS \' EQUITY**) 176,477167,271248,19745,497647,835555,660861,793157,976  *) Reclassified. **) Restated. The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF INCOME Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands, except per share amounts) Revenues from lease, sales of apartments and services 177,77918,84842,30288,118114,64421,016Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services121,62310,86828,59858,30786,17515,797Gross profit56,1567,98013,70429,81128,4695,219General and administrative expenses*) 17,8724,1275,82111,97015,0932,767Operating income38,2843,8537,88317,84113,3762,452Financial expenses, net17,2411,9801,56112,6824,529830Other income (expenses)87(20)-50--Income before taxes on income*) 21,1301,8536,3225,2098,8471,622Taxes on income1,301131726(1,288)2,560469Income after taxes on income19,8291,7225,5966,4976,2871,153Equity in losses of affiliates--(112)-(289)(53)Minority interest in losses (earnings) of subsidiaries, net230386(435)(370)34663Net income *) 20,0592,1085,0496,1276,3441,163Net earnings per share:Basic net earnings **)   1.80**) 0.170.46**) 0.570.610.11Diluted net earnings **)   1.54**) 0.150.39**) 0.490.530.10  *) Restated.  **) Restated. The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Year ended December 31, 2005 (audited)Share capitalShare premiumReceipts  on account of stock optionsCapital surplus,  share-based paymentForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the year234138,3453,250-39,12620,803(46,042)155,716Exercise of stock options into shares 75,581(499)---1,0196,108Conversion of convertible debentures-(6,694)----37,25030,556Purchase of Company shares by the Company------(665)(665)Foreign currency translation adjustments for autonomous entities----(18,718)--(18,718)Dividend paid-----(16,600)-(16,600)Cost of share-based payment *)---*) 21---21Net income-----*) 20,059-20,059Balance at the end of the year241137,2322,7512120,40824,262(8,438)176,477  *) Restated. The accompanying note is an integral part of the interim consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Three months ended September 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account of stock optionsForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period239135,6022,87725,4778,222(7,773)164,644Exercise of stock options into shares -134(10)---124Purchase of Company shares by the Company-----(357)(357)Foreign currency translation adjustments for autonomous entities---752--752Net income----2,108-2,108Balance at the end of the period239135,7362,86726,22910,330(8,130)167,271  Three months ended September 30, 2006 (unaudited)Share capitalShare premiumBeneficial conversion feature in convertible debenturesReceipts  on account of stock optionsCapital surplus,  share-based paymentForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period251151,3252732,38831627,2052,557(4,429)179,886Exercise of stock options into shares 146,913-(721)----6,206Conversion of convertible debentures4266,237(253)-----66,026Foreign currency translation adjustments for autonomous entities-----(9,120)--(9,120)Cost of share-based payment----150---150Net income------5,049-5,049Balance at the end of the period307224,475201,66746618,0857,606(4,429)248,197 The accompanying note is an integral part of the interim consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Nine months ended September 30, 2005 (unaudited)Share capitalShare premiumReceipts  on account of stock optionsForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period (audited)234138,3453,25039,12620,803(46,042)155,716Exercise of stock options into shares 54,085(383)--1,0194,726Conversion of convertible debentures-(6,694)---37,25030,556Purchase of Company shares by the Company-----(357)(357)Foreign currency translation adjustments for autonomous entities---(12,897)--(12,897)Dividend paid----(16,600)-(16,600)Net income----6,127-6,127Balance at the end of the period239135,7362,86726,22910,330(8,130)167,271  The accompanying note is an integral part of the interim consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Nine months ended September 30, 2006 (unaudited)Share capitalShare premiumBeneficial conversion feature in convertible debenturesReceipts  on account of stock optionsCapital surplus,  share-based paymentForeign currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and subsidiaryTotalReported NIS (In thousands)Balance at the beginning of the period (audited)241137,232-2,751*) 2120,408*) 24,262(8,438)176,477Split of beneficial conversion feature in convertible debentures less issuance expenses--273-----273Exercise of stock options into shares 169,471-(1,084)---1,1799,582Conversion of convertible debentures5077,772(253)----2,83080,399Foreign currency translation adjustments for autonomous entities-----(2,323)--(2,323)Dividend paid------(23,000)-(23,000)Cost of share-based payment ----445---445Net income------6,344-6,344Balance at the end of the period307224,475201,66746618,0857,606(4,429)248,197 Convenience translation into Euro (Note 1)(In thousands)Balance at the beginning of the period (audited)4425,157-505*) 33,741*) 4,447(1,547)32,350Split of beneficial conversion feature in convertible debentures less issuance expenses--50-----50Exercise of stock options into shares 31,736-(199)---2161,756Conversion of convertible debentures914,256(46)----51914,738Foreign currency translation adjustments for autonomous entities-----(426)--(426)Dividend paid------(4,216)-(4,216)Cost of share-based payment ----82---82Net income------1,163-1,163Balance at the end of the period5641,1494306853,3151,394(812)45,497 *) Restated. The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from operating activities:Net income20,0592,1085,0496,1276,3441,163Adjustments to reconcile net income to net cash provided by operating activities (a)(9,888)1,990(170)1,6087,5831,390Net cash provided by operating activities10,1714,0984,8797,73513,9272,553Cash flows from investing activities:Proceeds from realization of investment in fully and proportionately consolidated companies that were deconsolidated (b)40,516-27,167-29,8615,474Tax payment for investment that was sold last year(15,580)--(15,580)--Acquisition of fully and proportionately consolidated companies (c)(28,690)-(30,184)(24,901)(39,922)(7,318)Full consolidation of previously consolidated companies by the proportionate method while realizing real estate (d)23,96928,055-28,602--Debt collection for realization of investment in subsidiaries58,55220,346-58,16731,8095,831Grant of loans and deposit of long-term deposits(18,120)(550)(15,150)(6,739)(28,932)(5,304)Collection of loans and withdrawal of long-term deposits51,1621,9073,32413,3684,256780Investment in affiliates(15,243)(8,210)(658)(12,089)(4,345)(796)Investment in fixed assets and real estate (76,081)(9,358)(23,607)(29,193)(204,664)(37,517)Payment of VAT for purchase of real estate --25,249---Proceeds from sale of fixed assets73-----Deposit of short-term deposits, net(218)(2,958)(18,820)(4,073)(39,678)(7,273)Net cash provided by (used in) investing activities20,34029,232(32,679)7,562(251,615)(46,123)  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) Cash flows from financing activities:Purchase of Company shares by the Company(665)(357)-(357)--Exercise of stock options into shares6,1081246,2064,7269,5821,756Dividend paid(16,600)--(16,600)(23,000)(4,216)Issuance of debentures (net of issuance expenses)94,661-51,637-51,6379,466Prepaid issuance expenses in subsidiary--(685)-(4,201)(770)Receipt of long-term loans and other liabilities114,54515,85638,37064,027220,42040,405Redemption of debentures--(2,458)-(2,458)(451)Repayment of long-term loans and other liabilities (73,450)(24,750)(33,969)(51,731)(50,400)(9,239)Receipt (refund) of advances from tenants, net111(34)13(9)(495)(91)Net cash provided by (used in) financing activities124,710(9,161)59,11456201,08536,860Effect of exchange rate differences from cash balances of autonomous entities(1,923)120(1,882)(671)(285)(52)Increase (decrease) in cash and cash equivalents153,29824,28929,43214,682(36,888)(6,762)Cash and cash equivalents at beginning of period35,90326,296122,88135,903189,20134,683Cash and cash equivalents at end of period189,20150,585152,31350,585152,31327,921  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (a)Adjustments to reconcile net income to net cash provided by operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net(230)(386)435370(346)(63)Equity in losses of affiliates--112-28953Cost of share-based payment21  *)-150-44582Depreciation and amortization5,9351,3134674,6291,402257Gain from sale of real estate, deconsolidated companies and realization of capital reserves(25,241)(1,366)(5,368)(7,402)(8,204)(1,504)Capital gain from sale of fixed assets, net(10)-----Increase (decrease) in accrued severance pay29(15)14285310Revaluation of loans granted and short-term deposits(1,495)(213)(1,900)(1,101)(1,843)(338)Accrued interest and revaluation of debentures and long-term loans, net10,810981(2,179)8,10536867Deferred taxes, net637431,192(487)1,511277(9,544)357(7,077)4,142(6,325)(1,159)Changes in asset and liability items:Increase in trade receivables (including long-term)(6,599)(937)(13,222)(6,748)(12,348)(2,264)Decrease (increase) in other accounts receivable(5,318)1,615(3,052)(1,884)(4,052)(743)Decrease (increase) in inventories of contracts in progress and buildings under construction9,8431,253(7,748)10,030(857)(157)Increase (decrease) in trade payables and other accounts payable1,730(298)30,929(3,932)31,1655,713(344)1,6336,907(2,534)13,9082,549(9,888)1,990(170)1,6087,5831,390  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (b)Proceeds from realization of investments in fully and proportionately subsidiaries that were deconsolidated:Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents)1,676-(431)-(1,473)(270)Fixed assets, net (net of payables for fixed assets)137,893-43,025-60,53711,097Long-term liabilities(75,492)-(22,104)-(37,867)(6,941)Long-term loans granted(18,360)-----Deposits from tenants (2,302)-----Deferred taxes(554)-(431)-(1,280)(235)Minority interest--1,740-1,740319Receivables for realization of investments in subsidiaries(21,336)-----Capital gain from sale of investments in subsidiaries and sale of activity, net18,991-5,368-8,2041,50440,516-27,167-29,8615,474(c)Acquisition of fully and proportionately consolidated companies (1):Working capital (excluding cash and cash equivalents)3,836-2953,8724,958908Fixed assets, inventories of contracts in progress and inventories of real estate, net (82,289)-(48,633)(62,678)(78,833)(14,451)Long-term loans1,425-----Long-term liabilities47,975--33,92714,0412,574Investment in affiliate-- --1,563287Payables for acquisition363-18,449-18,4493,382Minority interest---(219)(153)(28)Deferred taxes--(295)1975310(28,690)-(30,184)(24,901)(39,922)(7,318)  (1) In 2006, includes increase in consolidation of affiliate.  The accompanying note is an integral part of the interim consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Three months ended September 30, Nine months ended September 30, Nine months  ended September 30, 200520052006200520062006AuditedUnauditedUnauditedReported NISEuro(In thousands) (d)Full consolidation of previously consolidated companies by the proportionate method while realizing real estate:Working capital (excluding cash and cash equivalents)17,842--19,306--Investment in affiliate(9,551)--(9,551)--Real estate and fixed assets5,402--15,257--Long-term liabilities6,686-----Capital gain 3,590--3,590--Receivables for sale of real estate-28,055----23,96928,055-28,602--(e)Significant non-cash activities: Conversion of convertible debentures30,556-66,02630,55680,39914,738Purchase of fixed assets and real estate by credit19,1107,881-7,881--  The accompanying note is an integral part of the interim consolidated financial statements.   NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of September 30, 2006 and for the nine months then ended have been translated into Euro using the representative exchange rate as of that date (€ 1 = NIS 5.4552). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.   - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\06 \\EC9-SHORT.DOC 1   1 -  2  -  B.S.R EUROPE LTD.  B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[28]=new Array("about/europe/FinancialReport0906.pdf","Microsoft Word - FinancialReport0906.doc","B.S.R EUROPE LTD.  CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS  AS OF SEPTEMBER 30, 2006  UNAUDITED  INDEX  Auditors \' Letter Consolidated ghngh Consolidated Statements of Income Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Note to Interim Consolidated Financial Statements  Page 2 3 - 4 5 6 - 9 10 - 14 15  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  The Board of Directors B.S.R Europe Ltd.  Dear Sirs,  The accompanying condensed consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") as of September 30, 2006 and 2005, and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the nine and three months then ended are derived from the unaudited financial statements of the Company. The accompanying condensed consolidated balance sheet of the Company as of December 31, 2005 and the related condensed consolidated statements of income, changes in shareholders \' equity and cash flows for the year then ended are derived from the audited financial statements of the Company.  The financial statements are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the accompanying financial statements, they might influence the user \'s conclusions about the consolidated financial position, results of operations and cash flows of the Company. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel November 27, 2006 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2005 Audited  September 30,  2005 Reported NIS Unaudited (In thousands) 2006  Convenience translation (Note 1) September 30, 2006 Unaudited Euro  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of previously consolidated companies Inventories of contracts in progress and buildings under construction, net  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables and trade receivables Investments in affiliates and other companies  189,201 1,347 9,524 12,820 33,276 57,860 304,028 164,979 50,585 5,173 8,711 13,123 11,199 43,667 132,458 113,751 152,313 42,566 23,804 26,958 818 96,871 343,330 381,381 27,921 7,803 4,364 4,942 150 17,758 62,938 69,911  22,283 1,693 136 33,062 57,174 31,888 1,564 95 30,036 63,583 43,547 276 33 35,566 79,422 7,983 51 6 6,520 14,560  FIXED ASSETS: Cost Less - accumulated depreciation  OTHER ASSETS  116,872 5,243 111,629 10,025 647,835 258,996 18,835 240,161 5,707 555,660 59,102 3,072 56,030 1,630 861,793 10,831 563 10,268 299 157,976  The accompanying note is an integral part of the interim consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2005 Audited  September 30,  2005 Reported NIS Unaudited (In thousands) 2006  Convenience translation (Note 1) September 30, 2006 Unaudited Euro  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Trade payables Other accounts payable  *) *)  50,589 24,459 25,882 100,930 *) 52,119 *) 17,655 *) 23,570 93,344 69,287 28,048 53,163 150,498 12,701 5,142 9,745 27,588  LONG-TERM LIABILITIES: Debentures and convertible debentures Loans from banks and others Deposits from tenants Accrued severance pay Deferred taxes  MINORITY INTEREST SHAREHOLDERS \' EQUITY  182,133 181,762 541 94 5,205 369,735 693 **) 176,477 647,835 81,693 204,914 2,750 93 4,270 293,720 1,325 167,271 555,660 161,589 294,687 44 147 4,717 461,184 1,914 248,197 861,793 29,621 54,019 8 27 865 84,540 351 45,497 157,976  *) **) Reclassified. Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF INCOME  Year ended December 31, 2005 Audited  Three months ended September 30, 2005 2006 Nine months ended September 30, 2005 2006  Unaudited Reported NIS (In thousands, except per share amounts)  Convenience translation (Note 1) Nine months ended September 30, 2006 Unaudited Euro  Revenues from lease, sales of apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income (expenses) Income before taxes on income Taxes on income Income after taxes on income Equity in losses of affiliates Minority interest in losses (earnings) of subsidiaries, net Net income Net earnings per share: Basic net earnings Diluted net earnings  177,779 18,848 42,302 88,118 114,644 21,016  121,623 56,156 *) 17,872 38,284 17,241 87 *) 21,130 1,301 19,829 230 *) 20,059 10,868 7,980 4,127 3,853 1,980 (20) 1,853 131 1,722 386 2,108 28,598 13,704 5,821 7,883 1,561 6,322 726 5,596 (112) (435) 5,049 58,307 29,811 11,970 17,841 12,682 50 5,209 (1,288) 6,497 (370) 6,127 86,175 28,469 15,093 13,376 4,529 8,847 2,560 6,287 (289) 346 6,344 15,797 5,219 2,767 2,452 830 1,622 469 1,153 (53) 63 1,163  **) **) 1.80 1.54 **) 0.17 **) 0.15 0.46 0.39 **) 0.57 **) 0.49 0.61 0.53 0.11 0.10  *) **) Restated. Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Year ended December 31, 2005 (audited) Foreign currency translation  Receipts on account of stock options  Capital surplus, share-based payment adjustments for autonomous entities  Share capital Share premium Retained earnings  Less - shares held by the Company and subsidiary  Total  Reported NIS (In thousands)  *) 21 21 39,126 (18,718) 20,408 Balance at the beginning of the year Exercise of stock options into shares Conversion of convertible debentures Purchase of Company shares by the Company Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment *) Net income Balance at the end of the year 234 7 241 138,345 5,581 (6,694) 137,232 3,250 (499) 2,751 20,803 (16,600) *) 20,059 24,262 (46,042) 1,019 37,250 (665) (8,438) 155,716 6,108 30,556 (665) (18,718) (16,600) 21 20,059 176,477  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Three months ended September 30, 2005 (unaudited) Foreign currency translation adjustments  Receipts on account of stock options  Retained earnings Share capital Share premium  Balance at the beginning of the period Exercise of stock options into shares Purchase of Company shares by the Company Foreign currency translation adjustments for autonomous entities Net income Balance at the end of the period 239 239 135,602 134 135,736 2,877 (10) 2,867  for autonomous entities Reported NIS (In thousands) 25,477 752 26,229  Less - shares held by the Company and subsidiary  Total  8,222 2,108 10,330 (7,773) (357) (8,130) 164,644 124 (357) 752 2,108 167,271  Share capital Share premium  Beneficial conversion feature in convertible debentures  Three months ended September 30, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options  adjustments for autonomous entities  Balance at the beginning of the period Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Cost of share-based payment Net income Balance at the end of the period 251 14 42 307 151,325 6,913 66,237 224,475 273 (253) 20 2,388 (721) 1,667  Capital surplus, share-based payment Reported NIS (In thousands) 316 150 466  Retained earnings  Less - shares held by the Company and subsidiary  Total  27,205 (9,120) 18,085 2,557 5,049 7,606 (4,429) (4,429) 179,886 6,206 66,026 (9,120) 150 5,049 248,197  The accompanying note is an integral part of the interim consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Nine months ended September 30, 2005 (unaudited) Foreign currency translation adjustments  Receipts on account of stock options  Retained earnings Share capital Share premium  Balance at the beginning of the period (audited) Exercise of stock options into shares Conversion of convertible debentures Purchase of Company shares by the Company Foreign currency translation adjustments for autonomous entities Dividend paid Net income Balance at the end of the period 234 5 239 138,345 4,085 (6,694) 135,736 3,250 (383) 2,867  for autonomous entities Reported NIS (In thousands) 39,126 (12,897) 26,229  Less - shares held by the Company and subsidiary  Total  20,803 (16,600) 6,127 10,330 (46,042) 1,019 37,250 (357) (8,130) 155,716 4,726 30,556 (357) (12,897) (16,600) 6,127 167,271  The accompanying note is an integral part of the interim consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Beneficial conversion feature in convertible debentures  Nine months ended September 30, 2006 (unaudited) Foreign currency translation  Receipts on account of stock options  adjustments for autonomous entities  Balance at the beginning of the period (audited) Split of beneficial conversion feature in convertible debentures less issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period  241 137,232 2,751  Capital surplus, share-based payment Reported NIS (In thousands) *) 21  Retained earnings  Less - shares held by the Company and subsidiary  Total  20,408 *) 24,262 (8,438) 176,477  16 50 307 9,471 77,772 224,475 273 (253) 20 (1,084) 1,667 445 466 (2,323) 18,085 (23,000) 6,344 7,606 1,179 2,830 (4,429) 273 9,582 80,399 (2,323) (23,000) 445 6,344 248,197  Convenience translation into Euro (Note 1) (In thousands) 505 *) 3 3,741  Balance at the beginning of the period (audited) Split of beneficial conversion feature in convertible debentures less issuance expenses Exercise of stock options into shares Conversion of convertible debentures Foreign currency translation adjustments for autonomous entities Dividend paid Cost of share-based payment Net income Balance at the end of the period *) Restated.  44 25,157 *) 4,447 (1,547) 32,350  3 9 56 1,736 14,256 41,149 50 (46) 4 (199) 306 82 85 (426) 3,315 (4,216) 1,163 1,394 216 519 (812) 50 1,756 14,738 (426) (4,216) 82 1,163 45,497  The accompanying note is an integral part of the interim consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended September 30, 2005 2006 Nine months ended September 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2006 Unaudited Euro  Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities (a) Net cash provided by operating activities Cash flows from investing activities: Proceeds from realization of investment in fully and proportionately consolidated companies that were deconsolidated (b) Tax payment for investment that was sold last year Acquisition of fully and proportionately consolidated companies (c) Full consolidation of previously consolidated companies by the proportionate method while realizing real estate (d) Debt collection for realization of investment in subsidiaries Grant of loans and deposit of long-term deposits Collection of loans and withdrawal of longterm deposits Investment in affiliates Investment in fixed assets and real estate Payment of VAT for purchase of real estate Proceeds from sale of fixed assets Deposit of short-term deposits, net Net cash provided by (used in) investing activities  20,059 (9,888) 10,171 2,108 1,990 4,098 5,049 (170) 4,879 6,127 1,608 7,735 6,344 7,583 13,927 1,163 1,390 2,553  40,516 (15,580) (28,690) 27,167 (30,184) (15,580) (24,901) 29,861 (39,922) 5,474 (7,318)  23,969 58,552 (18,120) 51,162 (15,243) (76,081) 73 (218) 28,055 20,346 (550) 1,907 (8,210) (9,358) (2,958) (15,150) 3,324 (658) (23,607) 25,249 (18,820) 28,602 58,167 (6,739) 13,368 (12,089) (29,193) (4,073) 31,809 (28,932) 4,256 (4,345) (204,664) (39,678) 5,831 (5,304) 780 (796) (37,517) (7,273)  20,340 29,232 (32,679) 7,562 (251,615) (46,123)  The accompanying note is an integral part of the interim consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended September 30, 2005 2006 Nine months ended September 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2006 Unaudited Euro  Cash flows from financing activities: Purchase of Company shares by the Company Exercise of stock options into shares Dividend paid Issuance of debentures (net of issuance expenses) Prepaid issuance expenses in subsidiary Receipt of long-term loans and other liabilities Redemption of debentures Repayment of long-term loans and other liabilities Receipt (refund) of advances from tenants, net Net cash provided by (used in) financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period  (665) 6,108 (16,600) 94,661 114,545 (73,450) 111 (357) 124 15,856 (24,750) (34) 6,206 51,637 (685) 38,370 (2,458) (33,969) 13 (357) 4,726 (16,600) 64,027 (51,731) (9) 9,582 (23,000) 51,637 (4,201) 220,420 (2,458) (50,400) (495) 1,756 (4,216) 9,466 (770) 40,405 (451) (9,239) (91)  124,710 (9,161) 59,114 56 201,085 36,860  (1,923) 120 (1,882) (671) (285) (52)  153,298 35,903 189,201 24,289 26,296 50,585 29,432 122,881 152,313 14,682 35,903 50,585 (36,888) 189,201 152,313 (6,762) 34,683 27,921  The accompanying note is an integral part of the interim consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended September 30, 2005 2006 Nine months ended September 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2006 Unaudited Euro  (a)  Adjustments to reconcile net income to net cash provided by operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Equity in losses of affiliates Cost of share-based payment Depreciation and amortization Gain from sale of real estate, deconsolidated companies and realization of capital reserves Capital gain from sale of fixed assets, net Increase (decrease) in accrued severance pay Revaluation of loans granted and shortterm deposits Accrued interest and revaluation of debentures and long-term loans, net Deferred taxes, net  (230) 21 *) 5,935 (386) 1,313 435 112 150 467 370 4,629 (346) 289 445 1,402 (63) 53 82 257  (25,241) (10) 29 (1,495) 10,810 637 (9,544) (1,366) (15) (213) 981 43 357 (5,368) 14 (1,900) (2,179) 1,192 (7,077) (7,402) 28 (1,101) 8,105 (487) 4,142 (8,204) 53 (1,843) 368 1,511 (6,325) (1,504) 10 (338) 67 277 (1,159)  Changes in asset and liability items: Increase in trade receivables (including long-term) Decrease (increase) in other accounts receivable Decrease (increase) in inventories of contracts in progress and buildings under construction Increase (decrease) in trade payables and other accounts payable  (6,599) (5,318) (937) 1,615 (13,222) (3,052) (6,748) (1,884) (12,348) (4,052) (2,264) (743)  9,843 1,730 (344) (9,888) 1,253 (298) 1,633 1,990 (7,748) 30,929 6,907 (170) 10,030 (3,932) (2,534) 1,608 (857) 31,165 13,908 7,583 (157) 5,713 2,549 1,390  *) Restated.  The accompanying note is an integral part of the interim consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended September 30, 2005 2006 Nine months ended September 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2006 Unaudited Euro  (b)  Proceeds from realization of investments in fully and proportionately subsidiaries that were deconsolidated: Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Deposits from tenants Deferred taxes Minority interest Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries and sale of activity, net  1,676 137,893 (75,492) (18,360) (2,302) (554) (21,336) 18,991 40,516 (431) 43,025 (22,104) (431) 1,740 5,368 27,167 (1,473) 60,537 (37,867) (1,280) 1,740 8,204 29,861 (270) 11,097 (6,941) (235) 319 1,504 5,474  (c)  Acquisition of fully and proportionately consolidated companies (1): Working capital (excluding cash and cash equivalents) Fixed assets, inventories of contracts in progress and inventories of real estate, net Long-term loans Long-term liabilities Investment in affiliate Payables for acquisition Minority interest Deferred taxes  3,836 295 3,872 4,958 908  (82,289) 1,425 47,975 363 (28,690) (48,633) 18,449 (295) (30,184) (62,678) 33,927 (219) 197 (24,901) (78,833) 14,041 1,563 18,449 (153) 53 (39,922) (14,451) 2,574 287 3,382 (28) 10 (7,318)  (1) In 2006, includes increase in consolidation of affiliate.  