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Financial instruments by category (Tables)

12 Months Ended

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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