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Financial instruments by category (Tables) | 12 Months Ended
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Jun. 30, 2018
Financial Instruments By Category |
Schedule of financial assets and financial liabilities | Financial assets and financial liabilities as of June 30, 2018 are as follows:
| Financial assets at amortized cost (i) |  | Financial assets at fair value through profit or loss |  | Subtotal financial assets |  | Non-financial assets |  | Total
|  |  | Level 1 | Level 2 | Level 3 |  |  |  |  |  |
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Assets as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) | 18,648 |  | - | - | - |  | 18,648 |  | 5,246 |  | 23,894
Investments in financial assets: |  |  |  |  |  |  |  |  |  |  |
- Public companies’ securities | - |  | - | - | 135 |  | 135 |  | - |  | 135
- Private companies’ securities | - |  | - | - | 1,168 |  | 1,168 |  | - |  | 1,168
- Deposits | 1,397 |  | - | - | - |  | 1,397 |  | - |  | 1,397
- Bonds | 10 |  | - | 505 | - |  | 515 |  | - |  | 515
- Others | - |  | - | - | 793 |  | 793 |  | - |  | 793
- Investments in financial assets with quotation | - |  | 23,198 | - | - |  | 23,198 |  | - |  | 23,198
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |
- Foreign-currency future contracts | - |  | - | 71 | - |  | 71 |  | - |  | 71
- Others | - |  | - | 16 | - |  | 16 |  | - |  | 16
Restricted assets (ii) | 6,289 |  | - | - | - |  | 6,289 |  | - |  | 6,289
Financial assets held for sale: |  |  |  |  |  |  |  |  |  |  |
- Clal | - |  | 12,254 | - | - |  | 12,254 |  | - |  | 12,254
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
- Cash at bank and on hand | 6,452 |  | - | - | - |  | 6,452 |  | - |  | 6,452
- Short-term investments | 28,334 |  | 2,531 | - | - |  | 30,865 |  | - |  | 30,865
Total assets | 61,130 |  | 37,983 | 592 | 2,096 |  | 101,801 |  | 5,246 |  | 107,047
| Financial liabilities at amortized cost (i) |  | Financial liabilities at fair value through profit or loss |  | Subtotal financial liabilities |  | Non-financial liabilities |  | Total
|  |  | Level 1 | Level 2 | Level 3 |  |  |  |  |  |
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Liabilities as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |
Trade and other payables | 10,265 |  | - | - | - |  | 10,265 |  | 7,836 |  | 18,101
Borrowings (excluding finance leases) | 206,617 |  | - | - | - |  | 206,617 |  | - |  | 206,617
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |
- Foreign-currency future contracts | - |  | - | 8 | - |  | 8 |  | - |  | 8
- Swaps | - |  | - | 47 | - |  | 47 |  | - |  | 47
- Others | - |  | 8 | - | 24 |  | 32 |  | - |  | 32
- Forwards | - |  | - | 118 | - |  | 118 |  | - |  | 118
Total liabilities | 216,882 |  | 8 | 173 | 24 |  | 217,087 |  | 7,836 |  | 224,923
| (i) | The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 20).
Financial assets and financial liabilities as of June 30, 2017 were as follows:
| Financial assets at amortized cost (i) |  | Financial assets at fair value through profit or loss |  | Subtotal financial assets |  | Non-financial assets |  | Total
|  |  | Level 1 | Level 2 | Level 3 |  |  |  |  |  |
June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Assets as per Statements of Financial Position |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) | 18,731 |  | - | - | - |  | 18,731 |  | 3,819 |  | 22,550
Investments in financial assets: |  |  |  |  |  |  |  |  |  |  |
- Public companies’ securities | - |  | - | - | 82 |  | 82 |  | - |  | 82
- Private companies’ securities | - |  | - | - | 964 |  | 964 |  | - |  | 964
- Deposits | 1,235 |  | - | - | - |  | 1,235 |  | - |  | 1,235
- Bonds | - |  | - | 425 | - |  | 425 |  | - |  | 425
- Investments in financial assets with quotation | - |  | 11,017 | - | - |  | 11,017 |  | - |  | 11,017
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |
- Warrants | - |  | - | 26 | - |  | 26 |  | - |  | 26
- Foreign-currency future contracts | - |  | - | 27 | - |  | 27 |  | - |  | 27
- Swaps | - |  | - | 29 | - |  | 29 |  | - |  | 29
Restricted assets (ii) | 954 |  | - | - | - |  | 954 |  | - |  | 954
Financial assets held for sale: |  |  |  |  |  |  |  |  |  |  |
- Clal | - |  | 8,562 | - | - |  | 8,562 |  | - |  | 8,562
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