The accompanying note is an integral part of the interim consolidated financial statements.  - 13 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Year ended December 31, 2005 Audited  Three months ended September 30, 2005 2006 Nine months ended September 30, 2005 2006  Unaudited Reported NIS (In thousands)  Convenience translation (Note 1) Nine months ended September 30, 2006 Unaudited Euro  (d)  Full consolidation of previously consolidated companies by the proportionate method while realizing real estate: Working capital (excluding cash and cash equivalents) Investment in affiliate Real estate and fixed assets Long-term liabilities Capital gain Receivables for sale of real estate  17,842 (9,551) 5,402 6,686 3,590 23,969 28,055 28,055 19,306 (9,551) 15,257 3,590 28,602 -  (e)  Significant non-cash activities: Conversion of convertible debentures Purchase of fixed assets and real estate by credit  30,556 66,026 30,556 80,399 14,738  19,110 7,881 7,881 -  The accompanying note is an integral part of the interim consolidated financial statements.  - 14 -   B.S.R EUROPE LTD.  NOTE TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of September 30, 2006 and for the nine months then ended have been translated into Euro using the representative exchange rate as of that date ( 1 = NIS 5.4552). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\06 \\EC9-SHORT.DOC  - 15 -   ","null","null","");arrFiles[29]=new Array("about/europe/FinancialReport1204.doc","FinancialReport1204.doc","DRAFT: 16.4.05   B.S.R EUROPE LTD.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2004   INDEX PageAuditors \' Letter2Consolidated Balance Sheets3 - 4Consolidated Statements of Operations5Statements of Changes in Shareholders \' Equity6 - 8Consolidated Statements of Cash Flows 9 - 12Notes to Consolidated Financial Statements13 - 25  - - - - - - -  * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax: 972-3-5622555  B.S.R Europe Ltd.    We have audited, in accordance with generally accepted auditing standards in Israel, the consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") and subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of operations, changes in shareholders \' equity and cash flows for each of the three years in the period ended December 31, 2004. Based on our audits, in our report dated March 20, 2005, we expressed an unqualified opinion on those statements.    The financial statements as of the dates and for the reported periods subsequent to December 31, 2003, are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The financial statements as of the dates and for the reported periods until the aforementioned date are presented in values that were adjusted until that date according to the changes in the general purchasing power of the Israeli currency, in accordance with pronouncements of the Institute of Certified Public Accountants in Israel.    The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user \'s conclusions about the financial position, results of operations and cash flows of the Company and subsidiaries. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERERApril 18, 2005A Member of Ernst & Young Global  CONSOLIDATED BALANCE SHEETS Convenience translation (Note 1)December 31,December 31,200320042004N I SEuroNoteAdjustedReported(In thousands)ASSETSCURRENT ASSETS:Cash and cash equivalents223,59935,9036,109Short-term deposits 31,6111,181201Trade receivables31,2821,779303Other accounts receivable 417,46311,5871,972Receivable for sale of a company4a-59,02610,044Inventories of contracts in progress7*) 3,66013,9902,38177,615123,46621,010INVENTORIES OF REAL ESTATE7*) 36,60358,4769,950LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 528,54349,3468,397Long-term deposits -1,694288Long-term receivables2049,8611,678Investments in affiliates and other companies6-9,2531,57428,74770,15411,937FIXED ASSETS:8Cost525,078285,28748,544Less - accumulated depreciation27,47617,0552,902497,602268,23245,642OTHER ASSETS AND DEFERRED CHARGES, NET98,8647,5961,293649,431527,92489,832  *) Reclassified. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED BALANCE SHEETS Convenience translation (Note 1)December 31,December 31,200320042004N I SEuroNoteAdjustedReported(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Credit from banks and others10216,00217,3782,957Other accounts payable and trade payables11*)  28,59048,7538,296244,59266,13111,253LONG-TERM LIABILITIES:Convertible debentures to related parties12*)  28,54829,2744,981Convertible debentures12*)  16,78495,69516,284Long-term loans13253,027171,74529,224Deposits from tenants 1412,0132,897493Accrued severance pay*)   466511Deferred taxes3,3405,296901313,758304,97251,894MINORITY INTEREST 1,3121,105188CONTINGENT LIABILITIES, COMMITMENTS AND CHARGESSHAREHOLDERS \' EQUITY1689,769155,71626,497649,431527,92489,832  *) Reclassified. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2002200320042004N I SEuroNoteAdjustedReported(In thousands, except per share amounts) Revenues from lease, sales, construction of buildings and apartments and services 17a88,29463,120305,53751,990Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services17b47,53225,016193,89032,992Gross profit40,76238,104111,64718,998General and administrative expenses17c12,855 14,50123,1453,938Operating income27,90723,60388,50215,060Financial expenses, net17d18,50123,1807,9021,345Other income--549Income before taxes on income9,40642380,65413,724Taxes on income153,1104,24728,4114,834Income (loss) after taxes on income6,296(3,824)52,2438,890Minority interest in losses (earnings) of subsidiaries, net203769(475)(81)Net income (loss) 6,499(3,055)51,7688,809Net earnings (loss) per NIS 1 par value of Ordinary shares:18Basic net earnings (loss)116(48)598102Diluted net earnings (loss)105(48)37864  The accompanying notes are an integral part of the consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign  currency translation adjustments for autonomous entitiesDeficitLess - shares held by the Company and by subsidiaryLess - loans to employees  and former employees  for acquisition of Company shares (3)TotalAdjusted NIS(In thousands)Balance at January 1, 200220,31073,1004,5247581,859(12,109)(18,160)(3,650)66,632Exercise of stock options into shares (1)4564,910(2,412)---6,331-9,285Public issuance of stock options, net (2) (4)--371-----371Exercise of stock options by subsidiary1,0169,665----(10,681)--Sale of stock options held by subsidiary--384-----384Conversion of debentures into shares by the Company (1)85817,753----(18,611)--Foreign currency translation adjustments for autonomous entities (5)----11,639---11,639Interest accrued on loans to employees-167-----(167)-Net income -----6,499--6,499Balance at December 31, 200222,640105,5952,86775813,498(5,610)(41,121)(3,817)94,810Exercise of stock options into shares (1)33532(150)-----415Repurchase of shares (1)------(9,803)-(9,803)Private placement of stock options (6)--375-----375Foreign currency translation adjustments for autonomous entities (5)----7,027---7,027Interest accrued on loans to employees-150-----(150)-Loss-----(3,055)--(3,055)Balance at December 31, 200322,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769  (1) See Notes 12 and 16.  (2) Net of issuance expenses. (3) Including interest accrued on loans to employees.  (4) Net of stock options held by subsidiary.  (5) Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. (6) See Note 16b.  The accompanying notes are an integral part of the consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign  currency translation adjustments for autonomous entitiesRetained earnings (deficit)Less - shares held by the Company and by subsidiaryLess - loans to employees  and former employees  for acquisition of Company shares (3)TotalReported NIS(In thousands)Balance at January 1, 200422,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769Exercise of stock options into shares (1)7439,329(2,066)---1,147-9,153Conversion of convertible debentures (1)-400----3,377-3,777Foreign currency translation adjustments for autonomous entities (5)----18,601---18,601Public issuance of stock options (6)--2,224-----2,224Sale of Company shares held by the Company and by subsidiary-2,366----358-2,724Interest accrued on loans to employees-27-----(27)-Abandonment of loans to employees for acquisition of Company shares -(3,994)-----3,994-Dividend paid-----(22,300)--(22,300)Net income-----51,768--51,768Split and capital reduction (7)(23,182)23,182-------Balance at December 31, 2004234137,5873,25075839,12620,803(46,042)-155,716  (1) See Notes 12 and 16.  (2) Net of issuance expenses. (3) Including interest accrued on loans to employees.  (4) Net of stock options held by subsidiary.  (5) Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. (6) See Note 16b. (7) See Note 16a. The accompanying notes are an integral part of the consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign  currency translation adjustments for autonomous entitiesRetained earnings (deficit)Less - shares held by the Company and by subsidiaryLess - loans to employees  and former employees  for acquisition of Company shares (3)TotalConvenience translation into Euro (Note 1)(In thousands)Balance at January 1, 20043,85818,0845271293,493(1,474)(8,666)(675)15,276Exercise of stock options into shares (1)1271,587(352)---195-1,557Conversion of convertible debentures (1)-68----575-643Foreign currency translation adjustments for autonomous entities (5)----3,165---3,165Public issuance of stock options (6)--378-----378Sale of Company shares held by the Company and by subsidiary-403----61-464Interest accrued on loans to employees-5-----(5)-Abandonment of loans to employees for acquisition of Company shares -(680)-----680-Dividend paid-----(3,795)--(3,795)Net income-----8,809--8,809Split and capital reduction (7)(3,945)3,945-------Balance at December 31, 20044023,4125531296,6583,540(7,835)-26,497  (1) See Notes 12 and 16.  (2) Net of issuance expenses. (3) Including interest accrued on loans to employees.  (4) Net of stock options held by subsidiary.  (5) Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. (6) See Note 16b. (7) See Note 16a. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2002200320042004N I SEuroAdjustedReported(In thousands) Cash flows from operating activities:Net income (loss) 6,499(3,055)51,7688,809Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (a)(3,342)(245)(44,699)(7,606)Net cash provided by (used in) operating activities3,157(3,300)7,0691,203Cash flows from investing activities:Proceeds from realization of investment in deconsolidated subsidiaries (b)9,68514,78742,2107,182Acquisition of companies initially consolidated by the proportionate method (c)--(3,034)(516)Repayment of debts in respect of sale of investment in subsidiary -5,641--Long-term loans granted and deposit of long-term deposits*) (15,859)(18,699)(20,721)(3,526)Collection of long-term loans and withdrawal of long-term deposits*)  14,52033,66511,0741,884Investment in affiliates--(4,986)(848)Proceeds from sale of a building26,493---Investment in fixed assets and real estate (102,185)(129,315)(136,918)(23,298)Proceeds from sale of fixed assets--8715Withdrawal (deposit) of short-term deposits, net(9,976)(16,640)31,6415,384Net cash used in investing activities(77,322)(110,561)(80,647)(13,723)  *) Reclassified. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2002200320042004N I SEuroAdjustedReported(In thousands) Cash flows from financing activities:Issuance of stock options into convertible debentures--1,325225Issuance of stock options into shares, net7553752,224378Repurchase of shares-(9,803)--Exercise of stock options into shares9,285-9,5681,628Conversion of stock options into convertible debentures and their sale by subsidiary, net--27,0784,608Dividend paid--(22,300)(3,795)Redemption of debentures to related parties(1,183)(1,205)(1,257)(214)Issuance of convertible debentures (net of issuance expenses)2,74412,63352,0448,856Receipt of long-term loans and other liabilities68,47670,56688,51015,061Repayment of long-term loans and other liabilities (15,927)(84,232)(39,845)(6,780)Receipt of advances from tenants, net4,0062,1332,967505Sale of Company shares held by the Company and by subsidiary, net--2,724464Short-term credit from banks and other, net17,881128,238(39,081)(6,650)Net cash provided by financing activities86,037118,70583,95714,286Effect of exchange rate differences from cash balances of autonomous entities9836881,925328Increase in cash and cash equivalents12,8555,53212,3042,094Cash and cash equivalents at beginning of year5,21218,06723,5994,015Cash and cash equivalents at end of year18,06723,59935,9036,109  The accompanying notes are an integral part of the consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2002200320042004N I SEuroAdjustedReported(In thousands) (a)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net(203)(769)47581Depreciation and amortization7,7347,9238,1991,395Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus(12,340)(5,690)(77,878)(13,252)Capital gain from sale of fixed assets, net--(11)(2)Decrease (increase) in accrued severance pay43(96)193Revaluation (erosion) of loans granted and short-term deposits(330)2,601(4,890)(832)Accrued interest and revaluation (erosion) of debentures and long-term loans, net2,353876(5,092)(866)Deferred taxes, net533(2,058)690117(2,210)2,787(78,488)(13,356)Changes in asset and liability items:Decrease (increase) in trade receivables (including long-term)(883)1,397(6,361)(1,082)Decrease (increase) in other accounts receivable1,021(11,283)(3,085)(525)Increase (decrease) in other accounts payable and trade payables(1,270)6,85443,2357,357(1,132)(3,032)33,7895,750(3,342)(245)(44,699)(7,606)  The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2002200320042004N I SEuroAdjustedReported(In thousands) (b)Proceeds from realization of investment in deconsolidated subsidiaries (1):Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents)(1,370)(3,001)(10,616)(1,806)Long-term investments1,561---Fixed assets, net (net of payables for fixed assets)20,68312,186370,59863,061Long-term liabilities(8,992)(1,173)(323,431)(55,035)Long-term loans granted--(13,357)(2,273)Minority interest-424(981)(167)Investment in affiliate--(5,493)(935)Capital surplus for autonomous entities(713)---Waive on subsidiary \'s debt(5,001)---Receivables for realization of investments in subsidiaries(5,641)-(54,195)(9,222)Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net9,1586,35179,68513,5599,68514,78742,2107,182(c)Acquisition of companies initially consolidated by the proportionate method:Working capital (excluding cash and cash equivalents)--43073Fixed assets, net --(16,584)(2,822)Investments in affiliates--(38)(6)Deferred charges--(470)(80)Long-term liabilities--12,5482,135Deferred taxes--1,080184--(3,034)(516)(d)Significant non-cash activities: Sale of activity--54,1959,222Conversion of debentures into shares--3,777643Convertible debentures converted into shares by the Company (*)18,611---Purchase of fixed assets and real estate by loans4,1245,8416,8031,158Exercise of stock options into shares -415--  (1) In 2004, includes sale of activity and assets.  *) See Note 12a. The accompanying notes are an integral part of the consolidated financial statements.  NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of December 31, 2004 and for the year then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.8768). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements. NOTE 2:- CASH AND CASH EQUIVALENTS December 31,20032004NIS in thousandsAdjustedReportedIn NIS103814In U.S. dollars8,7892,137In Euro6,28027,966In Swiss Francs7414In Slovakian Corona2,882297In Hungarian Forint6773,410In Polish Zloty3,650692Other (mainly Czech Corona)47758323,59935,903  NOTE 3:- TRADE RECEIVABLES  Open accounts and accrued income, net1,2821,779Net of allowance for doubtful accounts15947  NOTE 4:- OTHER ACCOUNTS RECEIVABLE  December 31,20032004NIS in thousandsAdjustedReportedEmployees (1)-527Government authorities (2)11,5784,821Deferred taxes440962Prepaid expenses3,8292,180Subsidiaries and jointly controlled entities303-Accrued income-1,052Other1,313 2,04517,46311,587 (1) The loans are linked to the Israeli CPI and bear annual interest at the rate of 4%. (2) As of December 31, 2004, the balance includes claims for VAT refunds in Polish and Czech companies. As of December 31, 2003, the balance includes a claim of approximately NIS 7.4 million for VAT refund in a Slovakian company and a claim of approximately NIS 2.5 million for purchase tax refund in an Hungarian company which were refunded in 2004.  NOTE 4a:- RECEIVABLE FOR SALE OF A COMPANY  The balance includes a receivable in Euro of approximately NIS 44.5 million as a result of realization of investment in a Slovakian company which was sold and deconsolidated and shareholders \' loans of approximately NIS 14.5 million which were given to the Slovakian company which was sold. Subsequent to the balance sheet date and until the date of the approval of the financial statements, an amount of approximately NIS 38 million was received. The balance is forecasted to be received based on the percentage of the lease of the property.  NOTE 5:- LONG-TERM LOANS  December 31, 2003Linked to  $+10%Linked to Euro, interest freeLinked to Euro+ Eurobor+ 3%-5%TotalAdjusted NIS in thousandsLoans to jointly controlled entities (1)12,071-16,47228,543 December 31, 2004Linked to  $+Libor+ 2.5%-5.5%Linked to CZK+Libor+5%Linked to Euro+ Eurobor+ 3%-5%TotalReported NIS in thousandsLoans to jointly controlled entities (1)21,04011,39816,90849,346 (1) The loans are without repayment dates, however not before January 1, 2005.  NOTE 6:- INVESTMENTS IN AFFILIATES AND OTHER COMPANIES  a. An amount of NIS 5,794 thousand represents an investment at the rate of 15% in a Slovakian company, an amount of NIS 1,710 thousand represents an investment in a Czech company which was made in the context of a master agreement with Kanaf 2000 Financial Ltd. ( \"Kanaf 2000 \") and an amount of NIS 1,749 thousand represents other investments. b. Equity in the financial statements items of jointly controlled entities: December 31,20032004NIS in thousandsAdjustedReportedCurrent assets11,15272,221Non-current assets165,580213,738Current liabilities49,64323,049Long-term liabilities 86,205221,311 Year ended December 31, 200220032004NIS in thousandsAdjustedReportedRevenues11,17746,03142,096Expenses11,95839,41323,041 NOTE 7:- INVENTORIES OF REAL ESTATE AND INVENTORIES OF CONTRACTS IN PROGRESS December 31,20032004NIS in thousandsAdjustedReportedCost of real estate and buildings under construction55,00389,806Less - costs carried to the statement of operations (1)14,74017,34040,26372,466Sales agreements entered into during the year21,29431,876Part of accrued amount of sales agreements not yet recognized as revenue until end of reported year5,3709,166Customer advances (2)1,2974,482 (1) Costs carried to the statement of operations: Subcontractors 8,61710,357Land3,0463,063Financing1,2121,506Salary443473Planning and consulting760815Other6621,12614,74017,340 (2) Shown as a deduction from the amount of real estate and buildings under construction.  NOTE 8:- FIXED ASSETS a. Composition: Payments on account of building under constructionReal estate and buildings for rentFurniture and equipment for rent (1) (2)VehiclesTotalReported NIS in thousands (except 2003)Cost:Balance at January 1, 200414,674494,28515,425694525,078Additions during the year764103,683333115104,895Foreign currency translation adjustments for autonomous entities 84027,3441,3473829,569Additions for newly consolidated company-17,423606-18,029Disposals during the year-(169,192)(13,051)(211)(182,454)Disposals for deconsolidation-(209,822)(8)-(209,830)Balance at December 31, 200416,278263,7214,652636285,287Accumulated depreciation:Balance at January 1, 2004-23,4253,77028127,476Additions during the year-6,133224966,453Foreign currency translation adjustments for autonomous entities -2,532296112,839Additions for newly consolidated company-1,119326-1,445Disposals during the year-(16,093)(3,608)(119)(19,820)Disposals for deconsolidation-(1,338)--(1,338)Balance at December 31, 2004-15,7781,00826917,055Depreciated cost at December 31, 200416,278247,9433,644367268,232Depreciated cost at December 31, 2003 (adjusted NIS in thousands)14,674470,86011,655413497,602 (1) Including computers and peripheral equipment. (2) Including for internal use.   NOTE 8:- FIXED ASSETS (Cont.)  b. Cost of fixed assets, including capitalization of accrued expenses, is as follows: December 31,20032004NIS in thousandsAdjustedReportedProfessional consulting and accompaniment of projects7,5794,340Financial expenses4,9904,381Total capitalization of accrued expenses 12,5698,721  NOTE 9:- OTHER ASSETS AND DEFERRED CHARGES  Expenses relating to the issuance of convertible debentures and to obtaining loans: Original amount7,91912,823Less - accumulated amortization3,5116,7604,4086,063Deferred tax4,4561,5338,8647,596  NOTE 10:- CREDIT FROM BANKS AND OTHERS December 31, 2003December 31, 2004In orIn orWeightedlinked to Linked tolinked to Linked tointerestforeignthe Israeliforeignthe IsraeliratecurrencyCPIUnlinkedTotalcurrencyCPIUnlinkedTotal%Adjusted NIS in thousandsAdjusted NIS in thousandsShort-term credit from banks (1)4.5185,130  -7185,137----Current maturities of long-term loans and debentures29,6611,204-30,86517,378  --17,378214,7911,2047216,00217,378--17,378 (1) Mainly to the Euro and the dollar.  NOTE 11:- OTHER ACCOUNTS PAYABLE AND TRADE PAYABLES  December 31,20032004NIS in thousandsAdjustedReportedOpen accounts and notes payable7,78810,578Deferred revenues7,0781,656Government authorities (1)*)  10,16920,896Related parties (2)9677,803Accrued expenses1,4375,523Employees*)  349392Other8021,90528,59048,753 (1) The balance as of December 31, 2004, includes net liabilities of approximately NIS 19 million for payment of tax to the tax authorities in Slovakia. The balance as of December 31, 2003, includes a provision of NIS 5,372 thousand for a tax settlement with the tax authority. (2) The balance as of December 31, 2004, includes an amount of NIS 7,013 thousand for annual bonus grants to the Company CEO and the co-controlling shareholders in the Company, NIS 737 thousand for annual management fees to the co-controlling shareholders in the Company. *) Reclassified.  NOTE 12:- DEBENTURES  a. Convertible debentures:  1. Composition: December 31,20032004NIS in thousandsAdjustedReportedConvertible debentures (series B)10,25910,403Convertible debentures (series E)21,53518,871Convertible debentures (series F)13,53813,641Convertible debentures (series G)-82,05445,332124,969 2. The redemption dates subsequent to the balance sheet date are as follows: December 31, 2004Reported NIS in thousandsFirst year-Second year48,923Third year26,813Fourth year16,411Fifth year16,411Sixth year16,411124,969 b. Debentures: Composition: December 31,20032004NIS in thousandsAdjustedReportedDebentures (series D)1,204-Less - current maturities1,204---  NOTE 13:- LONG-TERM LOANS a. Composition: December 31,20032004Weighted interestTotalLinked to dollarLinked to EuroTotalrateNIS in thousands%AdjustedReportedFrom banks4.5248,69939,64293,315132,957From others633,98931,64724,51956,166282,68871,289117,834189,123Less - current maturities 29,6617,07210,30617,378253,02764,217107,528171,745 b. The maturity dates subsequent to the balance sheet date are as follows: December 31, 2004Reported NIS in thousandsFirst year (current maturities)17,378Second year16,972Third year11,031Fourth year8,286Fifth year8,480Sixth year126,976171,745189,123 c. The subsidiaries liabilities to banks are non-recourse type loans.  NOTE 14:- DEPOSITS FROM TENANTS December 31, 20032004Linked to CZKLinked to SITLinked to EuroTotalLinked to CZKLinked to EuroTotalNIS in thousandsAdjusted ReportedDeposits from tenants 7208,0953,19812,0131,0581,8392,897  NOTE 15:- TAXES ON INCOME Taxes on income included in the statements of operations: Year ended December 31, 200220032004NIS in thousandsAdjustedReportedCurrent taxes1,9515,25326,873Deferred taxes533(2,058)690Taxes in respect of previous years (1)6261,0528483,1104,24728,411 (1) Mainly in respect of a tax arrangement.  NOTE 16:- SHARE CAPITAL a. Composition of share capital: December 31, December 31, 2003200420032004AuthorizedIssued and outstandingNumber of sharesOrdinary shares of NIS 1 par value each15,000,000-8,813,539-Ordinary shares of NIS 0.01 par value each-5,000,000,000-9,589,039 The Ordinary shares are traded on the Tel Aviv Stock Exchange. b. Stock options:  Stock options issued by the Company are as follows: December 31,20032004Number of optionsStock options (series A)278,500-Stock options (series B)124,000-Stock options (series C)53,700-Stock options (series 2) - listed for trade2,662,5002,322,500Stock options (series 3)250,000250,000Stock options (series 4) - listed for trade-800,000Stock options to the CEO and employees-650,0003,368,7004,022,500 NOTE 17:- SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF OPERATIONS ITEMS  Year ended December 31, 200220032004NIS in thousandsAdjustedReporteda.Revenues from lease, sales, construction of buildings and apartments and services :Lease40,23640,25639,354Sale of apartments for dwelling-15,92422,710Sale of building and sold companies47,1856,049241,734Services provided8738911,73988,29463,120305,537b.Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and servicesDepreciation and amortization6,3407,1297,789Maintenance and repairs3,4251,9552,012Building of apartments for dwelling-14,74017,340Cost of building and sold companies34,845(1) (175)162,742Other expenses2,9221,3674,00747,53225,016193,890c.General and administrative expenses: Salaries and payroll accruals2,9175,0685,175Maintenance and office expenses1,2661,9391,812Consulting and management expenses*)  3,8214,6195,319Annual bonus grants to related parties (2)*)   843*)  377,013Other*)  4,008*) 2,8383,82612,85514,50123,145d.Financial expenses, net (3):Financial expenses in respect of short-term credit and other, net7367,5971,710Financial expenses in respect of debentures and long-term loans, net17,76515,5836,19218,50123,1807,902 *) Reclassified. (1) Represents a shareholders \' deficiency in sold company. (2) Annual bonus grants to the Company \'s CEO and co-controlling shareholders. (3) Net of capitalized financial expenses.   NOTE 18:- NET EARNINGS (LOSS) PER NIS 1 PAR VALUE OF SHARES Details pertaining to the number of shares and income (loss) used in the computation of earnings (loss) per share:  Year ended December 31, 200220032004Weighted number of sharesNet  incomeWeighted number of sharesLossWeighted number of sharesNet  incomeIn thousandsAdjusted NIS in thousandsIn thousandsAdjusted NIS in thousandsIn thousandsReported NIS in thousandsNumber of shares and net income (loss), according to the statement of operations6,1766,4995,551(3,055)6,62551,768Effect of convertible securities whose conversion during the year is probable-6623122392,3221,709Number of shares and basic net income (loss)6,1767,1615,863(2,816)8,94753,477Effect of convertible securities whose conversion is not probable1,481860--7,0086,973Number of shares and diluted net income (loss)7,6578,0215,863(2,816)15,95560,450  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\04 \\EC12.DOC  1   1 -  2  -  B.S.R EUROPE LTD. B.S.R EUROPE LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[30]=new Array("about/europe/FinancialReport1204.pdf","Microsoft Word - FinancialReport1204.DOC","DRAFT: 16.4.05  B.S.R EUROPE LTD.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  AS OF DECEMBER 31, 2004  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Operations Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements  Page 2 3 - 4 5 6 - 8 9 - 12 13 - 25  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  B.S.R Europe Ltd.  We have audited, in accordance with generally accepted auditing standards in Israel, the consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") and subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of operations, changes in shareholders \' equity and cash flows for each of the three years in the period ended December 31, 2004. Based on our audits, in our report dated March 20, 2005, we expressed an unqualified opinion on those statements.  The financial statements as of the dates and for the reported periods subsequent to December 31, 2003, are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The financial statements as of the dates and for the reported periods until the aforementioned date are presented in values that were adjusted until that date according to the changes in the general purchasing power of the Israeli currency, in accordance with pronouncements of the Institute of Certified Public Accountants in Israel.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user \'s conclusions about the financial position, results of operations and cash flows of the Company and subsidiaries. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel April 18, 2005 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31,  2003 Adjusted  2004 Reported (In thousands) N I S  Note  Convenience translation (Note 1) December 31, 2004 Euro  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of a company Inventories of contracts in progress  2 3 4 4a 7  *)  23,599 31,611 1,282 17,463 3,660 77,615  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables Investments in affiliates and other companies  7 *) 36,603  35,903 1,181 1,779 11,587 59,026 13,990 123,466 58,476 6,109 201 303 1,972 10,044 2,381 21,010 9,950  5  6  28,543 204 28,747 49,346 1,694 9,861 9,253 70,154 8,397 288 1,678 1,574 11,937  FIXED ASSETS: Cost Less - accumulated depreciation 8  525,078 27,476 497,602 285,287 17,055 268,232 48,544 2,902 45,642  OTHER ASSETS AND DEFERRED CHARGES, NET  9  8,864 649,431 7,596 527,924 1,293 89,832  *) Reclassified.  The accompanying notes are an integral part of the consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31,  2003 Adjusted  2004 Reported (In thousands) N I S  Note  Convenience translation (Note 1) December 31, 2004 Euro  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Other accounts payable and trade payables  10 11  216,002 *) 28,590 244,592 17,378 48,753 66,131 2,957 8,296 11,253  LONG-TERM LIABILITIES: Convertible debentures to related parties Convertible debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  12 12 13 14 *) 28,548 *) 16,784 253,027 12,013  *)  46 3,340 313,758 1,312  MINORITY INTEREST CONTINGENT LIABILITIES, COMMITMENTS AND CHARGES SHAREHOLDERS \' EQUITY  29,274 95,695 171,745 2,897 65 5,296 304,972 1,105 4,981 16,284 29,224 493 11 901 51,894 188  16  89,769 649,431 155,716 527,924 26,497 89,832  *) Reclassified.  The accompanying notes are an integral part of the consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF OPERATIONS  2002  Note  Year ended December 31, 2003 N I S Adjusted  2004 Reported  Convenience translation (Note 1) Year ended December 31, 2004 Euro  (In thousands, except per share amounts)  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income Income before taxes on income Taxes on income Income (loss) after taxes on income Minority interest in losses (earnings) of subsidiaries, net Net income (loss) Net earnings (loss) per NIS 1 par value of Ordinary shares: Basic net earnings (loss) Diluted net earnings (loss)  17a 88,294 63,120 305,537 51,990  17b  17c  17d  15  47,532 40,762 12,855 27,907 18,501 9,406 3,110 6,296 203 6,499 25,016 38,104 14,501 23,603 23,180 423 4,247 (3,824) 769 (3,055) 193,890 111,647 23,145 88,502 7,902 54 80,654 28,411 52,243 (475) 51,768 32,992 18,998 3,938 15,060 1,345 9 13,724 4,834 8,890 (81) 8,809  18  116 105 (48) (48) 598 378 102 64  The accompanying notes are an integral part of the consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at January 1, 2002 Exercise of stock options into shares (1) Public issuance of stock options, net (2) (4) Exercise of stock options by subsidiary Sale of stock options held by subsidiary Conversion of debentures into shares by the Company (1) Foreign currency translation adjustments for autonomous entities (5) Interest accrued on loans to employees Net income Balance at December 31, 2002 Exercise of stock options into shares (1) Repurchase of shares (1) Private placement of stock options (6) Foreign currency translation adjustments for autonomous entities (5) Interest accrued on loans to employees Loss Balance at December 31, 2003 20,310 456 1,016 858 22,640 33 22,673 73,100 4,910 9,665 17,753 167 105,595 532 150 106,277 4,524 (2,412) 371 384 2,867 (150) 375 3,092 758 758 758  Foreign currency translation adjustments for autonomous entities Adjusted NIS (In thousands) 1,859 11,639 13,498 7,027 20,525  Deficit  Less - shares held by the Company and by subsidiary  Less - loans to employees and former employees for acquisition of Company shares (3)  Total  (12,109) 6,499 (5,610) (3,055) (8,665) (18,160) 6,331 (10,681) (18,611) (41,121) (9,803) (50,924) (3,650) (167) (3,817) (150) (3,967) 66,632 9,285 371 384 11,639 6,499 94,810 415 (9,803) 375 7,027 (3,055) 89,769  (1) (2) (3) (4) (5) (6) See Notes 12 and 16. Net of issuance expenses. Including interest accrued on loans to employees. Net of stock options held by subsidiary. Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. See Note 16b.  The accompanying notes are an integral part of the consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at January 1, 2004 Exercise of stock options into shares (1) Conversion of convertible debentures (1) Foreign currency translation adjustments for autonomous entities (5) Public issuance of stock options (6) Sale of Company shares held by the Company and by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Dividend paid Net income Split and capital reduction (7) Balance at December 31, 2004 22,673 743 (23,182) 234 106,277 9,329 400 2,366 27 (3,994) 23,182 137,587 3,092 (2,066) 2,224 3,250 758 758  Foreign currency translation adjustments for autonomous entities Reported NIS (In thousands) 20,525 18,601 39,126  Retained earnings (deficit)  Less - shares held by the Company and by subsidiary  Less - loans to employees and former employees for acquisition of Company shares (3)  Total  (8,665) (22,300) 51,768 20,803 (50,924) 1,147 3,377 358 (46,042) (3,967) (27) 3,994 89,769 9,153 3,777 18,601 2,224 2,724 (22,300) 51,768 155,716  (1) (2) (3) (4) (5) (6) (7) See Notes 12 and 16. Net of issuance expenses. Including interest accrued on loans to employees. Net of stock options held by subsidiary. Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. See Note 16b. See Note 16a.  The accompanying notes are an integral part of the consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Capital surplus  Foreign currency translation adjustments for autonomous entities  Retained earnings (deficit)  Less - shares held by the Company and by subsidiary  Less - loans to employees and former employees for acquisition of Company shares (3)  Total  Convenience translation into Euro (Note 1) (In thousands)  129 129 3,493 3,165 6,658 (1,474) (3,795) 8,809 3,540 Balance at January 1, 2004 Exercise of stock options into shares (1) Conversion of convertible debentures (1) Foreign currency translation adjustments for autonomous entities (5) Public issuance of stock options (6) Sale of Company shares held by the Company and by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Dividend paid Net income Split and capital reduction (7) Balance at December 31, 2004 3,858 127 (3,945) 40 18,084 1,587 68 403 5 (680) 3,945 23,412 527 (352) 378 553 (8,666) 195 575 61 (7,835) (675) (5) 680 15,276 1,557 643 3,165 378 464 (3,795) 8,809 26,497  (1) (2) (3) (4) (5) (6) (7) See Notes 12 and 16. Net of issuance expenses. Including interest accrued on loans to employees. Net of stock options held by subsidiary. Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. See Note 16b. See Note 16a.  The accompanying notes are an integral part of the consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2002  Year ended December 31, 2003 N I S Adjusted  2004 Reported (In thousands)  Convenience translation (Note 1) Year ended December 31, 2004 Euro  Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (a) Net cash provided by (used in) operating activities Cash flows from investing activities: Proceeds from realization of investment in deconsolidated subsidiaries (b) Acquisition of companies initially consolidated by the proportionate method (c) Repayment of debts in respect of sale of investment in subsidiary Long-term loans granted and deposit of long-term deposits Collection of long-term loans and withdrawal of longterm deposits Investment in affiliates Proceeds from sale of a building Investment in fixed assets and real estate Proceeds from sale of fixed assets Withdrawal (deposit) of short-term deposits, net Net cash used in investing activities  6,499 (3,342) 3,157 (3,055) (245) (3,300) 51,768 (44,699) 7,069 8,809 (7,606) 1,203  *) *)  9,685 (15,859) 14,520 26,493 (102,185) (9,976) (77,322) 14,787 5,641 (18,699) 33,665 (129,315) (16,640) (110,561) 42,210 (3,034) (20,721) 11,074 (4,986) (136,918) 87 31,641 (80,647) 7,182 (516) (3,526) 1,884 (848) (23,298) 15 5,384 (13,723)  *) Reclassified.  The accompanying notes are an integral part of the consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2002  Year ended December 31, 2003 N I S Adjusted  2004 Reported (In thousands)  Convenience translation (Note 1) Year ended December 31, 2004 Euro  Cash flows from financing activities: Issuance of stock options into convertible debentures Issuance of stock options into shares, net Repurchase of shares Exercise of stock options into shares Conversion of stock options into convertible debentures and their sale by subsidiary, net Dividend paid Redemption of debentures to related parties Issuance of convertible debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Receipt of advances from tenants, net Sale of Company shares held by the Company and by subsidiary, net Short-term credit from banks and other, net Net cash provided by financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year  755 9,285 (1,183) 2,744 68,476 (15,927) 4,006 17,881 86,037 375 (9,803) (1,205) 12,633 70,566 (84,232) 2,133 128,238 118,705 1,325 2,224 9,568 27,078 (22,300) (1,257) 52,044 88,510 (39,845) 2,967 2,724 (39,081) 83,957 225 378 1,628 4,608 (3,795) (214) 8,856 15,061 (6,780) 505 464 (6,650) 14,286  983 12,855 5,212 18,067 688 5,532 18,067 23,599 1,925 12,304 23,599 35,903 328 2,094 4,015 6,109  The accompanying notes are an integral part of the consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2002  Year ended December 31, 2003 N I S Adjusted  2004 Reported (In thousands)  Convenience translation (Note 1) Year ended December 31, 2004 Euro  (a)  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Depreciation and amortization Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus Capital gain from sale of fixed assets, net Decrease (increase) in accrued severance pay Revaluation (erosion) of loans granted and shortterm deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  (203) 7,734 (12,340) 43 (330) 2,353 533 (2,210) (769) 7,923 (5,690) (96) 2,601 876 (2,058) 2,787 475 8,199 (77,878) (11) 19 (4,890) (5,092) 690 (78,488) 81 1,395 (13,252) (2) 3 (832) (866) 117 (13,356)  Changes in asset and liability items: Decrease (increase) in trade receivables (including long-term) Decrease (increase) in other accounts receivable Increase (decrease) in other accounts payable and trade payables  (883) 1,021 (1,270) (1,132) (3,342) 1,397 (11,283) 6,854 (3,032) (245) (6,361) (3,085) 43,235 33,789 (44,699) (1,082) (525) 7,357 5,750 (7,606)  The accompanying notes are an integral part of the consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2002  Year ended December 31, 2003 N I S Adjusted  2004 Reported (In thousands)  Convenience translation (Note 1) Year ended December 31, 2004 Euro  (b)  Proceeds from realization of investment in deconsolidated subsidiaries (1): Assets and liabilities of the subsidiaries at date of sale: Working capital (excluding cash and cash equivalents) Long-term investments Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Capital surplus for autonomous entities Waive on subsidiary \'s debt Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net  (1,370) 1,561 20,683 (8,992) (713) (5,001) (5,641) (3,001) 12,186 (1,173) 424 (10,616) 370,598 (323,431) (13,357) (981) (5,493) (54,195) (1,806) 63,061 (55,035) (2,273) (167) (935) (9,222)  9,158 9,685 6,351 14,787 79,685 42,210 13,559 7,182  (c)  Acquisition of companies initially consolidated by the proportionate method: Working capital (excluding cash and cash equivalents) Fixed assets, net Investments in affiliates Deferred charges Long-term liabilities Deferred taxes  430 (16,584) (38) (470) 12,548 1,080 (3,034) 73 (2,822) (6) (80) 2,135 184 (516)  (d)  Significant non-cash activities: Sale of activity Conversion of debentures into shares Convertible debentures converted into shares by the Company (*) Purchase of fixed assets and real estate by loans Exercise of stock options into shares  18,611 4,124 5,841 415 54,195 3,777 6,803 9,222 643 1,158 -  (1) *) In 2004, includes sale of activity and assets. See Note 12a.  The accompanying notes are an integral part of the consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of December 31, 2004 and for the year then ended have been translated into Euro using the representative exchange rate as of that date (Euro 1 = NIS 5.8768). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  NOTE 2:CASH AND CASH EQUIVALENTS  December 31, 2003 2004 NIS in thousands  Adjusted 103 8,789 6,280 741 2,882 677 3,650 477 23,599 Reported 814 2,137 27,966 4 297 3,410 692 583 35,903  In NIS In U.S. dollars In Euro In Swiss Francs In Slovakian Corona In Hungarian Forint In Polish Zloty Other (mainly Czech Corona)  NOTE 3:-  TRADE RECEIVABLES Open accounts and accrued income, net Net of allowance for doubtful accounts  1,282 159 1,779 47  - 13 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 4:OTHER ACCOUNTS RECEIVABLE  December 31, 2003 2004 NIS in thousands  Adjusted 11,578 440 3,829 303 1,313 17,463 Reported 527 4,821 962 2,180 1,052 2,045 11,587  Employees (1) Government authorities (2) Deferred taxes Prepaid expenses Subsidiaries and jointly controlled entities Accrued income Other  (1) (2)  The loans are linked to the Israeli CPI and bear annual interest at the rate of 4%. As of December 31, 2004, the balance includes claims for VAT refunds in Polish and Czech companies. As of December 31, 2003, the balance includes a claim of approximately NIS 7.4 million for VAT refund in a Slovakian company and a claim of approximately NIS 2.5 million for purchase tax refund in an Hungarian company which were refunded in 2004.  NOTE 4a:- RECEIVABLE FOR SALE OF A COMPANY The balance includes a receivable in Euro of approximately NIS 44.5 million as a result of realization of investment in a Slovakian company which was sold and deconsolidated and shareholders \' loans of approximately NIS 14.5 million which were given to the Slovakian company which was sold. Subsequent to the balance sheet date and until the date of the approval of the financial statements, an amount of approximately NIS 38 million was received. The balance is forecasted to be received based on the percentage of the lease of the property.  - 14 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 5:LONG-TERM LOANS  December 31, 2003 Linked to  Linked to Euro, interest free Euro+ Eurobor+ 3%-5%  Linked to $+10%  Total  Adjusted NIS in thousands - 16,472 December 31, 2004 Linked to  Linked to CZK+Libor +5% Euro+ Eurobor+ 3%-5%  Loans to jointly controlled entities (1) 12,071 28,543  Linked to $+Libor+ 2.5%-5.5%  Total  Reported NIS in thousands 11,398 16,908  Loans to jointly controlled entities (1)  (1)  21,040 49,346  The loans are without repayment dates, however not before January 1, 2005.  NOTE 6:INVESTMENTS IN AFFILIATES AND OTHER COMPANIES  a.  b.  An amount of NIS 5,794 thousand represents an investment at the rate of 15% in a Slovakian company, an amount of NIS 1,710 thousand represents an investment in a Czech company which was made in the context of a master agreement with Kanaf 2000 Financial Ltd. ( \"Kanaf 2000 \") and an amount of NIS 1,749 thousand represents other investments. Equity in the financial statements items of jointly controlled entities: December 31, 2003 2004 NIS in thousands  Current assets Non-current assets Current liabilities Long-term liabilities  Adjusted 11,152 165,580 49,643 86,205 Reported 72,221 213,738 23,049 221,311  Year ended December 31,  2002  2003 NIS in thousands Adjusted  Revenues Expenses 11,177 11,958 46,031 39,413  2004 Reported 42,096 23,041  - 15 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 7:-  INVENTORIES PROGRESS OF REAL ESTATE AND INVENTORIES OF CONTRACTS IN  December 31, 2003 2004 NIS in thousands  Adjusted 55,003 14,740 40,263 21,294 Reported 89,806 17,340 72,466 31,876  Cost of real estate and buildings under construction Less - costs carried to the statement of operations (1)  Sales agreements entered into during the year Part of accrued amount of sales agreements not yet recognized as revenue until end of reported year Customer advances (2)  (1)  Costs carried to the statement of operations: Subcontractors Land Financing Salary Planning and consulting Other  5,370 1,297 9,166 4,482  8,617 3,046 1,212 443 760 662 14,740 10,357 3,063 1,506 473 815 1,126 17,340  (2) Shown as a deduction from the amount of real estate and buildings under construction.  - 16 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 8:-  FIXED ASSETS a. Composition:  Payments on account of building under construction  Real estate and buildings for rent  Furniture and equipment for rent (1) (2)  Vehicles Total  Reported NIS in thousands (except 2003)  Cost: Balance at January 1, 2004 Additions during the year Foreign currency translation adjustments for autonomous entities Additions for newly consolidated company Disposals during the year Disposals for deconsolidation Balance at December 31, 2004 Accumulated depreciation: Balance at January 1, 2004 Additions during the year Foreign currency translation adjustments for autonomous entities Additions for newly consolidated company Disposals during the year Disposals for deconsolidation Balance at December 31, 2004 Depreciated cost at December 31, 2004 Depreciated cost at December 31, 2003 (adjusted NIS in thousands)  (1) (2)  14,674 764 840 16,278 494,285 103,683 27,344 17,423 (169,192) (209,822) 263,721 15,425 333 1,347 606 (13,051) (8) 4,652 694 115 38 (211) 636 525,078 104,895 29,569 18,029 (182,454) (209,830) 285,287  23,425 6,133 2,532 1,119 (16,093) (1,338) 15,778 3,770 224 296 326 (3,608) 1,008 281 96 11 (119) 269 27,476 6,453 2,839 1,445 (19,820) (1,338) 17,055  16,278 247,943 3,644 367 268,232  14,674 470,860 11,655 413 497,602  Including computers and peripheral equipment. Including for internal use.  - 17 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 8:FIXED ASSETS (Cont.)  b.  Cost of fixed assets, including capitalization of accrued expenses, is as follows: December 31, 2003 2004 NIS in thousands Adjusted Reported  Professional consulting and accompaniment of projects Financial expenses Total capitalization of accrued expenses  7,579 4,990 12,569 4,340 4,381 8,721  NOTE 9:-  OTHER ASSETS AND DEFERRED CHARGES Expenses relating to the issuance of convertible debentures and to obtaining loans: Original amount Less - accumulated amortization  Deferred tax  7,919 3,511 4,408 4,456 8,864 12,823 6,760 6,063 1,533 7,596  - 18 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 10:- CREDIT FROM BANKS AND OTHERS  Weighted interest rate %  In or linked to foreign currency  December 31, 2003 Linked to the Israeli CPI Unlinked Adjusted NIS in thousands  Total  In or linked to foreign currency  December 31, 2004 Linked to the Israeli CPI Unlinked Adjusted NIS in thousands  Total  Short-term credit from banks (1) Current maturities of long-term loans and debentures  4.5 185,130 7 185,137 -  29,661 214,791 1,204 1,204 7 30,865 216,002 17,378 17,378 17,378 17,378  (1) Mainly to the Euro and the dollar.  - 19 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 11:- OTHER ACCOUNTS PAYABLE AND TRADE PAYABLES  December 31, 2003 2004 NIS in thousands  Adjusted 7,788 7,078 *) 10,169 967 1,437  *)  349 802 28,590  Reported 10,578 1,656 20,896 7,803 5,523 392 1,905 48,753  Open accounts and notes payable Deferred revenues Government authorities (1) Related parties (2) Accrued expenses Employees Other  (1)  (2)  *)  The balance as of December 31, 2004, includes net liabilities of approximately NIS 19 million for payment of tax to the tax authorities in Slovakia. The balance as of December 31, 2003, includes a provision of NIS 5,372 thousand for a tax settlement with the tax authority. The balance as of December 31, 2004, includes an amount of NIS 7,013 thousand for annual bonus grants to the Company CEO and the co-controlling shareholders in the Company, NIS 737 thousand for annual management fees to the co-controlling shareholders in the Company. Reclassified.  - 20 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 12:- DEBENTURES a. Convertible debentures: 1. Composition:  December 31, 2003 2004 NIS in thousands  Adjusted 10,259 21,535 13,538 45,332 Reported 10,403 18,871 13,641 82,054 124,969  Convertible debentures (series B) Convertible debentures (series E) Convertible debentures (series F) Convertible debentures (series G)  2.  The redemption dates subsequent to the balance sheet date are as follows: December 31, 2004 Reported NIS in thousands  First year Second year Third year Fourth year Fifth year Sixth year  48,923 26,813 16,411 16,411 16,411 124,969  b.  Debentures: Composition:  December 31, 2003 2004 NIS in thousands  Adjusted 1,204 1,204 Reported -  Debentures (series D) Less - current maturities  - 21 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 13:- LONG-TERM LOANS a. Composition:  From banks From others  Weighted interest rate % 4.5 6  Less - current maturities  2003 Total Adjusted 248,699 33,989 282,688 29,661 253,027  December 31, 2004  Linked to dollar Linked to Euro  Total  NIS in thousands Reported  39,642 31,647 71,289 7,072 64,217 93,315 24,519 117,834 10,306 107,528 132,957 56,166 189,123 17,378 171,745  b.  The maturity dates subsequent to the balance sheet date are as follows: December 31, 2004 Reported NIS in thousands  First year (current maturities) Second year Third year Fourth year Fifth year Sixth year  17,378 16,972 11,031 8,286 8,480 126,976 171,745 189,123  c. The subsidiaries liabilities to banks are non-recourse type loans.  NOTE 14:- DEPOSITS FROM TENANTS  December 31,  2003  Linked to SIT Linked to Euro Linked to CZK  Total NIS in thousands  Linked to CZK  Deposits from tenants 720  Adjusted 8,095  3,198 12,013 1,058  2004 Linked to Euro Reported 1,839  Total  2,897  - 22 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 15:- TAXES ON INCOME Taxes on income included in the statements of operations:  Year ended December 31,  2002  2003 NIS in thousands Adjusted  Current taxes Deferred taxes Taxes in respect of previous years (1)  1,951 533 626 3,110 5,253 (2,058) 1,052 4,247  2004 Reported 26,873 690 848 28,411  (1) Mainly in respect of a tax arrangement.  NOTE 16:- SHARE CAPITAL a. Composition of share capital:  2003  December 31, Authorized  2004  December 31, Issued and outstanding 2003  2004  Number of shares  Ordinary shares of NIS 1 par value each Ordinary shares of NIS 0.01 par value each  15,000,000 8,813,539 -  5,000,000,000 9,589,039  b.  The Ordinary shares are traded on the Tel Aviv Stock Exchange. Stock options: Stock options issued by the Company are as follows:  December 31, 2003 2004 Number of options 278,500 124,000 53,700  2,662,500 250,000 3,368,700  Stock options (series A) Stock options (series B) Stock options (series C) Stock options (series 2) - listed for trade Stock options (series 3) Stock options (series 4) - listed for trade Stock options to the CEO and employees  2,322,500 250,000 800,000 650,000 4,022,500  - 23 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 17:- SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF OPERATIONS ITEMS Year ended December 31,  2002  2003 NIS in thousands Adjusted 2004 Reported  a.  Revenues from lease, sales, construction of buildings and apartments and services : Lease Sale of apartments for dwelling Sale of building and sold companies Services provided  40,236 47,185 873 88,294 40,256 15,924 6,049 891 63,120 39,354 22,710 241,734 1,739 305,537  b.  Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Depreciation and amortization Maintenance and repairs Building of apartments for dwelling Cost of building and sold companies Other expenses  6,340 3,425 34,845 2,922 47,532 7,129 1,955 14,740 (1) (175) 1,367 25,016 7,789 2,012 17,340 162,742 4,007 193,890  c.  General and administrative expenses: Salaries and payroll accruals Maintenance and office expenses Consulting and management expenses Annual bonus grants to related parties (2) Other  2,917 1,266 *) 3,821 *) 843 *) 4,008 12,855  *)  5,068 1,939 4,619 37  *) 2,838 14,501  5,175 1,812 5,319 7,013 3,826 23,145  d.  Financial expenses, net (3): Financial expenses in respect of short-term credit and other, net Financial expenses in respect of debentures and long-term loans, net  736 17,765 18,501 7,597 15,583 23,180 1,710 6,192 7,902  *) (1) (2) (3) Reclassified. Represents a shareholders \' deficiency in sold company. Annual bonus grants to the Company \'s CEO and co-controlling shareholders. Net of capitalized financial expenses.  - 24 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 18:- NET EARNINGS (LOSS) PER NIS 1 PAR VALUE OF SHARES Details pertaining to the number of shares and income (loss) used in the computation of earnings (loss) per share: Year ended December 31,  2002 number of Weighted shares In  thousands  Net income Adjusted NIS in thousands  2003 number of Weighted shares In  thousands  Loss Adjusted NIS in thousands  2004 number of Weighted shares In  thousands  Net income Reported NIS in thousands  Number of shares and net income (loss), according to the statement of operations Effect of convertible securities whose conversion during the year is probable Number of shares and basic net income (loss) Effect of convertible securities whose conversion is not probable Number of shares and diluted net income (loss)  6,176 6,499 5,551 (3,055) 6,625 51,768  662 312 239 2,322 1,709  6,176 7,161 5,863 (2,816) 8,947 53,477  1,481 860 7,008 6,973  7,657 8,021 5,863 (2,816) 15,955 60,450  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\04 \\EC12.DOC  - 25 -   ","null","null","");arrFiles[31]=new Array("about/europe/FinancialReport1205.doc","FinancialReport1205.doc","  B.S.R EUROPE LTD.