- Cash at bank and on hand | 8,529 |  | - | - | - |  | 8,529 |  | - |  | 8,529
- Short term investments | 14,510 |  | 1,815 | - | - |  | 16,325 |  | - |  | 16,325
Total assets | 43,959 |  | 21,394 | 507 | 1,046 |  | 66,906 |  | 3,819 |  | 70,725
| Financial liabilities at amortized cost (i) |  | Financial liabilities at fair value through profit or loss |  | Subtotal financial liabilities |  | Non-financial liabilities |  | Total
|  |  | Level 1 | Level 2 | Level 3 |  |  |  |  |  |
June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Liabilities as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |
Trade and other payables | 16,166 |  | - | - | - |  | 16,166 |  | 7,713 |  | 23,879
Borrowings (excluding finance leases) | 129,411 |  | - | - | - |  | 129,411 |  | - |  | 129,411
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |
- Foreign-currency future contracts | - |  | - | 5 | - |  | 5 |  | - |  | 5
- Forwards | - |  | 5 | 152 | 10 |  | 167 |  | - |  | 167
Total liabilities | 145,577 |  | 5 | 157 | 10 |  | 145,749 |  | 7,713 |  | 153,462
| (i) | The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 19).
| (ii) | Corresponds to deposits in guarantee and escrows.
Schedule of book value of financial instruments recognized | The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position:
| As of June 30, 2018 |  | As of June 30, 2017
| Gross amounts recognized | Gross amounts offset | Net amount presented |  | Gross amounts recognized | Gross amounts offset | Net amount presented
Financial assets |  |  |  |  |  |  |
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) | 19,523 | (875) | 18,648 |  | 19,602 | (871) | 18,731
Financial liabilities |  |  |  |  |  |  |
Trade and other payables | 11,140 | (875) | 10,265 |  | 17,037 | (871) | 16,166
Schedule of income, expense, gains and losses on financial instruments | Income, expense, gains and losses on financial instruments can be assigned to the following categories:
|  | Financial assets / liabilities at amortized cost |  | Financial assets / liabilities at fair value through profit or loss |  | Total
June 30, 2018 |  |  |  |  |  |
Interest income |  | 740 |  | - |  | 740
Interest expense |  | (7,745) |  | - |  | (7,745)
Foreign exchange (losses) / gains, net |  | (9,864) |  | - |  | (9,864)
Dividend income |  | 40 |  | 42 |  | 82
Loss on debt swap |  | (2,228) |  | - |  | (2,228)
Capitalized finance costs |  | 74 |  | - |  | 74
Fair value gain on financial assets at fair value through profit or loss (i) |  | - |  | 426 |  | 426
(Loss) / Gain on derivative financial instruments, net |  | 1 |  | 169 |  | 170
Other finance costs |  | (356) |  | - |  | (356)
Net (loss) / income (i) |  | (19,338) |  | 637 |  | (18,701)
|  | Financial assets / liabilities at amortized cost |  | Financial assets / liabilities at fair value through profit or loss |  | Total
June 30, 2017 |  |  |  |  |  |
Interest income |  | 704 |  | - |  | 704
Interest expense |  | (6,092) |  | - |  | (6,092)
Foreign exchange (losses) / gains, net |  | (1,079) |  | 4 |  | (1,075)
Finance cost charged |  | 3 |  |  |  |
Dividend income |  | 33 |  | 35 |  | 68
Fair value gain on financial assets at fair value through profit or loss |  | - |  | 2,928 |  | 2,928
(Loss) / Gain on derivative financial instruments, net |  | (46) |  | 158 |  | 112
Other finance costs |  | (743) |  | - |  | (743)
Net (loss) / income (i) |  | (7,220) |  | 3,125 |  | (4,095)
|  | Financial assets / liabilities at amortized cost |  | Financial assets / liabilities at fair value through profit or loss |  | Total
June 30, 2016 |  |  |  |  |  |
Interest income |  | 619 |  | - |  | 619
Interest expense |  | (2,307) |  | (23) |  | (2,330)
Foreign exchange (losses) / gains, net |  | (2,053) |  | 6 |  | (2,047)
Dividend income |  | - |  | 72 |  | 72
Fair value gain on financial assets at fair value through profit or loss |  | - |  | (1,445) |  | (1,445)
(Loss) / Gain on derivative financial instruments, net |  | - |  | 927 |  | 927
Other finance costs |  | (515) |  | (106) |  | (621)
Fair value loss on associates (ii) |  | - |  | 79 |  | 79
Net (loss) / income (i) |  | (4,256) |  | (490) |  | (4,746)
| (i) | Included within “Financial results, net“ in the Statements of Income.
| (ii) | Included in “Share of profit / (loss) of associates and joint ventures” in the Statement of Income.