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2005   INDEX PageAuditors \' Letter2Consolidated Balance Sheets3 - 4Consolidated Statements of Operations5Statements of Changes in Shareholders \' Equity6 - 8Consolidated Statements of Cash Flows 9 - 12Notes to Consolidated Financial Statements13 - 25  - - - - - - -  * Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel * Phone: 972-3-6232525 Fax: 972-3-5622555  B.S.R Europe Ltd.    We have audited, in accordance with generally accepted auditing standards in Israel, the consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") and subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements of operations, changes in shareholders \' equity and cash flows for each of the three years in the period ended December 31, 2005. Based on our audits, in our report dated March 29, 2006, we expressed an unqualified opinion on those statements.    The financial statements as of the dates and for the reported periods subsequent to December 31, 2003, are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The financial statements for the year ended December 31, 2003, are presented in values that were adjusted until that date according to the changes in the general purchasing power of the Israeli currency, in accordance with pronouncements of the Institute of Certified Public Accountants in Israel.    The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user \'s conclusions about the financial position, results of operations and cash flows of the Company and subsidiaries. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.   Tel-Aviv, IsraelKOST FORER GABBAY & KASIERERXXX, 2006A Member of Ernst & Young Global  CONSOLIDATED BALANCE SHEETS  Convenience translation (Note 1)December 31,December 31,200420052005NoteReported NISEuro(In thousands)ASSETSCURRENT ASSETS:Cash and cash equivalents235,903189,20134,738Short-term deposits 1,1811,347247Trade receivables3*)   2,8319,5241,749Other accounts receivable 4*)   9,89012,8202,354Receivable for sale of previously consolidated companies4a59,02633,2766,110Inventories of contracts in progress and buildings under construction7*) 13,99057,86010,623122,821304,02855,821INVENTORIES OF REAL ESTATE7*) 70,602164,97930,291LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans 549,34622,2834,091Long-term deposits 1,6941,693311Long-term receivables9,86113625Investments in affiliates and other companies69,25333,0626,07070,15457,17410,497FIXED ASSETS:8Cost*) 273,806116,87221,458Less - accumulated depreciation17,0555,243963*) 256,751111,62920,495OTHER ASSETS AND DEFERRED CHARGES, NET97,59610,0251,841527,924647,835118,945  *) Reclassified. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED BALANCE SHEETS  Convenience translation (Note 1)December 31,December 31,200420052005NoteReported NISEuro(In thousands) LIABILITIES AND SHAREHOLDERS \' EQUITYCURRENT LIABILITIES:Credit from banks and others1017,37850,5899,288Other accounts payable and trade payables1148,75350,3419,24466,131100,93018,532LONG-TERM LIABILITIES:Convertible debentures - related parties1229,274--Convertible debentures and debentures1295,695182,13333,440Long-term loans13171,745181,76233,372Deposits from tenants 142,89754199Accrued severance pay659417Deferred taxes5,2965,205956304,972369,73567,884MINORITY INTEREST 1,105693127CONTINGENT LIABILITIES, COMMITMENTS AND CHARGESSHAREHOLDERS \' EQUITY16155,716176,47732,402527,924647,835118,945  *) Reclassified. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS  Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2003200420052005N I SEuroNoteAdjustedReported(In thousands, except per share amounts)Revenues from lease, sales, construction of buildings and apartments and services 17a63,120305,537177,77932,642Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services17b25,016193,890121,62322,330Gross profit38,104111,64756,15610,312General and administrative expenses17c14,501  23,14517,8513,278Operating income23,60388,50238,3057,034Financial expenses, net17d23,1807,90217,2413,166Other income-548716Income before taxes on income42380,65421,1513,884Taxes on income154,24728,4111,301239Income (loss) after taxes on income(3,824)52,24319,8503,645Minority interest in losses (earnings) of subsidiaries, net769(475)23042Net income (loss) (3,055)51,76820,0803,687Net earnings (loss) per NIS 1 par value of Ordinary shares:18Basic net earnings (loss)(48)59817833Diluted net earnings (loss)(48)37816230  The accompanying notes are an integral part of the consolidated financial statements. STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign  currency translation adjustments for autonomous entitiesDeficitLess - shares held by the Company and by subsidiaryLess - loans to employees  and former employees  for acquisition of Company shares (3)TotalAdjusted NIS(In thousands)Balance at January 1, 200322,640105,5952,86775813,498(5,610)(41,121)(3,817)94,810Exercise of stock options into shares (1)33532(150)-----415Repurchase of shares (1)------(9,803)-(9,803)Private placement of stock options (6)--375-----375Foreign currency translation adjustments for autonomous entities (5)----7,027---7,027Interest accrued on loans to employees-150-----(150)-Loss-----(3,055)--(3,055)Balance at December 31, 200322,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769  (1) See Notes 12 and 16.  (2) Net of issuance expenses. (3) Including interest accrued on loans to employees.  (4) Net of stock options held by subsidiary.  (5) Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. (6) See Note 16b.  The accompanying notes are an integral part of the consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign  currency translation adjustments for autonomous entitiesRetained earnings (deficit)Less - shares held by the Company and by subsidiaryLess - loans to employees  and former employees  for acquisition of Company shares (3)TotalReported NIS(In thousands)Balance at January 1, 200422,673106,2773,09275820,525(8,665)(50,924)(3,967)89,769Exercise of stock options into shares (1)7439,329(2,066)---1,147-9,153Conversion of convertible debentures (1)-400----3,377-3,777Foreign currency translation adjustments for autonomous entities (5)----18,601---18,601Public issuance of stock options (6)--2,224-----2,224Sale of Company shares held by the Company and by subsidiary-2,366----358-2,724Interest accrued on loans to employees-27-----(27)-Abandonment of loans to employees for acquisition of Company shares -(3,994)-----3,994-Dividend paid-----(22,300)--(22,300)Capital split and reduction (7)(23,182)23,182-------Net income-----51,768--51,768Balance at December 31, 2004234137,5873,25075839,12620,803(46,042)-155,716  (1) See Notes 12 and 16.  (2) Net of issuance expenses. (3) Including interest accrued on loans to employees.  (4) Net of stock options held by subsidiary.  (5) Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. (6) See Note 16b. (7) See Note 16a. The accompanying notes are an integral part of the consolidated financial statements.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY Share capitalShare premiumReceipts  on account of stock optionsCapital surplusForeign  currency translation adjustments for autonomous entitiesRetained earnings Less - shares held by the Company and by subsidiaryTotalReported NIS(In thousands)Balance at January 1, 2005234137,5873,25075839,12620,803(46,042)155,716Exercise of stock options into shares (1)75,581(499)---1,0196,108Conversion of convertible debentures (2)-(6,694)----37,25030,556Foreign currency translation adjustments for autonomous entities ------(665)(665)Repurchase of shares----(18,718)--(18,718)Dividend paid-----(16,600)-(16,600)Net income-----20,080-20,080Balance at December 31, 2005241136,4742,75175820,40824,283(8,438)176,477  Convenience translation into Euro (Note 1)(In thousands)Balance at January 1, 20054325,2615971397,1843,819(8,452)28,591Exercise of stock options into shares (1)11,025(92)---1871,121Conversion of convertible debentures (2)-(1,229)----6,8395,610Foreign currency translation adjustments for autonomous entities ------(122)(122)Repurchase of shares----(3,437)--(3,437)Dividend paid-----(3,048)-(3,048)Net income-----3,687-3,687Balance at December 31, 20054425,0575051393,7474,458(1,548)32,402  (1) See Note 16. (2) See Note 12. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2003200420052005N I SEuroAdjustedReported(In thousands) Cash flows from operating activities:Net income (loss) (3,055)51,76820,0803,687Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (a)(245)(44,699)(9,909)(1,819)Net cash provided by (used in) operating activities(3,300)7,06910,1711,868Cash flows from investing activities:Proceeds from realization of investment in deconsolidated companies (b)14,78742,21040,5167,439Payment of tax in respect of investment realized previous year--(15,580)(2,861)Acquisition of companies initially included by the proportionate and full consolidation method (c)-(3,034)(28,690)(5,268)Full consolidation of company previously included by the proportionate method and sale of property (d)--23,9694,401Collection of debt in respect of realization of investment in subsidiary 5,641-58,55210,750Loans granted and investment in long-term deposits(18,699)(20,721)(18,120)(3,327)Collection of loans and withdrawal of long-term deposits33,66511,07451,1629,394Investment in affiliates-(4,986)(15,243)(2,799)Investment in fixed assets and property(129,315)(136,918)(76,081)(13,969)Proceeds from sale of fixed assets-877313Withdrawal of (deposit in) short-term deposits, net(16,640)31,641(218)(40)Net cash provided by (used in) investing activities(110,561)(80,647)20,3403,733  The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2003200420052005N I SEuroAdjustedReported(In thousands) Cash flows from financing activities:Issuance of stock options into convertible debentures-1,325--Issuance of stock options into shares, net3752,224--Repurchase of shares(9,803)-(665)(122)Exercise of stock options into shares-9,5686,1081,121Conversion of stock options into convertible debentures and their sale by subsidiary, net-27,078--Dividend paid-(22,300)(16,600)(3,048)Redemption of debentures to related parties(1,205)(1,257)--Issuance of debentures and convertible debentures (net of issuance expenses)12,63352,04494,66117,380Receipt of long-term loans and other liabilities70,56688,510114,54521,031Repayment of long-term loans and other liabilities (84,232)(39,845)(73,450)(13,486)Receipt of advances from tenants, net2,1332,96711120Sale of Company shares held by the Company and by subsidiary, net-2,724--Short-term credit from banks and other, net128,238(39,081)--Net cash provided by financing activities118,70583,957124,71022,896Effect of exchange rate differences from cash balances of autonomous entities6881,925(1,923)(353)Increase in cash and cash equivalents5,53212,304153,29828,144Cash and cash equivalents at beginning of year18,06723,59935,9036,594Cash and cash equivalents at end of year23,59935,903189,20134,738  The accompanying notes are an integral part of the consolidated financial statements.  CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2003200420052005N I SEuroAdjustedReported(In thousands) (a)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:Income and expenses not involving cash flows:Minority interest in earnings (losses) of subsidiaries, net(769)475(230)(42)Depreciation and amortization7,923*)  11,5375,9351,090Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus(5,690)(77,878)(25,241)(4,634)Capital gain from sale of fixed assets, net-(11)(10)(2)Increase (decrease) in accrued severance pay(96)19295Revaluation (erosion) of loans granted and short-term deposits2,601(4,890)(1,495)(274)Accrued interest and revaluation (erosion) of debentures and long-term loans, net876(5,092)10,8101,985Deferred taxes, net(2,058)6906371172,787(75,150)(9,565)(1,755)Changes in asset and liability items:Decrease (increase) in trade receivables (including long-term)1,397(6,361)(6,599)(1,212)Increase in other accounts receivable(11,283)(3,085)(5,318)(976)Decrease (increase) in inventories of contracts in progress and buildings under construction -*) (3,338)9,8431,807Increase in other accounts payable and trade payables6,85443,2351,730317(3,032)30,451(344)(64)(245)(44,699)(9,909)(1,819)  *) Reclassified. The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS  Conveniencetranslation(Note 1)Year ended December 31,Year ended December 31,2003200420052005N I SEuroAdjustedReported(In thousands)(b)Proceeds from realization of investment in deconsolidated companies (1):Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents)(3,001)(10,616)1,676308Fixed assets, net (net of payables for fixed assets)12,186370,598137,89325,318Long-term liabilities(1,173)(322,551)(75,492)(13,861)Long-term loans granted-(13,357)(18,360)(3,371)Minority interest424(981)--Investment in affiliate-(5,493)--Deposits from tenants--(2,302)(423)Deferred taxes-(880)(554)(102)Receivables for realization of investments in subsidiaries-(54,195)(21,336)(3,917)Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net6,35179,68518,9913,48714,78742,21040,5167,439(c)Acquisition of companies initially included by the proportionate and full consolidation method:Working capital (excluding cash and cash equivalents)-4303,836704Fixed assets, net -(16,584)(82,289)(15,109)Long-term loans--1,425262Investments in affiliates-(38)--Deferred charges-(470)--Long-term liabilities-12,54847,9758,808Deferred taxes-1,08036367-(3,034)(28,690)(5,268)(d)Full consolidation of companies previously included by the proportionate method and sale of property:Working capital (excluding cash and cash equivalents)--17,8423,276Investments in affiliate--(9,551)(1,754)Property and fixed assets --5,402992Long-term liabilities--6,6861,228Capital gain--3,590659--23,9694,401(e)Significant non-cash activities: Sale of activity-54,195--Conversion of debentures into shares-3,77730,5565,610Purchase of fixed assets and real estate by loans5,8416,80319,1103,509Exercise of stock options into shares 415--- (1) In 2004, includes sale of activity and assets. The accompanying notes are an integral part of the consolidated financial statements.  NOTE 1:- CONVENIENCE TRANSLATION INTO EURO The financial statements as of December 31, 2005 and for the year then ended have been translated into Euro using the representative exchange rate as of that date (€ 1 = NIS 5.4465). The translation was made solely for the convenience of the reader.  The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements. NOTE 2:- CASH AND CASH EQUIVALENTS December 31,20042005Reported NIS in thousandsIn Euro27,966154,263In NIS81414,320In U.S. dollars2,1379,107In Hungarian Forint3,410680In Polish Zloty6928,143Other (mainly Czech Corona)8842,68835,903189,201  NOTE 3:- TRADE RECEIVABLES  Open accounts and accrued income, net2,8319,524Net of allowance for doubtful accounts47-  NOTE 4:- OTHER ACCOUNTS RECEIVABLE Employees (1)527178Government authorities (2)4,8217,644Deferred taxes962574Prepaid expenses*) 1,5351,099Subsidiaries and jointly controlled entities--Other2,0453,325*) 9,89012,820  *) Reclassified. (1) The loans are linked to the Israeli CPI and bear annual interest at the rate of 4%. (2) As of December 31, 2005, the balance includes claims for VAT refunds in a Latvian, Czech and Polish companies (as of December 31, 2004, the balance includes claims for VAT refunds in Czech and Polish companies).   NOTE 4a:- RECEIVABLE FOR SALE OF PREVIOUSLY CONSOLIDATED COMPANIES  As of December 31, 2005, the balance includes a receivable in Euro of approximately NIS 12 million as a result of realization of investment in a Slovakian company (Agemo) which was sold in 2004 and deconsolidated and a receivable of approximately NIS 21 million as a result of realization of investment in an Hungarian company which was sold on December 29, 2005 and deconsolidated. The payment was received during February 2006. As of December 31, 2004, the balance includes a receivable in Euro of approximately NIS 44.5 million as a result of realization of investment in a Slovakian company which was sold and deconsolidated and shareholders \' loans of approximately NIS 14.5 million which were given to the Slovakian company which was sold. During 2005, an amount of approximately NIS 58.5 million was received and all such shareholders \' loans were repaid.  NOTE 5:- LONG-TERM LOANS  December 31, 2004Linked to  dollar + Freebor+ 2.5%-5.5%Linked to CZK+ Freebor+ 5%Linked to Euro+ Eurobor+ 3%-5%TotalReported NIS in thousandsLoans to jointly controlled entities (1)21,04011,39816,90849,346 December 31, 2005Linked to  dollar + Libor+ 2.5%-5.5%Linked to Euro+ Eurobor+ 3%-5%TotalReported NIS in thousandsLoans to jointly controlled entities (1)8,38813,89522,283 (1) The loans are without repayment dates, however not before January 1, 2007.  NOTE 6:- INVESTMENTS IN AFFILIATES AND OTHER COMPANIES  a. An amount of NIS 5.8 million represents an investment at the rate of 15% in a Slovakian company, an amount of NIS 1.6 million represents an investment in a Czech company which was made in the context of a master agreement with Kanaf 2000 Financial Ltd. ( \"Kanaf 2000 \"), an amount of NIS 12.1 million represents an investment at the rate of 46.67% in a Cypriote company and an amount of NIS 13.5 million represents an investment in a Hungarian company. b. Equity in the financial statements items of jointly controlled entities: December 31,20042005Reported NIS in thousandsCurrent assets72,221166,923Non-current assets213,73842,751Current liabilities23,04962,248Long-term liabilities 221,311108,239 Year ended December 31, 200320042005NIS in thousandsAdjustedReportedRevenues46,03142,096117,032Expenses39,41323,041103,263 NOTE 7:- INVENTORIES OF REAL ESTATE AND INVENTORIES OF CONTRACTS IN PROGRESS AND BUILDINGS UNDER CONSTRUCTION  December 31,20042005Reported NIS in thousandsCost of real estate and buildings under construction*) 101,932280,526Less - costs carried to the statement of operations (1)17,34057,687*)  84,592222,839Sales agreements entered into during the year31,876139,552Part of accrued amount of sales agreements not yet recognized as revenue until end of reported year9,16670,867Customer advances (2)4,48210,094 (1) Costs carried to the statement of operations: Subcontractors 10,35737,108Land3,0639,806Financing1,5064,372Salary4732,307Planning and consulting8152,684Other1,1261,41017,34057,687 (2) Shown as a deduction from the amount of real estate and buildings under construction and as deferred revenues in payables.  *) Reclassified.  NOTE 8:- FIXED ASSETS a. Composition: Real estate and buildings  for rentFurniture and equipment for rent (1) (2)VehiclesTotalReported NIS in thousands Cost:Balance at January 1, 2005268,5184,652636*) 273,806Additions during the year14,20154213514,878Foreign currency translation adjustments for autonomous entities (14,295)(168)(21)(14,484)Additions for newly consolidated company12,491653-13,144Disposals during the year(60)(42)(189)(291)Disposals for deconsolidation(170,069)(112)-(170,181)Balance at December 31, 2005110,7865,525561116,872Accumulated depreciation:Balance at January 1, 200515,7781,00826917,055Additions during the year3,5193571424,018Foreign currency translation adjustments for autonomous entities (1,114)(72)(16)(1,202)Additions for newly consolidated company501192-693Disposals during the year(60)(23)(113)(196)Disposals for deconsolidation(15,065)(60)-(15,125)Balance at December 31, 20053,5591,4022825,243Depreciated cost at December 31, 2005107,2274,123279111,629Depreciated cost at December 31, 2004 252,7403,644367256,751  *) Reclassified. (1) Including computers and peripheral equipment. (2) Including for internal use. b. Cost of fixed assets, including capitalization of accrued expenses, is as follows: December 31,20042005Reported NIS in thousandsProfessional consulting and accompaniment of projects2,7982,368Financial expenses2,1122,512Total capitalization of accrued expenses 4,9104,880  NOTE 9:- OTHER ASSETS AND DEFERRED CHARGES  December 31,20042005Reported NIS in thousandsExpenses relating to the issuance of convertible debentures and to obtaining loans: Original amount12,82318,798Less - accumulated amortization6,76010,0436,0638,755Deferred tax1,5331,2707,59610,025  NOTE 10:- CREDIT FROM BANKS AND OTHERS December 31, 2004December 31, 2005In orIn orlinked to Linked tolinked to Linked toforeignthe Israeliforeignthe IsraelicurrencyCPIUnlinkedTotalcurrencyCPIUnlinkedTotalReported NIS in thousandsCurrent maturities of long-term loans 17,378  --17,37831,260--31,260Current maturities of debentures----17,8491,480-19,32917,378--17,37849,1091,480-50,589   NOTE 11:- OTHER ACCOUNTS PAYABLE AND TRADE PAYABLES  December 31,20042005Reported NIS in thousandsOpen accounts and notes payable (1)10,57821,552Deferred revenues (2)1,6569,844Government authorities (3)20,8962,357Related parties (4)7,8032,636Accrued expenses5,52311,465Employees392873Other1,9051,61448,75350,341 (1) Mainly open balances with contractors in residential complexes in Poland, Riga and Czech. The debts are financed by working capital and/or loans from banks. (2) The balance as of December 31, 2005 includes an amount of approximately NIS 8.7 million in respect of advances from buyers of residential complexes in Poland and Latvia which are not considered as sales and yet not recognized as revenues. (3) The balance as of December 31, 2004, includes net liabilities of approximately NIS 19 million for payment of tax to the tax authorities in Slovakia which was settled in 2005.  (4) The balance as of December 31, 2005, includes an amount of NIS 1,531 thousand for annual bonus grants to the CEO of the Company and B.S.R. engineering and NIS 1,105 thousand for annual management fees to B.S.R. Engineering. The balance as of December 31, 2004 was repaid during 2005.  NOTE 12:- DEBENTURES  a. Convertible debentures:  December 31,20042005Reported NIS in thousandsConvertible debentures (series E)18,871-Convertible debentures (series B)10,40310,736Convertible debentures (series F)13,6411,480Convertible debentures (series G)82,05489,246124,969101,462Less - current maturities-19,329124,96982,133 b. Debentures:  December 31,20042005Reported NIS in thousandsConvertible debentures (series H)-100,000 c. The redemption dates of debentures and convertible debentures subsequent to the balance sheet date are as follows: December 31, 2005Reported NIS in thousandsFirst year (current maturities)19,329Second year28,585Third year37,849Fourth year37,849Fifth year37,849Sixth year and thereafter40,000201,462  NOTE 13:- LONG-TERM LOANS a. Composition: December 31,Weighted20042005interest rateTotalDollarEuroPolish  ZlotyCzech CoronaHungarian ForintTotal%Reported NIS in thousandsFrom banks5 - 5.5132,95711,101104,61826,56216,26527,306185,852From others656,1664,21320,8987301,329-27,170189,12315,314125,51627,29217,59427,306213,022Less - current maturities 17,37882025,888 2,925 1,627 -31,260171,74514,49499,62824,36715,96727,306181,762 b. The maturity dates subsequent to the balance sheet date are as follows: December 31, 2005Reported NIS in thousandsFirst year (current maturities)31,260Second year56,977Third year38,607Fourth year16,265Fifth year8,000Sixth year and thereafter61,913181,762213,022 c. The subsidiaries liabilities to banks are non-recourse type loans.   NOTE 14:- DEPOSITS FROM TENANTS December 31, 20042005Czech CoronaEuroTotalPolish  ZlotyEuroTotalReported NIS in thousandsDeposits from tenants 1,0581,8392,897131410541  NOTE 15:- TAXES ON INCOME Taxes on income included in the statements of operations:  Year ended December 31, 200320042005NIS in thousandsAdjustedReportedCurrent taxes5,25326,8732,226Deferred taxes(2,058)690637Taxes in respect of previous years 1,052848(1,562)4,24728,4111,301  NOTE 16:- SHARE CAPITAL a. Composition of share capital:  December 31, December 31, 2004200520042005AuthorizedIssued and outstandingNumber of sharesOrdinary shares of NIS 0.01 par value each5,000,000,000 5,000,000,000 9,589,03911,088,371 The Ordinary shares are traded on the Tel Aviv Stock Exchange. b. Stock options:  Stock options issued by the Company are as follows:  December 31,20042005Number of optionsStock options (series 2) - listed for trade2,322,5001,576,914Stock options (series 3)250,000176,025Stock options (series 4) - listed for trade800,000800,000Stock options 11/04650,000250,000Stock options to employees 11/05-265,0004,022,5003,067,939 NOTE 17:- SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF OPERATIONS ITEMS  Year ended December 31, 200320042005NIS in thousandsAdjustedReporteda.Revenues from lease, sales, construction of buildings and apartments and services:Lease40,25639,35425,201Sale of apartments for dwelling15,92422,71068,685Sale of building and sold companies6,049241,73482,260Services provided8911,7391,63363,120305,537177,779b.Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and servicesDepreciation and amortization7,1297,7895,147Maintenance and repairs1,9552,0122,179Building of apartments for dwelling14,74017,34057,687Cost of building and sold companies(175)162,74253,724Other expenses1,3674,0072,886 25,016193,890121,623c.General and administrative expenses: Salaries and payroll accruals5,0685,1755,485Maintenance and office expenses1,9391,8122,256Consulting and management expenses4,6195,3195,812Annual bonus grants to related parties (1)*)  377,0131,531Other*) 2,8383,8262,76714,50123,14517,851d.Financial expenses, net (2):Financial expenses in respect of short-term credit and other, net7,5971,7102,629Financial expenses in respect of debentures, convertible debentures and long-term loans, net15,5836,19214,61223,1807,90217,241  *) Reclassified. (1) Annual bonus grants to the Company \'s CEO and controlling shareholders. (2) Net of capitalized financial expenses.   NOTE 18:- NET EARNINGS (LOSS) PER NIS 1 PAR VALUE OF SHARES Details pertaining to the number of shares and income (loss) used in the computation of earnings (loss) per share:  Year ended December 31, 200320042005Weighted number of sharesLossWeighted number of sharesNet  incomeWeighted number of sharesNet  incomeIn thousandsAdjusted NIS in thousandsIn thousandsReported NIS in thousandsIn thousandsReported NIS in thousandsNumber of shares and net income (loss), according to the statement of operations5,551(3,055)6,62551,76810,35220,080Effect of convertible securities whose conversion during the year is probable3122392,3221,7091,5771,159Number of shares and basic net income (loss)5,863(2,816)8,94753,47711,92921,239Effect of convertible securities whose conversion is not probable and whose effect is dilutive--7,0086,9731,248151Number of shares and diluted net income (loss)5,863(2,816)15,95560,45013,17721,390  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\05 \\EC12-short.DOC  1   1 -  2  -  B.S.R EUROPE LTD. B.S.R EUROPE LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  ","null","null","");arrFiles[32]=new Array("about/europe/FinancialReport1205.pdf","Microsoft Word - FinancialReport1205.doc","B.S.R EUROPE LTD.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  AS OF DECEMBER 31, 2005  INDEX  Auditors \' Letter Consolidated Balance Sheets Consolidated Statements of Operations Statements of Changes in Shareholders \' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements  Page 2 3 - 4 5 6 - 8 9 - 12 13 - 25  - - - - - - -   Kost Forer Gabbay & Kasierer 3 Aminadav St. Tel-Aviv 67067, Israel Phone: 972-3-6232525 Fax: 972-3-5622555  B.S.R Europe Ltd.  We have audited, in accordance with generally accepted auditing standards in Israel, the consolidated balance sheets of B.S.R Europe Ltd. ( \"the Company \") and subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements of operations, changes in shareholders \' equity and cash flows for each of the three years in the period ended December 31, 2005. Based on our audits, in our report dated March 29, 2006, we expressed an unqualified opinion on those statements.  The financial statements as of the dates and for the reported periods subsequent to December 31, 2003, are presented in reported amounts, in conformity with Accounting Standards of the Israel Accounting Standards Board. The financial statements for the year ended December 31, 2003, are presented in values that were adjusted until that date according to the changes in the general purchasing power of the Israeli currency, in accordance with pronouncements of the Institute of Certified Public Accountants in Israel.  The accompanying financial statements are condensed financial statements and do not include disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user \'s conclusions about the financial position, results of operations and cash flows of the Company and subsidiaries. Accordingly, the accompanying financial statements are not designed for those who are not informed about such matters.  Tel-Aviv, Israel XXX, 2006 KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global  - 2 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2004 2005 Reported NIS (In thousands)  Note  Convenience translation (Note 1) December 31, 2005 Euro  ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade receivables Other accounts receivable Receivable for sale of previously consolidated companies Inventories of contracts in progress and buildings under construction  2 3 4 4a 7  *) *)  *)  INVENTORIES OF REAL ESTATE LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES: Long-term loans Long-term deposits Long-term receivables Investments in affiliates and other companies  7 *)  35,903 1,181 2,831 9,890 59,026 13,990 122,821 70,602 189,201 1,347 9,524 12,820 33,276 57,860 304,028 164,979 34,738 247 1,749 2,354 6,110 10,623 55,821 30,291  5  6  49,346 1,694 9,861 9,253 70,154 22,283 1,693 136 33,062 57,174 4,091 311 25 6,070 10,497  FIXED ASSETS: Cost Less - accumulated depreciation 8  *) 273,806 17,055 *) 256,751 116,872 5,243 111,629 21,458 963 20,495  OTHER ASSETS AND DEFERRED CHARGES, NET  9  7,596 527,924 10,025 647,835 1,841 118,945  *) Reclassified.  The accompanying notes are an integral part of the consolidated financial statements.  - 3 -   B.S.R EUROPE LTD.  CONSOLIDATED BALANCE SHEETS  December 31, 2004 2005 Reported NIS (In thousands)  Note  Convenience translation (Note 1) December 31, 2005 Euro  LIABILITIES AND SHAREHOLDERS \' EQUITY CURRENT LIABILITIES: Credit from banks and others Other accounts payable and trade payables  10 11  17,378 48,753 66,131 50,589 50,341 100,930 9,288 9,244 18,532  LONG-TERM LIABILITIES: Convertible debentures - related parties Convertible debentures and debentures Long-term loans Deposits from tenants Accrued severance pay Deferred taxes  12 12 13 14  MINORITY INTEREST CONTINGENT LIABILITIES, COMMITMENTS AND CHARGES SHAREHOLDERS \' EQUITY  29,274 95,695 171,745 2,897 65 5,296 304,972 1,105 182,133 181,762 541 94 5,205 369,735 693 33,440 33,372 99 17 956 67,884 127  16  155,716 527,924 176,477 647,835 32,402 118,945  *) Reclassified.  The accompanying notes are an integral part of the consolidated financial statements.  - 4 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF OPERATIONS  Note  2003 Adjusted  Year ended December 31, 2004 N I S Reported  2005  Convenience translation (Note 1) Year ended December 31, 2005 Euro  (In thousands, except per share amounts)  Revenues from lease, sales, construction of buildings and apartments and services Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Gross profit General and administrative expenses Operating income Financial expenses, net Other income Income before taxes on income Taxes on income Income (loss) after taxes on income Minority interest in losses (earnings) of subsidiaries, net Net income (loss) Net earnings (loss) per NIS 1 par value of Ordinary shares: Basic net earnings (loss) Diluted net earnings (loss)  17a 63,120 305,537 177,779 32,642  17b  17c  17d  15  25,016 38,104 14,501 23,603 23,180 423 4,247 (3,824) 769 (3,055) 193,890 111,647 23,145 88,502 7,902 54 80,654 28,411 52,243 (475) 51,768 121,623 56,156 17,851 38,305 17,241 87 21,151 1,301 19,850 230 20,080 22,330 10,312 3,278 7,034 3,166 16 3,884 239 3,645 42 3,687  18  (48) (48) 598 378 178 162 33 30  The accompanying notes are an integral part of the consolidated financial statements.  - 5 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at January 1, 2003 Exercise of stock options into shares (1) Repurchase of shares (1) Private placement of stock options (6) Foreign currency translation adjustments for autonomous entities (5) Interest accrued on loans to employees Loss Balance at December 31, 2003 22,640 33 22,673 105,595 532 150 106,277 2,867 (150) 375 3,092 758 758  Foreign currency translation adjustments for autonomous entities Adjusted NIS (In thousands) 13,498 7,027 20,525  Deficit  Less - shares held by the Company and by subsidiary  Less - loans to employees and former employees for acquisition of Company shares (3)  Total  (5,610) (3,055) (8,665) (41,121) (9,803) (50,924) (3,817) (150) (3,967) 94,810 415 (9,803) 375 7,027 (3,055) 89,769  (1) (2) (3) (4) (5) (6) See Notes 12 and 16. Net of issuance expenses. Including interest accrued on loans to employees. Net of stock options held by subsidiary. Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. See Note 16b.  The accompanying notes are an integral part of the consolidated financial statements.  - 6 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at January 1, 2004 Exercise of stock options into shares (1) Conversion of convertible debentures (1) Foreign currency translation adjustments for autonomous entities (5) Public issuance of stock options (6) Sale of Company shares held by the Company and by subsidiary Interest accrued on loans to employees Abandonment of loans to employees for acquisition of Company shares Dividend paid Capital split and reduction (7) Net income Balance at December 31, 2004 22,673 743 (23,182) 234 106,277 9,329 400 2,366 27 (3,994) 23,182 137,587 3,092 (2,066) 2,224 3,250 758 758  Foreign currency translation adjustments for autonomous entities Reported NIS (In thousands) 20,525 18,601 39,126  Retained earnings (deficit)  Less - shares held by the Company and by subsidiary  Less - loans to employees and former employees for acquisition of Company shares (3)  Total  (8,665) (22,300) 51,768 20,803 (50,924) 1,147 3,377 358 (46,042) (3,967) (27) 3,994 89,769 9,153 3,777 18,601 2,224 2,724 (22,300) 51,768 155,716  (1) (2) (3) (4) (5) (6) (7) See Notes 12 and 16. Net of issuance expenses. Including interest accrued on loans to employees. Net of stock options held by subsidiary. Including recognition of capital surplus as a result of sale of investment or repayment of long-term loan granted to investee. See Note 16b. See Note 16a.  The accompanying notes are an integral part of the consolidated financial statements.  - 7 -   B.S.R EUROPE LTD.  STATEMENTS OF CHANGES IN SHAREHOLDERS \' EQUITY  Share capital Share premium  Receipts on account of stock options  Capital surplus  Balance at January 1, 2005 Exercise of stock options into shares (1) Conversion of convertible debentures (2) Foreign currency translation adjustments for autonomous entities Repurchase of shares Dividend paid Net income Balance at December 31, 2005 234 7 241 137,587 5,581 (6,694) 136,474 3,250 (499) 2,751 758 758  Foreign currency translation adjustments for autonomous entities Reported NIS (In thousands) 39,126 (18,718) 20,408  Retained earnings  Less - shares held by the Company and by subsidiary  Total  20,803 (16,600) 20,080 24,283 (46,042) 1,019 37,250 (665) (8,438) 155,716 6,108 30,556 (665) (18,718) (16,600) 20,080 176,477  Convenience translation into Euro (Note 1) (In thousands)  139 139 7,184 (3,437) 3,747 3,819 (3,048) 3,687 4,458 Balance at January 1, 2005 Exercise of stock options into shares (1) Conversion of convertible debentures (2) Foreign currency translation adjustments for autonomous entities Repurchase of shares Dividend paid Net income Balance at December 31, 2005 43 1 44 25,261 1,025 (1,229) 25,057 597 (92) 505 (8,452) 187 6,839 (122) (1,548) 28,591 1,121 5,610 (122) (3,437) (3,048) 3,687 32,402  (1) (2) See Note 16. See Note 12.  The accompanying notes are an integral part of the consolidated financial statements.  - 8 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2003 Adjusted  Year ended December 31, 2004 N I S Reported  2005  Convenience translation (Note 1) Year ended December 31, 2005 Euro  (In thousands)  Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (a) Net cash provided by (used in) operating activities Cash flows from investing activities: Proceeds from realization of investment in deconsolidated companies (b) Payment of tax in respect of investment realized previous year Acquisition of companies initially included by the proportionate and full consolidation method (c) Full consolidation of company previously included by the proportionate method and sale of property (d) Collection of debt in respect of realization of investment in subsidiary Loans granted and investment in long-term deposits Collection of loans and withdrawal of long-term deposits Investment in affiliates Investment in fixed assets and property Proceeds from sale of fixed assets Withdrawal of (deposit in) short-term deposits, net Net cash provided by (used in) investing activities  (3,055) (245) (3,300) 51,768 (44,699) 7,069 20,080 (9,909) 10,171 3,687 (1,819) 1,868  14,787 5,641 (18,699) 33,665 (129,315) (16,640) (110,561) 42,210 (3,034) (20,721) 11,074 (4,986) (136,918) 87 31,641 (80,647) 40,516 (15,580) (28,690) 23,969 58,552 (18,120) 51,162 (15,243) (76,081) 73 (218) 20,340 7,439 (2,861) (5,268) 4,401 10,750 (3,327) 9,394 (2,799) (13,969) 13 (40) 3,733  The accompanying notes are an integral part of the consolidated financial statements.  - 9 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2003 Adjusted  Year ended December 31, 2004 N I S Reported  2005  Convenience translation (Note 1) Year ended December 31, 2005 Euro  (In thousands)  Cash flows from financing activities: Issuance of stock options into convertible debentures Issuance of stock options into shares, net Repurchase of shares Exercise of stock options into shares Conversion of stock options into convertible debentures and their sale by subsidiary, net Dividend paid Redemption of debentures to related parties Issuance of debentures and convertible debentures (net of issuance expenses) Receipt of long-term loans and other liabilities Repayment of long-term loans and other liabilities Receipt of advances from tenants, net Sale of Company shares held by the Company and by subsidiary, net Short-term credit from banks and other, net Net cash provided by financing activities Effect of exchange rate differences from cash balances of autonomous entities Increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year  375 (9,803) (1,205) 12,633 70,566 (84,232) 2,133 128,238 118,705 1,325 2,224 9,568 27,078 (22,300) (1,257) 52,044 88,510 (39,845) 2,967 2,724 (39,081) 83,957 (665) 6,108 (16,600) 94,661 114,545 (73,450) 111 124,710 (122) 1,121 (3,048) 17,380 21,031 (13,486) 20 22,896  688 5,532 18,067 23,599 1,925 12,304 23,599 35,903 (1,923) 153,298 35,903 189,201 (353) 28,144 6,594 34,738  The accompanying notes are an integral part of the consolidated financial statements.  - 10 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2003 Adjusted  Year ended December 31, 2004 N I S Reported  2005  Convenience translation (Note 1) Year ended December 31, 2005 Euro  (In thousands)  (a)  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Income and expenses not involving cash flows: Minority interest in earnings (losses) of subsidiaries, net Depreciation and amortization Gain from sale of real estate, deconsolidated subsidiaries and recognition of capital surplus Capital gain from sale of fixed assets, net Increase (decrease) in accrued severance pay Revaluation (erosion) of loans granted and short-term deposits Accrued interest and revaluation (erosion) of debentures and long-term loans, net Deferred taxes, net  (769) 7,923 (5,690) (96) 2,601 876 (2,058) 2,787 475 *) 11,537 (77,878) (11) 19 (4,890) (5,092) 690 (75,150) (230) 5,935 (25,241) (10) 29 (1,495) 10,810 637 (9,565) (42) 1,090 (4,634) (2) 5 (274) 1,985 117 (1,755)  Changes in asset and liability items: Decrease (increase) in trade receivables (including long-term) Increase in other accounts receivable Decrease (increase) in inventories of contracts in progress and buildings under construction Increase in other accounts payable and trade payables  1,397 (11,283) 6,854 (3,032) (245) (6,361) (3,085) *) (3,338) 43,235 30,451 (44,699) (6,599) (5,318) 9,843 1,730 (344) (9,909) (1,212) (976) 1,807 317 (64) (1,819)  *) Reclassified.  The accompanying notes are an integral part of the consolidated financial statements.  - 11 -   B.S.R EUROPE LTD.  CONSOLIDATED STATEMENTS OF CASH FLOWS  2003 Adjusted  Year ended December 31, 2004 N I S Reported  2005  Convenience translation (Note 1) Year ended December 31, 2005 Euro  (In thousands)  (b)  Proceeds from realization of investment in deconsolidated companies (1): Assets and liabilities of the consolidated companies at date of sale: Working capital (excluding cash and cash equivalents) Fixed assets, net (net of payables for fixed assets) Long-term liabilities Long-term loans granted Minority interest Investment in affiliate Deposits from tenants Deferred taxes Receivables for realization of investments in subsidiaries Capital gain from sale of investments in subsidiaries, recognition of capital surplus and sale of activity, net  (3,001) 12,186 (1,173) 424 (10,616) 370,598 (322,551) (13,357) (981) (5,493) (880) (54,195) 1,676 137,893 (75,492) (18,360) (2,302) (554) (21,336) 308 25,318 (13,861) (3,371) (423) (102) (3,917)  6,351 14,787 79,685 42,210 18,991 40,516 3,487 7,439  (c)  Acquisition of companies initially included by the proportionate and full consolidation method: Working capital (excluding cash and cash equivalents) Fixed assets, net Long-term loans Investments in affiliates Deferred charges Long-term liabilities Deferred taxes  430 (16,584) (38) (470) 12,548 1,080 (3,034) 3,836 (82,289) 1,425 47,975 363 (28,690) 704 (15,109) 262 8,808 67 (5,268)  (d)  Full consolidation of companies previously included by the proportionate method and sale of property: Working capital (excluding cash and cash equivalents) Investments in affiliate Property and fixed assets Long-term liabilities Capital gain  17,842 (9,551) 5,402 6,686 3,590 23,969 3,276 (1,754) 992 1,228 659 4,401  (e)  (1)  Significant non-cash activities: Sale of activity Conversion of debentures into shares Purchase of fixed assets and real estate by loans Exercise of stock options into shares In 2004, includes sale of activity and assets.  5,841 415 54,195 3,777 6,803 30,556 19,110 5,610 3,509 -  The accompanying notes are an integral part of the consolidated financial statements.  - 12 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1:-  CONVENIENCE TRANSLATION INTO EURO The financial statements as of December 31, 2005 and for the year then ended have been translated into Euro using the representative exchange rate as of that date ( 1 = NIS 5.4465). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in Euro or convertible into Euro, unless otherwise indicated in these financial statements.  NOTE 2:CASH AND CASH EQUIVALENTS  December 31, 2004 2005 Reported NIS in thousands  27,966 814 2,137 3,410 692 884 35,903 154,263 14,320 9,107 680 8,143 2,688 189,201 In Euro In NIS In U.S. dollars In Hungarian Forint In Polish Zloty Other (mainly Czech Corona)  NOTE 3:-  TRADE RECEIVABLES Open accounts and accrued income, net Net of allowance for doubtful accounts  2,831 47 9,524 -  NOTE 4:-  OTHER ACCOUNTS RECEIVABLE Employees (1) Government authorities (2) Deferred taxes Prepaid expenses Subsidiaries and jointly controlled entities Other  527 4,821 962 *) 1,535 2,045 *) 9,890 178 7,644 574 1,099 3,325 12,820  *) (1) (2)  Reclassified. The loans are linked to the Israeli CPI and bear annual interest at the rate of 4%. As of December 31, 2005, the balance includes claims for VAT refunds in a Latvian, Czech and Polish companies (as of December 31, 2004, the balance includes claims for VAT refunds in Czech and Polish companies). - 13 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 4a:- RECEIVABLE FOR SALE OF PREVIOUSLY CONSOLIDATED COMPANIES As of December 31, 2005, the balance includes a receivable in Euro of approximately NIS 12 million as a result of realization of investment in a Slovakian company (Agemo) which was sold in 2004 and deconsolidated and a receivable of approximately NIS 21 million as a result of realization of investment in an Hungarian company which was sold on December 29, 2005 and deconsolidated. The payment was received during February 2006. As of December 31, 2004, the balance includes a receivable in Euro of approximately NIS 44.5 million as a result of realization of investment in a Slovakian company which was sold and deconsolidated and shareholders \' loans of approximately NIS 14.5 million which were given to the Slovakian company which was sold. During 2005, an amount of approximately NIS 58.5 million was received and all such shareholders \' loans were repaid.  NOTE 5:LONG-TERM LOANS  December 31, 2004  Linked to CZK+ Freebor+ 5% Linked to Euro+ Eurobor+ 3%-5% Linked to dollar + Freebor+ 2.5%-5.5%  Total  Reported NIS in thousands  11,398 Loans to jointly controlled entities (1) 21,040  Linked to dollar + Libor+ 2.5%-5.5%  16,908 December 31, 2005 Linked to Euro+ Eurobor+ 3%-5%  49,346  Total  Reported NIS in thousands 8,388 13,895  Loans to jointly controlled entities (1)  (1)  22,283  The loans are without repayment dates, however not before January 1, 2007.  - 14 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 6:INVESTMENTS IN AFFILIATES AND OTHER COMPANIES  a.  b.  An amount of NIS 5.8 million represents an investment at the rate of 15% in a Slovakian company, an amount of NIS 1.6 million represents an investment in a Czech company which was made in the context of a master agreement with Kanaf 2000 Financial Ltd. ( \"Kanaf 2000 \"), an amount of NIS 12.1 million represents an investment at the rate of 46.67% in a Cypriote company and an amount of NIS 13.5 million represents an investment in a Hungarian company. Equity in the financial statements items of jointly controlled entities: December 31, 2004 2005 Reported NIS in thousands  Current assets Non-current assets Current liabilities Long-term liabilities 72,221 213,738 23,049 221,311 166,923 42,751 62,248 108,239  Year ended December 31,  2003 Adjusted 46,031 39,413  2004 NIS in thousands 2005  Revenues Expenses  Reported  42,096 23,041 117,032 103,263  - 15 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 7:INVENTORIES OF REAL ESTATE AND INVENTORIES OF CONTRACTS IN  PROGRESS AND BUILDINGS UNDER CONSTRUCTION  December 31, 2004 2005 Reported NIS in thousands  *) 101,932 17,340 *) 84,592 31,876 280,526 57,687 222,839 139,552  Cost of real estate and buildings under construction Less - costs carried to the statement of operations (1)  Sales agreements entered into during the year Part of accrued amount of sales agreements not yet recognized as revenue until end of reported year Customer advances (2)  (1)  Costs carried to the statement of operations: Subcontractors Land Financing Salary Planning and consulting Other  9,166 4,482 70,867 10,094  10,357 3,063 1,506 473 815 1,126 17,340 37,108 9,806 4,372 2,307 2,684 1,410 57,687  (2)  *)  Shown as a deduction from the amount of real estate and buildings under construction and as deferred revenues in payables. Reclassified.  - 16 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 8:-  FIXED ASSETS a. Composition:  Real estate and buildings for rent  Furniture and equipment for rent (1) (2)  Vehicles Total  Reported NIS in thousands  Cost: Balance at January 1, 2005 Additions during the year Foreign currency translation adjustments for autonomous entities Additions for newly consolidated company Disposals during the year Disposals for deconsolidation Balance at December 31, 2005 Accumulated depreciation: Balance at January 1, 2005 Additions during the year Foreign currency translation adjustments for autonomous entities Additions for newly consolidated company Disposals during the year Disposals for deconsolidation Balance at December 31, 2005 Depreciated cost at December 31, 2005 Depreciated cost at December 31, 2004  *) (1) (2) Reclassified. Including computers and peripheral equipment. Including for internal use.  268,518 14,201 (14,295) 12,491 (60) (170,069) 110,786 4,652 542 (168) 653 (42) (112) 5,525 636 135 (21) (189) 561 *) 273,806 14,878 (14,484) 13,144 (291) (170,181) 116,872  15,778 3,519 (1,114) 501 (60) (15,065) 3,559 107,227 252,740 1,008 357 (72) 192 (23) (60) 1,402 4,123 3,644 269 142 (16) (113) 282 279 367 17,055 4,018 (1,202) 693 (196) (15,125) 5,243 111,629 256,751  b.  Cost of fixed assets, including capitalization of accrued expenses, is as follows: December 31, 2004 2005 Reported NIS in thousands  Professional consulting and accompaniment of projects Financial expenses Total capitalization of accrued expenses  2,798 2,112 4,910 2,368 2,512 4,880  - 17 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 9:OTHER ASSETS AND DEFERRED CHARGES  December 31, 2004 2005 Reported NIS in thousands  Expenses relating to the issuance of convertible debentures and to obtaining loans: Original amount Less - accumulated amortization  Deferred tax  12,823 6,760 6,063 1,533 7,596 18,798 10,043 8,755 1,270 10,025  - 18 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 10:- CREDIT FROM BANKS AND OTHERS  In or linked to foreign currency  December 31, 2004 Linked to the Israeli CPI Unlinked  Total  In or linked to foreign currency  December 31, 2005 Linked to the Israeli CPI Unlinked  Total  Reported NIS in thousands  17,378 17,378 31,260 17,849 49,109 Current maturities of long-term loans Current maturities of debentures 17,378 17,378 1,480 1,480 31,260 19,329 50,589  - 19 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 11:- OTHER ACCOUNTS PAYABLE AND TRADE PAYABLES  December 31, 2004 2005 Reported NIS in thousands  10,578 1,656 20,896 7,803 5,523 392 1,905 48,753 21,552 9,844 2,357 2,636 11,465 873 1,614 50,341 Open accounts and notes payable (1) Deferred revenues (2) Government authorities (3) Related parties (4) Accrued expenses Employees Other  (1)  (2)  (3)  (4)  Mainly open balances with contractors in residential complexes in Poland, Riga and Czech. The debts are financed by working capital and/or loans from banks. The balance as of December 31, 2005 includes an amount of approximately NIS 8.7 million in respect of advances from buyers of residential complexes in Poland and Latvia which are not considered as sales and yet not recognized as revenues. The balance as of December 31, 2004, includes net liabilities of approximately NIS 19 million for payment of tax to the tax authorities in Slovakia which was settled in 2005. The balance as of December 31, 2005, includes an amount of NIS 1,531 thousand for annual bonus grants to the CEO of the Company and B.S.R. engineering and NIS 1,105 thousand for annual management fees to B.S.R. Engineering. The balance as of December 31, 2004 was repaid during 2005.  - 20 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 12:- DEBENTURES a. Convertible debentures:  December 31, 2004 2005 Reported NIS in thousands  18,871 10,403 13,641 82,054 124,969 124,969 10,736 1,480 89,246 101,462 19,329 82,133  Convertible debentures (series E) Convertible debentures (series B) Convertible debentures (series F) Convertible debentures (series G)  Less - current maturities  b. Debentures:  December 31, 2004 2005 Reported NIS in thousands - 100,000  Convertible debentures (series H)  c.  The redemption dates of debentures and convertible debentures subsequent to the balance sheet date are as follows: December 31, 2005 Reported NIS in thousands  First year (current maturities) Second year Third year Fourth year Fifth year Sixth year and thereafter  19,329 28,585 37,849 37,849 37,849 40,000 201,462  - 21 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 13:- LONG-TERM LOANS a. Composition:  From banks From others  Weighted interest rate % 5 - 5.5 6  2004 Total  Dollar Euro  Less - current maturities  132,957 56,166 189,123 17,378 171,745 11,101 4,213 15,314 820 14,494 104,618 20,898 125,516 25,888 99,628  December 31, 2005 Polish Zloty Reported NIS in thousands 26,562 730 27,292 2,925 24,367  Czech Corona Hungarian Forint  Total  16,265 1,329 17,594 1,627 15,967 27,306 27,306 27,306 185,852 27,170 213,022 31,260 181,762  b.  The maturity dates subsequent to the balance sheet date are as follows: December 31, 2005 Reported NIS in thousands  First year (current maturities) Second year Third year Fourth year Fifth year Sixth year and thereafter  31,260 56,977 38,607 16,265 8,000 61,913 181,762 213,022  c. The subsidiaries liabilities to banks are non-recourse type loans.  - 22 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 14:- DEPOSITS FROM TENANTS  Czech Corona  2004 Euro  December 31, Polish Total Zloty Reported NIS in thousands 2,897 131  2005 Euro  Total  Deposits from tenants 1,058 1,839 410 541  NOTE 15:- TAXES ON INCOME Taxes on income included in the statements of operations:  Year ended December 31,  2003 Adjusted 5,253 (2,058) 1,052 4,247 2004 NIS in thousands Reported 26,873 690 848 28,411  2005  Current taxes Deferred taxes Taxes in respect of previous years  2,226 637 (1,562) 1,301  NOTE 16:- SHARE CAPITAL a. Composition of share capital:  2004  December 31, Authorized  2005  December 31, Issued and outstanding 2004  2005  Number of shares  Ordinary shares of NIS 0.01 par value each  5,000,000,000 5,000,000,000 9,589,039 11,088,371  b.  The Ordinary shares are traded on the Tel Aviv Stock Exchange. Stock options: Stock options issued by the Company are as follows: 2004  December 31, Number of options  2005  2,322,500 250,000 800,000 650,000 4,022,500 1,576,914 176,025 800,000 250,000 265,000 3,067,939 Stock options (series 2) - listed for trade Stock options (series 3) Stock options (series 4) - listed for trade Stock options 11/04 Stock options to employees 11/05  - 23 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 17:- SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF OPERATIONS ITEMS Year ended December 31,  2003 Adjusted 2004 NIS in thousands 2005  Reported  a.  Revenues from lease, sales, construction of buildings and apartments and services: Lease Sale of apartments for dwelling Sale of building and sold companies Services provided  40,256 15,924 6,049 891 63,120 39,354 22,710 241,734 1,739 305,537 25,201 68,685 82,260 1,633 177,779  b.  Cost of maintenance of leased buildings, construction of buildings and apartments and cost of sales and services Depreciation and amortization Maintenance and repairs Building of apartments for dwelling Cost of building and sold companies Other expenses  7,129 1,955 14,740 (175) 1,367 25,016 7,789 2,012 17,340 162,742 4,007 193,890 5,147 2,179 57,687 53,724 2,886 121,623  c.  