Schedule of range of valuation models for the measurement of Level 2 and Level 3 instruments | The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table.
Description |  | Pricing model / method |  | Parameters |  | Fair value hierarchy |  | Range
Trade and other receivables -. Cellcom |  | Discounted cash flows |  | Discount interest rate. |  | Level 3 |  | 3.3
Interest rate swaps |  | Cash flows - Theoretical price |  | Interest rate futures contracts and cash flows |  | Level 2 |  | -
Preferred shares of Condor |  | Binomial tree – Theoretical price I |  | Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). |  | Level 3 |  | Underlying asset price 1.8 to 2.2 Share price volatility 58% to 78% Market interest-rate 1.7% to 2.1%
Promissory note |  | Discounted cash flows - Theoretical price |  | Market interest-rate (Libor rate curve) |  | Level 3 |  | Market interest-rate 1.8% to 2.2%
Warrants of Condor |  | Black-Scholes – Theoretical price |  | Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). |  | Level 2 |  | Underlying asset price 1.8 to 1.7 Share price volatility 58% to 78% Market interest-rate 1.7% to 2.1%
TGLT Non-convertible Notes |  | Black-Scholes – Theoretical price |  | Underlying asset price (Market price); share price volatility (historical) and market interest rate. |  | Level 3 |  | Underlying asset price 8 to 12 Share price volatility 50% to 70% Market interest-rate 8% to 9%
Call option of Arcos |  | Discounted cash flows |  | Projected revenues and discounting rate. |  | Level 3 |  | -
Investments in financial assets - Other private companies’ securities (*) |  | Cash flow / NAV - Theoretical price |  | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. |  | Level 3 |  | 1 - 3.5
Investments in financial assets - Others |  | Discounted cash flows - Theoretical price |  | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. |  | Level 3 |  | 1 - 3.5
Derivative financial instruments - Forwards |  | Theoretical price |  | Underlying asset price and volatility |  | Level 2 and 3 |  | -
(*) An increase in the discount rate would decrease the value of investments in private companies, while an increase in projected revenues would increase their value.
Schedule of changes in Level 3 instruments | The following table presents the changes in Level 3 financial instruments as of June 30, 2018 and 2017:
| Investments in financial assets - Public companies’ Securities |  | Derivative financial instruments - Forwards |  | Investments in financial assets - Private companies’ Securities |  | Investment in financial assets - Others |  | Loans - non-recourse loan |  | Total
Balances at June 30, 2016 | 499 |  | - |  | 1,324 |  | 140 |  | (10,999) |  | (9,036)
Additions and acquisitions | 65 |  | (8) |  | 44 |  | - |  | - |  | 101
Cumulative translation adjustment | 21 |  | (2) |  | 169 |  | 6 |  | 242 |  | 436
Reclassification to liabilities held for sale (Note 4) | - |  | - |  | - |  | - |  | 11,272 |  | 11,272
Write off | (702) |  | 66 |  | - |  | (146) |  | - |  | (782)
Gain / (loss) for the year (i) | 199 |  | (66) |  | (573) |  | - |  | (515) |  | (955)
Balances at June 30, 2017 | 82 |  | (10) |  | 964 |  | - |  | - |  | 1,036
Additions and acquisitions | - |  | - |  | 34 |  | 526 |  | - |  | 560
Transfer to level 1 (ii) | - |  | - |  | (100) |  | - |  | - |  | (100)
Transfer to current trade and other receivables | - |  | - |  | - |  | - |  | - |  | -
Cumulative translation adjustment | - |  | (14) |  | 489 |  | 78 |  | - |  | 553
Deconsolidation (see Note 4.G.) | - |  | - |  | (126) |  | - |  | - |  | (126)
Write off | (67) |  | - |  | - |  | - |  | - |  | (67)
Gain / (loss) for the year (i) | 120 |  | - |  | (93) |  | 189 |  | - |  | 216
Balances at June 30, 2018 | 135 |  | (24) |  | 1,168 |  | 793 |  | - |  | 2,072
| (i) | Included within “Financial results, net” in the Statements of income.
| (ii) | The Group transferred a financial asset measured at fair value from level 3 to level 1, because it began trading in the stock exchange.

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