General and administrative expenses: Salaries and payroll accruals Maintenance and office expenses Consulting and management expenses Annual bonus grants to related parties (1) Other  *)  5,068 1,939 4,619 37  *) 2,838 14,501  5,175 1,812 5,319 7,013 3,826 23,145 5,485 2,256 5,812 1,531 2,767 17,851  d.  Financial expenses, net (2): Financial expenses in respect of short-term credit and other, net Financial expenses in respect of debentures, convertible debentures and long-term loans, net  7,597 1,710 2,629  15,583 23,180 6,192 7,902 14,612 17,241  *) (1) (2) Reclassified. Annual bonus grants to the Company \'s CEO and controlling shareholders. Net of capitalized financial expenses.  - 24 -   B.S.R EUROPE LTD.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  NOTE 18:- NET EARNINGS (LOSS) PER NIS 1 PAR VALUE OF SHARES Details pertaining to the number of shares and income (loss) used in the computation of earnings (loss) per share: Year ended December 31,  2003 number of Weighted shares In  thousands  Loss Adjusted NIS in thousands  2004 number of Weighted shares In  thousands  Net income Reported NIS in thousands  2005 number of Weighted shares In  thousands  Net income Reported NIS in thousands  Number of shares and net income (loss), according to the statement of operations Effect of convertible securities whose conversion during the year is probable Number of shares and basic net income (loss) Effect of convertible securities whose conversion is not probable and whose effect is dilutive Number of shares and diluted net income (loss)  5,551 (3,055) 6,625 51,768 10,352 20,080  312 239 2,322 1,709 1,577 1,159  5,863 (2,816) 8,947 53,477 11,929 21,239  7,008 6,973 1,248 151  5,863 (2,816) 15,955 60,450 13,177 21,390  - - - - - - - - - - - - - - - -  F: \\W2000 \\w2000 \\4745 \\M \\05 \\EC12-short.DOC  - 25 -   ","null","null","");arrFiles[33]=new Array("about/europe/FinancialReports.html","BSR Group | The Group | BSR Europe Ltd. | Financial Reports","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Europe Ltd. / Financial Reports	Financial Reports 2007	September 30, 2007	PDF Format 30/09/2007	June 30, 2007	PDF Format 30/06/2007	March 31, 2007	PDF Format 30/03/2007	Financial Reports 2006	December 31, 2006	PDF Format 31/12/2006	September 30, 2006	PDF Format 30/09/2006	June 30, 2006	PDF Format 30/06/2006	March 31, 2006	PDF Format 31/03/2006	Financial Reports 2005	December 31, 2005	PDF Format 31/12/2005	WORD Format 31/12/2005	September 30, 2005	PDF Format 30/09/2005	WORD Format 30/09/2005	June 30, 2005	PDF Format 30/06/2005	WORD Format 30/06/2005 Financial Reports 2004	December 30, 2004	PDF Format 31/12/2004	WORD Format 31/12/2004	--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[34]=new Array("about/europe/management.html","BSR Group | The Group | BSR Europe Ltd. | Management","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Europe Ltd. / Management	Headquarter in Israel	Headquarter in The Netherlands	Subsidiaries	Kalman SufrinChairman of the board	Nachshon KivityCEO and Director	Benny GoldsteinVice President Engineering	Assaf RazCFO	Guy ShayaVice President business development	Guy MatarassoChief OperatingOfficer	Idan MargolinLegal counsel	--	Amir AzariaSenior Engineer	Yael EdriController	Manou Van MoorselDirector	Doron ShamirDirector	Eduard QuittGeneral Manager of,Slovakia and Czeck Republic	Eduard QuittGeneral Manager of,Slovakia and Czeck Republic	Krassimir NikoltchevGeneral ManagerBulgaria	Yoram KedemGeneral Manager, Latvia	Moshe EytamGeneral Manager, Hungary	Adam PoznerGeneral Manager,Poland	Moshe AgaviGeneral Manager, Romania	--	Kalman Sufrin - Chairman of the Board	Civil Engineer. 1968 \'s graduate of \"Technion Israel Instituteof Technology \"	Founder of the B.S.R Group	Personally manage the B.S.R Group activities through all the years	Over 38 years of experience in development, project management, and planning of various projects (residential, commercial & public) in Israel, Europe and the USA	Received the 1987 \'s Kaplan Prize award for his achievements (a prestigious award for project management presented by the President of the State of Israel)	Nachshon Kivity - CEO and Director	Civil Engineer, 1981 \'s graduate of \"Technion - Israel Institute of Technology \"	Joined the B.S.R. Group in 1981	Personally manage the B.S.R Group activities	Over 25 years of experience in development, construction and of various projects (residential, commercial & public) in Israel, Europe and the USA	Benny Goldstein - Vice President Engineering	Mr. Goldstein (58), Civil Engineer, Joined BSR Europe Ltd. as VP Operations on April 2007.	Prior to his current position, Mr. Goldstein was employed, for over 5 years, as the Caribbean Regional Manager of Ashtrom International.	Mr. Goldstein graduated the Technion (Haifa) in 1974 and since then served as Construction Manager of major residential, commercial & Civil Engineering projects.	Assaf Raz - Chief Financial Officer	Mr. Raz, 36, joined BSR Europe Ltd. as CFO at the beginning of 2004. Prior to his current position, Mr. Raz was a senior manager with Ernst & Young, Israel. Mr. Raz has a degree in Economics and Accounting from the university of Tel Aviv, Israel.	Guy Shaya - Vice President of Business Development	Mr. Shaya, 36, joined BSR Europe Ltd. as its Business Development Manager in July 2002. Prior to his current position, Mr. Shaya practiced law with one of the leading commercial law offices in Israel. Mr. Shaya holds a L.L.B. degree from the university of Bar-Ilan, Ramat-Gan, Israel.	Avi Schwartz - Chief Engineer	Mr. Schwartz, 38, joined BSR Europe Ltd. as Chief Engineer in 2001. Prior to his current position, Mr. Schwartz was the Deputy Manager of the Engineering Dept. of Paz Oil Company, the largest energy company in Israel, for over 6 years. Mr. Schwartz has a second Degree (M.Sc) in Civil Engineering, with specialty in Project Management from the Technion, Haifa, Israel.	Idan Margolin - Legal Counsel	Mr. Margolin, 30, joined BSR Europe Ltd. as Personal assistant to the CEO & Legal Counsel in 2005. Prior to his current position, Mr. Margolin practiced real estate law in one of the leading commercial law offices in Israel. Mr. Margolin holds a LL.B degree and a B.A. in Business Administration with a major in real estate, both from the Interdisciplinary Center (IDC), Herzliya, Israel.	--	Amir Azaria - Senior Engineer	Mr. Azaria (35), Joined BSR Europe Ltd. as operational engineer on February 2006.	Prior to his current position, Mr. Azaria was employed, for several years, as a site engineer and project manger in Tidhar group.	Mr. Azaria has a degree in civil engineer from the Technion - \"Israel Institute	of Technology \" ,Mr. Azaria also holds a master in business and administration.	Yael Edri - Controller	Ms. Edri, 28, joined BSR Europe Ltd as its Controller in 2006. Prior to her current position, Ms. Edri worked for 3 years in KPMG in AABS Department. Ms. Edri has a degree in accounting and economics from the Hebrew University of Jerusalem, Israel.	Guy Matarasso - Chief Operating Officer Mr. Matarasso (32) joined BSR Europe Ltd. as a Projects Manager in March 2006. Prior to his current position, Mr. Matarasso practiced real estate law in one of the leading commercial law offices in Israel. Mr. Matarasso holds a LL.B degree and a B.A. in Business Administration with a major in marketing, both from the Interdisciplinary Center (IDC), Herzliya, Israel.	Manou Van Moorsel - Director	Ms. Van Moorsel, 31, joined Gibor - B.S.R Europe BV as general-manager in 2001. Prior to her current position, Ms. Van Moorsel worked in Adecco as a project coordinator for two years, during which she was in charge of new client acquisition and controlling contracts. Prior to that, Ms. Van Moorsel was assistant to the HR manager of RET for 3 years. Ms Van Moorsel holds a L.L.B degree from the University of Utrecht, The Netherlands.	Yoram Kedem - General Manager, Latvia	Mr. Kedem, 34, joined B.S.R. Group in 2005. He was previously legal counsel for El Al Airlines (since 2001), responsible for Corporate Secretary duties and the entire portfolio of El Al \'s real estate assets in over 20 countries. Mr. Kedem holds an LLB degree from UWCC, England.	Adam Pozner - General Manager, Poland	Mr. Pozner, 56, joined BSR as general manager of the Polish subsidiary in 2001. Prior to his current position, between 1999 and 2001, Mr. Pozner was the founder and vice-president of the Polish subsidiary of Ituran, a global company engaged in theft prevention and personal security. Prior to that he was a general partner and vice-president of Callsec Ltd. for three years. Mr. Pozner holds a civil engineering degree from Ort college, Israel.	Krassimir Nikoltchev- General Manager, Bulgaria	Mr. Nikoltchev, 59, joined BSR Group in 2006 as general manager in Bulgaria, Prior to his current position Mr. Nikoltchev was the manager of a design and consulting company. He was Chief architect of Sofia airport and for about 4 years he is a member of the steering committee of BACEA-Bulgarian Association of Consultants Engineers and Architects. Mr. Nikoltchev has M.Sc. of Architecture from Sofia University (UACEG) and B.Sc. in Economics.	--	Eduard Quitt M.Sc.(Civ.Eng.), General Manger in Czech Republic, in Slovak Republic and a Chief Engineer in Bulgaria	Mr. Quitt (59), joined the B.S.R. Group on the beginning of 2002. He was born in former Czechoslovak Republic, holds a B.Sc. and an M.Sc.degrees in Civil Engineering from Imperial College, University of London in England. Mr. Quitt previously worked for Uri Dori Ltd., one of the largest Israeli contractor and developer, as a Tender & Budget departmental manager. Prior to that he was, for a period of 10 years, a co-owner and a GM of a medium sized contractor \'s company in Haifa, Israel and also worked in various engineering and managering positions in Construction industry in Israel, Iran, England, Nigeria and in the former Czechoslovak Republic.	Moshe Eytam - General Manager, Hungary	Mr. Eytam, 46, joined BSR group in 2005 as general manager in Hungary, Prior to his current position Mr. Eytam was the chief engineer of Plaza Centers for about 4 years and previous own his management company for over 5 years. Mr. Eytam has B.Sc. In Civil Engineering, with specialty in Project Management from the Technion, Haifa, Israel and an MBA degree from Edinburgh Business School, Heriot Watt University.	Moshe Agavi - General Manager, Romania	Mr. Agavi, 49, joined BSR group in 2006 as general manager in Romania, Prior to his current position Mr. Agavi was the Deputy CEO of Mercantile Discount Bank and member of the management committee of the bank for over 11 years. Mr. Agavi holds an L.L.B degree from Tel Aviv University, Israel.	--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[35]=new Array("about/europe/PrintManagement.html","BSR Group | About the Group | BSR Europe Ltd. | Management | Print Format","The Group	BSR Europe Ltd. / Management	Print	Kalman Sufrin - Chairman of the Board	Civil Engineer. 1968 \'s graduate of \"Technion Israel Instituteof Technology \"	Founder of the B.S.R Group	Personally manage the B.S.R Group activities through all the years	Over 38 years of experience in development, project management, and planning of various projects (residential, commercial & public) in Israel, Europe and the USA	Received the 1987 \'s Kaplan Prize award for his achievements (a prestigious award for project management presented by the President of the State of Israel)	Nachshon Kivity - CEO and Director	Civil Engineer, 1981 \'s graduate of \"Technion - Israel Institute of Technology \"	Joined the B.S.R. Group in 1981	Personally manage the B.S.R Group activities	Over 25 years of experience in development, construction and of various projects (residential, commercial & public) in Israel, Europe and the USA	Benny Goldstein - Vice President Engineering	Mr. Goldstein (58), Civil Engineer, Joined BSR Europe Ltd. as VP Operations on April 2007.	Prior to his current position, Mr. Goldstein was employed, for over 5 years, as the Caribbean Regional Manager of Ashtrom International.	Mr. Goldstein graduated the Technion (Haifa) in 1974 and since then served as Construction Manager of major residential, commercial & Civil Engineering projects.	Assaf Raz - Chief Financial Officer	Mr. Raz, 36, joined BSR Europe Ltd. as CFO at the beginning of 2004. Prior to his current position, Mr. Raz was a senior manager with Ernst & Young, Israel. Mr. Raz has a degree in Economics and Accounting from the university of Tel Aviv, Israel.	Guy Shaya - Vice President of Business Development	Mr. Shaya, 36, joined BSR Europe Ltd. as its Business Development Manager in July 2002. Prior to his current position, Mr. Shaya practiced law with one of the leading commercial law offices in Israel. Mr. Shaya holds a L.L.B. degree from the university of Bar-Ilan, Ramat-Gan, Israel.	Avi Schwartz - Chief Engineer	Mr. Schwartz, 38, joined BSR Europe Ltd. as Chief Engineer in 2001. Prior to his current position, Mr. Schwartz was the Deputy Manager of the Engineering Dept. of Paz Oil Company, the largest energy company in Israel, for over 6 years. Mr. Schwartz has a second Degree (M.Sc) in Civil Engineering, with specialty in Project Management from the Technion, Haifa, Israel.	Idan Margolin - Legal Counsel	Mr. Margolin, 30, joined BSR Europe Ltd. as Personal assistant to the CEO & Legal Counsel in 2005. Prior to his current position, Mr. Margolin practiced real estate law in one of the leading commercial law offices in Israel. Mr. Margolin holds a LL.B degree and a B.A. in Business Administration with a major in real estate, both from the Interdisciplinary Center (IDC), Herzliya, Israel.	--	Amir Azaria - Senior Engineer	Mr. Azaria (35), Joined BSR Europe Ltd. as operational engineer on February 2006.	Prior to his current position, Mr. Azaria was employed, for several years, as a site engineer and project manger in Tidhar group.	Mr. Azaria has a degree in civil engineer from the Technion - \"Israel Institute	of Technology \" ,Mr. Azaria also holds a master in business and administration.	Yael Edri - Controller	Ms. Edri, 28, joined BSR Europe Ltd as its Controller in 2006. Prior to her current position, Ms. Edri worked for 3 years in KPMG in AABS Department. Ms. Edri has a degree in accounting and economics from the Hebrew University of Jerusalem, Israel.	Guy Matarasso - Chief Operating Officer Mr. Matarasso (32) joined BSR Europe Ltd. as a Projects Manager in March 2006. Prior to his current position, Mr. Matarasso practiced real estate law in one of the leading commercial law offices in Israel. Mr. Matarasso holds a LL.B degree and a B.A. in Business Administration with a major in marketing, both from the Interdisciplinary Center (IDC), Herzliya, Israel.	Manou Van Moorsel - Director	Ms. Van Moorsel, 31, joined Gibor - B.S.R Europe BV as general-manager in 2001. Prior to her current position, Ms. Van Moorsel worked in Adecco as a project coordinator for two years, during which she was in charge of new client acquisition and controlling contracts. Prior to that, Ms. Van Moorsel was assistant to the HR manager of RET for 3 years. Ms Van Moorsel holds a L.L.B degree from the University of Utrecht, The Netherlands.	Yoram Kedem - General Manager, Latvia	Mr. Kedem, 34, joined B.S.R. Group in 2005. He was previously legal counsel for El Al Airlines (since 2001), responsible for Corporate Secretary duties and the entire portfolio of El Al \'s real estate assets in over 20 countries. Mr. Kedem holds an LLB degree from UWCC, England.	Adam Pozner - General Manager, Poland	Mr. Pozner, 56, joined BSR as general manager of the Polish subsidiary in 2001. Prior to his current position, between 1999 and 2001, Mr. Pozner was the founder and vice-president of the Polish subsidiary of Ituran, a global company engaged in theft prevention and personal security. Prior to that he was a general partner and vice-president of Callsec Ltd. for three years. Mr. Pozner holds a civil engineering degree from Ort college, Israel.	Krassimir Nikoltchev- General Manager, Bulgaria	Mr. Nikoltchev, 59, joined BSR Group in 2006 as general manager in Bulgaria, Prior to his current position Mr. Nikoltchev was the manager of a design and consulting company. He was Chief architect of Sofia airport and for about 4 years he is a member of the steering committee of BACEA-Bulgarian Association of Consultants Engineers and Architects. Mr. Nikoltchev has M.Sc. of Architecture from Sofia University (UACEG) and B.Sc. in Economics.	--	Eduard Quitt M.Sc.(Civ.Eng.), General Manger in Czech Republic, in Slovak Republic and a Chief Engineer in Bulgaria	Mr. Quitt (59), joined the B.S.R. Group on the beginning of 2002. He was born in former Czechoslovak Republic, holds a B.Sc. and an M.Sc.degrees in Civil Engineering from Imperial College, University of London in England. Mr. Quitt previously worked for Uri Dori Ltd., one of the largest Israeli contractor and developer, as a Tender & Budget departmental manager. Prior to that he was, for a period of 10 years, a co-owner and a GM of a medium sized contractor \'s company in Haifa, Israel and also worked in various engineering and managering positions in Construction industry in Israel, Iran, England, Nigeria and in the former Czechoslovak Republic.	Moshe Eytam - General Manager, Hungary	Mr. Eytam, 46, joined BSR group in 2005 as general manager in Hungary, Prior to his current position Mr. Eytam was the chief engineer of Plaza Centers for about 4 years and previous own his management company for over 5 years. Mr. Eytam has B.Sc. In Civil Engineering, with specialty in Project Management from the Technion, Haifa, Israel and an MBA degree from Edinburgh Business School, Heriot Watt University.	Moshe Agavi - General Manager, Romania	Mr. Agavi, 49, joined BSR group in 2006 as general manager in Romania, Prior to his current position Mr. Agavi was the Deputy CEO of Mercantile Discount Bank and member of the management committee of the bank for over 11 years. Mr. Agavi holds an L.L.B degree from Tel Aviv University, Israel.	--","null","null","");arrFiles[36]=new Array("about/europe/PrintProfile old.html","BSR Group | About the Group | BSR Europe Ltd. | Company Profile | Print Format","The group	BSR Europe Ltd. / Profile	Print	B.S.R. Europe Ltd. is a member of the B.S.R. Group and is quoted on the Tel- Aviv stock exchange.	The B.S.R Group has over five decades of experience in international real estate development and project management. The Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers. In addition, the Group provides project management and engineering services.	The Group is currently involved in various projects representing a total investment of $2.4 billion.	Mr. Kalman Sufrin	Mr. Nachshon Kivity	--	The B.S.R. Group \'s holding company, B.S.R. Engineering & Development Ltd., is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	Alony Hets bought in March 2005, a 12% holding stake in BSR Europe. Alony Hets is a real estate investment company focusing on long-term yielding real estate investments.	B.S.R. Europe Ltd. is one of the most dynamic real estate companies in the CEE regioun. It operates in eight Central European countries: The Czech Republic, Slovakia, Poland, Hungary, Latvia, Romania, Bulgaria, and Cyprus.	B.S.R. Europe Ltd. has acquired properties and rights in 23 real estate projects with a total investment of over Euro 550 million under management .	The company has already concluded six successful assets disposals for Euro 100 million, including a Euro 90 million sale of its two Bratislava Business Centers to Heitman Investment Fund, one of the regions leading international real estate investors.","null","null","");arrFiles[37]=new Array("about/europe/PrintProfile.html","BSR Group | About the Group | BSR Europe Ltd. | Company Profile | Print Format","The group	BSR Europe Ltd. / Profile	Print B.S.R. Europe Ltd. is a member of the B.S.R. Group and is quoted on the Tel- Aviv Stock	Exchange.	The B.S.R. Group has over four decades of experience in international real estate	development and project management. The Group promotes and develops large-scale	luxury residential complexes, office and high-tech buildings, as well as commercial centers.	In addition, the Group provides project management and engineering services.	The Group is currently involved in various projects representing a total investment of $3.5	billion.	The B.S.R. Group \'s holding company, B.S.R. Engineering & Development Ltd., is	controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive	experience to each B.S.R. project.	B.S.R. Europe Ltd. is one of the most dynamic real estate companies in the CEE region. It has been operating in ten Central and Eastern European countries: The Czech Republic, The Slovak Republic, Poland, Hungary, Latvia, Romania, Bulgaria, The Georgian Republic, Spain and Cyprus.	B.S.R. Europe Ltd. has acquired properties and participations in 18 real estate projects (excluding realized projects) with a total investment of over Euro 1.3 Billion under management.	The company has already concluded twelve successful asset disposals for Euro 200 million including a Euro 90 million sale of its two Bratislava Business Centers to Heitman	Investment Fund, one of the region \'s leading international real estate investment financial funds.	Currently the company is in process of selling 12 of its participations in owned assets for a total proceeds of over Euro 120M, generating a pre tax profit of over Euro 80M.","null","null","");arrFiles[38]=new Array("about/europe/PrintReport.html","BSR Group | About the Group | BSR Europe Ltd. | Reports | Print Format","The Group	BSR Europe Ltd. / Reports	Print	Financial Reports 2007	September 30, 2007	PDF Format 30/09/2007	June 30, 2007	PDF Format 30/06/2007	March 31, 2007	PDF Format 30/03/2007	Financial Reports 2006	December 31, 2006	PDF Format 31/12/2006	September 30, 2006	PDF Format 30/09/2006	June 30, 2006	PDF Format 30/06/2006	March 31, 2006	PDF Format 31/03/2006	Financial Reports 2005	December 31, 2005	PDF Format 31/12/2005	WORD Format 31/12/2005	September 30, 2005	PDF Format 30/09/2005	WORD Format 30/09/2005	June 30, 2005	PDF Format 30/06/2005	WORD Format 30/06/2005 Financial Reports 2004	December 30, 2004	PDF Format 31/12/2004	WORD Format 31/12/2004	--","null","null","");arrFiles[39]=new Array("about/europe/PrintVision.html","BSR Group | The Group | BSR Europe Ltd. | Vision & Goals | Print Format","The Group	BSR Europe Ltd. / Vision & Goals	Print	BSR \'s target is to leverage the vast experience and remarkable track record of its founders and existing shareholders to identify and develop high profit real estate projects, and aims to continue as a leading real estate company in the CEE region.	The company \'s goal is to expand it \'s portfolio beyond EUR 2.0 billion, in the coming years.	The Company will continue to focus on accomplishing three main goals:	1.	Increase the development activity, mainly in residential, offices and retail sectors, whilecontinuing to look for high value enhancement potential properties, with a view to doubling the Company \'s portfolio (attaining a portfolio value critical mass of €2.0 billion), and achieving efficient utilization of its region wide deployment	2.	Continue increasing the value of its yielding properties, through improved occupancy rates and lease contracts, executing renovation plans and realization at optimal price--	2.	Increase collaboration with international partners	3.	Execute construction plans and market projects which are currently under development","null","null","");arrFiles[40]=new Array("about/europe/profile old.html","BSR Group | About the Group | BSR Europe Ltd. | Company Profile","Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	The Group	BSR Europe Ltd. / Profile	B.S.R. Europe Ltd. is a member of the B.S.R. Group and is quoted on the Tel- Aviv stock exchange.	The B.S.R Group has over four decades of experience in international real estate development and project management. The Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers. In addition, the Group provides project management and engineering services.	The Group is currently involved in various projects representing a total investment of $2.4 billion.	Mr. Kalman Sufrin	Mr. Nachshon Kivity	--	The B.S.R. Group \'s holding company, B.S.R. Engineering & Development Ltd., is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	Alony Hets bought in March 2005, a 12% holding stake in BSR Europe. Alony Hets is a real estate investment company focusing on long-term yielding real estate investments.	B.S.R. Europe Ltd. is one of the most dynamic real estate companies in the CEE regioun. It operates in eight Central European countries: The Czech Republic, Slovakia, Poland, Hungary, Latvia, Romania, Bulgaria, and Cyprus.	B.S.R. Europe Ltd. has acquired properties and rights in 23 real estate projects with a total investment of over Euro 550 million under management .	The company has already concluded six successful assets disposals for Euro 100 million, including a Euro 90 million sale of its two Bratislava Business Centers to Heitman Investment Fund, one of the regions leading international real estate investors.	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[41]=new Array("about/europe/profile.html","BSR Group | About the Group | BSR Europe Ltd. | Company Profile","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Europe Ltd. / Profile	B.S.R. Europe Ltd. is a member of the B.S.R. Group and is quoted on the Tel- Aviv Stock	Exchange.	The B.S.R. Group has over four decades of experience in international real estate	development and project management. The Group promotes and develops large-scale	luxury residential complexes, office and high-tech buildings, as well as commercial centers.	In addition, the Group provides project management and engineering services.	The Group is currently involved in various projects representing a total investment of $3.5	billion.	The B.S.R. Group \'s holding company, B.S.R. Engineering & Development Ltd., is	controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive	experience to each B.S.R. project.	B.S.R. Europe Ltd. is one of the most dynamic real estate companies in the CEE region. It has been operating in ten Central and Eastern European countries: The Czech Republic, The Slovak Republic, Poland, Hungary, Latvia, Romania, Bulgaria, The Georgian Republic, Spain and Cyprus.	B.S.R. Europe Ltd. has acquired properties and participations in 18 real estate projects (excluding realized projects) with a total investment of over Euro 1.3 Billion under management.	The company has already concluded twelve successful asset disposals for Euro 200 million including a Euro 90 million sale of its two Bratislava Business Centers to Heitman	Investment Fund, one of the region \'s leading international real estate investment financial funds.	Currently the company is in process of selling 12 of its participations in owned assets for a total proceeds of over Euro 120M, generating a pre tax profit of over Euro 80M.	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[42]=new Array("about/europe/test.html","BSR Group | The Group | BSR Europe Ltd. | Vision & Goals","Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	The Group	BSR Europe Ltd. / Management	Headquarter in Israel	Headquarter in The Netherlands	Subsidiaries	Kalman SufrinChairman of the board	Nachshon KivityDirector	Avi SchwartzChief Engineer	Assaf RazCFO	Guy ShayaChief OperatingOfficer	Idan MargolinLegal counsel	--	Amir SternController	Manou Van MoorselDirector	Doron ShamirDirector	Edward QuittGeneral Manager of,Slovakia and Czeck Republic	Iwan AngelowGeneral ManagerBulgaria	Yoram KedemGeneral Manager, Latvia	Moshe EitamGeneral Manager, Hungary	Adam PoznerGeneral Manager,Poland	Moshe AgaviGeneral Manager, Romania	Kalman Sufrin - Chairman of the board	Mr. Sufrin (63) has 38 years of experience in real estate development and project management. He joined the BSR Group in 1970 as a structural engineer and, in this capacity, was involved in numerous large scale construction projects around the globe. In 1975, he was promoted to the position of partner and since 1979 he has been CEO and major shareholder of the group. Mr. Sufrin holds a B.Sc. in civil engineering from the Technion University in Haifa	Nachshon Kivity - Director	Assaf Raz - Chief Financial Officer	Mr. Raz, 35, joined BSR Europe Ltd. as CFO at the beginning of 2004. Prior to his current position, Mr. Raz was a senior manager with Ernst & Young, Israel. Mr. Raz has a degree in Economics and Accounting from Tel Aviv University, Israel.	Guy Shaya - Chief Operating Officer	Mr. Shaya, 35, joined BSR Europe Ltd. as its Business Development Manager in July 2002. Prior to his current position, Mr. Shaya practiced law with one of the leading commercial law offices in Israel. Mr. Shaya holds a L.L.B. degree from Bar-Ilan University, Ramat-Gan, Israel.	Avi Schwartz - Chief Engineer	Mr. Schwartz, 38, joined BSR Europe Ltd. as Chief Engineer in 2001. Prior to his current position, Mr. Schwartz was the Deputy Manager of the Engineering Dept. of Paz Oil Company, the largest energy company in Israel, for over 6 years. Mr. Schwartz has a second Degree (M.Sc) in Civil Engineering, with specialty in Project Management from the Technion, Haifa, Israel.	Idan Margolin - Legal Counsel	Mr. Margolin, 30, joined BSR Europe Ltd. as Personal assistant to the CEO & Legal Counsel in 2005. Prior to his current position, Mr. Margolin practiced real estate law in one of the leading commercial law offices in Israel. Mr. Margolin holds a LL.B degree and a B.A. in Business Administration with a major in real estate, both from the Interdisciplinary Center (IDC), Herzliya, Israel.	--	Amir Stern - Controller	Mr. Stern, 30, joined BSR Europe Ltd as its Controller in mid 2004. Prior to his current position, Mr. Stern worked for two years and a half in KPMG in AABS Department. Mr. Stern has a degree in accounting and economics from the University of Tel Aviv, Israel	Manou Van Moorsel - Director	Ms. Van Moorsel, 31, joined Gibor - B.S.R Europe BV as general-manager in 2001. Prior to her current position, Ms. Van Moorsel worked in Adecco as a project coordinator for two years, during which she was in charge of new client acquisition and controlling contracts. Prior to that, Ms. Van Moorsel was assistant to the HR manager of RET for 3 years. Ms Van Moorsel holds a L.L.B degree from the University of Utrecht, The Netherlands.	Yoram Kedem - General Manager, Latvia	Mr. Kedem, 34, joined B.S.R. Group in 2005. He was previously legal counsel for El Al Airlines (since 2001), responsible for Corporate Secretary duties and the entire portfolio of El Al \'s real estate assets in over 20 countries. Mr. Kedem holds an LLB degree from UWCC, England.	Adam Pozner - General Manager, Poland	Mr. Pozner, 56, joined BSR as general manager of the Polish subsidiary in 2001. Prior to his current position, between 1999 and 2001, Mr. Pozner was the founder and vice-president of the Polish subsidiary of Ituran, a global company engaged in theft prevention and personal security. Prior to that he was a general partner and vice-president of Callsec Ltd. for three years. Mr. Pozner holds a civil engineering degree from Ort college, Israel.	Edward Quitt - General Manager of and Czeck Republic	Mr. Quitt, 58, joined BSR in 2002. Mr. Quitt was born in Czechoslovakia, and has M.Sc. in Civil Engineering from London University, Imperial College, London, England.	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[43]=new Array("about/europe/vision.html","BSR Group | The Group | BSR Europe Ltd. | Vision & Goals","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Europe Ltd. / Vision & Goals	BSR \'s target is to leverage the vast experience and remarkable track record of its founders and existing shareholders to identify and develop high profit real estate projects, and aims to continue as a leading real estate company in the CEE region.	The company \'s goal is to expand it \'s portfolio beyond EUR 2.0 billion, in the coming years.	The Company will continue to focus on accomplishing three main goals:	1.	Increase the development activity, mainly in residential, offices and retail sectors, whilecontinuing to look for high value enhancement potential properties, with a view to doubling the Company \'s portfolio (attaining a portfolio value critical mass of €2.0 billion), and achieving efficient utilization of its region wide deployment	2.	Continue increasing the value of its yielding properties, through improved occupancy rates and lease contracts, executing renovation plans and realization at optimal price--	2.	Increase collaboration with international partners	3.	Execute construction plans and market projects which are currently under development	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[44]=new Array("about/philadelphia/management.html","BSR Group | About the Group | BSR Philadelphia L.P. | Management","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Philadelphia L.P. / Management	Mr. Koby SufrinPresident	Mr. Gad LevinVise President	Mr. Isaac BenjaminProject Manager	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[45]=new Array("about/philadelphia/PrintManagement.html","BSR Group | The Group | BSR Philadelphia L.P. | Management | Print Format","The Group	BSR Philadelphia L.P. / Management	Print	The Group	BSR Philadelphia L.P. / Management	Mr. Koby SufrinPresident	Mr. Gad LevinVise President	Mr. Isaac BenjaminProject Manager","null","null","");arrFiles[46]=new Array("about/philadelphia/PrintProfile.html","BSR Group | The Group | BSR Philadelphia L.P. | Company Profile | Print Format","The Group	BSR Philadelphia L.P. / Profile	Print	B.S.R. Philadelphia is a subsidiary of B.S.R Engineering & Development Ltd. and a member of the B.S.R Group.	The B.S.R. Group has over four decades of experience in international real estate development and project management.	The Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers.	The Group is currently involved in various projects representing a total investment of $2.4 billion.	The B.S.R. Group \'s holding compay, B.S.R. Engineering & Development Ltd., is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	B.S.R. Philadelphia pioneered the entry of the B.S.R. Group into the United States real estate market and together with international partners is presently developing \"Waterfront Square - condominiums & spa \" in Philadelphia.","null","null","");arrFiles[47]=new Array("about/philadelphia/profile.html","BSR Group | About the Group | BSR Philadelphia L.P. | Company Profile","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	BSR Philadelphia L.P. / Profile	B.S.R. Philadelphia is a subsidiary of B.S.R Engineering & Development Ltd. and a member of the B.S.R Group.	The B.S.R. Group has over four decades of experience in international real estate development and project management.	The Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers.	The Group is currently involved in various projects representing a total investment of $2.4 billion.	The B.S.R. Group \'s holding compay, B.S.R. Engineering & Development Ltd., is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	B.S.R. Philadelphia pioneered the entry of the B.S.R. Group into the United States real estate market and together with international partners is presently developing \"Waterfront Square - condominiums & spa \" in Philadelphia.	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[48]=new Array("about/projects/management.html","BSR Group | The Group | B.S.R. Projects Ltd. | Management","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	B.S.R. Projects Ltd. / Management	Mr. Nachshon KivityCEO B.S.R. Projects	Mr. Albert AzoguiManaging DirectorUS Activity	Mr. Amir Ben ShaharCOO US Activity	Mr. Yariv Bar DeaCOO Israel Activity	Mr. Amir ShternCFO	Mr. Michael ShifferV.P. for ProjectDevelopment	Mr. Eyal BorovitzV.P. for BusinessDevelopment	Miss. Liya MosheController	Mr. Eyal BezalelController	Mr. Yon MineiManaging DirectorPhoenix, Arizona	Mr. Steve HackettManaging DirectorLas Vegas, Navada	Mr. Yaron DavidManaging DirectorSt. Petersburg, Florida	Miss. Dawn GeyserManaging DirectorFort Myers, Florida	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[49]=new Array("about/projects/PrintManagement.html","BSR Group | The Group | B.S.R. Projects Ltd. | Management | Print Format","The Group	B.S.R. Projects Ltd. / Management	Print	Mr. Nachshon KivityCEO B.S.R. Projects	Mr. Albert AzoguiManaging DirectorUS Activity	Mr. Amir Ben ShaharCOO US Activity	Mr. Yariv Bar DeaCOO Israel Activity	Mr. Amir ShternCFO	Mr. Michael ShifferV.P. for ProjectDevelopment	Mr. Eyal BorovitzV.P. for BusinessDevelopment	Miss. Liya MosheController	Mr. Eyal BezalelController	Mr. Yon MineiManaging DirectorPhoenix, Arizona	Mr. Steve HackettManaging DirectorLas Vegas, Navada	Mr. Yaron DavidManaging DirectorSt. Petersburg, Florida	Miss. Dawn GeyserManaging DirectorFort Myers, Florida","null","null","");arrFiles[50]=new Array("about/projects/PrintProfile.html","BSR Group | The Group | B.S.R. Projects Ltd. | Company Profile | Print Format","The Group	B.S.R. Projects Ltd. / Profile	Print B.S.R. Projects Ltd. is a member of the B.S.R Group and is quoted on the Tel-Aviv Stock Exchange.	The B.S.R. Group has over four decades of experience in international real estate development and project management.	The Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers.	The Group is currently involved in various projects representing a total investment of $2.4 billion.	The B.S.R. Group \'s holding company, B.S.R. Engineering & Development Ltd., is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	B.S.R. Projects Ltd. is currently involved in the development of residential, office and retail projects, representing a total investment of over $ 2 billion.	One Las Vegas, Nevada$625 Million	One West, Florida$425 Million	One St. Petersburg, Florida$335 Million	One Phoenix, Arizona$425 Million	Israel$235 Million","null","null","");arrFiles[51]=new Array("about/projects/PrintStructure.html","BSR Group | The Group | B.S.R. Projects Ltd. | Vision & Goals | Print Format","The Group	B.S.R. Projects Ltd. / Vision & Goals	Print","null","null","");arrFiles[52]=new Array("about/projects/PrintVision.html","BSR Group | The Group | B.S.R. Projects Ltd. | Vision & Goals | Print Format","The Group	B.S.R. Projects Ltd. / Vision & Goals	Print In order to continue as a leading real estate developer, BSR leverages the vast experience and remarkable track record of its founders and staff in order to identify and redevelop high quality projects.	The company \'s goal is to expand its project volume beyond $ 3.0 billion, over the next 3-4 years. To accomplish this it will:	1.	Continue to implement and complete projects already in progress.	2.	Identify and develop new large-scale projects.	3.	Find and enter new markets and new activities.	4.	Collaborate with international investments funds and international partners.	5.	Recruit and train professional personnel in order to open new horizons.","null","null","");arrFiles[53]=new Array("about/projects/profile.html","BSR Group | The Group | B.S.R. Projects Ltd. | Company Profile","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	B.S.R. Projects Ltd. / Profile	B.S.R. Projects Ltd. is a member of the B.S.R Group and is quoted on the Tel-Aviv Stock Exchange.	The B.S.R. Group has over four decades of experience in international real estate development and project management.	The Group promotes and develops large-scale luxury residential complexes, office and high-tech buildings, as well as commercial centers.	The Group is currently involved in various projects representing a total investment of $2.4 billion.	The B.S.R. Group \'s holding company, B.S.R. Engineering & Development Ltd., is controlled by Mr. Kalman Sufrin and Mr. Nachshon Kivity, who lend their extensive experience to each B.S.R. project.	B.S.R. Projects Ltd. is currently involved in the development of residential, office and retail projects, representing a total investment of over $ 2 billion.	One Las Vegas, Nevada$625 Million	One West, Florida$425 Million	One St. Petersburg, Florida$335 Million	One Phoenix, Arizona$425 Million	Israel$235 Million	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[54]=new Array("about/projects/structure.html","BSR Group | The Group | B.S.R. Projects Ltd. | Structure","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	B.S.R. Projects Ltd. / Structure	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[55]=new Array("about/projects/vision.html","BSR Group | The Group | B.S.R. Projects Ltd. | Company Profile","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Print Format	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	--	The Group	B.S.R. Projects Ltd. / Vision & Goals	In order to continue as a leading real estate developer, BSR leverages the vast experience and remarkable track record of its founders and staff in order to identify and redevelop high quality projects.	The company \'s goal is to expand its project volume beyond $ 3.0 billion, over the next 3-4 years. To accomplish this it will:	1.	Continue to implement and complete projects already in progress.	2.	Identify and develop new large-scale projects.	3.	Find and enter new markets and new activities.	4.	Collaborate with international investments funds and international partners.	5.	Recruit and train professional personnel in order to open new horizons.	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Project Management.	550 private homes	Total investment: $120 million	Completed 1996	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[192]=new Array("engineering/ZurYigal/ZurYigalA.html","Untitled","Untitled	Previous	/	Next Pic	Zoom	--	Pictures will be available soon.","null","null","");arrFiles[193]=new Array("engineering/ZurYigal/ZurYigalAZoom.html"," BSR Engineering & Development Ltd. | Zur Yigal","null","null","null","");arrFiles[194]=new Array("europe/bulgaria/Lagera1.html","BSR Europe | Projects | Bulgaria | Lagera","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Print Format	LAGERA	RESIDENTIAL	Previous / Next	Description	A new neighborhood built as gated community, comprising of 630 apartments .	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Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	VARNA	RESIDENTIAL	BSR Europe	Description	A new residential and commercial neighborhood built as gated community.	It is located at the entrance of Varna (on the way from the airport).	Land size: 74,000 sq. m	1,500 apartments in 7 buildings comprise: kindergartens	Offices center - 4 towers on a commercial lobby.	Estimated initiation: 2008	Estimated completion: 2013	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[198]=new Array("europe/bulgaria/images/VarnaA.html","Untitled","Untitled	Picture will be available soon.	Previous	/	Next Pic	Zoom	--","null","null","");arrFiles[199]=new Array("europe/bulgaria/images/VarnaAZoom.html","Bulgaria | Totleben","null","null","null","");arrFiles[200]=new Array("europe/cyprus/Limassol.html","BSR Group | Projects | BSR Europe Ltd. | Cyprus | Limassol","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	LIMASSOL	SHOPPING MALL	BSR Europe	Description	The first shopping mall development in Limassol, located near Limassol \'s port.	2 floors	1,000 aboveground parking spaces	Leasable area: 27,000 sq. m	Estimated commencement: 2006	Estimated completion: 2008	The project web site--	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[201]=new Array("europe/cyprus/images/LimassolA.html","Untitled","Untitled	Previous	/	Next Pic	Zoom","null","null","");arrFiles[202]=new Array("europe/cyprus/images/LimassolAZoom.html","Cyprus | Lymassol","null","null","null","");arrFiles[203]=new Array("europe/cyprus/images/LimassolB.html","Untitled","Untitled	Previous	/	Next Pic	Zoom","null","null","");arrFiles[204]=new Array("europe/cyprus/images/LimassolBZoom.html","Cyprus | Lymassol","null","null","null","");arrFiles[205]=new Array("europe/cyprus/images/LimassolC.html","Untitled","Untitled	Previous	/	Next Pic	Zoom","null","null","");arrFiles[206]=new Array("europe/cyprus/images/LimassolCZoom.html","Cyprus | Lymassol","null","null","null","");arrFiles[207]=new Array("europe/cyprus/maps/Limassol.html","Cyprus | Limassol","null","null","null","");arrFiles[208]=new Array("europe/czech/ForestGateResidence.html","BSR Group | Projects | BSR Europe Ltd. | Czech Rep. | Forest Gate Residence","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	FOREST GATE RESIDANCE	RESIDENTIAL	BSR Europe	Description	A residential compound located in- Prague 4, Hodkovicky.	Land size - 12,663 sqm	3 buildings of 8 floors each	125 apartments	1 underground parking level	Status: under construction	Estimated completion: 2006	The project web site	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[209]=new Array("europe/czech/SunnyGate.html","BSR Group | Projects | BSR Europe Ltd. | Czech Rep. | Sunny Gate","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	SUNNY GATE	RESIDENTIAL	BSR Europe	Description	A 69 town houses neighborhood, located in Nupaky, 15 km southeast to Prague.	Land size: 17,206 sqm	69 town houses, 2-3 stories each	Estimated completion: 2007	The project web site	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[210]=new Array("europe/czech/images/ForestGateA.html","Untitled","Previous	/	Next Pic--	Zoom","null","null","");arrFiles[211]=new Array("europe/czech/images/ForestGateAZoom.html","Czech Republic | Forest Gate","null","null","null","");arrFiles[212]=new Array("europe/czech/images/PrintSunnyGate.html","BSR Group | Projects | Czech Rep. | Sunny Gate | Print Format","Projects	Sunny Gate	Print	Czech Rep. | Sunny Gate	Description	A 69 town houses neighborhood, located in Nupaky, 15 km southeast to Prague.	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Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	Print Format	M3	SHOPPING CENTER	BSR Europe	Description	A modern Power Center that includes two anchors, several shops and a recreation area for families. Located on the M3 highway, it is near the M0 and M3 junction.	Selling agreement for selling BSR Europe \'s shares in the project was signed	Land area: 155,000 sqm	Total construction area: 37,000 sqm	Estimated commencement: 2007	Estimated completion: 2009	Sold on 2006	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[223]=new Array("europe/poland/Marriott.html","BSR Group | Projects | BSR Europe Ltd. | Poland | Marriott Complex","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	MARRIOTT COMPLEX	OFFICE BUILDING	BSR Europe	Description	A complex known also as LIM Center, comprising a 5-Star Warsaw Marriott hotel as well as office, retail and storage space.	Land size – 13,388 sqm	43 stories tower connected to a 4 stories podium	Building area of 87,602 sqm consist of: Hotel part of 37,238 sqm(522 rooms), office and retail of 32,591 sqm and common areas of 17,773 sqm.	Total area: 12,500 sq. m	2 Underground parking levels.	BSR’s share is 22%.	Potential upsides:Increasing in owners Net operating incomeOpportunity to build additional high rise condominium near the current building.	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[224]=new Array("europe/poland/MARRIOT_TOWER.html","BSR Group | Projects | BSR Europe Ltd. | Poland | Marriott Tower","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	MARRIOTT TOWER	RESIDENTIAL	BSR Europe	Description	A new skyscraper, it is located at center of Warsaw, next to the Marriot hotel tower and train central station.	70-80 floors	120,000 sq.m above ground built-up area	Luxury residential apartments	Luxury hotel apartments	Estimated initiation: 2009	Estimated completion: 2012	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[225]=new Array("europe/poland/PrintMarriott.html","BSR Group | Projects | BSR Europe Ltd. | Poland | Marriott Complex | Print Format","Projects	Marriott Complex	Print	Poland | Marriott Complex	Description	A complex known also as LIM Center, comprising a 5-Star Warsaw Marriott hotel as well as office, retail and storage space.	Land size – 13,388 sqm	43 stories tower connected to a 4 stories podium	Building area of 87,602 sqm consist of: Hotel part of 37,238 sqm(522 rooms), office and retail of 32,591 sqm and common areas of 17,773 sqm.	Total area: 12,500 sq. m	2 Underground parking levels.	BSR’s share is 22%.	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Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	WAWEL	RESIDENTIAL	BSR Europe	Previous	/	Next Pic	Zoom	/ Next	--	Description	A high-end residential complex, located opposite the King \'s palace, comprising 250 apartments. The project includes conserved and newly constructed sections with full amenities and facilities.	5 floors	250 apartments	2 underground parking levels	Estimated commencement: 2007	Estimated completion: 2009	Sold on 2007	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[228]=new Array("europe/poland/images/MarriottA.html","Untitled","Previous	/	Next Pic	Zoom--	--	Picture will be available soon.--","null","null","");arrFiles[229]=new Array("europe/poland/images/MarriottAZoom.html","Poland | Marriott Complex","null","null","null","");arrFiles[230]=new Array("europe/poland/images/MarriottB.html","Untitled","Previous	/	Next Pic	Zoom	Picture will be available soon.--","null","null","");arrFiles[231]=new Array("europe/poland/images/MarriottBZoom.html","Poland | Marriott Complex","null","null","null","");arrFiles[232]=new Array("europe/poland/images/MarriottC.html","Untitled","Previous	/	Next Pic	Zoom	Picture will be available soon.--","null","null","");arrFiles[233]=new Array("europe/poland/images/MarriottCZoom.html","Poland | Marriott Complex","null","null","null","");arrFiles[234]=new Array("europe/poland/images/MarriottD.html","Untitled","Previous	/	Next Pic	Zoom	Picture will be available soon.--","null","null","");arrFiles[235]=new Array("europe/poland/images/MarriottDZoom.html","Poland | Marriott Complex","null","null","null","");arrFiles[236]=new Array("europe/poland/images/MARRIOT_TOWERA.html","Untitled","Previous	/	Next Pic--	Zoom	Picture will be available soon.--","null","null","");arrFiles[237]=new Array("europe/poland/images/MARRIOT_TOWERAZoom.html","Poland | Marriott Complex","null","null","null","");arrFiles[238]=new Array("europe/realized/4dCenter.html","BSR Group | Projects | BSR Europe Ltd. | Czech Rep. | 4D Center","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	4D CENTER	OFFICE COMPLEX	BSR Europe	Description	An office complex located in Prague \'s 10th district. The building was purchased by BSR in 2002 and was recently refurbished and redesigned by the well-known artist Ya \'akov Agam.	Three towers 4, 9 and 12 floors	137 parking places	Leasable area: 30,000 sq. m.	Sold on 2005	The project web site--	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[239]=new Array("europe/realized/Baneasa.html","BSR Group | Projects | BSR Europe Ltd. | Romania | Baneasa","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BANEASA	OFFICE BUILDING	BSR Europe	Description	A \"Class A \" office building located in Bucharest \'s 1st District.	9 floors	1 underground parking level	Leasable area: 9,500 sq. m	Completed and operating since 2002	Sold on 2005	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[240]=new Array("europe/realized/BBCIII.html","BSR Group | Projects | BSR Europe Ltd. | Slovakia | BBC III & VI","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BBC III & IV	OFFICE BUILDING	BSR Europe	Description	A unique office building, located in the Bratislava \'s business district.	5-9 floors	1 underground parking level	Total area: 24,000 sq. m	Completed 2000	85% was sold on 2004 to Heitman Fund	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[241]=new Array("europe/realized/BBCV.html","BSR Group | Projects | BSR Europe Ltd. | Slovakia | BBC V","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BBC V	OFFICE COMPLEX	BSR Europe	Description	An impressive office complex that borders and complements BBC III & IV and is located in Bratislava \'s business district.	10-12 floors	2 underground parking levels	Leasable area: 36,000 sq. m.	Completed in 2004	Sold to Heitman Fund in 2004	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[242]=new Array("europe/realized/BesnetCentrum.html","BSR Group | Projects | BSR Europe Ltd. | Czech Rep. | Besnet Centrum","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BESNET CENTRUM	OFFICE COMPLEX	BSR Europe	Description	An office complex located in Prague \'s 4th district.	6 floors of offices and storage	250 above ground parking	Leasable area: 18,800 sq. m.	Refurbishment completed in 2001	Sold on 2006	The project web site--	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[243]=new Array("europe/realized/BratislavaStar.html","BSR Group | Projects | BSR Europe Ltd. | Slovakia | Bratislav Star","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BRATISLAVA STAR	RESIDENTIAL	BSR Europe	Description	The largest residential neighborhood in Bratislava, it includes various amenities, commercial areas and sport facilities.	Land size: 60,500 sqm	10 buildings, 5 - 18 floors each	1,000 apartments	1 underground parking level	Estimated commencement: 2007	Estimated completion: 2011	Sold on 2007	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[244]=new Array("europe/realized/BSRCenter.html","BSR Group | Projects | BSR Europe Ltd. | Hungary | BSR Center","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BSR CENTER	OFFICE COMPLEX	BSR Europe	Description	An impressive office complex developments located on Vaci Ut. street, next to the Duna Plaza Shopping Center.	4 buildings, ranging 5-7 floors each	2 underground parking levels	Leasable area: 25,600 sq. m	Under construction	Estimated completion: 2008	Sold on 2007	The project web site--	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[245]=new Array("europe/realized/DunaOfficeCenter.html","BSR Group | Projects | BSR Europe Ltd. | Hungary | Duna Office Center","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	DUNA OFFICE CENTER	OFFICE BUILDING	Previous / Next	Description	An office building located on Vaci ut street in District 13.	9 floors	3 underground parking levels	Leasable area: 12,200 sq. m	Completed 1994	Sold on 2005	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[246]=new Array("europe/realized/Lagera.html","BSR Group | Projects | BSR Europe Ltd. | Bulgaria | Lagera","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	LAGERA	RESIDENTIAL	BSR Europe	Description	A new neighborhood built as gated community, comprising of 630 apartments .	It is located in Lagera neighborhood, few minutes drive from Sofia City Center.	12 buildings, 6-12 floors each	630 apartments	Estimated commencement: 2007	Estimated completion: 2010	Sold on 2007 to AFI Europe.	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[247]=new Array("europe/realized/M3.html","BSR Group | Projects | BSR Europe Ltd. | Hungary | M3","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	M3	SHOPPING CENTER	BSR Europe	Description	Description	A modern Power Center that includes two anchors, several shops and a recreation area for families. Located on the M3 highway, it is near the M0 and M3 junction.	Selling agreement for selling BSR Europe \'s shares in the project was signed	Land area: 155,000 sqm	Total construction area: 37,000 sqm	Estimated commencement: 2007	Estimated completion: 2009	Sold on 2006	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[248]=new Array("europe/realized/Metropolia.html","BSR Group | Projects | BSR Europe Ltd. | Latvia | Metropolia","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	--	Bulgaria	Cyprus	Realized Projects	Print Format	METROPOLIA	RESIDENTIAL	BSR Europe	Description	A new neighborhood built as a gated community, comprising 5 residential towers. It is located few minutes drive from Riga \'s city center.	5 buildings, 18 floors each	585 apartments	1 tower was completed	4 towers under construction	350 apartments were sold	Estimated completion: 2008	Sold on 2007 to AFI Europe	The project web site	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[249]=new Array("europe/realized/OsiedleEuropejskie.html","BSR Group | Projects | BSR Europe Ltd. | Poland | Osiedle Europejskie","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	OSIEDLE EUROPEJSKIE	RESIDENTIAL	BSR Europe	Description	A new neighborhood built as gated community. It includes 2,400 apartments. It is located on the outskirts of Krakow, facing the University.	25 buildings, 5 - 8 floors each	Includes 2,400 apartments	1 underground parking level	900 apartments were built already	1,200 apartments were sold	Estimated completion: 2010	Sold on 2007 to AFI Europe	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[250]=new Array("europe/realized/Print4Dcenter.html","BSR Group | Projects | BSR Europe Ltd. | Czech Rep. | 4D Center | Print Format","Projects	4D Center	Print	Czech Rep. | 4D Center	Description	An office complex located in Prague \'s 10th district. The building was purchased by BSR in 2002 and was recently refurbished and redesigned by the well-known artist Ya \'akov Agam.	Three towers 4, 9 and 12 floors	137 parking places	Leasable area: 30,000 sq. m.	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It is located on the outskirts of Krakow, facing the University.	25 buildings, 5 - 8 floors each	Includes 2,400 apartments	1 underground parking level	900 apartments were built already	1,200 apartments were sold	Estimated completion: 2010	Sold on 2007 to AFI Europe","null","null","");arrFiles[262]=new Array("europe/realized/PrintSoleville.html","BSR Group | Projects | BSR Europe Ltd. | Latvia | Soleville | Print Format","Projects	Soleville	Print	Latvia | Soleville	Description	A new neighborhood built as gated community, comprising of 2,000 apartments in 20 residential towers. It is located in Plavnieky neighborhood, few minutes drive from Riga \'s City Center.	15 buildings, 13-17 floors each	5 low raises of 6 floors each	2,000 apartments	Comencement: 2007	Estimated completion: 2013	Sold on 2007 to AFI Europe	The project web site	Project layout","null","null","");arrFiles[263]=new Array("europe/realized/PrintTotleben.html","BSR Group | Projects | BSR Europe Ltd. | Bulgary | Totleben | Print Format","Projects	Totleben	Print	Bulgary | Totleben	Description	A \"Class A \" office building located in Sofia \'s business Center.	7 floors	1 underground parking level	Leasable area: 4,300 sq. m	Total investment: 4 million Euros	Completed 2003","null","null","");arrFiles[264]=new Array("europe/realized/PrintWestPark.html","BSR Group | Projects | BSR Europe Ltd. | Romania | West Park | Print Format","Projects	West Park	Print	Romania | West Park	Description	A new neighborhood built as gated community, comprising of 1,000 apartments in 20 residential towers.	It is located few minutes drive from Bucharest City Center.	20 buildings, 10-15 floors each	1,000 apartments	4 buildings are under construction	Estimated completion: 2011	Sold on 2007.	The project web site	Location Map--","null","null","");arrFiles[265]=new Array("europe/realized/PrintWilnow1.html","BSR Group | Projects | BSR Europe Ltd. | Poland | Wilanow 1 | Print Format","Projects	Wilanow 1	Print	Poland | Wilanow 1	Description	A new neighborhood built as gated community, comprising of 2,600 residential units. It is located on the most developed neighbourhood in Warsaw,Wilanow.	The project will contain commercial center and luxury amenities.	2,600 apartments	commercial center	underground parking	Estimated Commencement: 2007	Estimated Completion: 2012	Sold on 2007 to AFI Europe","null","null","");arrFiles[266]=new Array("europe/realized/Soleville.html","BSR Group | Projects | BSR Europe Ltd. | Latvia | Soleville","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	SOLEVILLE	RESIDENTIAL	BSR Europe	Description	A new neighborhood built as gated community, comprising of 2,000 apartments in 20 residential towers. It is located in Plavnieky neighborhood, few minutes drive from Riga \'s City Center.	15 buildings, 13-17 floors each	5 low raises of 6 floors each	2,000 apartments	Comencement: 2007	Estimated completion: 2013	Sold on 2007 to AFI Europe	The project web site	Project layout	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[267]=new Array("europe/realized/Totleben.html","BSR Group | Projects | BSR Europe Ltd. | Bulgaria | Totleben","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	TOTLEBEN	OFFICE BUILDING	BSR Europe	Description	A \"Class A \" office building located in Sofia \'s business Center.	7 floors	1 underground parking level	Leasable area: 4,300 sq. m	Completed and operating since 2002	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[268]=new Array("europe/realized/WestPark.html","BSR Group | Projects | BSR Europe Ltd. | Romania | West Park","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	WEST PARK	RESIDENTIAL	BSR Europe	Description	A new neighborhood built as gated community, comprising of 1,000 apartments in 20 residential towers.	It is located few minutes drive from Bucharest City Center.	20 buildings, 10-15 floors each	1,000 apartments	4 buildings are under construction	Estimated completion: 2011	Sold on 2007.	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Europe All Rights reserved	Site byVision","null","null","");arrFiles[269]=new Array("europe/realized/Wilanow1.html","BSR Group | Projects | BSR Europe Ltd. | Poland | Wilanow 1","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	WILANOW 1	RESIDENTIAL	BSR Europe	Description	A new neighborhood built as gated community, comprising of 2,600 residential units. It is located on the most developed neighbourhood in Warsaw,Wilanow.	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Array("europe/realized/images/DunaOfficeCenterA.html","Untitled","Previous	/	Next Pic--	Zoom","null","null","");arrFiles[308]=new Array("europe/realized/images/DunaOfficeCenterAZoom.html","Hungary |Duna Office Center","null","null","null","");arrFiles[309]=new Array("europe/realized/images/LageraA.html","Untitled","Untitled	Previous	/	Next Pic	Zoom","null","null","");arrFiles[310]=new Array("europe/realized/images/LageraAZoom.html","Bulgaria | Lagera","null","null","null","");arrFiles[311]=new Array("europe/realized/images/M3A.html","Untitled","Previous	/	Next Pic	Zoom","null","null","");arrFiles[312]=new Array("europe/realized/images/M3AZoom.html","Hungary | M3","null","null","null","");arrFiles[313]=new Array("europe/realized/images/M3B.html","Untitled","Previous	/	Next Pic	Zoom","null","null","");arrFiles[314]=new Array("europe/realized/images/M3BZoom.html","Hungary | M3","null","null","null","");arrFiles[315]=new 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Array("europe/realized/images/Wilanow1AZoom.html","Poland | Wilanow 1","null","null","null","");arrFiles[354]=new Array("europe/realized/maps/4dCenter.html","Czech Republic | 4D Center","null","null","null","");arrFiles[355]=new Array("europe/realized/maps/BesnetCentrum.html","Czech Republic | Besnet Centrum","null","null","null","");arrFiles[356]=new Array("europe/realized/maps/BSRCenter.html","Hungary | BSR Center","null","null","null","");arrFiles[357]=new Array("europe/realized/maps/ForestGateResidence.html","Czech Republic | Forest Gate Residance","null","null","null","");arrFiles[358]=new Array("europe/realized/maps/Metropolia.html","Larvia | Metropolia","null","null","null","");arrFiles[359]=new Array("europe/realized/maps/soleville.html","Latvia | Soleville","null","null","null","");arrFiles[360]=new Array("europe/realized/maps/SunnyGate.html","Czech Republic | Sunny Gate","null","null","null","");arrFiles[361]=new Array("europe/romania/Arcadia.html","BSR Group | Projects | BSR Europe Ltd. | Romania | Arcadia","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	ARCADIA	RESIDENTIAL	BSR Europe	Description	A new residential neighborhood built as gated community, it is located in the north part of Brasov.	Land size: 30,000 sq. m	900 apartments in 8 buildings	Commercial area	Estimated initiation: 2008	Estimated completion: 2010	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[362]=new Array("europe/romania/Naturalis.html","BSR Group | Projects | BSR Europe Ltd. | Romania | Naturalis","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	NATURALIS	RESIDENTIAL	BSR Europe	Description	A new residential neighborhood built as gated community, it is located in the east north part of Brasov.	Land size: 64,000 sq. m	600 apartments in 8 buildings	Status: under construction	Estimated completion: 2010	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[363]=new Array("europe/romania/PrintArcadia.html","BSR Group | Projects | BSR Europe Ltd. | Romania | Arcadia | Print Format","Projects	Arcadia	Print	Romania | Arcadia	--	Description	A new residential neighborhood built as gated community, it is located in the north part of Brasov.	Land size: 30,000 sq. m	900 apartments in 8 buildings	Commercial area	Estimated initiation: 2008	Estimated completion: 2010","null","null","");arrFiles[364]=new Array("europe/romania/PrintNaturalis.html","BSR Group | Projects | BSR Europe Ltd. | Romania | Naturalis | Print Format","Projects	Naruralis	Print	Romania | Naturalis	--	Description	A new residential neighborhood built as gated community, it is located in the east north part of Brasov.	Land size: 64,000 sq. m	600 apartments in 8 buildings	Status: under construction	Estimated completion: 2010","null","null","");arrFiles[365]=new Array("europe/romania/images/ArcadiaA.html","Untitled","Untitled	Picture will be available soon.	Previous	/	Next Pic	Zoom	--","null","null","");arrFiles[366]=new Array("europe/romania/images/ArcadiaAZoom.html","Bulgaria | Totleben","null","null","null","");arrFiles[367]=new Array("europe/romania/images/NaturalisA.html","Untitled","Untitled	Picture will be available soon.	Previous	/	Next Pic	Zoom	--","null","null","");arrFiles[368]=new Array("europe/romania/images/NaturalisAZoom.html","Bulgaria | Totleben","null","null","null","");arrFiles[369]=new Array("europe/slovakia/BBCVI.html","BSR Group | Projects | BSR Europe Ltd. | Slovakia | BBC VI","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	BBC VI	OFFICE BUILDING	BSR Europe	Description	A new office development, located in the heart of the Bratislava \'s business district, bordering and complementing BBC III, IV & V.	Land size: 1,700 sqm	12 floors	2 underground parking levels	Total area: 12,500 sq. m	Estimated completion: 2007/2008	The project web site--	Location Map	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[370]=new Array("europe/slovakia/images/BBCVI.html","Untitled","Previous	/	Next Pic	Zoom	--	Picture will be available soon.","null","null","");arrFiles[371]=new Array("europe/spain/PrintTorrijos.html","BSR Group | Projects | BSR Europe Ltd. | Spain | Torrijos | Print Format","Projects	Torrijos	Print	Spain | Torrijos	Description	An office building, it is located in Torrijos, Toledo, 75 km from Madrid.	Land size: 1,400 sq. m	4 floors	Commercial area at the lobby floor	Status: under construction	Estimated completion: 2008","null","null","");arrFiles[372]=new Array("europe/spain/Torrijos.html","BSR Group | Projects | BSR Europe Ltd. | Spain | Torrijos","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Poland	Czech Rep.	Slovakia	Poland	Hungary	Latvia	Romania	Bulgaria	Cyprus	Realized Projects	--	Print Format	TORRIJOS	OFFICE BUILDING	BSR Europe	Description	An office building, it is located in Torrijos, Toledo, 75 km from Madrid.	Land size: 1,400 sq. m	4 floors	Commercial area at the lobby floor	Status: under construction	Estimated completion: 2008	The project web site	Location Map--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[373]=new Array("europe/spain/images/TorrijosA.html","Untitled","Untitled	Previous	/	Next Pic--	Zoom","null","null","");arrFiles[374]=new Array("europe/spain/images/TorrijosAZoom.html","Spain | Torrijos","null","null","null","");arrFiles[375]=new Array("files/engineering.html","BSR Group | Contact | BSR Engineering & Development Ltd.","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	Contact	BSR Engineering & Development Ltd.	Headquarters:--	Kalman Sufrin	Chairman of the Board	Nachshon Kivity	President	We are at your service at:	Tel.+972 3 6114444	Fax.+972 3 6114443	management@thebsrgroup.com	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[376]=new Array("files/europe.html","BSR Group | Contact | BSR Europe Ltd.","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	Contact	BSR Europe Ltd.	Headquarters:--	Nachshon Kivity	CEO	Idan Margolin	Senior Personal Assistant to the CEO & Legal Counsel	--	We are at your service at:	Tel.+972 3 611 4410	Fax.+972 3 611 4411	management@bsreurope.com	Netherlands:	Manou Van Moorsel	Tel. +31 20 379 2080	Fax. +31 20 379 2026	Mobile +31 65 2017972	moorsel@gibor-bsr.nl	Slovakia:	Edy Quit	Tel. +421 918 341552	Fax. +421 2 53418773/9	Mobile +421 905 742 244	ivana@bsrbc.sk	The Czech Republic:	Edy Quitt	Tel. +420 2 67153991	Fax. +420 2 67152201	Mobile +420 602 341552	edoquitt@palackodanska.cz	Hungary:	Moshe Eytam	Tel. +36 1 3504010	Fax. +36 1 3504011	Moshe.eytam@bsr.hu	Poland:	Adam Pozner	Tel.+48 12 2627406	Tel.+48 12 2627641	Fax.+48 12 2627558	Mobile+48 604 933553	pozner@pro.onet.pl	Latvia:	Yoram Kedem	Tel.+371 727 7776	Fax.+371 7 846 422	Mobile+371 8346298	yoram@brh.lv	The Czech Republic:	Edy Quitt	Tel.+420 2 67153991	Fax.+420 2 67152201	Mobile+420 602 341552	edoquitt@palackodanska.cz	--	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[377]=new Array("files/group.html","BSR Group | BSR Group | Contact","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	BSR Group	Engineering	Philadelphia	BSR Projects	BSR Europe	Print Format	Contact	BSR Group	text here	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[378]=new Array("files/philadelphia.html","BSR Group | Contact | BSR Philadelphia L.P","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	BSR Engineering	BSR Philadelphia	BSR Europe	BSR Projects	Print Format	Contact	BSR Philadelphia L.P	Headquarters:--	Koby Sufrin	President	We are at your service at:	Tel.+ 1 215 545 9944	Fax.+ 1 215 545 5498	office@iocphila.com	We are at your service, in case you need any further information - click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[379]=new Array("files/sitemap.html","BSR Group | Site Map","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	Profile	Management	Vision	--	Print Format	Site Map	The Group	Group Profile	From the Chairman	Group Structure	Group Management	BSR Engineering & Development Ltd.	Profile	Structure	Management	BSR Philadelphia L.P.	Profile	Management	BSR Europe Ltd.	Profile	Management	Vision & Goals	Financial Reports	BSR Projects Ltd.	Profile	Structure	Management	Vision & Goals	Projects	BSR Engineering & Development Ltd.	Residential	Alonei Borochov	Bavli Star	Kochav Hatzafon	Afeka Project	Offices	Gibor Sport Tower	Toyota Towers	Sapanut Building	Hachashmonaim Tower	Maccabi Tower	Neighborhoods	Pisgat Zeev	Lev Hapark	Zur Yigal	Cimbalista Synagogue	BSR Philadelphia L.P.	Waterfront Square	BSR Europe Ltd.	Romania	Naturalis	Arcadia	Spain	Torrijos	Poland	Marriott Tower	Marriott Complex	Wawel	Czech Rep.	Forest Gate Residence	Sunny Gate	Slovakia	BBC VI	Bulgaria	Varna	Cyprus	Limassol	Realized Projects	BSR Center	M3	4D Center	Besnet Centrum	Baneasa	Duna Office Center	Bratislava Star	BBC III & IV	BBC V	Wilanow1.html	Osiedle Europejskie	Soleville	Metropolia	West Park	Lagera	Totleben	BSR Projects Ltd.	Israel	Residential	Manhattan in Tel-Aviv	Chen Star	Offices	BSR Towers	Herzliya Star	Ramat Hachayal Complex	USA	One Las Vegas - Las Vegas, Nevada	One West - Fort Myers, Florida	The Arts Village - St. Petersburg, Florida	One Phoenix - Phoenix, Arizona	News & Press	News & Press	Press--	Contact	BSR Engineering & Development Ltd.	BSR Philadelphia L.P	BSR Europe Ltd.	BSR Projects Ltd.	Site Map	We are at your service. For any further information - please click here	Copyright 2005 BSR Group All Rights reserved	Site byVision","null","null","");arrFiles[380]=new Array("news/news.html","BSR Group | News","DHTML Menu, (c)2004 Apycom	Presentation	--	Search	The Group	Projects	News & Press	Contact	Site Map	Home	--	News	Press	Vision	--	Print Format	NEWS & PRESS SUMMARY	--	News--	January 17, 2008	A Bulgarian subsidiary and partners have signed a MOU to purchase land in central Sophia, Bulgaria covering a total area of 33 dunams ....	November 15, 2007	A Bulgarian subsidiary has signed a final agreement for purchase of four parcels of land in Bulgaria covering an area of 74 dunams. a 50,000-sqm of residential project. According to the approved City Building Plan, the envisioned project will contain 230,000 sqm of residential, office and commercial buildings ....	October 24, 2007	A Romanian subsidiary has signed a final agreement for purchase of another Romanian company which holds a land of an area of 30 dunams in order to construct a 50,000-sqm of residential project. ....	August 29, 2007 \"Totleben Building \", the Business Center in Prague, has been sold to a third party for € 5.6M (approximately NIS 31M) Expected company profits of approximately NIS 15.8 (Pre-Tax) ....	June 21, 2007	The BSR Center Project in Budapest Hungary, has been sold to A foreign fund for € 6.8M (approximately NIS 38M) Expected company profits of approximately NIS 25NIS (Pre-Tax) ....	June 18, 2007	A residential project in Warsaw, Poland has been sold to AFI Europe. The company \'s share in the consideration is € 26.34M (approximately NIS 146M), Expected company profits of approximately NIS 118.8 (Pre-Tax). ....	May 13, 2007	A residential project in Krakow, Poland has been sold to AFI Europe for € 35.3M (approximately NIS 189M), the company \'s share in the consideration is € 24.4M (approximately NIS 131M), Expected company profits of approximately NIS 106 (Pre-Tax). ....	April 19, 2007	Lagerfield, a residential project in Sophia, Bulgaria has been sold to AFI Europe for € 8.3M (approximately NIS 46M), Expected company profits of approximately NIS 22 NIS (Pre-Tax). ....	March 30, 2007	Projects in Latvia and Romania have been sold for € 39.5M (approximately NIS 220M), Expected company profits of approximately NIS 98 NIS (Pre-Tax). ....	November 16, 2006	A gross profit of € 7.1 million in the sale of 70% of B.S.R \'s holding in a residential project in Warsaw. ....	December 7, 2005 \"4D Center \", the Business Center in Prague, has been sold to the International Investment Fund -Orco Property Group for € 24.75M (approximately NIS 135M) Expected company profits of approximately NIS 18.5NIS (Pre-Tax)....	November 17, 2005	A Latvian subsidiary (50% ownership) has signed a final agreement for purchase of another Latvian company which holds a land of an area of 104 dunams in order to construct a 2000-unit residential project....	November 17, 2005	BSR Europe raised NIS 100 Million in bonds. ...	The Marker, Oct. 20, 2005	BSR Projects sells land in Florida with a capital gain of $6 million. ...	Globes, Aug. 29, 2005	BSR gambles in Las Vegas: initiates establishment of a hotel in the Project ONE area on the city \'s main boulevard Strip ?. ...	Globes, Aug. 15, 2005	Uri Dori will construct the Manhattan project for the BSR Group for approximately NIS 200 million. ...	Globes, June 26, 2005	BSR Towers: an additional 1,550 square meters have been sold for the price of $1,500-1,800 per square meter. ...	Yedioth Ahronoth, June 14, 2005	BSR Projects has recruited NIS 50 million in bonds. ...	Globes, May 22, 2005	BSR is in advanced negotiation stages for the purchase of an additional plot east of Project Yoo for $22 million. ...	Globes, May 17, 2005	The BSR method: a $1 million investment in a $215 million project and a $7-10 million profit. ...	Yedioth Ahronoth, Feb. 27, 2005	Former heads of Amdocs have purchased 18% of BSR Projects. ...	Globes, Mar. 24, 2004	The transaction has been finalized: the BSR purchasing group has acquired 1.3 acres adjacent to Yoo for $29 million. ...	Globes, Feb. 6, 2004	Azrieli is destined to lose its leading lessee \"Bezeq \" in negotiations with BSR Towers in Bnei-Brak. ...	Globes, Jan. 23, 2005	BSR Projects recruits approximately $13 million for an enterprise in Philadelphia. ...	Globes, Jan. 20, 2005	Competition for Project Yoo: 180 investors, headed by the BSR Group, have purchased 1.3 acres in Park Tzameret for $29 million. ...	Globes, Nov. 24, 2004 \"BSR Towers \" - A group of entrepreneurs headed by the BSR Company has signed its first 6 transactions for the leasing of 5,000 square meters in the two BSR Towers on the Ramat-Gan / Bnei-Brak border. ...	Yedioth Ahronoth, Nov. 14, 2004	The BSR Group has purchased 1 acre in the north Tel-Aviv neighborhood of \"Ezorei Hen \" from the \"Ezorim \" company for a sales price of $12.5 million. ...	January 17, 2008	A Bulgarian subsidiary and partners have signed a MOU to purchase land in central Sophia, Bulgaria covering a total area of 33 dunams.	The Company is pleased to announce that on January 17, 2008, a company owned by the Company \'s Dutch subsidiary, a highly reputable European investment fund, and additional partners (the Company \'s share in the company being 42.5%) signed a MOU with a third party, unrelated to the Company (hereinafter, \"the Buyer \", \"the MOU \", \"the Seller \" and \"the Parties \" respectively), to purchase land in central Sophia, Bulgaria, covering a total area of 33 dunams (hereinafter, \"the Land \").	If the Buyer notifies the Seller of its desire to purchase the Land, the Parties will enter into an agreement pursuant to which the Buyer will purchase the Land from the Seller for a total of NIS 200 million. As of today, and on the basis of information obtained from the Seller on the Land \'s potential building rights, the Buyer intends to construct a 100,000 sqm project for sale and lease, including office, residential and commercial buildings (hereinafter, \"the Project \"). According to the Company \'s initial estimates, total project costs will be NIS 700 million (including the cost of the Land), and estimated earnings from the project will total NIS 1.05 billion.	UP	November 15, 2007	A Bulgarian subsidiary has signed a final agreement for purchase of four parcels of land in Bulgaria covering an area of 74 dunams. a 50,000-sqm of residential project. According to the approved City Building Plan, the envisioned project will contain 230,000 sqm of residential, office and commercial buildings.	The Company hereby announced that in November 15, 2007, the Company \'s Dutch subsidiary (hereinafter, \"the Subsidiary \") and its Bulgarian subsidiary (hereinafter, \"the Buyer \") signed an agreement with landowners (hereinafter, \"the Seller \") to purchase four parcels of land in Bulgaria covering an area of 74 dunams in the city of Varna (hereinafter, \"the Land \"). The consideration for the Land is NIS 213 million and VAT. The Buyer is owned by the Subsidiary (42.5%), a highly reputable European investment fund (42.5%) and additional partners.	According to the approved City Building Plan, the envisioned project will contain 230,000 sqm of residential, office and commercial buildings. Based on an initial estimate, total projects costs will be NIS 1.15 million.	UP	October 24, 2007	A Romanian subsidiary has signed a final agreement for purchase of another Romanian company which holds a land of an area of 30 dunams in order to construct a 50,000-sqm of residential project.	The Company hereby announces that in October 24, 2007, the Company \'s Dutch subsidiary (hereinafter, \"the Subsidiary \") and its romanian subsidiary (hereinafter, \"the Buyer \") signed an agreement to purchase two parcels of land in Brasov, Romania (hereinafter, \"the Land \") covering an area of 30 dunams. The Buyer will pay the landowners (hereinafter, \"the Sellers \") a consideration in the amount of € 5.1 million.	Based on preliminary information which the Subsidiary obtained from the Sellers, a 50,000-sqm residential project may be constructed on the Land. According to initial estimates, total project costs will be € 40 million.	UP	August 29, 2007 \"Totleben Building \", the Business Center in Prague, has been sold to a third party for € 5.6M (approximately NIS 31M) Expected company profits of approximately NIS 15.8 (Pre-Tax)	The Company hereby announces that in August 29, 2007, an agreement was signed between the Company \'s wholly owned Dutch subsidiary (hereinafter, \"the Dutch Subsidiary \") and a third party for the sale of the Dutch Subsidiary \'s entire holdings (100%) in a Bulgarian company that owns the Totleben Building, an income-producing property in Sophia, Bulgaria. The property is valued at €7.25 million. After the deduction of loans from financial institutions, the Company \'s proceeds of this sale will be € 5.6 million (approximately NIS 31 million), including discharge of owners \' loans. Following the completion of this transaction, the Company expects to record earnings, before tax and transaction costs, estimated at € 2.8 million (approximately NIS 15.8 million) which will be charged to the Company \'s financial statements as of December 31, 2007, the cash flows generated by the transaction are estimated at € 5.6 million (app. NIS 31 million).	UP	June 21, 2007	The BSR Center Project in Budapest Hungary, has been sold to A foreign fund for € 6.8M (approximately NIS 38M) Expected company profits of approximately NIS 25NIS (Pre-Tax)	On June 20, 2007, an agreement ( \"Agreement \") was signed between a wholly owned subsidiary of the Company ( \"Subsisdiary \") and a foreign fund ( \"the Fund \") which is the Subsidiary \'s partner in the BSR Center project ( \"the Project \") in Budapest, Hungary (the Subsidiary holds 30% of the local company that owns the Project [ \"the Project Company \"] and the Fund holds 70% of the Project Company). According to the Agreement, the Subsidiary sold its entire holding in the Project Company (30%) to the Fund, for a total consideration of € 6.8 million.	The parties provided that in the framework of the Agreement, the said payment and corresponding transfer of shares in the Project Company made against said payment, will take place on June 29, 2007, subject to approval of the bank that will finance the project (the Fund undertook to obtain the approval of the said bank).	According to the agreements with t